HONG KONG, Nov 18 (Reuters) – A leading cryptocurrency retail service provider in Hong Kong said it has ceased trading as the broader fallout from the collapse of FTX, and solvency issues at other major crypto firms, continues to roil the sector.
New York CNN Business — The spectacular implosion of cryptocurrency exchange FTX, a so-called unicorn startup that was recently valued at $32 billion, is just the latest bit of bad news for investors in bitcoin, ethereum and other digital assets. But 2022 was already an awful year for crypto before the FTX-Binance soap opera.
A year ago this week, investors were describing bitcoin as the future of money and ethereum as the world’s most important developer tool. Non-fungible tokens were exploding, Coinbase
was trading at a record and the NBA’s Miami Heat was just into its first full season in the newly renamed FTX Arena.
London CNN Business — The stunning downfall of the FTX exchange, one of the biggest and most reputable players in the market for digital assets, is sparking alarm among people who own cryptocurrencies as investors run for cover.
Some FTX users appear to have found a way to move money off of the exchange through a back door in the Bahamas. Analysis by data firm Argus found unusual trading patterns over the past five days as FTX was gating customer withdrawals.
NEW YORK — Collapsed cryptocurrency trading firm FTX confirmed there was “unauthorized access” to its accounts, hours after the company filed for Chapter 11 bankruptcy protection Friday.