FTX bankruptcy filings have called the failed exchange's situation as "unprecedented," citing a "complete failure of corporate controls."
November 17, 2022 | | | | | 📈 30 Second Cryptocurrency Price Summary | Current Bitcoin Price: $16,513 | Bitcoin price has started yet another day in the $16,000 range, as the market continues to travel sideways in a period of indecision. | Top-20 altcoins have been more stable over the last 24 hours of trading, as Ethereum remains unchanged, BNB drops just 1% and XRP gains 3%a. | Top Stories for November 17, 2022 🔥 | | FTX bankruptcy filings have called the failed exchange's situation as "unprecedented," citing a "complete failure of corporate controls." | Adam Landis, partner at the Landis, Roth & Cobb, has described the case as having "the almost complete lack of dependable corporate records," also calling Sam Bankman-Fried's Tweeting after the event "incessant and disruptive." | FTX's new CEO, John J. Ray III, agreed with the sentiment – even despite being a veteran of the infamous Enron bankruptcy. | | Crypto-Twitter has criticized the Ethereum Foundation's removal of the Ether (ETH) staking timeframe, beginning to call staked ETH a "non-redeemable" investment. | ETH staked in the Proof-of-Stake network was due to become redeemable within 6-12 months, however the date was allegedly revised from 2024 before being removed entirely from the schedule. | | JPMorgan has attributed the year's shrinking stablecoin market to an investor exodus from the crypto ecosystem. | According to the firm, the stablecoin market peaked at around $170 billion at the beginning of this year and has been falling ever since May 2022. Around $25 billion has exited the market in that time-frame via stablecoin redemptions. |
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