FTX Latest: Bitcoin Weathers Gloom; Bankman-Fried Faces Grilling
Comment of the Day

November 18 2022

Commentary by Eoin Treacy

FTX Latest: Bitcoin Weathers Gloom; Bankman-Fried Faces Grilling

This article from Bloomberg may be of interest to subscribers. Here is a section: 

Bitcoin is up about 3% this week, topping global stocks and bucking the chaos sparked by FTX’s chaotic bankruptcy.  

Democratic lawmakers who received millions of dollars in campaign donations from Sam Bankman-Fried say they will be ready to grill the former FTX CEO about the exchange’s collapse. 

Liquidators appointed by a Bahamian court to take over FTX Digital Markets Ltd.’s affairs said there’s “significant” concern that FTX management lacked authority to put the crypto businesses into bankruptcy in the US.

The embattled cryptocurrency mogul and two other top FTX executives received massive loans from affiliated trading arm, Alameda Research. Advisers overseeing the bankruptcy of FTX Group are struggling to locate the company’s cash and crypto, citing poor internal controls and record keeping. 

Eoin Treacy's view

The collapse of FTX is revealing a web of activity that will eventually be made into a movie. However the broader point is the collapse of this crypto exchange is a symptom of the broader tightening of liquidity in the international capital markets.

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