Today's Top Stories | Check out CoinMarketCap Alexandria for tech deep dives, analysis, daily news and easy-to-understand guides on how crypto works! | | Listen to all the day's top crypto stories while you're on the move with the CoinMarketRecap podcast. You can find us on Apple Podcasts, Spotify and Google Podcasts, too! |
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| | Kevin O'Leary has caused a backlash after claiming that Binance deliberately caused the collapse of FTX. The Shark Tank star was speaking at the Senate Banking Committee. O'Leary was paid $15 million to serve as FTX's spokesperson, and ended up losing all of it after purchasing crypto through the exchange. His statement fails to take into account how billions of dollars in customer funds was misappropriated by FTX and transferred to sister crypto hedge fund Alameda Research. Binance's CEO, Changpeng Zhao, addressed these allegations by retweeting an old thread that slammed O'Leary for making "baseless attacks." Binance is the parent company of CoinMarketCap. |
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| | A senior executive within FTX tipped off the Bahamian authorities about customer funds being used to cover losses at Alameda Research. Ryan Salame, the chairman of FTX Digital, sent information to the Securities Commission of The Bahamas — two days before the doomed exchange filed for bankruptcy. He had warned that the transfers to Alameda "may constitute misappropriation, theft, fraud or some other crime." Salame went on to claim that Sam Bankman-Fried — as well as director of engineering Nishad Singh and FTX co-founder Gary Wang — were the only people with authorization to make such transfers. Since its shock bankruptcy, the commingling of funds between FTX and Alameda Research has become painfully clear. |
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| | Fresh from charging Sam Bankman-Fried, the Southern District of New York has now set its sights on prosecuting nine people who were allegedly involved in operating two crypto Ponzi schemes. The projects in question were known as IcomTech and Forcount — and later as Weltsys. They claimed to be mining and trading companies, and allegedly deceived victims by promising daily returns — and guaranteeing that any investment would double in six months. But it's claimed that neither company actually engaged in this activity, and funds were used to pay other victims, further promote the schemes, and enrich the founders. Prosecutors claim lavish events were held to entice new customers. |
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