‘This Company Was Uniquely Positioned to Fail:’ FTX Group CEO John Ray

Streamed live 14 hours ago. Watch coverage of a House Financial Services Committee hearing with FTX Group CEO John Ray following the arrest of former CEO Sam Bankman-Fried in the Bahamas.

Sam Bankman-Fried Arrested in Bahamas After US Files Charges

Sam Bankman-Fried was arrested in the Bahamas. His detention followed a notification from the US that it had filed criminal charges against the disgraced co-founder and former head of digital-asset exchange FTX, according to the Bahamas attorney general.

Citadel Advantage News Digest - Issue #158

Read / Subscribe to the “Citadel Advantage News Digest” Issue #158 - In this edition -

• Green Loans: A Fast-Track Method to Be a Banking ESG Leader
• Cryptocurrency Exchanges, Regulation and Bank Runs: A Summary
• The whole point of money is to NOT know your customer - Chris Skinner's blog
• Just 8% of Americans have a positive view of cryptocurrencies now
• 'Bank of Twitter': Is Elon Musk Spitballing Or Could It Really Work?
• Why Crypto’s Crash Hasn’t Spilled Into Other Markets
• Elon Musk Is Hiring Relatives at Twitter in Literal Nepotism

NEWS about World Affairs, Banking, Fintech, Payments, Business, Blockchain, Crypto, Money and more…

Check it out HERE

Read the latest Edition (#130) of the Citadel Advantage News Digest

NEWS about Banking, Fintech, Payments, Business, Blockchain, Crypto, Money and more…

Read the newsletter HERE

In this edition;

• After $2 trillion crypto crash, what happens next?
• Are big corporate profits to blame for inflation?
• Massive Wall Street layoffs feared as banking profits tank
• Top 100 Banks on Twitter Ranked by Most Followers
• Should You Buy The Dip in Crypto Crash?
• Inside the Digital Marketing Strategies of Top Neobanks Revolut & Monzo
• DeFi in the Metaverse: Possibilities, Pitfalls, and Promises
• 62 Digital Marketing Statistics Every Financial Marketer Should Know
• Phishing 101: A Beginner's Guide on Phishing Attacks
• Embedded finance: a double-edged sword for traditional financial institutions
• The 6 Pillars of Digital Marketing for Banks & Credit Unions
• 4 Reasons for Cyber Intelligence Failure
• Data Science and AI Predictions for 2022
• Digital Transformation in Lending Keys to Success
• The New Community Bank Model: Digital-First With a National Footprint
• Crypto crash, crypto investing and your taxes: A look at impact on investors’ taxes
• How Big Banks' Tech Advantage Hinders Innovation and Hurts Competition
• How Financial Institutions Can Stop Chasing Their Digital Tails
• 12 Must-Have Mobile Banking Features Consumers Expect Now

You can read/subscribe to the newsletter HERE

What Happens If a Crypto Platform Such as Coinbase or Celsius Goes Bankrupt

When cryptocurrency lending platform Celsius froze user accounts amid a plunge in valuations, it sent ripples across the industry and raised questions about what happens to user assets if a crypto platform files for bankruptcy. WSJ’s Vicky Ge Huang explains.

Crypto's crash - why it matters

It has been a vicious year for financial markets, and more punishing still for crypto assets. The market capitalization of crypto has slumped to just $1.3trn, from nearly $3trn in November 2021. 

On May 18 bitcoin traded at around $29,000, a mere 40% of its all-time high in November; the price of ether, another cryptocurrency, has collapsed just as spectacularly. 

Six months ago Coinbase, an exchange and the leading crypto-industry stock, was worth $79bn. Now it is valued at just $14bn, and the firm is “reassessing its headcount needs”.

So, what the has gone wrong? Read the full story from The Economist HERE.