Tag: Banking

FTX Says Substantial Amount of Crypto Assets Stolen or Missing

FTX Says Substantial Amount of Crypto Assets Stolen or Missing

A substantial amount of FTX’s assets are either missing or stolen, a lawyer for the failed crypto exchange said in court, vowing to cast a wide net to secure potentially billions of dollars in funds that passed through the firm he called the “personal fiefdom” of co-founder Sam Bankman-Fried. Tuesday’s hearing marked an inflection point […]

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What to Expect as FTX Debuts Biggest Crypto Chapter 11 in Court

What to Expect as FTX Debuts Biggest Crypto Chapter 11 in Court

FTX is expected to make its debut appearance Tuesday in Delaware bankruptcy court, where its new management is expected to recount events leading up to the cryptocurrency platform’s sudden collapse and explain the steps it has since taken to secure customer funds and other assets. FTX’s lawyers are advancing an unprecedented chapter 11 case marked […]

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Fed's Aggressive Rate Hikes Are a Game Changer

Fed's Aggressive Rate Hikes Are a Game Changer

As the Federal Reserve raises interest rates to cool the economy and slow inflation, it is contending with the imprecise and inconsistent effect of monetary policy on the economy. The Nobel Prize-winning economist Milton Friedman famously argued that “monetary actions affect economic conditions only after a lag that is both long and variable.” Since it […]

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They Lived Together, Worked Together and Lost Billions Together: Inside Sam Bankman-Fried's Doomed FTX Empire

They Lived Together, Worked Together and Lost Billions Together: Inside Sam Bankman-Fried's Doomed FTX Empire

NASSAU, Bahamas—Sam Bankman-Fried’s $32 billion crypto-trading empire collapsed in an incandescent bankruptcy last week, prompting irate customers, crypto acolytes and Silicon Valley bigwigs to ask how something that seemed so promising could have imploded so fast. The emerging picture suggests FTX wasn’t simply felled by a rival, or undone by a bad trade or the […]

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Fed's Brainard Says Rate-Rise Pace Can Slow Soon

Fed's Brainard Says Rate-Rise Pace Can Slow Soon

A senior Federal Reserve official said recent inflation data offered some signs of reassurance that price pressures were no longer broadening and that the central bank could soon slow the pace of interest-rate rises. Fed Vice Chair Lael Brainard said previous rate increases, together with anticipated ones, will slow the economy in ways that can’t […]

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