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Cryptocurrency prices struggled on Monday amid the ongoing crisis triggered by the fall of Sam Bankman-Fried’s once mighty FTX empire. The biggest Bitcoin token has lost around 4% in two days, while second-tier Ether is around 7% lower.

Cryptocurrency prices struggled on Monday amid the ongoing crisis triggered by the fall of Sam Bankman-Fried’s once mighty FTX empire. The biggest Bitcoin token has lost around 4% in two days, while second-tier Ether is around 7% lower.

Crypto exchange FTX and now-bankrupt related companies collectively had a federal net operating loss carryforward of at least $3.7 billion as of December 31 of last year based on tax returns, according to documents filed by the court.

FTX owes its top 50 unsecured creditors a total of $3.1 billion. FTX Trading Ltd. and about 100 affiliates begin a strategic review of global assets.

FTX’s federal net operating loss carryforward was $3.7 billion (2:32 a.m.)

Crypto exchange FTX and now-bankrupt related companies collectively had a federal net operating loss carryforward of at least $3.7 billion as of December 31 of last year based on tax returns, according to documents filed by the court.

Alvarez & Marsal North America LLC’s filing, released as part of the Chapter 11 process, also showed the state’s minimum net operating loss carryforward was $715 million. Earlier filings have signaled that the losses could help offset tax debts.

Crypto Arb Trades Comes Back in FTX-Battered Quants Flea Market (02:24)

The Wild West days of crypto markets are back as big trading houses that once thrived on arbitrating price spreads retreat following the collapse of FTX. This opens up profitable opportunities for anyone who still dares to trade.

The prices of essentially identical assets on various platforms diverge, a clear sign that the dominoes continue to fall in the world of crypto trading. The spread between identical Bitcoin futures funding rates on Binance and OKEx, for example, has been as wide as 101 percentage points annualized and has remained at or above 10, compared to spreads in mostly single digits. last month.

Crypto Markets Slump as Funds Exit Ether (12:02 a.m. HK)

Cryptocurrency prices struggled on Monday amid the ongoing crisis triggered by the fall of Bankman-Fried’s once mighty FTX empire.

The biggest Bitcoin token has lost around 4% in two days, while second-tier Ether is around 7% lower. Meme token Dogecoin — an arbiter of the most speculative animosity in an already racy digital playground — is down 11%.

Ballet’s Lee Says Need to Go Beyond “Hobbyists” in Digital Asset Business (11:45 a.m. HK)

Bobby Lee, CEO and founder of crypto storage provider Ballet Global, said in an interview that “bad actors” who are mismanaged need to be “pushed out” in order to restore trust in crypto. He added that “we need to move past this early stage of crypto enthusiasts.”

Lee said the latest issues with virtual coins will set the industry back a year or two. He predicted that Bitcoin could drop as low as $10,000 if the crypto markets were hit by bigger blowouts.

Bill Ackman Says He Invested in Crypto (6:25 a.m. HK)

The Pershing Square CEO said in tweets outlining his thoughts on the crypto industry that he has small investments in a number of crypto projects, including venture capital funds and companies that help compliance or reducing fraud in the industry. Crypto investments make up less than 2% of its assets, he added.

Ackman said he remains generally positive on crypto despite recent turmoil, comparing its potential future impact on the economy and society to that of the phone and the internet.

Celsius was lax with crypto custody, reviewer says (12:46 a.m. HK)

A new report on the bankrupt crypto lender details deficiencies in the controls and operations of two of the company’s product offerings.

The programs, Custody and Withhold, allowed users to keep their digital coins with the lender while supposedly retaining ownership. Users of the programs have claimed that they should not be grouped with other unsecured creditors and should be repaid in full.

Reviewer Shoba Pillay found that Celsius launched the Custody program “without sufficient accounting and operational controls or technical infrastructure”. As a result, Custody Wallets were overfunded until June 10, but then became underfunded by $50.5 million – a shortfall of 24% – on June 24.

Buterin: FTX Offers Crypto Lessons (11:00 p.m. HK)

Despite the recent upheaval, Ethereum co-founder Vitalik Buterin said the core blockchain layers and decentralized finance protocols are working “perfectly”.

“What happened at FTX was of course a huge tragedy,” he told Bloomberg. “That said, many in the Ethereum community also see the situation as a validation of what they believed in all along: anything centralized is suspicious by default.”

FTX Owes Top 50 Unsecured Creditors Over $3 Billion (10:42 p.m. HK)

Bankman-Fried’s bankrupt crypto empire owes its 50 largest unsecured creditors a total of $3.1 billion, according to court documents. FTX-related entities owe their largest unsecured creditor more than $226 million, according to a redacted list in court documents filed Saturday night.

All have been listed as customers and 10 have claims of more than $100 million each, according to filings. The top 50 claims all come from customers who owed $21 million or more.




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