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cyphershieldtech · 2 years ago

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Thoughts on the FTX crash and possible implications

FTX was a global top 3 platform with a recent scandal over fraudulent use of its activities. On this platform, assets were held in custody and, while clients thought that their assets were in custody, they have been operating with them without their clients knowing. When those assets have gone to be withdrawn by those clients, they realized that they were invested elsewhere and could not access them.

The platform was valued at 32 billion dollars (approximately 32 billion Euros), its founder, Sam Bankman-Fried, was a well-known figure in the American business world or enjoyed great credibility among those close to him.

The story comes from previous months. As of June 2022, several companies went bankrupt due to malpractice (for example, the Terra-Luna case explained in this post ). In this situation, the company Alameda Research (another company in the FTX group) began to have counterparties that could not pay them and the assets of FTX clients were used to plug the Alameda hole.

When this fraudulent use of misappropriation came to light, users started massively withdrawing money from FTX. In this way an extreme lack of liquidity was created and the company declared itself insolvent.

What happened could have been avoided?

There are several elements that come into play when reflecting on the experience of the events that occurred. Perhaps the consequences could have been minimized if certain market structures were set up differently. We give some examples by way of illustration:

Employing external companies that guard the assets of their clients. Since FTX itself managed the funds in their entirety and did not have a clear separation of powers, all parts of the same group have been contaminated. In other words: the same company acted as Custodian, Exchange and Liquidity Provider, which was a problem.

Making a correct use of the FTX token , the FTT. You have to be critical of the misuse of generating your own token and using it as collateral. There have been some loans between the companies FTX and Alameda that were based on a guarantee value that was not real.

Practicing in-depth audit exercises in all activities and assuming an adequate legal framework in reference to all its powers.

The traditional financial world has already created structures that help offset risks. On the other hand, in the crypto world there are still players, as has been the case with FTX, who bring all the figures together under the same umbrella and, therefore, have too much power and ability to manipulate without giving visibility.

Some of the figures of the traditional world (exchange, broker, clearing house or custodian) were centralized in the same actor: FTX. This fact has caused a very high risk that has certainly not made it possible to isolate the malpractice of their service and their clients have been left completely unprotected.

Most likely, the adoption of cryptocurrencies requires guarantees and tests in which users can have greater transparency. The solution to these problems involves a greater degree of transparency and independence of the roles in order to certify the security of user funds without opposing private interests.

Cyphershield is a blockchain security and smart contract audit company with experienced professionals with a passion for surgical scrutiny. Blockchain is a haystack and not everyone is equipped to find the needle. We solve that problem through our audit services that pick out vulnerabilities in smart contract code so that both you and your users stay safe.

#smart contract audit #smart contract audit services

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coinprojects · 2 years ago

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New Post has been published on https://coinprojects.net/binance-never-viewed-ftx-as-competition-says-changpeng-zhao/

Binance never viewed FTX as competition, says Changpeng Zhao

This article has been updated to include a comment from Currency.com

Binance’s CEO Changpeng Zhao has pointed out that his cryptocurrency exchange was never in competition with FTX.

CZ, the CEO of crypto exchange Binance, fielded numerous questions regarding his company and FTX in a recent interview with CNBC.

Last week, Reuters published a report, claiming that Iranian firms traded $8 billion on Binance despite sanctions. When asked about Binance and its role in helping Iranian companies launder money, CZ said;

“Number one, that report written by Reuters is wrong. It was fed to Reuters by a website called Currency.com. Currency.com used to be a Russian-owned website. I think FTX bought a part of the equity there. We believe that Currency.com gave Reuters access to a platform that fed them the wrong data. “CZ added that Binance uses all the industry platforms like Chainalysis and Elliptic for transaction monitoring. These are the same tools used by law enforcement agencies. He stated that Binance is confident that its practices are compliant with industry requirements.

Popular economist Nouriel Roubini attacked Binance and CZ in a recent interview, calling him a ‘walking time bomb’ following the FTX collapse. CZ replied that Roubini seeks popularity by attacking others. Hence, what he says doesn’t carry much weight, CZ added.

CZ was also asked about Sam Bankman-Fried’s comment, who stated that he regrets entering a battle with the Binance CEO as it led to the collapse of the FTX exchange. The Binance CEO replied that;

“We were never in a battle with him. He may think he is in a battle with us, but we didn’t even notice. We did hear some concerns about him badmouthing us behind our backs in DC and other political lobbying circles. We just said we don’t want to be entangled; we just want to exit our equity portion, and we did that a year and a half ago.”

As part of the transaction, Binance received some FTT tokens, and CZ said his company wanted to sell their tokens following the CoinDesk report. He concluded that;

“We were never against them. We don’t focus on other smaller exchanges as focusing our energy there doesn’t give us the best return. If we take customers away from there, we will only grow by 1 or 0.1%. However, if we can grow the industry, we can grow our user base by 5x, 10x or even 100x. Hence, we are focused on growing the crypto market alongside other exchanges.”

Binance maintains its reputation as the leading crypto exchange and currently processes over $10 billion in daily trading volume.

A spokesperson from Currency.com provided the following comment to Coinjournal:

“We would like to confirm that Currency.com does not have any exposure to either FTT tokens or the FTX Exchange.No part of Currency.com is owned or has ever been owned by crypto exchange FTX or any of its related entities, including Alameda Research. Currency.com does not offer FTT tokens on its platform, the token native to FTX. We continue to operate as normal, and clients can make deposits and withdrawals as they have always done.Currency.com has never paid or lobbied a media outlet to publish any article related to crypto exchange Binance.”

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#Altcoin #Binance #Bitcoin #BlockChain #BlockchainNews #BNB #Crypto #CryptoExchange

#Altcoin #Binance #Bitcoin #BlockChain #BlockchainNews #BNB #crypto #CryptoExchange #Blockchain #CryptoPress

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empresa-journal · 2 years ago

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Can the FTX Token (FTT) make money from cryptocurrency exchanges?

FTX (FTT) is struggling for survival after Binance (BNB) dropped an acquisition bid. For example, FTX chief executive Sam Bankman-Fried is struggling to raise money to keep FTX afloat, The Wall Street Journal speculates. FTX could collapse without a buyer, The Washington Post speculates. Binance CEO Changpeng Zhao backed out of the FTX deal because “mishandled customer funds” and media…

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#Can the FTX Token (FTT) make money from cryptocurrency exchanges?#Crypto-as-a-Service (CAAS)#FTX offers OTC-Trading and Derivatives #FTX US #The FTX Token (FTT)#What is FTX?#What Value does the FTX Token (FTT) have?

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xrpripplecrypto · 3 years ago

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Looking to Buy XRP, Sell XRP USA Worldwide? XRP Ripple Cryptocurrency for Cash! We also provide reviews for the best XRP exchanges, XRP wallets, and XRP news!

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Learning how to buy XRP in USA can be a confusing process. It doesn’t have to be, though. In this guide, we will give you the answers!

How to Buy XRP?

The process of buying and selling XRP has been made a lot simpler over the last few months. There are a few important factors that you must think about before buying XRP:

Payment Method

The most common and accepted payment methods to buy cryptocurrency include: credit card, bank transfer, or even cash. Different websites accept different payment methods, so you'll need to choose a website that accepts the payment method you want to use.

Type of Cryptocurrency

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Cost of Fees

Each website has different fees. Some are cheap, some are not so cheap. Make sure you know how much the fees cost before setting up an account on any website. You don't want to waste your time verifying yourself and then find out the fees are too high!

How Much You Can Afford

As with any investment, you should never invest more than you can afford. I recommend speaking to a financial adviser first.

With those 4 factors in mind, we can move on. When you buy your XRP, though, where are you going to store it? I'll give you a hint: it's not your bank account.

Cryptocurrencies

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Worldwide

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Cryptocurrency Wallet

A XRP wallet is where you store your cryptocurrencies after you have bought them. You can compare a cryptocurrency wallet with your bank account. In the same way that you store traditional currencies (USD, JPY, EUR etc.) in your bank account, you will store your cryptocurrencies in your crypto wallet.

There are a lot of easy-to-use and safe options to choose from. It is important that you choose a highly-secure wallet, because if your cryptocurrency gets stolen from your wallet, you can never get it back.

There are three types of wallets:

Online wallets: The quickest to set up (but also the least safe);

Software wallets: An app you download (safer than an online wallet);

Hardware wallets: A portable device you plug into your computer via USB (the safest option).

The wallet you need will depend on which cryptocurrency you want to buy. If you buy Bitcoin, for example, you'll need a wallet that can store Bitcoin. If you buy XRP, you'll need a wallet that can store XRP.

Luckily, there are a lot of good wallets to choose from that can store multiple cryptocurrencies.

Where to Buy Cryptocurrency?

To learn where to buy XRP, you’ll first need to know where to purchase XRP stock. Just a few years ago, there were only a few places to buy and sell cryptocurrencies. Now, though, there are a lot more! Let’s look at the different places and ways you can get your crypto.

How to Buy Cryptocurrency at Cryptocurrency Exchanges?

XRP exchanges are online websites that let you exchange your local currency for cryptocurrency. Exchanges are the most popular way of buying cryptocurrency. I recommend newbies to use these exchange websites as they are easy-to-use and quick to set up.

Payment Method: Most of the exchanges accept payment by bank transfer or credit card, some of them also accept PayPal.

There are a lot of exchanges for you to choose from. Each one of them has different levels of security and they each accept different types of payment methods. Most exchanges will ask you to follow the steps below before you can start buying cryptocurrency.

Check the security of the exchange. This is the most important thing you need to consider as investors have lost lots of money in the past when the exchanges have been hacked.

Transaction fees – the lower, the better.

The number of payment options available: do they accept bank transfer, credit card, PayPal, etc.?

The amount of time it takes to activate your account — if you’re in a hurry, you might not want to wait a long time to get verified!

Which cryptocurrency options they offer. For example, if you want to buy the XRP token then you need be sure that the exchange you choose sells the XRP token.

#buy xrp

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bydfi · 2 years ago

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UPDATE: Yet again Genesis is admitting to hundreds of millions in losses on FTX, despite initially falsely denying exposure with fancy technical lawyer speak. Withdraw your loans to them, we dont know how deep this really goes or if they are solvent anymore.

Todays new admission to losses numbering at least in the hundreds of millions: https://twitter.com/genesistrading/status/1590836594382032896 As part of our goal in providing transparency around this week’s market events, the Genesis derivatives business currently has ~$175M in locked funds in our FTX trading account. This does not impact our market-making activities. Previously: Nov 8, 2022: With regard to today’s market events, we have managed our lending book and have no material net credit exposure. In addition, Genesis has no exposure to any tokens issued by centralized exchanges. We continue to meet the needs of our clients around the world across all products. https://twitter.com/genesistrading/status/1590106896698028032 Previously: Nov 9, 2022: We want to provide an update on where things currently stand with our lending business. In anticipation of the extreme market volatility yesterday, we hedged and sold collateral resulting in a total loss of ~$7M across all counterparties, including Alameda. https://twitter.com/GenesisTrading/status/1590391027214725120 Below is an analysis of their tweet information that was posted on reddit on the 9th of November when genesis was still being deceptive about their losses Link to the Previous Reddit thread: https://old.reddit.com/r/CryptoCurrency/comments/yqq49d/after_denying_exposure_yesterday_today_genesis/ Genesis has no material exposure to FTT Translation: We have no direct exposure to FTT but our borrowers who have our money do have exposure to FTT. Genesis has no lending relationship with FTX Translation: We have a lending relationship with Alameda which is the same thing as FTX. Genesis has a trading relationship with FTX, amongst other exchanges. Our exposure to FTX has no impact on our ability to serve our clients. Translation: We do have trading exposure to FTX (most likely assets on the exchange that cannot be withdrawn due to insolvency) but we arent insolvent yet, unless all customers request their funds back from Genesis. And we still pay workers to come in and answer phones. our balance sheet remains strong Translation: On paper we can use tricks to make it look like we arent insolvent yet even though we dont have the actual assets anymore and the borrowers have defaulted. 95% of the collateral in our lending book is comprised of USD/stables, BTC, and ETH Translation: However we gave many loans with no collateral at all, that were based on the balance sheets of the borrowers, who had FTT and other now worthless coins on their balance sheets which fooled us into giving them loans. Also when we do liquidate all our loans we will Dump ETH and BTC into oblivion because 95% of margin loans are backed by these 2 assets. These guys are liars and dont want a bank run, which could result in their insolvency. Going from $0 to $7 million in losses, might not sound like a lot, the issue is that they are lying and hiding behind balance sheets backed by worthless stuff, even for example Alamedas balance sheet, which looks "strong" but was backed by FTT tokens. So while Genesis may deny having FTT on their balance sheet, they gave loans to balance sheets of other companies that were completely backed by fake printable tokens and are not saying how many millions, or hundreds of millions in losses they may be facing. submitted by /u/big--if-true [link] [comments] http://dlvr.it/Scb1Sc

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abhishekbuyucoin · 2 years ago

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What is FTX Token: Is FTX token a good investment in 2022?

FTX Token offers a number of benefits to all of its investors, including the ability to buy and sell FTX at a profit. Traders who trade in FTX, also known as coin FTT, are certain that they will obtain good value for their money. FTX Token is known for its scalability and speed, as well as its reliability and trustworthiness.

what is FTX token

What Is FTX Token?

FTT is the native cryptocurrency token of FTX, a crypto derivatives trading platform that started on May 8, 2019. The FTX Token, or FTT, was created by Sam Bankman-Fried and Gary Wang. The FTX Token (FTT) is the ecosystem's exchange token, and it may be used to safeguard futures holdings, save on trading commissions, and earn OTC refunds. With plans to become the world's premier crypto derivatives exchange, the FTX trading platform provides leveraged tokens, over-the-counter (OTC), and futures trading.

How Does FTX Token (FTT) Work?

The FTX trading platform is a futures exchange that aims to address the shortcomings of current cryptocurrency exchanges by delivering a user-friendly and profitable platform. The official currency of the FTX trading platform is FTT, which can be used to obtain discounts and staking rewards from FTX.

Fees for both exchange and leveraged tokens are extremely cheap on the FTX trading platform. It does, however, allow for novel products such as spot trading, leverage trading, and options. It does not charge any deposit or withdrawal fees, with the exception of ETH, ERC-20 tokens, and BTC withdrawals (only 0.01 BTC withdrawals are charged a fee).

What Makes the FTX Token Special?

Token FTX FTT is an exchange token that adheres to the ERC-20 standard. The Ethereum client on the Ledger Nano X/S hardware wallet allows users to safely store and manage FTT tokens.

Both the FTT and leveraged token security audits are performed by the Blockchain Consilium auditing business. Almeda Research, a prominent organisation in crypto trading and a key liquidity provider, has backed FTX.

As a result, FTX was developed by industry specialists with extensive expertise. They comprise a variety of services such as collateral, maintenance margin, liquidation processes, and product listing. FTX also claims to be focused on short development cycles, allowing them to swiftly create crypto trading systems.

Where Can You Buy FTX Token (FTT)?

To begin trading and investing in Cryptocurrencies, open an account with a reputable Cryptocurrency exchange. A cryptocurrency exchange is a website that allows you to purchase and sell digital currency.

Assume you want to buy FTX Token in India and want to obtain the best deal possible. BuyUcoin Exchange is the sole exchange you'll need to start investing in FTT in this situation. FTX Token can also be purchased using a debit card, MasterCard, NEFT, or UPI.

Does FTX Token (FTT) Have a Future?

Scarcity drives up prices, hence the value of FTX Token is projected to rise in the future. FTX is a reliable initiative that is gaining traction. FTT could be an excellent long-term investment. Please keep in mind that all investment involves some level of risk. Simply put, before making any decisions, invest in what you can do and perform as much research as possible. The average price of FTX Token (FTT) towards the end of the year might be $40.42.

If we look at the coin over the next five years, we can see that it will easily reach $180.14. In terms of pricing, the FTX Token has a fantastic possibility to soar to new heights.

#finance #cryptocurreny trading #cryptocurrency #crypto #business #education

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aliciaadley900 · 3 years ago

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FTX: the new revolution in Crypto Space

FTX Exchange is a controlled cryptocurrency exchange that specialises in leveraged goods and derivatives. FTX, which was created in 2018 by MIT graduate and former Jane Street Capital international ETF trader Sam Bankman-Fried, offers derivatives, options, volatility products, and leveraged tokens, among other creative trading products. It also has over 100 distinct trading pairings, including BTC/USDT, ETH/USDT, XRP/USDT, and FTT/USDT, its own coin. Learn crypto trading and stay ahead in the cryptocurrency market.

The Fundamentals of FTX Exchange

FTX's comprehensive product offering and user-friendly desktop and mobile trading tools fit crypto investors of all skill levels, from beginners to seasoned experts, or, in crypto jargon, from whales to newbies. The FTX platform can handle anything from basic market orders to more complicated trailing stop orders.

As of the third quarter of 2021, competitive trading costs for futures and spot markets range from 0.07 percent to 0.04 percent, depending on the maker and taker model. Leveraged tokens, on the other hand, are subject to a 0.10 percent creation and redemption cost, as well as a 0.03 percent daily administration fee. For wire transfer deposits and withdrawals, FTX accepts the following 10 fiat currencies: USD, EUR, GBP, AUD, HKD, SGD, ZAR, CAD, CHF, and BRL. There are no deposit or withdrawal fees for crypto assets; however, fiat withdrawals of less than $10,000 incur a $75 charge.