FTX Reports $51 Billion Crash In Collateral, Sequoia Apologises Investors

Coingape2022-11-23 tarihinde yayınlandı2022-11-23 tarihinde güncellendi

Özet

The drop in the collateral was due to multiple factors including credit squeeze. However, the fall in value of FTX assets alone eroded $30B

On Tuesday, November 22, in a letter to staff, FTX founder Sam Bankman-Fried outlined a $51 billion crash in the company’s collateral which has dropped to $9 billion from $60 billion.

In his letter obtained by Bloomberg, SBF wrote that a combination of sell-offs in cryptocurrencies, a credit squeeze, and a “run on the bank” left the collateral at only $9 billion ahead of the company’s filing for Chapter 11 bankruptcy.

The estimated liabilities by then had reached $8 billion. The fall in the value of FTX’s crypto assets alone halved the collateral to $30 billion. In a message to employees, FTX chief Sam Bankman-Fried wrote:

“I didn’t mean for any of this to happen, and I would give anything to be able to go back and do things over again. I did not realize the full extent of the margin position, nor did I realize the magnitude of the risk posed by a hyper-correlated crash”.

The bankruptcy proceedings so far have revealed some of the chaotic organizational practices at FTX with deep-rooted problems. The proceedings reveal lax documentation and financial controls. It also shows payment requests approved with just emojis in chatrooms.

Additionally, the company used its funds to buy homes and other personal items for employees and advisers. As per some reports, SBF’s parents and some senior staff at FTX purchased properties worth a staggering $300 million in the Bahamas. Besides, speculations are also ripe that Sam Bankman-Fried has been behind the $600 million hack of the crypto exchange FTX.

Sequoia Apologizes to Investors for FTX

As we know venture capital giant Sequoia Capital was one of the biggest investors in FTX. However, as the crisis unfolds, top partners at the VC firm apologized to investors during a conference call on Tuesday, November 22.

In the call, Roelof Botha, the firm’s global leader, said that he and his colleagues repent for backing the company. Sequoia Capital had invested a total of $214 million in FTX.com and FTX.us across two funds.

Trend Kriptolar

CitreaCTR

wrapped stUSDTWSTUSDT

İlgili Okumalar

Silicon Valley VC's On-the-Ground Observations of Chinese Entrepreneurship: A Harsher Capital Environment Breeding Fiercer Companies

A Silicon Valley VC's on-the-ground observations of China's startup ecosystem reveal a harsher capital environment forging more aggressive and execution-driven companies. Unlike Silicon Valley's patient capital focused on long-term growth, China's venture landscape is characterized by intense pressure for exits. Startups often face "equity in name, debt in reality" terms with strict timelines and personal founder liability, pushing IPO as the nearly mandatory exit path due to a virtually non-existent M&A market. This high-stakes system, while potentially fostering short-termism, cultivates extreme cost discipline, rapid execution, and formidable commercialization skills—traits evident as these companies expand overseas. The funding ecosystem comprises three main pools: local RMB funds (often government-backed with economic development mandates), domestic USD funds (more founder-friendly, like Sequoia China), and dwindling direct foreign capital. Financial Advisors (FAs) play a crucial intermediary role, packaging deals and navigating China's opaque, relationship-based business networks where platforms like LinkedIn haven't taken root. Underpinning it all is significant state influence through industrial policy, directing capital and incentives toward strategic sectors like semiconductors and AI. The result is a distinct, parallel innovation model—less forgiving than Silicon Valley's, but capable of concentrating resources, accelerating iteration, and producing fiercely competitive companies in targeted industries.

marsbit8 dk önce

Silicon Valley VC's On-the-Ground Observations of Chinese Entrepreneurship: A Harsher Capital Environment Breeding Fiercer Companies

marsbit8 dk önce

SharpLink's Helm: Buying Only, Never Selling, Making ETH Generate Profits Through the Cold Winter

SharpLink co-CEO Joseph Chalom shares his bullish outlook on Ethereum during the recent "Injective Summit 2026." Despite prevailing negative market sentiment, Chalom argues that fundamentals and data tell a different story: Ethereum dominates with over 50% of stablecoin transaction volume, nearly 60% of tokenized real-world assets (RWA), and remains the uncontested leader in DeFi. He attributes the communication gap and lack of confidence partly to the Ethereum Foundation's restructuring. In response, SharpLink, alongside ConsenSys and Bitmain, is funding three key spin-off teams from the Foundation: ETH Labs (for institutional-scale scalability), Ethereum Institutional (for business development and marketing), and EthSystems (for next-gen privacy and compliance solutions). Chalom emphasizes these are critical for accelerating institutional adoption. Regarding SharpLink's strategy, Chalom details a conservative, yield-focused approach. The firm holds 886,725 ETH, acquired with zero leverage or debt. They generate revenue by staking ETH and strategically deploying capital into DeFi protocols via a dedicated fund, aiming for returns above the native staking yield. This contrasts with some Bitcoin-focused firms that have become net sellers. On the broader institutional adoption of tokenization, Chalom sees current progress as just the beginning. He breaks it down into layers: stablecoins as the currency/value layer, tokenized assets as the exposure layer, and DeFi as the execution layer. He predicts regulatory clarity, like the potential Clarity Act, will be a major catalyst. A key future inflection point will be when fiduciary managers prefer tokenized, 24/7 tradable digital assets over traditional "analog" versions due to their programmability and instant settlement. In conclusion, Chalom positions SharpLink not just as an ETH accumulator and yield generator, but as an active "ecosystem steward," funding essential development and marketing initiatives to support Ethereum's long-term growth, which he believes is directly aligned with shareholder interests.

Odaily星球日报9 dk önce

SharpLink's Helm: Buying Only, Never Selling, Making ETH Generate Profits Through the Cold Winter

Odaily星球日报9 dk önce

Ten European Banks Launch Blockchain Initiative RL1

On July 28, 2026, ten European financial institutions launched the Regulated Layer One (RL1) initiative. This open, neutral, and compliance-focused blockchain network is specialized for institutional digital asset operations. The founding members include ABN AMRO, Cecabank, Chartered Investment, Crédit Mutuel Alliance Fédérale, DekaBank, DZ BANK, LBBW, Natixis CIB, SC Ventures, and Seturion, formed as a European cooperative society (SCE) and led by Henning Voelkel, former head of SWIAT. The network is open to new participants, with NatWest currently in discussions to join. RL1 is built on the SWIAT blockchain, which will remain its software and services provider. The underlying SWIAT network, operational for three years, has processed 50 transactions totaling €700 million. The initiative is described as a collective European effort to create a foundation for a shared, openly and trustworthily managed distributed ledger. Its primary goal is to overcome fragmentation in the regulated financial sector by establishing a neutral, participant-owned, pan-European DLT infrastructure for tokenized assets, digital money, and next-generation financial services. The move responds to growing EU demand for scalable real-world asset (RWA) infrastructure, evidenced by projects like Pontes and Appia. This launch aligns with broader sector growth expectations, including Standard Chartered's forecast for DeFi and RWA market capitalization to reach $2 trillion.

cryptonews.ru14 dk önce

Ten European Banks Launch Blockchain Initiative RL1

cryptonews.ru14 dk önce

Losing the "Anchor": Walsh's Minimalist Communication is Forcing the Market to Price Itself

Losing the "Anchor": Walsh's Minimalist Communication Forces Markets to Self-Price The probability of a rate hike priced into the market ahead of the Thursday meeting is unusually high at 40%. This stems from the new framework under Chairman Walsh, characterized by "data dependence and low communication." Since taking office, Walsh has implemented reforms: drastically shortening statements, removing traditional forward guidance, and emphasizing that statements only provide facts. He has also established working groups to review practices and strongly reiterated a commitment to price stability amid prolonged high inflation. Walsh does not submit a personal dot-plot forecast, urging markets to price based on their own data interpretation rather than reflecting Fed signals. This has removed the traditional "anchor," forcing markets to independently price in the possibility of sudden action in a truly data-driven environment. Consequently, short-term rate volatility and tail risk premiums have increased, as markets pay for protection against a potential sudden hike to reinforce anti-inflation credibility. Specific catalysts supporting this uncertainty include: 1) Iran-related tensions and volatile energy prices raising inflation tail risks, and 2) The new chairman's potential need to establish his anti-inflation credibility with an early, decisive move. In essence, the 40% hike probability reflects the market pricing protection for tail risks under Walsh's new low-guidance framework, compounded by geopolitical and data uncertainties, rather than treating a hike as the base case. The outcome will signal how this new communication paradigm shapes market adaptation. If rates are held steady, focus will shift to September. An unexpected hike would reinforce the "data and credibility first" narrative, prompting a repricing for higher-for-longer rates and tighter financial conditions.

marsbit19 dk önce

Losing the "Anchor": Walsh's Minimalist Communication is Forcing the Market to Price Itself

marsbit19 dk önce

Nexo States That MiCAR Provides Customers With a Clear Standard of Trust in Platforms

Crypto asset management platform Nexo has restructured its European Economic Area (EEA) operations to comply with the EU's Markets in Crypto-Assets Regulation (MiCAR). Instead of directly obtaining a MiCAR license, Nexo has partnered with two regulated German firms: Tangany and DLT Finance. Tangany, a MiCAR-licensed custodian, provides segregated digital asset storage, while DLT Finance, licensed under MiCAR and MiFID II, offers brokerage and trade execution infrastructure. This collaboration allows Nexo to maintain all its EEA services without disruption. Nexo leadership views MiCAR as the most significant regulatory framework for digital assets in Europe, providing a clear standard that builds institutional trust and long-term stability. They argue that clear regulations benefit the industry's credibility and give clients a benchmark to evaluate platforms. While some criticize EU rules as over-regulation, Nexo believes companies that build operational models around MiCAR can operate confidently across the EEA. Nexo anticipates industry consolidation as users migrate to platforms prioritizing verified compliance and asset protection. The partnership is presented as a model for institutions operating in the post-MiCAR European market, strengthening Nexo's position as a major player in shaping the next phase of regulated digital asset management.

cryptonews.ru24 dk önce

Nexo States That MiCAR Provides Customers With a Clear Standard of Trust in Platforms

cryptonews.ru24 dk önce

İşlemler

Spot

Popüler Makaleler

FTT Nasıl Satın Alınır

HTX.com’a hoş geldiniz! FTX Token (FTT) satın alma işlemlerini basit ve kullanışlı bir hâle getirdik. Adım adım açıkladığımız rehberimizi takip ederek kripto yolculuğunuza başlayın. 1. Adım: HTX Hesabınızı OluşturunHTX'te ücretsiz bir hesap açmak için e-posta adresinizi veya telefon numaranızı kullanın. Sorunsuzca kaydolun ve tüm özelliklerin kilidini açın. Hesabımı Aç2. Adım: Kripto Satın Al Bölümüne Gidin ve Ödeme Yönteminizi SeçinKredi/Banka Kartı: Visa veya Mastercard'ınızı kullanarak anında FTX Token (FTT) satın alın.Bakiye: Sorunsuz bir şekilde işlem yapmak için HTX hesap bakiyenizdeki fonları kullanın.Üçüncü Taraflar: Kullanımı kolaylaştırmak için Google Pay ve Apple Pay gibi popüler ödeme yöntemlerini ekledik.P2P: HTX'teki diğer kullanıcılarla doğrudan işlem yapın.Borsa Dışı (OTC): Yatırımcılar için kişiye özel hizmetler ve rekabetçi döviz kurları sunuyoruz.3. Adım: FTX Token (FTT) Varlıklarınızı SaklayınFTX Token (FTT) satın aldıktan sonra HTX hesabınızda saklayın. Alternatif olarak, blok zinciri transferi yoluyla başka bir yere gönderebilir veya diğer kripto para birimlerini takas etmek için kullanabilirsiniz.4. Adım: FTX Token (FTT) Varlıklarınızla İşlem YapınHTX'in spot piyasasında FTX Token (FTT) ile kolayca işlemler yapın.Hesabınıza erişin, işlem çiftinizi seçin, işlemlerinizi gerçekleştirin ve gerçek zamanlı olarak izleyin. Hem yeni başlayanlar hem de deneyimli yatırımcılar için kullanıcı dostu bir deneyim sunuyoruz.

135 Toplam GörüntülenmeYayınlanma 2024.12.12Güncellenme 2025.03.21

Tartışmalar

HTX Topluluğuna hoş geldiniz. Burada, en son platform gelişmeleri hakkında bilgi sahibi olabilir ve profesyonel piyasa görüşlerine erişebilirsiniz. Kullanıcıların FTT (FTT) fiyatı hakkındaki görüşleri aşağıda sunulmaktadır.