FTX CEO Blames Exchange's Collapse on SBF's Mismanagement

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News

FTX Crisis: sbf

FTX CEO Blames Exchange’s Collapse on SBF’s Mismanagement

“Old-fashioned Embezzlement,” John Ray Tells Congress

By Aleksandar Gilbert

Several lawmakers slammed crypto during a widely publicized hearing on the collapse of FTX Tuesday. But to the company’s new CEO, appointed to clean up the mess left by Sam Bankman-Fried, the exchange’s demise was simply a case of “old-fashioned embezzlement.”

Read the full story in The Defiant

FTX Crisis: SBF

Feds Accuse SBF of Plundering ‘Billions’ in Client Assets to Save Alameda

Bankman-Fried Charged with Fraud and Conspiracy by Three U.S. Authorities

By Edward Robinson

In an action that abruptly ended Sam Bankman-Fried’s apology tour, a federal grand jury accused the disgraced co-founder of FTX with conspiring to defraud investors and the U.S. government in an indictment unsealed Tuesday morning in New York.

Prosecutors charged Bankman-Fried with eight counts of securities fraud, wire fraud, and conspiracy charges. The 30-year-old crypto entrepreneur is being detained by law enforcement authorities in the Bahamas, where FTX is based, pending an extradition request by the U.S. Department of Justice.

Read the full story in The Defiant

Sponsored Post

DeFi Saver extension is now live within the Compound app

DeFi Saver is an all-in-one dashboard for creating, managing and tracking positions with automatic liquidation protection and leverage management options for only the most trusted DeFi protocols.

Thanks to Compound’s newly released extensions framework, DeFi Saver is now available as an extension within the Compound app. The two teams worked together to make DeFi Saver’s advanced and automation features available to Compound v3 users directly within the Compound application. Features such as 1-tx position rebalancing and automated liquidation protection are now available to users.

With the DeFi Saver extension, Compound users can rely on signature Boost and Repay options for 1-tx position rebalancing, which can, for example, come in handy in case of market crashes where a user may want to partially unwind (or ‘self liquidated’) part of their position to keep it from going under. In addition, all users can now consider automation options if they fear market drops while they are unable to actively monitor their positions.

The new release improves the user experience and makes DeFi Saver features more accessible to a wider audience. Making complex DeFi interactions simpler, more accessible, and more efficient for end-users has always been DeFi Saver’s goal.

With DeFi Saver, Compound users can now manage their positions automatically and more efficiently without leaving the Compound app.

DeFi Governance

Balancer Ends Long Governance Battle With Whale

DEX’s Members Vote to Make Peace with Investor in Duel Over VE Tokenomics

By Samuel Haig

For months a long simmering battle has been roiling the governance practices at Balancer, the No. 4 decentralized exchange. On Tuesday, Balancer, which has $1.6B in total value locked, passed a peace treaty to settle the eight-month-long dispute with a yield farming whale known as “Humpy”.

Read the full story in The Defiant

Dex Aggregators

CowSwap Launches ‘Surplus-Capturing’ Limit Orders

MetaDEX Aggregator Has Facilitated Over $18B In Trades

By Owen Fernau

While the fallout from FTX’s implosion continues to cast a shadow over crypto, DeFi projects are still innovating and releasing new features. CowSwap, a decentralized exchange (DEX) aggregator, launched limit orders on Dec. 12. Limit orders are a way for traders to set specific prices at which to buy or sell an asset.

Read the full story in The Defiant

market action

Markets Rally Ahead Of Fed As US Inflation Cools

Bitcoin and Ether Surge To 4-Week Highs

By yyctrader

With all eyes on the Federal Reserve ahead of tomorrow’s crucial decision on interest rates, investors breathed a sigh of relief Tuesday after U.S. inflation numbers came in below expectations. Consumer prices rose at an annualized 7.1% in November, according to the Bureau of Labor Statistics. That was well below the 7.3% analysts anticipated, and the 7.7% recorded in October.

Read the full story in The Defiant

DeFi Explainers

What are DeFi Protocols?

A Step-by-Step Guide to How These Crucial Projects Work

By Rahul Nambiampurath

DeFi protocol is a set of codes that govern how digital assets are used on a blockchain network. Tapping smart contracts and virtual machines (VMs), DeFi protocols manage exchanges, enable users to lend and borrow, and run decentralized autonomous organizations (DAOs).

Read the full story in The Defiant