Binance’s stablecoin, Binance USD, has seen around $6-billion of outflows following a US regulatory crackdown on the company that issues the token.
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New York’s chief financial regulator has ordered Paxos, the company behind the stablecoin of major crypto exchange Binance, to stop issuing the token.
Now that Sam Bankman-Fried’s fall from grace is complete, uneasiness is growing around the dominance that his rival holds in the cryptocurrency market.
FTX founder Sam Bankman-Fried was arrested in the Bahamas at the behest of US prosecutors on Monday
As customers withdrew billions of dollars from crypto exchange FTX, founder Sam Bankman-Fried worked the phones in a futile bid to raise $7-billion in emergency funds.
Once again, a feud broke out between alpha-male celebrities in crypto. Only this time, what followed was tens of billions of dollars of digital wealth vanishing in a flash.
Crypto exchange FTX is to start US bankruptcy proceedings and CEO Sam Bankman-Fried is to step down after a week of high drama.
News of the liquidity crunch at FTX has sent reverberations through the crypto world.
The crisis engulfing Sam Bankman-Fried’s FTX.com is rapidly worsening, with the onetime crypto wunderkind warning of bankruptcy.
Crypto giant Binance has helped cover a “liquidity crunch” at rival FTX in a surprise move that lifted cryptocurrencies on Tuesday.