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Lawmaker Pleads With Sam Bankman-Fried to Attend Congress Hearing on FTX — SBF Says He’ll Testify When He’s Ready

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Congresswoman Maxine Waters, chair of the House Committee on Financial Services, has politely asked former FTX CEO Sam Bankman-Fried (SBF) to attend a congressional hearing on the collapse of his cryptocurrency exchange. Bankman-Fried says he will testify when he has finished “learning and reviewing what happened.” Bankman-Fried Responds to Rep. Waters’ Invitation The U.S. House Committee on Financial Services will hold a congressional hearing on the collapse of crypto exchange FTX on Dec. 13. Congresswoman Maxine Waters (D-CA), the committee’s chair, has been trying to get former FTX CEO Sam Bankman-Fried (SBF) to attend the hearing. However, instead of issuing a subpoena for him to testify, Waters politely asked him on Twitter Friday. “We appreciate that you’ve been candid in your discussions about what happened at FTX. Your willingness to talk to the public will help the company’s customers, investors, and others. To that end, we would welcome your participation in our hearing o

Coinbase CEO Slams Sam Bankman-Fried for Blaming FTX’s $8 Billion Hole on ‘Accounting Error’

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The chief executive of the Nasdaq-listed cryptocurrency exchange Coinbase, Brian Armstrong, has slammed former FTX CEO Sam Bankman-Fried (SBF) for claiming that FTX is missing $8 billion due to an “accounting error.” He stressed: “It’s stolen customer money used in his hedge fund, plain and simple.” Brian Armstrong on SBF’s ‘Accounting Error’ Claim The CEO of the Nasdaq-listed cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, has slammed FTX co-founder Sam Bankman-Fried (SBF) for blaming his collapsed exchange’s $8 billion hole on an “accounting error.” Bankman-Fried was asked in an interview with Bloomberg, published Friday, how he “misplaced $8 billion.” The former FTX boss replied: “Misaccounted.” He further explained that FTX customers sometimes wired money to his trading firm, Alameda Research, instead of sending it directly to FTX. The crypto exchange’s internal accounting system then double-counted the money, crediting it to both the exchange and the customer

Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,300 Following Monday’s False Breakout

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Ethereum was in the red on Tuesday, as bears reentered the market following a failed breakout of a key resistance level. Prices failed to sustain yesterday’s move above $1,300, with momentum slipping in today’s session. Bitcoin was also lower, however is trading above $17,000 as of writing. Bitcoin Bitcoin ( BTC ) was consolidating in today’s session, as prices retreated from Monday’s three-week high. Following a peak of $17,371.00 to start the week, BTC /USD fell to an intraday low of $16,922.43 earlier in the day. This decline comes as traders have seemingly moved to secure gains, following yesterday’s surge in price. Looking at the chart, the drop took place as the 14-day relative strength index (RSI) was also unable to climb past a ceiling of its own. As of writing, the index is tracking at the 48.14 level, which is marginally below a ceiling of 50.00. Should a breakout occur, it is likely that BTC will move back towards the $17,400 point in upcoming days. Ethereum Ether

Morgan Creek CEO Says FTX Co-Founder SBF Was a ‘Pawn’ Used to ‘Punish’ the Crypto Industry

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Following FTX’s collapse, many industry executives, influencers, luminaries, and politicians have shared their opinions about the carnage the event has caused to crypto markets and a great deal of innocent bystanders. On Dec. 2, the CEO and founder of Morgan Creek Capital, Mark Yusko, explained in an interview that it’s quite possible that the FTX co-founder Sam Bankman-Fried (SBF) was merely a “pawn” or “useful idiot” leveraged to “punish the industry.” Morgan Creek’s Mark Yusko: ‘This Debacle Is a Fraud Perpetrated by, I Believe, Someone Above the Useful Idiots’ Since the Terra LUNA fallout and the great number of business failures that followed the event, there’s been a myriad of theories surrounding these subjects. The most recent FTX collapse seems to eclipse all the blunders that took place after the Terra crash, and there are still many unanswered questions surrounding the event. A variety of individuals have shared their two cents about the FTX fiasco, including the host of

Standard Chartered Bank: Bitcoin Could Fall to $5,000 Next Year

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Standard Chartered Bank says the price of bitcoin could drop to $5,000 next year. The bank’s analyst explained that cryptocurrencies could fall further and more crypto firms could “succumb to liquidity squeezes and investor withdrawals.” Standard Chartered Bank’s $5K Bitcoin Scenario Standard Chartered Bank published a note titled “The financial-market surprises of 2023” Sunday. The note outlines a number of possible scenarios that “we feel are under-priced by the markets,” wrote Eric Robertsen, Standard Chartered’s global head of research. One of the scenarios is bitcoin’s price dropping to $5,000 next year, which would be about a 70% drop from BTC ’s current price of around $17,000. Robertsen detailed: Yields plunge along with technology shares, and while the bitcoin sell-off decelerates, the damage has been done. More and more crypto firms and exchanges find themselves with insufficient liquidity, leading to further bankruptcies and a collapse in investor confidence in digita

Blackrock CEO on FTX Collapse: Most Crypto Companies Aren’t Going to Be Around

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The CEO of Blackrock, the world’s largest asset manager, says that most crypto companies will not be around following the collapse of crypto exchange FTX. However, the executive is still optimistic about blockchain technology. Blackrock’s CEO on FTX’s Collapse and Future of Crypto Larry Fink, the CEO of Blackrock Inc. (NYSE: BLK), the world’s largest asset management firm, talked about cryptocurrency and the collapsed exchange FTX during an interview at the New York Times Dealbook Summit last week. Blackrock had $7.96 trillion in assets under management (AUM) as of the third quarter. The asset management firm invested $24 million in Sam Bankman-Fried (SBF)’s FTX through a billionaire fund it manages, the CEO explained. Regarding the FTX meltdown, Fink said: “We’re going to have to wait to see how this all plays out … I mean, right now we can make all the judgment calls and it looks like there were misbehaviors of major consequences.” The Blackrock chief executive believes that mos

Jim Cramer Calls FTX Co-Founder Sam Bankman-Fried a Pathological Liar, Conman, and Clueless Idiot

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The host of Mad Money, Jim Cramer, says former FTX CEO Sam Bankman-Fried (SBF) is a pathological liar and a conman. “That guy is a clueless idiot. Intent means nothing. Saying sorry means nothing,” Cramer stressed. Jim Cramer on Sam Bankman-Fried and FTX Collapse The host of CNBC’s Mad Money show, Jim Cramer, shared his thoughts about the collapse of crypto exchange FTX and its co-founder and former CEO Sam Bankman-Fried (SBF) in a couple of interviews on CNBC Thursday. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. Commenting on Bankman-Fried’s claim during an interview at the New York Times Dealbook Summit that he “didn’t try to commit fraud on anyone,” Cramer said: That guy is a clueless idiot. Intent means nothing. Saying sorry means nothing. If you commingle, if you had no record keeping, those are against the law. “You were sloppy, you didn’t keep records —illegal — alright, so if you’re admitting to illegality,