• November 24, 2022

Bankruptcy lawyer attacks SBF

 ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Market Activity

Total Market Cap $842.48B
(+2.52%)
24 Hour Volume $60.89B
(-9.88%)
Notable Movers (DASH) $41.95 (+15.54%)
Notable Movers (DeFi) (AAVE) $57.43 (6.74%)

Bitcoin Dominance 38,36%(-0,33%)
Bitcoin Price (BTC) $16,452.54 (+1.52%)
Ethereum Price (ETH) $1,163.15 +3.36%)
Cardano Price (ADA) $0,313 (-0.36%)

Editor’s Note

Thanksgiving is Going to be AWKWARD

It’s Thanksgiving week in the U.S. — but might not be a happy one if you’re a crypto investor.

A year ago, when mania surrounding Bitcoin and Ether was at its peak, countless enthusiasts would have been breathlessly talking about their potential around the dinner table. It’s highly possible that aunts and uncles would have been enticed into making an investment.

But following a brutal bear market and a spate of bankruptcies, many will be nursing painful paper losses when compared with this time a year ago. And as the turkey is carved, crypto bros could end up facing some uncomfortable questions.

So… what’s the best approach to take if you’re confronted by an angry grandpa who has lost $250 after aping into SHIBA INU? What do you say to a grumpy stepfather who now owns an NFT that’s worth 90% less than what he paid for it? And heaven forbid, what do you tell a loved one who had stored their crypto on FTX, Celsius or Voyager? 

Honesty could be an option. Few people could have predicted that Sam Bankman-Fried would turn from savior to villain in such a short space of time. And with regards to the fall in the wider markets, Bitcoin is known for operating in four-year cycles of boom and bust.

For inexperienced investors who are still holding on to their BTC, perhaps the best advice is to urge them to adopt a long-term view. The likes of Michael Saylor regularly stress that the best approach is to HODL through adversity. “Bitcoin, not crypto” is another common phrase doing the rounds — establishing clear blue water between BTC and other coins. Maximalists are still unshaken in their belief despite the carnage we’re seeing in this bear market. Maybe you could spend a little time telling your relatives how to self-custody instead of storing their funds on an exchange.

The atmosphere is going to be gloomy. There’s no escaping it. But perhaps we need to remember how this feels. That way, when the next bull market comes along, we’ll be a little more measured when talking to our families — and not as breathless. We’ll remember to tell them that BTC is volatile, that the crypto markets are risky, and that there’s no guarantee of big returns. This will ensure that they’re armed with all the facts when deciding whether they want to make an investment.

CMC-Community Spotlight of the Day

1inch partners with Revolut, launches joint L&E course

1inch Network dives into their new learn and earn crypto course in today’s CMC Community Spotlight.

Read More

Today’s Top Stories

Check out CoinMarketCap Alexandria for tech deep dives, analysis, daily news and easy-to-understand guides on how crypto works!

Today’s Top Stories

FTX was SBF’s ‘personal fiefdom’ 😬

A bankruptcy lawyer representing FTX’s new management has said the doomed crypto exchange was Sam Bankman-Fried’s “personal fiefdom.” James Bromley called the case “unprecedented” — and warned the company’s demise is “one of the most abrupt and difficult collapses in the history of corporate America.” He went on to reveal that a substantial amount of FTX’s assets are either stolen or missing. As for FTX’s coffers, documents filed on Monday with the court say the restructuring team more than doubled the amount of cash it has found to $1.2 billion — still well below the $3.1 billion owed to just the expansive FTX Group’s 50 largest creditors. It may be months, or even years, before customers see funds again.

Crypto lender Genesis fights for its life 😑

If crypto lender Genesis can’t find $1 billion soon, it may be forced into bankruptcy — becoming the latest victim of the FTX exchange’s implosion earlier this month. The embattled company has been seeking an urgent cash infusion after revealing that it had loaned $175 million with insufficient collateral. It has turned without success to Binance and Apollo Global Management among others. A spokesperson has said that no bankruptcy filing was coming “imminently” and that it “continues to have constructive conversations with creditors.” But more than anything, Genesis’ troubles are indicative of the way the financial troubles of one company spread throughout the crypto industry.

Meta denies Zuckerberg is stepping down 👀

A Meta executive has denied reports that Mark Zuckerberg is planning to step down as CEO next year. The tech entrepreneur is having a pretty bad year — with investors unconvinced by his firm belief that the metaverse represents the next frontier of social media. Meta has been pouring billions of dollars into Horizon Worlds, and may only start to turn a profit in years to come. The rumor fails to take one thing into account: Zuckerberg controls about 55% of the social media giant’s voting stock. One thing that stockholders can do, and are doing, is walk away. META shares are down 70% this year, with drops in the 20%-plus range coming with each quarterly earnings report.

55% of Bitcoin addresses are in the red 📉

More than half of all Bitcoin addresses are now in the red. According to analysis site IntoTheBlock, with the post-FTX exchange implosion dip taking the price down to levels not seen since November 2020, the average purchase price of 55% of all Bitcoin addresses is now below what the owners paid for them. That leaves 44% in the black and just 1% at break even, at the price of $16,156 when IntoTheBlock took its most recent snapshot. A huge number of investors now face long bankruptcy limbo, with funds likely lost following the collapse of FTX. Countless others got burned when major crypto lenders such as Celsius and Voyager Digital went under — adding to a growing sense that winning back the trust of retail investors could be a long process.

Thanks for reading! Have a great day — more news tomorrow!

Fb Tw Ig Telegram

Written by Molly Zuckerman and Connor Sephton

Was this email forwarded to you? Sign up here.

WANT MORE CRYPTO BITES?

Sign up here for Daily Newsletters, Promotions and Events and Prices

ADVERTISE  |  CAREERS  |  FAQ

© 2022 CoinMarketCap

Unsubscribe

coinmarketcap.com

CoinMarketCap OpCo LLC, 8 The Green, STE 6703, Dover, Delaware 19901, United States