CryptoBeaver

  Michael Burry is bullish on gold as the crypto industry continues to suffer from the FTX crash.  Michael Burry, the fund manager and investor who became popular from the “The Big Short” movie, believes gold will shine as investors seek safety from crypto risks due to the catastrophic collapse of Sam Bankman-Fried’s FTX.   Burry is notoriously famous for shorting the U.S. housing market and profiting from the 2008 financial crisis. He also netted millions from investing in GameStop in 2019 before the Reddit frenzy and meme stock season in January 2021.   Big Short Investor: Time for Gold   The fund manager  shared  his thoughts on gold in a tweet that has now been deleted. According to Burry, Gold’s time will come as the crypto market continues to suffer from the contagion caused by FTX’s downfall.   “Long thought that the time for gold would be when crypto scandals merge into contagion,” the fund manager said. Recall that crypto exchange FTX cam...

Prior to the fall of FTX, Ethereum’s shift to proof-of-stake was all the rage in crypto circles. Two months removed from The Merge, Ethereum is still playing catch-up with more mature staking networks like Cosmos and Polkadot, but Kraken’s Tim Ogilvie thinks that’s about to change. Ogilvie, Kraken’s Head of Staked, told The Block in an interview, adding that a big transition will be seen as “a huge number of assets are likely to get staked over the course of the next six to nine months.”. Ogilvie started Staked at Kraken five years ago, a number of questions about staking remained unanswered in terms of security and whether the mechanism would work.

  Mr. Wonderful would still hire Bankman-Fried on his team if the ex-CEO was relegated to a strict crypto trading role.  The Canadian businessman and Shark Tank star Kevin O’Leary still believes Sam Bankman Fried’s future businesses could be worth investing in, despite losing money on FTX. O’Leary recently outlined the extent of his exposure to the exchange while arguing that there’s a “silver lining” in the company’s collapse.  Mr. Wonderful’s Thoughts on FTX In an  interview  on Tuesday, Mr. Wonderful admitted that FTX was one of his “bad investments” but remains safe due to his diversification of assets. Nevertheless, the investor took a “huge hit.” He said he was a shareholder of FTX and FTX US and held multiple accounts with the exchange that are now frozen.  “I’ve talked to many other institutional investors that use the platform – they also have zero balances,” he added. “Everybody’s talking to their accountants and lawyers, and auditors, and complia...

  The story of SBF could inspire directors to produce a movie called “The King of Crypto,” Saylor opined. The Executive Chairman of MicroStrategy and prominent bitcoin bull – Michael Saylor – likened the CEO of FTX – Sam Bankman-Fried – to the notorious Jordan Belfort, also known as “The Wolf of Wall Street.” In his view, SBF “was using stolen money” and cooperated with corrupt regulators to keep his business going. Make a Movie About Him Bitcoin evangelist Michael Saylor  believes  Bankman-Fried lobbied against “all of the virtues of the industry,” including bitcoin, by using counterfeit finances and bribing certain individuals. MicroStrategy’s Co-Founder went further, describing FTX’s CEO as “The Wolf of Wall Street” of the crypto sector. Hollywood should focus on him and produce a film called “The King of Crypto,” Saylor added: “I think this [crypto] crash accelerates regulatory intervention. I mean, in fact, in a sense, SBF is like the Jordan Belfort of the crypto era...

  Aside from losses resulting from the   FTX   hack, the bankrupt exchange is apparently unable to account for $1 billion to $2 billion of client funds, say people familiar with the matter, and its   balance sheet shows liabilities of $8,859 million   against assets of just $899 million.  FTX balance sheets shown to investors by Sam Bankman-Fried In addition, $10 billion was transferred to sister company Alameda Research and, perhaps most damagingly from a legal perspective, FTX insiders created a “back door” to its accounting systems, according to  Reuters  reports.  A back door to bypass oversight requirements opens the FTX leadership to charges that they were trying to shield their nefarious activities from the rest of the groups employees. These latest explosive findings follow an admission by the exchange that  "unauthorized transactions" had taken place . At least $600 billion lost in hack – and what is balance sheet itemization TR...

  Vitalik Buterin has shared some thoughts on SBF and the way the community has reacted to the whole fiasco so far. The co-founder of Ethereum has shared some thoughts on the FTX fallout and, more precisely, on the reaction toward the former CEO – Sam Bankman-Fried. It appears that the cryptocurrency community is unanimous in its stance against the action of Sam Bankman-Fried, the former CEO of FTX. The overwhelming majority of reactions are entirely negative, with many calling for prison time and the most severe regulatory punishments. Vitalik Buterin, the founder of Ethereum, has also  chipped  in on the matter. He believes that, as a public figure, SBF deserves everything he’s getting. He even said this is healthy in a bid to reaffirm important values for the community. On the other hand, though, “Sam the human being”  deserves support and love, according to Buterin. SBF the public figure deserves what it’s getting and it’s even healthy to have a good dunking sess...

  In what seems to be a repeated mistake, CryptoCom has once again sent money accidentally, only to recover it later. FTX’s collapse stirred the cryptocurrency market in a way that not many expected, but there’s some silver lining, however tiny it may seem. For once, most of the leading exchanges decided to go ahead with their proof-of-reserves and published the majority of their addresses that contained the funds stored on their platforms. CryptoCom is one of the exchanges that published their addresses, showcasing how much and what cryptocurrencies it stores on behalf of its customers. However, quickly after the information went public, members of the crypto community discovered a transaction for a whopping 320,000 ETH sent out from one of the exchange’s addresses. This represented roughly 80% of the ETH stored on CryptoCom. The company’s CEO, Kris Marszalek, gave an explanation of what happened: It was supposed to be a move to a new cold storage address, but was sent to a whitel...