Binance - Garner Ted Armstrong Evangelistic Association https://www.garnertedarmstrong.org Let No Man Take Your Crown Mon, 05 Jun 2023 21:54:14 +0000 en-US hourly 1 https://wordpress.org/?v=7.1.2 https://www.garnertedarmstrong.org/wp-content/uploads/2024/05/cropped-Screen-Shot-2024-05-16-at-1.06.13-PM-32x32.png Binance - Garner Ted Armstrong Evangelistic Association https://www.garnertedarmstrong.org 32 32 Binance Withdrawal Surges, Sees $231M in Net Outflows Amid SEC Charges https://www.garnertedarmstrong.org/binance-withdrawal-surges-sees-231m-in-net-outflows-amid-sec-charges/?utm_source=rss&utm_medium=rss&utm_campaign=binance-withdrawal-surges-sees-231m-in-net-outflows-amid-sec-charges Mon, 05 Jun 2023 21:53:22 +0000 https://www.garnertedarmstrong.org/?p=44019 The world’s largest crypto exchange was sued by SEC on Monday, alleging multiple securities law violations. Cryptocurrency traders are withdrawing funds from crypto exchange Binance as the U.S. Securities and Exchange Commission (SEC) sued the company and its CEO Changpeng “CZ” Zhao for violating federal securities law on Monday. Blockchain data shows that the exchange...

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]]> The world’s largest crypto exchange was sued by SEC on Monday, alleging multiple securities law violations.

Cryptocurrency traders are withdrawing funds from crypto exchange Binance as the U.S. Securities and Exchange Commission (SEC) sued the company and its CEO Changpeng “CZ” Zhao for violating federal securities law on Monday.

Blockchain data shows that the exchange endured some $231 million in net outflows over the past hour, according to blockchain intelligence platform Nansen.

Traders have withdrawn some $322 million of digital assets during this period, compared to the $91 million in deposits, per Nansen. The data excludes bitcoin (BTC) transfers.

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Source: https://www.coindesk.com/markets/2023/06/05/binance-endures-69m-in-net-outflows-within-an-hour-amid-sec-charge-nansen/

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]]> Crypto tycoon Sam Bankman-Fried lost 94% of his fortune overnight, marking the biggest one-day wealth collapse among billionaires on record https://www.garnertedarmstrong.org/crypto-tycoon-sam-bankman-fried-lost-94-of-his-fortune-overnight-marking-the-biggest-one-day-wealth-collapse-among-billionaires-on-record/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-tycoon-sam-bankman-fried-lost-94-of-his-fortune-overnight-marking-the-biggest-one-day-wealth-collapse-among-billionaires-on-record Wed, 09 Nov 2022 21:12:33 +0000 https://www.garnertedarmstrong.org/?p=42935 FTX CEO Sam Bankman-Fried, who was worth $16 billion earlier this week, saw his fortune gutted by 94% to $1 billion on Tuesday. It marks the biggest wealth collapse a billionaire has ever taken in a single day, per Bloomberg. On Tuesday, the 30-year-old CEO announced that his crypto exchange FTX is being sold to...

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]]> FTX CEO Sam Bankman-Fried, who was worth $16 billion earlier this week, saw his fortune gutted by 94% to $1 billion on Tuesday. It marks the biggest wealth collapse a billionaire has ever taken in a single day, per Bloomberg.

On Tuesday, the 30-year-old CEO announced that his crypto exchange FTX is being sold to rival firm Binance in order to relieve a severe liquidity crunch. Bankman-Fried’s 53% stake in FTX was worth $6.2 billion, while another $7.4 billion of his fortune came from his crypto trading house, Alameda Research, Bloomberg reported.

With Binance’s acquisition of FTX, Bloomberg’s wealth index now values both FTX and Alameda at $1 each, wiping out the perceived worth of Bankman-Fried’s biggest holdings.

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Source: https://www.businessinsider.com/sam-bankman-fried-net-worth-drop-biggest-one-day-collapse-2022-11

 

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