Bloomberg Crypto

Like most crypto-adjacent firms, fiat banks that diversified into crypto have struggled during the crypto winter. And this was likely the case even BEFORE crypto exchange FTX declared bankruptcy in November 2022.  We’ll find out exactly how many of them are doing in the coming weeks, as earnings reports trickle out. But generally, banks that got into crypto benefited during digital currency’s rise, and have struggled since last spring, when the digital asset sector took a downward plunge. In this episode, Bloomberg’s Max Reyes offers up a pre-earnings preview of these banks, and where they go from here. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletterSee omnystudio.com/listener for privacy information.

Is crypto back? That’s one question Bloomberg editors and reporters discuss in another This Week in Crypto episode.  Already, the year is packed with digital asset action. Bitcoin is up 30 percent so far in 2023. Lots of smaller tokens are even more than that.  Suddenly, crypto enthusiasts are uttering words like FOMO — Fear of Missing Out - again. Then there are some crypto comebacks happening. Or, at least, some crypto comeback attempts. The guys behind 3AC, Three Arrows Capital, the cryptocurrency hedge fund credited in some circles with launching the crypto winter, are seeking funding for a new startup. Crypto Twitter has not been kind. And also, Heather Morgan, an accused cryptocurrency thief charged along with her husband in the world’s biggest crypto heist, has landed a new tech job! Bloomberg senior crypto editor Anna Irrera and Bloomberg reporter Vildana Hajric join Phili Lagerkranser in this episode to review and discuss this and all the week’s top digital asset news. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter  This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer:  Desta Wondirad.See omnystudio.com/listener for privacy information.

You’ve probably heard financial regulators refer to crypto as the "Wild West." But, instead of shoot-outs and sheriffs -  in crypto, you can get financial experimentation, hackers and  pretty extreme risk-taking (in hopes of yielding extreme returns) - in some cases with people investing their hard-earned savings. People allegedly wronged by crypto are increasingly turning to the law for redress.The only problem is, how do you fit something so new into laws that are often centuries old? That’s the conundrum lawyers and creditors are confronting in the case of FTX, the crypto exchange that collapsed into bankruptcy last year.  In this episode, we discuss the legal complexities underlying the FTX bankruptcy. And how the rules change across jurisdictions - from the sunny Bahamas to the cloudy skies of England. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter  This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mohsis Andam and Ty Butler. Sound Design/Engineer:  Desta Wondirad.See omnystudio.com/listener for privacy information.

Western Massachusetts is a very different place from the Bahamas, where the FTX crypto exchange had its headquarters. But the small town of Lenox there is feeling the effects of the FTX bankruptcy nonetheless. The reason is Ryan Salame, the former co-CEO of FTX Digital Markets who was also a major player in the economy of Lenox.Salame grew up in Berkshire County, of which Lenox is a part. The town has fewer than 10,000 residents - closer to 5000 actually, according to the most recent census. In March 2022, the county’s local newspaper the Berkshire Eagle reported that Salame owned multiple restaurants and other properties in the town.What’s going to happen to those restaurants now that FTX has filed for bankruptcy and Salame is out of a job? Bloomberg reporter Carly Wanna joins this episode for the latest. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

Federal Bankruptcy Judge ruled that assets deposited with Celsius belong to the company, impacting 600,000 account holders. Users may not recover full deposits due to bankruptcy. High returns of up to 18% enticed investors, but deposits were not federally insured. This ruling could have broader implications for the crypto industry.

Today, Martin Luther King, Jr. Day is observed in the U.S. So the crypto team wanted to present an episode connected to the idea of service.  The episode, first published last December, focuses on Sam Bankman-Fried's efforts to advance Effective Altruism. SBF used to say he was a man on a mission: to give away more than a billion dollars. It was part of his connection to the Effective Altruism movement. Through personal giving, and through a philanthropic unit called the FTX Foundation, Bankman-Fried appeared to support causes ranging from pandemic prevention to research into climate change. But what happens to those recipients now that FTX is bankrupt? Bloomberg reporters Sophie Alexander and Laura Davison join this episode with the backstory on SBF and effective altruism. We're back tomorrow with a new episode.  Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

Something we say often on the Bloomberg Crypto team is that a week in this asset class can feel like a year. And as we wrap up the second week of 2023, it’s starting to feel maybe more like a decade. On the proverbial docket this week: a public and ugly fight emerging between Gemini, a crypto exchange that's owned by the Winklevoss twins, and a company called Genesis, which was one of the biggest crypto lenders in the world. Tom Brady, Gisele Bundchen and Patriots owner Bob Kraft popped up in a bankruptcy filing from FTX, the now-defunct crypto exchange associated with Sam Bankman-Fried. And in this episode, our editors tackle listener questions. Bloomberg senior editor Dave Liedtka joins the show.See omnystudio.com/listener for privacy information.

It’s been a tough winter for Bitcoin miners. As prices of the largest token have fallen from their record highs, there have been bankruptcies and warnings of potential bankruptcy. Billions of dollars in losses. Forced sales of equipment. Regulatory uncertainty in states like New York. Increased criticism of the energy consumption associated with the sector…the list goes on. One miner even changed its name to try to minimize its association with the sector. The company formerly known as Riot Blockchain changed its name to Riot Platforms after seeing its share price fall around 85% in 2022. So what hope is there for Bitcoin miners in 2023?  Bloomberg reporter David Pan and Mason Jappa, CEO and co-founder of mining services company Blockware Solutions join the show. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter  This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer:  Desta Wondirad.See omnystudio.com/listener for privacy information.

The United Arab Emirates has spent quite a lot of time — and considerable resources — positioning itself as a crypto-friendly hub. Its efforts have attracted some of the top names in crypto to the region: the CEO of the world’s largest crypto exchange - Binance’s Changpeng 'Zhao - known as CZ -has a residence in Dubai. It’s where Su Zhu and Kyle Davies fled to after the collapse of their crypto hedge fund, Three Arrows Capital. Sam Bankman-Fried travelled to Dubai for meetings with investors just weeks before the collapse of FTX - and FTX was one of the first firms granted a license by Dubai’s regulator for virtual assets. Around 4% of FTX’s global customers are based in the UAE, according to court filings in the firm’s bankruptcy case. That makes it one of the top 10 jurisdictions affected  by the FTX fallout.  Bloomberg reporters Suvashree Ghosh and Ben Bartenstein join the episode to discuss United Arab Emirates’ crypto ambitions. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

Binance's meteoric rise in the crypto market under CZ's leadership, concerns about its dominance, and contrast with FTX's downfall. Explore the relationship between CZ and SPF, Binance's potential acquisition of FTX, and the need for Binance to build trust amidst criticism.