The world's ultra-rich people lost an estimated US$ 1.4 Trillion (KSh 172.4 trillion) in 2022. Twitter CEO Elon Musk's antics cost $138 billion (16.7 trillion).
Even by the extreme standards of cryptocurrency trading, the past few weeks have been a wild ride for Binance, the world's biggest exchange for crypto assets. For Leigh Drogen of Starkiller Capital, it would be "armageddon" for short-term crypto asset prices if Binance collapsed.
India's central bank governor warned Wednesday that cryptocurrency markets risked causing the next global financial crisis, saying the recent collapse of FTX was proof of the sector's "inherent risks". Das said the fall in crypto prices and recent developments around FTX validated his long-held view that cryptocurrencies have "huge inherent risks for our macroeconomic and financial stability".
Sam Bankman-Fried has had a dizzying fall from top of the heap in the world of cryptocurrencies to staring down a hefty jail sentence on a raft of fraud charges. "I didn't ever try to commit fraud on anyone," Bankman-Fried told a New York Times conference on November 30.
The US Securities and Exchange Commission charged disgraced cryptocurrency tycoon Sam Bankman-Fried on Tuesday with defrauding customers of billions of dollars, a day after he was arrested in the Bahamas at the request of the United States.
Omnipresent on talk shows and conference panels, disgraced cryptocurrency tycoon Sam Bankman-Fried is defying the advice of the legal profession and staying in the public eye despite facing the real threat of prosecution and even jail time. "I didn't ever try to commit fraud on anyone," Bankman-Fried told a New York Times conference on November 30.