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DCG, Luno's parent company, has been grappling with the ongoing fallout from last year's plunge in token prices and the collapse of FTX. Rafael Henrique | Sopa Images | Lightrocket via Getty Images LONDON — The CEO of crypto currency exchange Luno is stepping aside and handing the reins to its head of operations, the company announced Wednesday. It comes as Luno's parent company, crypto -focused venture capital firm Digital Currency Group, continues to reel from turmoil in the crypto market. Luno also recently laid off 35% of its global workforce. related investing news Here are Morgan Stanley's favorite quality stocks to buy as bear market nears end Michelle Fox 18 hours ago Marcus Swanepoel, a South African former banker who founded Luno in 2013 with the aim of bringing crypto to the masses, will give up his CEO title after 10 years to become executive chairman, the company said in a press release Wednesday. James Lanigan, Luno's chief operating officer, w...

In this article XRP.CM= Follow your favorite stocks CREATE FREE ACCOUNT A visual representation of the digital cryptocurrency, XRP. S3studio | Getty Images The XRP cryptocurrency soared on Wednesday as investors grew hopeful that Ripple, a company closely associated with the token, would win its prolonged legal battle with the U.S. Securities and Exchange Commission. The token was worth around 45 cents at about 8 a.m. ET, according to data from CoinGecko, up over 11% in the last 24 hours. It was earlier trading up as much as 20%. Traders pointed to a supplemental notice submitted by Ripple on Monday which pointed to a ruling in a separate case concerning Binance.US' rescue plan for collapsed crypto lender Voyager Digital. Under the plan, Binance's U.S. unit was to buy all of Voyager's assets, including its native VGX token, in a $1.3 billion deal. The SEC rejected the plan, arguing VGX was akin to a security and calling Binance an unregistered securities exchange, accord...

In this article BTC.CM= Follow your favorite stocks CREATE FREE ACCOUNT Binance CEO Changpeng Zhao speaking at a press conference during Web Summit 2022. Ben Mcshane | Sportsfile | Getty Images Binance's agreement to salvage rival cryptocurrency exchange FTX from collapse shows how no one is safe from the chill of crypto winter, according to industry experts. Prior to this week, FTX was the fourth-biggest exchange, processing billions of dollars in daily trading volumes, according to CoinMarketCap data. Its CEO Sam Bankman-Fried had a high profile in Washington, D.C., appearing in Congress to testify about the future of the crypto industry and committing millions in political donations. Despite this, not even FTX was immune from the downturn in digital assets. It's something even Bankman-Fried had recognized, telling CNBC previously: "I don't think we're immune from it." And, sure enough, on Tuesday his firm signed an offer from Binance to be acquired by th...

In this article BTC.CM= Follow your favorite stocks CREATE FREE ACCOUNT Bitcoin had a tough 2022. Now investors are looking toward 2023 with caution when it comes to cryptocurrencies. Thomas Trutschel | Photothek | Getty Images Bitcoin rose further over the weekend, as traders took news of another crypto bankruptcy in their stride and placed bets on a Federal Reserve "pivot" to cutting interest rates. The price of the No. 1 token briefly topped $23,000 for the first time since Aug. 19, 2022, according to data from CoinGecko. It has since ebbed slightly to $22,859.20. The jump brings bitcoin up almost 39% since the start of January. Ether, the second-biggest digital coin, rallied as high as $1,664.78 on Saturday — the first time it has surpassed $1,600 since Nov. 7, 2022. As of 6:40 a.m. ET, ether was worth $1,639.30 apiece. Bitcoin has kicked off 2023 on a positive note, with investors hoping for a reversal in the monetary tightening that spooked market players last year. T...

Indicted FTX co-founder Sam Bankman-Fried agreed Tuesday to be extradited from the Bahamas to the U.S., a Bahamian court official said. The paperwork has been filed with the court, and Bankman-Fried will fly to the U.S. on Wednesday, said Doan Cleare, the acting commissioner of corrections for the Bahamas Department of Correctional Services. Bankman-Fried, 30, is accused of misappropriating billions of dollars deposited in FTX, a huge crypto currency exchange that collapsed in November. He was arrested in the Bahamas on Dec. 12, and a U.S. federal indictment charging him with fraud , money laundering and campaign finance offenses was unsealed the next day. He is also accused of making "tens of millions of dollars in illegal campaign contributions” to both Democratic and Republican candidates and campaign committees, prosecutors say. The alleged fraud against customers began in 2019, the Justice Department has said. Gretchen Lowe, the acting director of the Commodity Futures Tradin...

watch now VIDEO 3:28 03:28 Kevin O'Leary responds to criticism from Binance CEO Zhao: His accusations against me are a lie Squawk Box " Shark Tank" star Kevin O'Leary defended his position as a spokesperson for bankrupt crypto firm FTX on CNBC's "Squawk Box" Friday morning. CNBC anchors Andrew Ross Sorkin, Joe Kernen and Becky Quick questioned O'Leary on his paid FTX ambassadorship, venture capital career, and his defense of Bankman-Fried days before his arrest. "This is America. The justice system provides the presumption of innocence unless proven otherwise," O'Leary responded when asked why he didn't more stridently condemn Bankman-Fried. The former FTX CEO was arrested by Bahamian authorities earlier this week, pending extradition and trial to face charges in U.S. federal court. "Kevin, you are an actor in this drama, and you had a front-row seat to Bankman-Fried up until the very end," Sorkin said. "What do...

watch now VIDEO 5:45 05:45 Kevin O’Leary on why he invested in FTX and his recent conversation with Sam Bankman-Fried Squawk Box Investor, "Shark Tank" judge and CNBC contributor Kevin O'Leary said Thursday he's lost all of the $15 million FTX paid him to act as a paid spokesman for the now collapsed crypto exchange that some have called fraudulent. O'Leary and other celebrities, such as Tom Brady and Larry David, were sued by FTX investors who say the exchange's ambassadors should have done more due diligence and exercised a greater level of care before promoting the crypto empire. The Canadian investor was grilled by CNBC's "Squawk Box " hosts over his failure to properly assess the risks associated with investing and promoting FTX. O'Leary said he fell prey to "groupthink," and that none of his investment partners had lost money. "Total deal was just under $15 million , all in," O'Leary said Thursday morning ...

Voyager said it has roughly $1.3 billion of crypto on its platform and holds over $350 million in cash on behalf of customers at New York's Metropolitan Commercial Bank. Justin Sullivan | Getty Images Binance and other crypto firms are preparing takeover offers for beleaguered digital currency lender Voyager Digital after FTX, which had initially agreed to acquire the firm, filed for bankruptcy. Voyager filed for Chapter 11 bankruptcy protection, which seeks to restructure troubled firms as viable business operations, in July after crypto hedge fund Three Arrows Capital defaulted on a loan from the company worth $670 million. Voyager was set to be acquired by FTX's American unit, FTX U.S., for $1.4 billion after Sam Bankman-Fried's firm won in a U.S. bankruptcy auction. It was then thrown back to square one after FTX itself filed for bankruptcy after experiencing its own bank run-style surge in withdrawals. Customers of Voyager have been unable to get their funds out sinc...

Binance's Co-founder & CEO Changpeng Zhao has given several interviews discussing the outlook for cryptocurrency following a turbulent couple of weeks in the market. NurPhoto / Contributor / Getty Images Cryptocurrency exchange Binance on Thursday announced new details about its industry recovery fund, which aims to prop up struggling players in the wake of FTX's calamitous bankruptcy. In a blogpost, Binance said it will devote $1 billion in initial commitments to the recovery fund. It may increase that amount to $2 billion at a point in time in the future "if the need arises," the company added. related investing news As Coinbase shares slide, Morgan Stanley lists major firms with potential FTX exposure Ganesh Rao 2 days ago It has also received $50 million in commitments from crypto -native investment firms including Jump Crypto, Polygon Ventures, and Animoca Brands. Binance CEO Changpeng Zhao shared the public wallet address showing its initial commitment an...

Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, at the Bitcoin 2021 conference in Miami, Florida, on June 5, 2021. Eva Marie Uzcategui | Bloomberg | Getty Images Some FTX users appear to have found a way to move money off of the exchange through a back door in the Bahamas. Analysis by data firm Argus found unusual trading patterns over the past five days as FTX was gating customer withdrawals. Most irregularities had to do with digital collectibles, known as NFTs. The patterns suggest "desperate" customers were turning to FTX users in the Bahamas for help, according to Argus. related investing news Art Cashin says markets will likely re-test the lows after Thursday's 'borderline miraculous' rally Jesse Pound a day ago Bitcoin will fall further, says fund manager — until this one catalyst kicks in Ganesh Rao 2 days ago The now-bankrupt global crypto currency exchange is only allowing withdrawals in the Bahamas after halting FTX liquidations everywhere els...

Until a few days ago, Sam Bankman-Fried was the king of crypto.  A 30-year-old MIT graduate with a net worth of $16 billion, according to Forbes, Bankman-Fried ran a top crypto exchange called FTX, counted NFL legend Tom Brady and NBA superstar Stephen Curry as company ambassadors, emblazoned FTX’s name on the Miami Heat arena and donated millions of dollars to lawmakers, mostly Democrats. He regularly wowed much of the financial press. “The Next Warren Buffett?” Fortune Magazine asked on a recent cover.  Now, his Bahamas-based empire is scorched, investors are shellshocked and the entire crypto ecosystem is on edge. FTX and an array of related entities filed for bankruptcy protection on Friday morning, Bankman-Fried resigned and a new CEO has been installed to oversee a process to “maximize recoveries for stakeholders.” The meltdown began last weekend and accelerated Tuesday when FTX International halted customers’ redemptions.  A major investor threatened to sell because the company’...