Binance creates $1 billion crypto industry fund after FTX collapse

Binance creates $1 billion crypto industry fund after FTX collapse

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. 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...

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Bundesbank sees property market slowdown but not a correction ahead

Bundesbank sees property market slowdown but not a correction ahead

Germany’s central bank is predicting a slowdown but no significant correction in the country’s property market despite warnings of overvaluation, according to a report published Thursday. Claudia Buch, vice president of the Bundesbank, told CNBC’s Joumanna Bercetche: “We do see a slowdown in the price growth for residential real estate, but it’s not that the overall dynamic has reversed.” “So we still have overvaluations in the market,” she said. The report notes the strong rise in German residential property prices since 2010 and says overvaluations have increased, ranging between 15% and 40% in German cities and towns and the country...

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Bitcoin (BTC) jumps even as trader remain cautious after FTX collapse

Bitcoin (BTC) jumps even as trader remain cautious after FTX collapse

The crypto market has been battered this year, with more than $2 trillion wiped off its value since its peak in Nov. 2021. Cryptocurrencies have been under pressure after the collapse of major exchange FTX. Jonathan Raa | Nurphoto | Getty Images Bitcoin jumped higher on Wednesday bouncing off the previous day’s two-year low, even as traders remain cautious over the possible contagion from the collapse of cryptocurrency exchange FTX. The world’s largest digital currency rose nearly 1.9% to trade at $16,440.08. “We’re bouncing off a support level, which is quite expected, since we’ve been quite oversold over the past...

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Iran says 40 foreigners arrested for taking part in anti-government protests

Iran says 40 foreigners arrested for taking part in anti-government protests

A protester holds a portrait of Mahsa Amini during a demonstration in support of Amini, a young Iranian woman who died after being arrested in Tehran by the Islamic Republic’s morality police, on Istiklal avenue in Istanbul on September 20, 2022. Ozan Kose | AFP | Getty Images Iran’s judiciary spokesperson reportedly said Tuesday that 40 foreign nationals have been detained for participating in recent anti-regime protests. The individuals whose nationalities have not been revealed were arrested in accordance with Iranian laws, Iran’s judiciary spokesperson, Masoud Setayeshi, said in a regular news briefing, state media Mehr News reported. As Iran...

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Collapsed crypto exchange FTX owes top 50 creditors $3 billion: Filing

Collapsed crypto exchange FTX owes top 50 creditors $3 billion: Filing

FTX filed for bankruptcy in the U.S. on Nov. 11, 2022, seeking court protection as it looks for a way to return money to users. Jonathan Raa | Nurphoto | Getty Images Embattled cryptocurrency exchange FTX owes its creditors north of $3 billion, according to a new filing over the weekend. A list of FTX’s top 50 unsecured creditors, which excludes their names and other identifiable information, shows that the largest of them all is owed more than $226 million. The second-biggest unsecured creditor is claiming over $203 million in unpaid debts from FTX. In total, the unsecured claims —...

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New global climate deal struck at conference in Egypt

New global climate deal struck at conference in Egypt

Climate reparations, or “loss and damage” funding, is a highly divisive and emotive issue that is seen as a fundamental question of climate justice. Sean Gallup | Getty Images News | Getty Images Government ministers and negotiators from nearly 200 countries finally secured an agreement Sunday to create a new fund to compensate poor nations for the “loss and damage” they’re experiencing as a result of extreme weather worsened by climate change. The agreement, reached in the early hours of Sunday morning, also reaffirmed efforts to limit global temperature rise to the crucial temperature threshold of 1.5 degrees Celsius above pre-industrial...

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Taylor Swift slams ‘outside entity’ over Ticketmaster tour sale fiasco

Taylor Swift slams ‘outside entity’ over Ticketmaster tour sale fiasco

Taylor Swift performs onstage during iHeartRadio’s Z100 Jingle Ball 2019 Presented By Capital One on December 13, 2019 in New York City. Kevin Mazur | Getty Images Taylor Swift responded to her fans Friday after Live Nation‘s Ticketmaster said a general public sale of tickets to the superstar’s “Eras” tour would be canceled because there weren’t enough tickets to meet high demand. “It’s really difficult for me to trust an outside entity with these relationships and loyalties, and excruciating for me to just watch mistakes happen with no recourse,” Swift wrote in a message posted on Instagram. She did not...

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Steve Mnuchin says G-7 Russian oil price cap ‘most ridiculous idea’

Steve Mnuchin says G-7 Russian oil price cap ‘most ridiculous idea’

Former US secretary of the treasury Steven Mnuchin on a panel at the Future Investment Initiative in Saudi Arabia in October 2022. Mnuchin this week criticized the G-7’s plan for a cap on Fayez Nureldine | Afp | Getty Images Former U.S. Treasury Secretary Steve Mnuchin described the G-7’s plan for a price cap on Russian oil as “ridiculous.” Speaking to CNBC’s Hadley Gamble during a panel at the Milken Institute’s Middle East and Africa Summit, Mnuchin said the idea was “not only not feasible, I think it’s the most ridiculous idea I’ve ever heard.” He added that while there...

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VC firm Sequoia Capital’s Doug Leone on the fallout from FTX collapse

VC firm Sequoia Capital’s Doug Leone on the fallout from FTX collapse

Doug Leone, managing partner at Sequoia Capital LLC, speaks during the Bridge Forum conference in San Francisco, California, U.S., on Wednesday, April 17, 2019. The event brings together leaders in finance and technology from Asia and Silicon Valley to connect and share insights. David Paul Morris | Bloomberg | Getty Images HELSINKI, Finland — Billionaire venture capitalist Doug Leone said there wasn’t much his firm Sequoia Capital could do to predict the solvency crisis at FTX. Leone was asked by fellow Sequoia partner Luciana Lixandru onstage at the Slush startup conference in Helsinki: “Sequoia has been in the press a...

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Crypto startup Ripple seeks license in Ireland to drive EU expansion

Crypto startup Ripple seeks license in Ireland to drive EU expansion

In this photo illustration of the ripple cryptocurrency ‘altcoin’ sits arranged for a photograph on April 25, 2018 in London, England.  Jack Taylor | Getty Images News | Getty Images U.S.-based crypto company Ripple no longer derives most of its income from America and is looking to expand its reach in Europe, its top lawyer said. Speaking in an interview with CNBC earlier this week, Ripple General Counsel Stuart Alderoty said that “effectively, Ripple is operating outside of the U.S.” today due to the fallout from its extensive legal fight with the Securities and Exchange Commission. “Essentially, its customers and...

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