RABIT Weekly News (W3 November 2022)

• Liquidity concerns about FTX, the world’s second-largest cryptocurrency exchange, have emerged. The problems seemed to be resolved by Binance’s acquisition of FTX. However, with the acquisition being canceled, FTX is in rehabilitation bankruptcy.
• According to the Wall street journal, the Manhattan federal prosecutor is currently investigating ‘whether FTX and FTX-affiliated platforms provided loans with customer’s funds to Alameda Research, which conducts cryptocurrency trading.’ FTX and former CEO Sam Bankman-Fried are subject to criminal charges under U.S. law.
• Michael Barr, the vice chair for supervision of the board of governors of the federal reserve system, claims that the federal reserve system must provide regulations for cryptocurrency stability. He said he’s concerned about risks outside the banking system sector, including cryptocurrency.

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