Filings Call FTX Bankruptcy Case “Unprecedented” Due To Lack Of Dependable Records – November 17

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $16,513

Bitcoin price has started yet another day in the $16,000 range, as the market continues to travel sideways in a period of indecision.

Top-20 altcoins have been more stable over the last 24 hours of trading, as Ethereum remains unchanged, BNB drops just 1% and XRP gains 3%a.

Top Stories for November 17, 2022 πŸ”₯

πŸ‘‰ Filings Call FTX Bankruptcy Case “Unprecedented” Due To Lack Of Dependable Records

FTX bankruptcy filings have called the failed exchange’s situation as “unprecedented,” citing a “complete failure of corporate controls.”

Adam Landis, partner at the Landis, Roth & Cobb, has described the case as having “the almost complete lack of dependable corporate records,” also calling Sam Bankman-Fried’s Tweeting after the event “incessant and disruptive.”

FTX’s new CEO, John J. Ray III, agreed with the sentiment – even despite being a veteran of the infamous Enron bankruptcy.

πŸ‘‰ Crypto Community Criticizes Removal Of ETH Staking Withdrawal Schedule

Crypto-Twitter has criticized the Ethereum Foundation’s removal of the Ether (ETH) staking timeframe, beginning to call staked ETH a “non-redeemable” investment.

ETH staked in the Proof-of-Stake network was due to become redeemable within 6-12 months, however the date was allegedly revised from 2024 before being removed entirely from the schedule.

πŸ‘‰ JPMorgan Says Shrinking Stablecoin Market Signals Investors Leaving Crypto

JPMorgan has attributed the year’s shrinking stablecoin market to an investor exodus from the crypto ecosystem.

According to the firm, the stablecoin market peaked at around $170 billion at the beginning of this year and has been falling ever since May 2022. Around $25 billion has exited the market in that time-frame via stablecoin redemptions.