Calgary-based Bitvo talks strength of regulations in wake of FTX collapse yyc yycbiz
FTX had reached an agreement to purchase Bitvo this summer, but the deal was held up by a regulation process and had not yet closed.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
Over the course of a few days, the Ontario Teachers Pension Plan reportedly lost its entire $95-million investment in FTX’s international and U.S. arms. “Cryptocurrencies are not an asset class nor an investment that we believe to be a prudent fit for our client’s portfolios,” it said. When Binance instigated the selloff of FTT, others also attempted to get their money out but the funds largely are not there.
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What's happening at bankrupt cryptocurrency exchange FTX?The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run. The exchange, formerly one of the world's largest, sought bankruptcy protection last week, and its CEO and founder resigned. Hours later, the trading firm said there had been 'unauthorized access' and that funds had disappeared. Analysts say hundreds of millions of dollars may have vanished.
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