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FTXXX: So Many Screwed as Gambling Site Now Offering Odds on Next Crypto Exchange to Go Under

Those behind the collapsed crypto exchange FTX lived a lavish life of pill-popping, bed-hopping and video games in their $40-million Bahamas penthouse.

The shocking revelations come as it was also revealed that the exchange just scrubbed its LinkedIn page of any mention of its former compliance officer up, Dan Friedberg. He was once implicated in a 2008 online poker cheating scheme.

That scandal drew coverage from CBS News’ “60 Minutes” and spawned a cult documentary called “UltimateBeat.

With online gambling helping to boost the crypto sector in recent years, it's only fitting that an online bookmaker would begin taking bets on the future of Bitcoin, the next exchange to close down and more.

You may not have been able to predict the fall of FTX, but now you can bet on who you think might be the next crypto exchange to go bankrupt, BetOnline announced late Tuesday.

BetOnline set odds on 10 exchanges, and there's a familiar name at the top of the list. Yep, THAT ONE....You'll remember Hollywood actor Matt Damon hawking for them during the Super Bowl: Crypto.com.

BetOnlinle also re-opened over/under odds for the price of Bitcoin and Ethereum at the end of the year.

Next Crypto Exchange to File for Bankruptcy

Crypto.com +200 (2-1)

eToro +275

KuCoin +350

Bitfinex +400

Gemini +550

Robinhood +900

Binance.US +1200

Kraken +1500

Binance +2000

Coinbase +2500 (25-1)

Bitcoin (BTC) at midnight on Dec. 31, 2022

Over/Under 16,500

Ethereum (ETH) at midnight on Dec. 31, 2022

Over/Under 1,100

FTX founder Sam Bankman-Fried has reportedly attempted to broker a bailout for the company from his home in the Bahamas, despite being booted from the exchange.

Sam Bankman-Fried is hunkered down in an upscale neighborhood of Nassau, still scrambling to raise billions to plug a hole in now-bankrupt FTX, according to CNBC's Kate Rooney.

(Gambling911.com)

US Government May Liquidate Around $4.4B In Bitcoin When The Time Is Right - November 9, 2022

Bitcoin (Wikipedia) Cyrptocurrency (Wikipedia)

Bitcoin (Google Finance) FOX Business: Cryptocurrency MarketWatch: Markets

Fortune: Crypto

Over the last couple of years, the U.S. government has become one of the largest whales of Bitcoin (CRYPTO: BTC/USD), with over 214,046 bitcoins at minimum.

The Department of Justice (DOJ) seized around 50,676.17 bitcoins (roughly $1 billion at today’s prices) in November 2021 from a Bitcoin trader named James Zhong, who defrauded darknet marketplace Silk Road.

The seizure is notable—it’s the third largest in cryptocurrency history by Crypto Briefing’s count—especially considering the amount of Bitcoin the U.S. government already has under control.

In addition to the 50,676 bitcoins seized from Zhong, the U.S. government has acquired at least 163,370 bitcoins over the last two years, totaling 214,046 bitcoins, or about $4.43 billion, minimum.

According to BitInfoCharts, only one bitcoin wallet, Binance’s cold storage wallet, contains 252,597 bitcoins, mostly belonging to Binance customers, not the exchange itself.

The U.S. government generally liquidates its Bitcoin holdings through the U.S. Marshalls Service through public auctions. Most likely, the seized bitcoins by the DOJ will be similarly offered to the public.

In November 2021, DOJ auctioned off $56 million worth of cryptocurrencies seized from a BitConnect promoter at the height of the bull market.

It is yet to be seen if DOJ will wait for bitcoin prices to bounce back before liquidating. So far, it has restrained itself from liquidating the proceeds from the Individual X and Razzlekhan confiscations.

The agency seized 69,370 bitcoins (worth $1.4 billion) from Individual X in 2020 and 94,000 bitcoins from Razzlekhan (worth $1.9 billion).

Crypto.com Exchange Suspends Withdrawals on Solana Blockchain as Crypto Prices Crash – Another Exchange in Trouble? - 10th November 2022

In an email to users on Wednesday, the platform reportedly said that they are suspending deposits and withdrawals of USDC and USDT on the Solana Blockchain, effective immediately.

The note did not mention the exact reason for the move. However, it said stablecoin withdrawals and deposits in other blockchains like Ethereum and Cronos would resume normally.

In a Thursday tweet, Crypto.com CEO Kris Marszalek said the recent developments around FTX and Alameda Research, which are two of the biggest backers of Solana, led to the decision.

"FTX was an important bridge/venue for SOL-based stablecoins, we do not want any additional risk to our users coming from this area, hence disabling it,"

"This is a critical moment for the entire industry. Transparency is more important than ever, and safety and security of users and funds remains the priority. It requires full and collective commitment,"

Kris | Crypto.com

However, some users suggested that sharing proof of reserves alone would not be enough. It is also important that crypto platforms do not trade with users' funds and be transparent with where the yield comes from.

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