crisis

Bankman-Fried himself offered lenders 20% returns in a bid to save his crypto empire from an earlier crisis in 2018, the report said

FTX founder Sam Bankman-Fried leaves Manhattan Federal Court after his arraignment and bail hearing on December 22, 2022 in New York City.David Dee Delgado/Getty Images Bankman-Fried himself promised big returns when he asked for emergency cash in 2018, the report said. Alameda Research struggled because of a faulty algorithm, writes The Wall Street Journal. The …

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India’s central bank chief warns cryptocurrencies will cause next financial crisis if allowed to grow • TechCrunch

India’s central bank governor said on Wednesday that he is not at war with cryptocurrencies, but argued that cryptocurrencies have no fundamental basis and their use should be banned. RBI Governor Shaktikanta Das told a room full of banking executives and lawmakers that cryptocurrencies have a huge inherent risk to the nation’s macroeconomics and stability. …

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Crypto mining in Cuba is suffering due to the electricity crisis

Cryptocurrency mining in Cuba has been halted for some time due to the Caribbean island’s electricity crisis. Several parts of Cuba have experienced repeated power outages, making mining rigs in Cuba untenable and even impossible in certain cases. As a result, many Cubans have lost thousands of dollars that they invested in purchasing crypto mining …

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