FTX fallout: Crypto markets on the back foot as investors pull funds

business-standard.com:

Sam Bankman-Fried’s bankrupt FTX crypto exchange owes its 50 top unsecured creditors a total of $3.1 billion. FTX Trading Ltd. and about 100 affiliated companies are starting a strategic review of global assets.

Investors continue to pull funds from digital-asset exchanges despite the latter’s efforts to reassure markets about their stability. Crypto lender BlockFi Inc. is on the cusp of its own Chapter 11 filing.

Crypto markets are on the back foot, holding Sunday losses that have pushed Bitcoin -- the largest token -- to about $16,000. Second-ranked Ether is also struggling amid indications that some of the $663 million drained from FTX as it slid into bankruptcy is now being transferred out of the token.

(Time references are New York unless otherwise stated.)

Bill Ackman Says He’s Invested in Crypto (6:25 a.m. HK)

The Pershing Square CEO said in tweets laying out his thoughts on the crypto industry that he has investments in a number of crypto projects, including VC funds and firms that help with compliance or reducing fraud in the industry. The crypto investments represent less than 2% of his assets, he added.

Ackman said that he remained positive on crypto overall despite the recent troubles, comparing its future potential impact on the economy and society to that of the telephone and internet.

Celsius Was Lax With Crypto Custody, Examiner Finds (12:45 a.m. HK)

A new report on the bankrupt crypto lender details shortfalls in controls and operations at two of the company’s product offerings.

The programs, Custody and Withhold, allowed users to keep their digital coins in the lender while supposedly maintaining ownership of them. The programs’ users have been claiming that they shouldn’t be lumped together with