• Smart Cash
  • Performance
  • Log in
  • Get Started
ResearchCrypto Three Things (11/23)

Crypto Three Things (11/23)

Nov 23, 2022

“The future belongs to those who believe in the beauty of their dreams.” -Eleanor Roosevelt



1) FTX Funds Missing: Substantial amounts of FTX’s money have been spent on items unrelated to the business and are now missing, an insolvency practitioner told the Delaware bankruptcy court during the first hearing of the failed exchange’s Chapter 11 case. About $300M have been spent on purchases of “homes and vacation properties used by the senior executives,” including a $16.1M beach house sold to signatories Joseph Bankman and Barbara Fried, Sam Bankman-Fried’s parents, who are now seeking to return the property.

Titan’s Takeaway: More clues in the con will likely be uncovered as the long and complex trial gets underway. Sam Bankman-Fried still maintains that FTX's failure was more concerned with “oversight failure” rather than anything criminal. But that defense won’t last long as more clues are unveiled about how Bankman-Fried enriched himself at his customers' expense.

2) New York Limits Crypto Mining: New York Gov. Kathy Hochul signed a new law that set a two-year moratorium on new and reactivated fossil-fuel power plants used to mine digital assets. In a press release, Hochul said the move was necessary “to prioritize the protection of our environment.” The so-called proof-of-work mining was first targeted by the state in June when lawmakers passed a bill that sought to curb intensive energy consumption by miners.

Titan’s Takeaway: The law is now a reality after a months-long clash between sustainability groups and business circles. We’ll have to wait and see how the industry’s growth in the state will be affected. However, it does leave an option to co-locate mining facilities at renewable generators.

3) Binance Chief Goes Fundraising: Binance CEO Changpeng Zhao visited the Middle East last week and met with investors in Abu Dhabi. The move was intended to help Zhao raise fresh cash for Binance’s industry recovery fund that will seek to provide liquidity for cash-strapped crypto projects. While the talks were private, Bloomberg reported that Zhao held meetings with entities affiliated with UAE National Security Adviser Sheikh Tahnoun Bin Zayed, who oversees an extensive business network.

Titan’s Takeaway: With the fund’s launch at least several weeks away, we can only speculate on its size and focus. As those two get unveiled, we’ll also discover the level of investor interest among the elite in the heat of crypto’s most intense moments.

Cash Management

Smart Cash

Smart Cash FAQs

Cash Options

Get Smart Cash

InstagramTwitterYoutubeLinkedIn

© Copyright 2024 Titan Global Capital Management USA LLC. All Rights Reserved.

Titan Global Capital Management USA LLC ("Titan") is an investment adviser registered with the Securities and Exchange Commission (“SEC”). By using this website, you accept and agree to Titan’s Terms of Use and Privacy Policy. Titan’s investment advisory services are available only to residents of the United States in jurisdictions where Titan is registered. Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities or investment products. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections are hypothetical in nature and may not reflect actual future performance. Account holdings and other information provided are for illustrative purposes only and are not to be considered investment recommendations. The content on this website is for informational purposes only and does not constitute a comprehensive description of Titan’s investment advisory services.

Please refer to Titan's Program Brochure for important additional information. Certain investments are not suitable for all investors. Before investing, you should consider your investment objectives and any fees charged by Titan. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested, including principal. Brokerage services are provided to Titan Clients by Titan Global Technologies LLC and Apex Clearing Corporation, both registered broker-dealers and members of FINRA/SIPC. For more information, visit our disclosures page. You may check the background of these firms by visiting FINRA's BrokerCheck.

Various Registered Investment Company products (“Third Party Funds”) offered by third party fund families and investment companies are made available on the platform. Some of these Third Party Funds are offered through Titan Global Technologies LLC. Other Third Party Funds are offered to advisory clients by Titan. Before investing in such Third Party Funds you should consult the specific supplemental information available for each product. Please refer to Titan's Program Brochure for important additional information. Certain Third Party Funds that are available on Titan’s platform are interval funds. Investments in interval funds are highly speculative and subject to a lack of liquidity that is generally available in other types of investments. Actual investment return and principal value is likely to fluctuate and may depreciate in value when redeemed. Liquidity and distributions are not guaranteed, and are subject to availability at the discretion of the Third Party Fund.

The cash sweep program is made available in coordination with Apex Clearing Corporation through Titan Global Technologies LLC. Please visit www.titan.com/legal for applicable terms and conditions and important disclosures.

Cryptocurrency advisory services are provided by Titan.

Information provided by Titan Support is for informational and general educational purposes only and is not investment or financial advice.

Contact Titan at support@titan.com. 508 LaGuardia Place NY, NY 10012.