FTX faces criminal probe in Bahamas after company collapses, loses $1 billion in crypto
Former Crypto billionaire and top Democratic donor Sam Bankman-Fried's FTX crypto market is facing a criminal investigation in the Bahamas, police announced Sunday.
Binance stops accepting FTX's token for deposit, CEO says
The CEO of Binance has announced his crypto exchange will no longer accept tokens from FTX for deposit.
FTX founder Bankman-Fried denies fleeing to South America amid crypto collapse
FTX founder Sam Bankman-Fried reportedly denied speculative reports that he had flown to South America after the cryptocurrency exchange filed for bankruptcy.
FTX confirms 'unauthorized transactions' as $1B in crypto reportedly vanishes
Cryptocurrency exchange FTX said Saturday that it was moving money into offline storage as at least $1 billion of customer funds reportedly disappeared.
Heat to rename home arena after ending relationship with FTX
The Miami Heat and Miami-Dade County will be seeking a new name for their Arena after ending a relationship with FTX due to the exchange filing for bankruptcy.
FTX founder Sam Bankman-Fried's net worth estimated at zero: Report
Sam Bankman-Fried, founder of crypto exchange FTX, saw his net worth fall from $16 billion on Monday to zero on Friday, according to reports.
FTX bankruptcy embroils its sports, celeb investors
Big-name athletes — like Tom Brady — and sports franchises have ties to cryptocurrency exchange FTX Trading, which filed for bankruptcy.
Did FTX meltdown turn the 'crypto winter' into a 'crypto ice age'?
D.A. Davidson director of research Gil Lauria and Duke Financial Economics Center policy director Lee Reiners debate the case for cryptocurrency as the FTX crisis continues to unfold on 'The Claman Countdown.'
Larry Summers: FTX could be an Enron
Former Treasury Secretary Larry Summers has suggested cryptocurrency exchange FTX's collapse could have similarities to energy firm Enron's scandal.
Inside the collapse of crypto exchange FTX: Everything you need to know
The sudden downfall of crypto exchange FTX came after Binance backed out of an acquisition deal earlier this week, causing customers to flee the exchange.
Why is cryptocurrency facing chaos?
Crypto-Law founder John Deaton provides insight on investing in cryptocurrency on 'Making Money.'
Crypto chaos unlikely to trigger Wall Street selloff: Kenny Polcari
SlateStone Wealth chief market strategist Kenny Polcari discusses if turmoil in the cryptocurrency space will spread to the stock market on 'Varney & Co.'
FTX files for bankruptcy, CEO Bankman-Fried resigns
FTX filed for Chapter 11 bankruptcy in the U.S. after a week that rocked the crypto world and is putting new pressure on investors and likely regulators.
White House says more crypto regulation needed to avoid 'harming' Americans
White House press secretary Karine Jean-Pierres said Thursday that more oversight of cryptocurrencies is needed in order to protect Americans from potential collapses.
White House says more oversight of cryptocurrencies needed to avoid harming Americans
The comments from the White House come after the collapse this week of cryptocurrency exchange FTX.
FTX crisis doesn't change long-term success of crypto: Coinbase CFO Alesia Hass
Coinbase CFO Alesia Hass discusses the chaos surrounding crypto exchange FTX and if there are any suitors ready to buy the distressed company on 'The Claman Countdown.'
Biden administration’s White House is full of ‘arrogance and insulation’: Pete Hegseth
‘Fox & Friends Weekend’ co-host Pete Hegseth surveys the volatile cryptocurrency market along with the latest political news emerging from the midterm election results.
Stuart Varney on FTX 'collapsing': Trust in cryptocurrencies is fading fast
FOX Business' Stuart Varney discusses cryptocurrencies taking a massive hit as FTX teeters on the brink of collapse after Binance refuses to bail it out.
Fed's rate path unlikely to change after CPI shows inflation cooling: Bill Baruch
Blue Line Capital president Bill Baruch reacts to the stocks soaring after new CPI data shows inflation edging down on 'Varney & Co.'
Stuart Varney on FTX 'collapsing': Trust in cryptocurrencies is fading fast
FOX Business host Stuart Varney argues markets 'need the trust of investors.'
Cryptocurrency FAQs
What is Cryptocurrency?
Cryptocurrency, or crypto, is a form of digital asset that is secured by cryptography and the blockchain. The most notable example of a cryptocurrency is bitcoin, though thousands of other similar assets exist. Cryptocurrencies are regarded by many as the money tech of the future due to their accessibility and un-censorable nature.
How do cryptocurrencies work?
Cryptocurrency networks, or blockchains, are independently verified by a matrix of computers that record all transactions and ensure a consensus throughout the chain. This means that all network information is recorded immutably and permanently; transactions cannot be prevented, blocked, or changed. Network participants can thus trust each other and transact without the need for a centralized intermediary.
How can I buy a cryptocurrency?
There are many markets for cryptocurrencies where you can exchange USD for the cryptocurrency of your choice. These include centralized exchanges and services such as Coinbase and PayPal, or decentralized alternatives like UniSwap where you can swap between crypto-assets. To use a centralized exchange, you’ll need to submit personal information such as your passport or driver’s license. Note that the price of digital assets can change rapidly, so timing your purchases well is essential.
Where can I keep my crypto coins?
Cryptocurrencies can usually be held with the exchange or business you bought them from. However, as these exchanges can be hacked, it is advisable to move your assets to your own personal wallet. These wallets are more secure and can be accessed from your laptop, phone, or other mobile devices.
What can I buy with crypto?
Real work adoption of crypto is still ongoing. However, more businesses are accepting crypto and you can buy goods and services as diverse as real estate, stocks, travel, gambling, websites, and much more. This trend should continue over time as cryptocurrencies become better known, accepted and trusted.
Pros and cons of investing in a cryptocurrency
You may have read the news that crypto has broken all-time highs recently. This is the main advantage, that we are early in the asset’s history and prices have generally gone rapidly upwards. However, you should be aware that volatility is significant and you can similarly lose money quickly if your timing is poor. Security is also a major issue and you must ensure you secure your crypto and transactions well or you could become a victim of theft or fraud.