Big news this week is the crash of one of the largest crypto exchanges, FTX. The Securities Commission of The Bahamas froze the assets of FTX and its related parties, and has appointed a provisional liquidator. FTX founder Sam Bankman-Fried apologized but that was little consolation as crypto markets tumbled when FTX customers withdrew $6 billion last weekend.
Despite the trend to make crypto more energy efficient, Bitmain – maker of the most popular mining rigs – held its annual user conference in Cancun this week. The World Digital Mining Summit (WDMS Global 2022) explored new trends in the crypto mining industry.
According to the Fall 2022 survey by the Federal Reserve Bank of New York, crypto doesn't make the top 10 in the most-cited potential risks in the next 12 to 18 months. The previous period's survey (January-April), shows cryptocurrencies ranking #12 out of 14 cited risks. While the US central bank isn't exactly pro-crypto, geo-political struggles, the rising cost of energy, and cyberattacks are seen as much bigger threats to investors right now.
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