The Mysterious FTX Debacle, Tim Draper’s BTC Price Prediction, More Support for Ripple in SEC Lawsuit — Week in Review

The Mysterious FTX Debacle, Tim Draper"s BTC Price Prediction, More Support for Ripple in SEC Lawsuit — Week in Review

As theories proliferate wildly about the true nature of what happened to failed crypto exchange FTX, little is yet clear to the crypto community. Former CEO of FTX Sam Bankman-Fried has addressed the issue publicly on social media, mentioning a mysterious “sparring partner.” This week, Bitcoin.com News has also provided an in-depth look at the rise and fall of the toppled exchange behemoth. All this and more, just below.

FTX CEO Updates Crypto Community, Sunsets Alameda Trading, Addresses a Specific ‘Sparring Partner’

On Nov. 10, 2022, FTX CEO Sam Bankman-Fried (SBF) addressed the crypto community in a thread posted to Twitter. SBF noted that he messed up and “should have done better” and also detailed that at some point he “might have more to say about a particular sparring partner.”

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From a $32 Billion Valuation to Financial Troubles: An In-Depth Look at the Rise and Fall of FTX

The cryptocurrency community has been dealing with the FTX fiasco after Binance revealed that it was backing out of the deal to acquire the rival exchange. Between Nov. 8-9, the crypto economy shed more than $230 billion in value as FTX’s troubles shook investors. The following is an in-depth look at the cryptocurrency exchange FTX, the trading platform that managed to rise to the top and slide to the bottom in less than three years.

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Tim Draper Extends BTC Price Prediction by 6 Months — ‘By Mid-2023, I’m Expecting to See Bitcoin Hit $250K’

The American venture capitalist and founder of Draper Fisher Jurvetson (DFJ), Tim Draper, is still confident in his bitcoin prediction that says the crypto asset will tap $250K per unit. Draper said in April 2018, at the Draper University blockchain party, that he predicted: “$250K by 2022.” At this year’s Web Summit 2022 event, Draper said he “extended” his forecast “by six months,” as he now predicts bitcoin will tap that price range “by mid-2023.”

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Support for Ripple Grows in SEC Lawsuit Over XRP — CEO Says ‘It’s Unprecedented’

Support for Ripple Labs in its fight against the U.S. Securities and Exchange Commission (SEC) over xrp has grown, with 12 amicus briefs filed. “It’s unprecedented,” Ripple CEO Brad Garlinghouse said, adding that each brief explains in its own unique way “the irreparable harm the SEC will do to every facet of the U.S. crypto economy if it gets its way.”

Read More Tags in this story Alameda Research, BTC prediction, CZ Binance, FTT, ftx, Gary Gensler, MIT, Ripple, Sam Bankman-Fried, SEC, sparring partner, Tim Draper

What are your thoughts on the unfolding FTX saga? Does political corruption play into the downfall of Sam Bankman-Fried’s empire? Let us know in the comments section below. Bitcoin.com

Since 2015, Bitcoin.com has been a global leader in introducing newcomers to crypto. Featuring accessible educational materials, timely and objective news, and intuitive self-custodial products, we make it easy for anyone to buy, spend, trade, invest, earn, and stay up-to-date on cryptocurrency and the future of finance. Brandt Says DOGE Bear Market Is Over, Kiyosaki Advises Buying BTC "Before Fed Pivot," Bitcoin.com Backed Ramírez Challenges for WBA Boxing World Title — Week in Review THE WEEKLY | Nov 6, 2022 The World"s Weakest Currency, Kiyosaki Says Greenback Is "Toast," IRS Crypto Tax Update and More — Bitcoin.com News Week in Review THE WEEKLY | Oct 30, 2022

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleFTX Collapse: Africa-Focused Payments Firm AZA Finance Slams ‘Erroneous Inclusion’ in FTX Bankruptcy Filing Next articleCrypto Exchange Kraken Freezes Accounts of FTX, Alameda Research, Their Executives Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

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