{"id":577324,"date":"2022-11-17T04:06:17","date_gmt":"2022-11-17T04:06:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/17\/crypto-lenders-halt-withdrawals-as-ftx-collapse-shakes-industry-anghami-cuts-22-of-staff\/"},"modified":"2022-11-17T04:06:17","modified_gmt":"2022-11-17T04:06:17","slug":"crypto-lenders-halt-withdrawals-as-ftx-collapse-shakes-industry-anghami-cuts-22-of-staff","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/17\/crypto-lenders-halt-withdrawals-as-ftx-collapse-shakes-industry-anghami-cuts-22-of-staff\/","title":{"rendered":"Crypto lenders halt withdrawals as FTX collapse shakes industry + Anghami cuts 22% of staff"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>FTX collapse carnage continues:<\/strong> Crypto lender Genesis and the bn\u2019aire Winklevoss\u2019 Gemini Trading have both halted withdrawals, BlockFi <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-16\/blockfi-said-to-plan-imminent-bankruptcy-filing-amid-ftx-fallout?srnd=premium&sref=mmeFTDW1\">will file for bankruptcy<\/a> in the coming days, and Singapore\u2019s state investor Temasek has <a href=\"https:\/\/www.reuters.com\/technology\/singapores-temasek-writes-down-275-mln-investment-ftx-2022-11-16\/\">written off<\/a> its entire USD 275 mn investment in FTX. In addition to multiple regulatory probes, FTX\u2019s ex-bn\u2019aire founder Sam Bankman-Fried is <a href=\"https:\/\/www.reuters.com\/technology\/crypto-broker-genesis-suspend-redemptions-new-loan-originations-tweet-2022-11-16\/\">facing legal action<\/a> from investors. As are FTX\u2019s celebrity promoters, NFL quarterback <a href=\"https:\/\/twitter.com\/FungersTakingLs\/status\/1591441218378113024?cxt=HHwWgIC95ebW95UsAAAA\">Tom Brady<\/a> and tennis player Naomi Osaka. Probably the best inside look at what was going on inside FTX in the days before its collapse is provided to us by <a href=\"https:\/\/www.reuters.com\/technology\/ftxs-bankman-fried-begged-rescue-even-he-revealed-huge-holes-firms-books-2022-11-16\/\">Reuters<\/a>, which has interviewed company executives and pored over dozens of documents.<\/p>\n<p><strong>This is still the biggest story in the global financial press<\/strong> (and we expect it\u2019ll continue to be over the coming days): <a href=\"https:\/\/www.ft.com\/content\/b6680e41-56d1-4a18-99b3-569bb6d3d999\">Financial Times<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-16\/crypto-brokerage-genesis-suspends-withdrawals-and-originations-at-lending-arm?srnd=premium&sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/ftx-management-bahamas-gear-up-for-fight-over-control-of-bankruptcy-11668631883?mod=hp_lead_pos5&mod=hp_lead_pos6\">WSJ<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/business\/2022\/11\/16\/ftx-collapse-crypto-exchanges-regulation\/\">Washington Post<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/11\/16\/genesis-lending-unit-halts-withdrawals-in-aftermath-of-ftx-collapse.html\">CNBC<\/a>.<\/p>\n<p><strong>Anghami is the latest tech startup to announce mass layoffs amid a slowdown in the <\/strong><strong>sector:<\/strong> The Nasdaq-listed, Abu Dhabi-based music streaming platform has laid off 22% of staff and slashed cloud computing costs in a bid to achieve profitability, it said in its <a href=\"https:\/\/www.businesswire.com\/news\/home\/20221115005925\/en\/\">earnings release<\/a> yesterday. \u201cGiven the impact of challenging macroeconomic conditions, we had to take some cost disciplinary measures to improve our bottom-line performance,\" CEO and co-founder Eddy Maroun said.<\/p>\n<p><strong>A secondary share sale could value Elon Musk\u2019s SpaceX at USD 150 bn: <\/strong>The spacecraft and satellite communications giant is mulling a sale offering that could value the company as much as USD 150 bn \u2014 a 20% increase on its most recent valuation, <a href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/spacex-fundraising-talks-150-bln-valuation-bloomberg-news-2022-11-15\/\">Reuters<\/a> reports, citing sources close to the matter. The sale would help employees and other shareholders cashout, the sources said \u2014 contradicting earlier news that SpaceX was mulling a sale of fresh shares to raise as much as USD 1 bn.<\/p>\n<p><strong>MORE FROM THE SHTF DIGEST-<\/strong><\/p>\n<ul>\n<li><strong>Inflation in the UK isn\u2019t letting up: <\/strong>Soaring energy and grocery bills pushed UK inflation to a 41-year high of 11.1% in October. (<a href=\"https:\/\/www.ons.gov.uk\/economy\/inflationandpriceindices\">ONS<\/a>)<\/li>\n<li><strong>ECB sees some dark clouds gathering for eurozone banks: <\/strong>The European Central Bank (ECB) is warning of increased risks to financial stability amid an impending recession, rising inflation, surging financing costs, and relatively low liquidity. (<a href=\"https:\/\/www.ecb.europa.eu\/pub\/financial-stability\/fsr\/html\/ecb.fsr202211~6383d08c21.en.html\">ECB<\/a>)<\/li>\n<li><strong>Russia\u2019s in recession:<\/strong> Russia\u2019s economy shrunk by 4% y-o-y in 3Q, the second consecutive quarter of contraction, as Western sanctions bite. (<a href=\"https:\/\/www.ft.com\/content\/e4f0cb9b-695c-4cc3-92c8-f8371de2ac38\">Financial Times<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>12,341<\/p>\n<\/td>\n<td>\n<p>+1.7% (YTD: +3.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 24.44<\/p>\n<\/td>\n<td>\n<p>Sell 24.53<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 24.46<\/p>\n<\/td>\n<td>\n<p>Sell 24.51<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>13.25% deposit<\/p>\n<\/td>\n<td>\n<p>14.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,151<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: -1.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,458<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: +23.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,344<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: +4.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,959<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: -16.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,351.2<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -0.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,882.8<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: -9.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 92.62<\/p>\n<\/td>\n<td>\n<p>-1.3%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.22<\/p>\n<\/td>\n<td>\n<p>+3.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,777.70<\/p>\n<\/td>\n<td>\n<p>+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 16,538<\/p>\n<\/td>\n<td>\n<p>-2.0% (YTD: -64.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 1.7% at yesterday\u2019s close<\/strong> on turnover of EGP 2.1 bn (45.5% above the 90-day average). Local investors were net buyers. The index is up 3.3% YTD.<\/p>\n<p><strong>In the green: <\/strong>Fawry (+7.8%), Rameda Pharma (+6.3%) and Alexandria Mineral Oils Company (+6.2%).<\/p>\n<p><strong>In the red: <\/strong>Egypt Kuwait Holding-USD (-2.6%) and Cleopatra Hospitals Group (-1.7%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FTX collapse carnage continues: Crypto lender Genesis and the bn\u2019aire Winklevoss\u2019 Gemini Trading have both halted withdrawals, BlockFi will file for bankruptcy in the coming days, and Singapore\u2019s state investor Temasek has written off its entire USD 275 mn investment in FTX. In addition to multiple regulatory probes, FTX\u2019s ex-bn\u2019aire founder Sam Bankman-Fried is facing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[534,344,104,637,72,119,6368,182,122,270,689,117],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577324","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-anghami","tag-cryptocurrency","tag-economy","tag-elon-musk","tag-enterpriseam","tag-financial-markets","tag-ftx","tag-inflation","tag-planet-finance","tag-russia","tag-spacex","tag-us","wpautop","entry"],"acf":{"mongo_id":"49cc56c6-4a43-4c62-a1f1-927d98a59701","is_powered_by":true,"section_story_id":"7aa1dfb5-f911-46f8-95be-88880a78f2cb","story_type":"1","photo_url":"","photo_position":"above","related_issue":[577299],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Crypto lenders halt withdrawals as FTX collapse shakes industry + Anghami cuts 22% of staff - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/17\/crypto-lenders-halt-withdrawals-as-ftx-collapse-shakes-industry-anghami-cuts-22-of-staff\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto lenders halt withdrawals as FTX collapse shakes industry + Anghami cuts 22% of staff\" \/>\n<meta property=\"og:description\" content=\"FTX collapse carnage continues: Crypto lender Genesis and the bn\u2019aire Winklevoss\u2019 Gemini Trading have both halted withdrawals, BlockFi will file for bankruptcy in the coming days, and Singapore\u2019s state investor Temasek has written off its entire USD 275 mn investment in FTX. 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Analysts said that hundreds of mns of USD\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577540,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/27\/is-a-regulatory-crackdown-on-big-crypto-on-its-way\/","url_meta":{"origin":577324,"position":1},"title":"Is a regulatory crackdown on Big Crypto on its way?","author":"enterpriseam admin","date":"27 November 2022","format":false,"excerpt":"The regulators are coming for crypto \u2018conglomerates\u2019 in the wake of the FTX crash: A fire has been lit under regulators looking to bring some order to the world of crypto by the unraveling of the FTX platform, Jean-Paul Servais, the new head of global securities watchdog IOSCO, told Reuters\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/423.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550557,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/crypto-exchange-ftx-wants-computers-to-replace-brokers-amazon-makes-big-stride-in-race-towards-internet-from-space\/","url_meta":{"origin":577324,"position":2},"title":"Crypto exchange FTX wants computers to replace brokers + Amazon makes big stride in race towards internet from space","author":"enterpriseam admin","date":"6 April 2022","format":false,"excerpt":"Can computers replace brokers? 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The proposal by CEO Sam Bankman-Fried is part of a bigger plan, which\u2026","rel":"","context":"In &quot;FOR YOUR COMMUTE&quot;","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/444.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577288,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/16\/empower-climbs-2-3-on-trading-debut-wow-is-ftx-a-mess\/","url_meta":{"origin":577324,"position":3},"title":"Empower climbs 2.3% on trading debut + Wow, is FTX a mess\u2026","author":"enterpriseam admin","date":"16 November 2022","format":false,"excerpt":"Empower rises on Dubai debut: Shares of Dubai\u2019s district cooling provider, Empower, rose 2.3% on their debut on the Dubai stock exchange yesterday. 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