STORY: From why bitcoin fans are taking charge of their crypto, to how FTX could make a comeback, we round up the week’s big stories in the world of alternative money.
The collapse of FTX may have crypto fans feeling paranoid.
Data from CoinMetrics shows more investors moving holdings out of crypto exchanges, and into personal digital wallets.
Among smaller players, the quantity of bitcoin held in such wallets is up by almost a quarter.
Experts warn it’s not easy though. Lose the digital key to your wallet, and the money is gone for good.
Data seen by Reuters show that crypto exchange Binance processed almost $346 million in bitcoin for Bitzlato.
That’s the firm accused by U.S. authorities of running a “money laundering engine”.
Treasury Department deputy secretary Wally Adeyemo:
“Bitzlato is particularly active in facilitating illicit activity, but is ultimately part of a larger ecosystem of cyber criminals that are allowed to operate with impunity within Russia.”
A Binance spokesperson said it had helped authorities with their investigation. Bitzlato couldn't be reached for comment.
Bankrupt crypto lender Genesis says it’s optimistic of reaching a deal with creditors.
A lawyer for the firm said it could strike an agreement this week.
Genesis has said it plans to sell some assets at auction, and exit bankruptcy by May 19.
And FTX might not be dead yet.
New boss John Ray says he’s looking into the possibility of reviving FTX.com - that’s the main international operation of the failed crypto exchange.
Ray told the Wall St Journal he’s examining whether that’s a viable way to recoup more value for the firm’s creditors.