For FTX customers, IRS Ponzi rules loom large
Tax expert says FTX customers should get guidance from the IRS in 2023 on how to report losses from Sam Bankman-Fried's bankrupt cryptocurrency exchange to avoid amending tax returns.
House Finance Chair Rep. Maxine Waters subpoena of Sam Bankman-Fried over FTX collapse 'on the table'
Maxine Waters, chairwoman of the House Financial Services Committee, does not plan to subpoena FTX CEO Sam Bankman-Fried to testify next week in Washington, according to reports.
Kim Kardashian, Floyd Mayweather crypto lawsuit dismissed
Kim Kardashian and Floyd Mayweather Jr. were just two of the celebrities sued for allegedly promoting EMax cryptocurrency as part of a scheme to drive up prices.
Accounting red flags are common among public crypto companies
Accounting issues that brought down major crypto firms like FTX and Celsius, exist in firms weathering the crypto contagion such as Marathon and Riot Blockchain.
Kevin O'Leary slammed for response to FTX collapse
Grit Capital CEO Genevieve Roch-Decter gives her take on investor-entrepreneur Kevin O'Leary's response to the FTX scandal on 'Making Money.'
Is Sam Bankman-Fried going to jail for FTX meltdown?
Former U.S. Justice Department fraud section federal prosecutor David Maria discusses the legal consequences of Sam Bankman-Fried's alleged fraud on 'Cavuto: Coast to Coast.'
Ex-FTX boss Sam Bankman-Fried admits he should've done more stress testing before crypto firm's collapse
Sam Bankman-Fried spoke in a Twitter Space about the collapse of FTX and Alameda Research, along with his failure to stress test the crypto firms he founded.
FTX scandal 'sounds very much like' a Ponzi scheme: Andrew McCarthy
Fox News contributor Andrew McCarthy says disgraced FTX founder Sam Bankman-Fried could face a 'very, very high' federal sentencing.
BofA CEO Brian Moynihan addresses recession fears: Growth slowing, not going off a cliff
Bank of America CEO Brian Moynihan discusses the pace of the economy as the Fed fights to get inflation under control on 'Cavuto: Coast to Coast.'
Goldman Sachs on hunt for bargain crypto firms after FTX fiasco
FTX filed for Chapter 11 bankruptcy protection in the U.S. on Nov. 11 after its dramatic collapse, sparking fears of contagion and amplifying calls for more crypto regulation.
Sam Bankman-Fried took part in 'corruption, corporate mismanagement': Anthony Georgiades
Pastel Network co-founder Anthony Georgiades argues 'it'll take time' to trace back disgraced FTX founder Sam Bankman-Fried's 'co-mingled' assets.
Tim Draper predicts bitcoin to hit $250K by mid-2023: 'That might be conservative'
Venture capitalist Tim Draper discusses the state of crypto after the FTX meltdown and explains why he's still bullish on bitcoin on 'The Claman Countdown.'
Stuart Varney: Sam Bankman-Fried's 'apology tour' is not stopping the implosion of crypto infrastructure
FOX Business' Stuart Varney discusses Sam Bankman-Fried's 'apology tour' and the negative impact it will have on the entire cryptocurrency business.
Stuart Varney: Bankman-Fried's 'apology tour' is not stopping the implosion of crypto infrastructure
FOX Business host Stuart Varney argues Sam Bankman-Fried's media tour is 'undermining confidence' in the cryptocurrency business.
Maxine Waters seems to have a 'soft spot' for Sam Bankman-Fried: Rich Rosenblum
GSR co-founder and President Rich Rosenblum discusses Rep. Maxine Waters praising Sam Bankman-Fried for media interviews following FTX collapse and Binance investigating hacks affecting cryptocurrency tokens.
Maxine Waters praises FTX founder Bankman-Fried for 'candid' interviews after billions go missing
Rep. Maxine Waters spoke highly of FTX founder Sam Bankman-Fried after the disgraced financier gave a series of interviews the congresswoman called "candid."
Sam Bankman-Fried says he will testify before House when he's 'finished learning and reviewing what happened'
Former FTX CEO Sam Bankman-Fried said on Sunday that he will testify before Congress when he's "finished learning and reviewing what happened."
FTX collapse is 'entertaining’ and ‘horrifying’: Brock Pierce
Bitcoin Foundation Chairman Brock Pierce weighs in on Sam Bankman Fried’s decision to do a televised interview following the downfall of his cryptocurrency exchange platform.
FTX investor: Mainstream media shouldn't give Sam Bankman-Fried a stage
FTX investor Evan Luthra joins 'The Evening Edit' to share his reaction to Sam Bankman-Fried's interview with The New York Times.
Ex-FTX boss Sam Bankman-Fried denies illegal drug use at company
FTX founder Sam Bankman-Fried denied witnessing any illegal drug use by his employees and said he had been prescribed "various things" to help with concentration.
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.