The Ledger: Davos, FTX ramifications, and exchanges still in trouble

World’s crypto elite meet in Davos, Yolo bolsters player engagement and FTX remains talk of the town.

The World Economic Forum was dominated by finance, politics, and the growing role that cryptocurrencies play in finance today.

Crypto bosses and representatives were quick to draw a line between the recent events involving FTX, a previously sacred cryptocurrency exchange, and the rest of crypto industry.

As several prominent figures from the community said, FTX was a case of fraud, and it had nothing to do with crypto.

Binance boss Changpeng Zhao used the opportunity to speak in front of the crowds and said that there was too much of a focus on making money from crypto rather than a genuine interest in bettering the technology.

CZ urged fellow crypto bosses to invest more time in developing the underpinning technology.

Speaking of FTX, the cryptocurrency exchange is not out of hot water just yet. Another hack targeting the exchange may have cost it an additional $415m in lost consumer funds.

This is the latest fallout from the meltdown of the company which had spent $8bn of user funds on questionable business decisions over which, its co-founder and former boss Sam Bankman-Fried now faces jail time.

FTX is not the only company to experience pressure, with Crypto.com announcing a fresh round of layoffs with another 20% of its global workforce impacted.

However, the company is likely to continue working with a big compliance team, as necessitated by the mounting regulatory and legal scrutiny on the sector.

The Republican Party is pushing forth with a new subcommittee that will focus entirely on the matters of crypto, and try to alleviate the pressure on bodies tasked with juggling mainstream finances and digital assets.

Yolo Group, a company known for its crypto-focused casino and gaming brands, has announced a new partnership this week, confirming that it is working with Livespins, in a move that will cover all of its flagship casinos; Livecasino.io, Bitcasino.io, and Sportsbet.io.

An NFT influencer known as NFT God, confirmed that he has lost a life-changing amount, after suffering a malware attack through Google Ad content.

Meanwhile, investigators in Eastern Europe managed to bust a cryptocurrency scam. The exact size of the scam is not known but authorities confirmed that the scam operated in multiple countries and targeted citizens of Australia, Canada and Switzerland and more.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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