Crypto exchange FTX emerges as the winner of the crisis

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CEO Sam Bankman-Fried reveals in an interview what he did differently from his rivals. Also: Uber has trouble with a hacker and SpaceX is testing a new business area at an altitude of 10,000 meters.

Billionaire Sam Bankman-Fried has a good laugh: his crypto exchange FTX has emerged strengthened from the crypto winter.
Jeenah Moon/Bloomberg via Getty Images

Good morning! Even during the weekend, work in the digital scene continued in many places.

The top topics:

The crypto exchange FTX has survived the crypto market crash relatively unscathed so far. CEO Sam Bankman-Fried even looked for bargains in the midst of the crisis. He also said he has other money to spend if the opportunity arises. Other multi-billion dollar crypto companies have gone bankrupt this year. The shares of the main competitor Coinbase have fallen by 70 percent. At the same time, FTX has continued to develop stably.

In an interview with the US broadcaster CNBC, Bankman-Fried attributed this to the fact that he stashed plenty of cash, kept general costs low and avoided debt. In addition, as a private company, FTX has been able to move quickly. In the weeks surrounding the cryptocurrency implosion Terra USD and the collapse of the crypto hedge fund Three Arrows Capital Billions of dollars have been wiped out in the crypto industry. Bitcointhe world’s largest cryptocurrency, has lost more than half of its value this year. [Mehr bei CNBC]

on Founder scene: At the end of the year, the federal government will cancel the Funding for plug-in hybrid vehicles, i.e. combustion engines with batteries. That’s a boon for the environment, says our torque columnist Don Dahlmann. After all, the cars would hardly be charged. [Mehr bei Gründerszene]

And here are the other headlines of the night and the past few days:

Uber investigates a cybersecurity incident. Apparently, a hacker gained control of the ride-hailing company’s internal systems after breaking in through an employee’s Slack account. Slack, a workplace messaging service, is used by many tech companies and startups for day-to-day communication. A Washington Post report said the suspected hacker told the newspaper he attacked Uber for fun and could reveal the company’s source code within months. [Mehr bei CNBC und Washington Post]

SpaceX would like via its Starlink satellite system Netflix and Youtube offer on the plane. The US company held a demo aboard a jet operated by its first airline customer, regional carrier JSX. CEO Elon Musk wants the on-board business of the satellite providers Intelsat and Viasat attack. [Mehr bei Bloomberg]

Bytedance plans to spend $3 billion to buy back shares from investors. If the shareholders approve the plan, it will be valued at approximately $176.90 each. The latter would value the Chinese company at around $300 billion. The buyback is being offered to allow investors to cash in on cash after there is currently no clear timeline for the Tiktok parent to go public. [Mehr bei Reuters]

Intuitive Machines goes public. The company, which develops lunar landers and other technology to enable lunar exploration, plans to list on the US tech exchange Nasdaq via a Spac deal. Intuitive Machines, founded over nine years ago and based in Houston, will merge with Inflection Point Acquisition Corp. merge. Upon completion of the merger, the total value of the company will be approximately $815 million. [Mehr bei Techcrunch]

Daimler Truck presented an electric truck for long-distance transport. The commercial vehicle manufacturer announced on Sunday evening that the “eActros LongHaul” would be ready for series production by 2024. The new model has a range of around 500 kilometers, and three battery packs are expected to deliver a total installed capacity of more than 600 kilowatt hours. [Mehr bei Handelsblatt]

Our reading tip on Gründerszene: Came during her design studies Alina Eynck the idea for new types of dildos. But it wasn’t until eight years later that it became a business. Now she sells sex toys made of porcelain. [Mehr bei Gründerszene]

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Have a good start into the week!

Your Gründerszene editors

Source: https://www.businessinsider.de/gruenderszene/business/kryptoboerse-ftx-sieger-krise/

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