BREAKING
Three men were injured after trying to subdue a man armed with a knife during afternoon prayers at a Montreal-area mosque Friday afternoon.
The reeling crypto industry faces a that will lead to a much-needed regulatory crackdown, crypto CEO Changpeng Zhao warned on Friday.
"It's devastating for the industry. A lot of consumer confidence is shaken. We've been set back a few years," Zhao, the CEO of cryptocurrency exchange Binance, said during a conference in Indonesia.
The Binance boss, known as CZ, was speaking amidst the stunning implosion of rival FTX, which just hours later.
"We've just seen another very big player going down," said Zhao, who noted this collapse follows the downfall of Celsius, Voyager, Three Arrows Capital and other crypto firms.
Zhao was a key player in the downfall of FTX. Binance reached a tentative rescue deal with FTX earlier this week, but that transaction almost immediately fell apart, paving the way for Friday's bankruptcy filing and the resignation of FTX founder Sam Bankman-Fried.
The moderator noted the crypto turmoil feels much like the 2008 global financial crisis, which brought down Bear Stearns, Lehman Brothers and other leading Wall Street players.
"That's probably an accurate analogy," Zhao said.
He urged regulators to look beyond just anti-money laundering and know-your-customer (KYC) rules and focus instead on the operations, business models and reserves of exchanges like FTX.
"Regulators, rightfully, will scrutinize this industry much, much harder, which is probably a good thing to be honest," Zhao said. "Short-term, it's very painful for retail investors...We feel that pain. But longer-term, this is another wakeup call to say, 'Look, we are in a new industry. There are a lot of risks and we need to learn how to deal with these risks."
Zhao also detailed his interactions with FTX, saying his firm decided to dump its holdings in FTT -- an illiquid token backed by FTX -- after a CoinDesk report raised questions about the balance sheet of FTX's sister hedge fund.
"This problem wasn't created in the last three days," Zhao said, adding the trouble has been there for much longer.
The Binance CEO accused FTX of "misappropriating" user funds.
Bankman-Fried, the 30-year-old crypto wunderkind behind FTX, said on Friday he's "really sorry" about what happened at his firm.
"I'm piecing together all of the details," Bankman-Fried wrote on Twitter, "but I was shocked to see things unravel the way they did earlier this week."
Three men were injured after trying to subdue a man armed with a knife during afternoon prayers at a Montreal-area mosque Friday afternoon.
A 15-year-old boy who was the subject of an emergency alert in New Brunswick has been arrested.
Police have arrested an 18-year-old woman who allegedly stole a Porsche and then ran over its owner in an incident that was captured on video.
Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.
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An 11-year-old boy died Monday after subway surfing in New York City. He's the fourth person to die from subway surfing in the city this year.
What Cristiana Barsony-Arcidiacono, 49, the Italian-Hungarian CEO and owner of Hungary-based BAC Consulting, says she hasn't done is make the exploding pagers that killed 12 people and wounded more than 2,000 in Lebanon this week.
Israel killed a top Hezbollah commander and other senior figures in the Lebanese movement in an airstrike on Beirut on Friday, vowing to press on with a new military campaign until it is able to secure the area around the Lebanese border.
U.S. Vice President Kamala Harris on Thursday issued a warning to any potential home intruder: 'If somebody breaks in my house, they're getting shot.'
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An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.
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Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.
The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.
The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.
It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.
A Good Samaritan in New Brunswick has replaced a man's stolen bottle cart so he can continue to collect cans and bottles in his Moncton neighbourhood.