Crypto brokerage Genesis failed to raise funds and is potentially facing bankruptcy without additional funding, Bloomberg reported Nov. 21. The company is rumored to be seeking a $1 billion cash injection into the business after it paused withdrawals on its lending product last week. Fears of a possible Genesis bankruptcy could now spill over to…
Bank of England’s (BoE) Deputy Governor for Financial Stability Jon Cunliffe published a speech on Nov. 21, where he said that the FTX collapse was triggered by an FTX Token run and that the crypto space should be brought under regulation to offer stability. FTX collapse and the FTT run Cunliffe talked about the recent…
Following recent uncertainty regarding the future of the Grayscale Bitcoin Trust, its custodian partner Coinbase released a report detailing the assets held on behalf of Grayscale Bitcoin Trust. The letter revealed that holdings are segregated from other funds. However, no on-chain addresses were published in the document. “The digital assets underlying each Grayscale product have their…
The Monetary Authority of Singapore (MAS) said it placed Binance on its Investor Alert List (IAL) and not the bankrupt FTX because the former is actively looking for users in the country, while the latter is not, according to a Nov. 21 statement. The watchdog added that neither Binance nor FTX are licensed to operate…
Singapore’s attempt to separate blockchain usage and crypto will not work: Vitalik Buterin While Buterin appreciates Singapore’s willingness to be supportive of crypto and blockchain, the country cannot have “one without the other”. 10 hours ago · 3 min read
On Nov. 20, on-chain detective ZachXBT set out a Twitter thread to debunk the three most commonly misunderstood issues surrounding the FTX case. The three areas ZachXBT set out to cover were: Bahamian officials being behind the FTX hack Exchanging knowing the identity of the hacker The FTX hacker trading meme coins. 1/ I have…
The collapse of FTX has severely eroded user trust in centralized crypto exchanges. Most investors have finally realized the importance of owning the keys to their digital assets and have moved record volumes of tokens from exchanges to non-custodial wallets. These events brought about a wave of urgency for centralized exchanges to provide reliable proof…
FTX’s fall from grace this week culminated in the company filing for Chapter 11 bankruptcy on Nov. 11. The filing includes all 130 companies under the umbrella, as well as the trading firm Alameda. On announcing the news, Sam Bankman-Fried resigned from his position as CEO. John Ray, who oversaw Enron following its accounting scandal…
Algo crypto trading platform, Upbots, detailed its recovery plan established due to its exposure to the fallout of FTX, and Alameda Research. Important announcement We are pleased to inform you that it has been decided to move forward by making some very important changes in our strategy: 1. Launch of a new token2. Staking rewards…
Nexo is set to launch its own multifunctional, non-custodial, EVM-compatible smart wallet dubbed ‘The Nexo Wallet.’ This self-governed wallet will also function as an identity wallet, allowing users to use Non-Fungible Tokens (NFTs) and the Ethereum Name Service (ENS) to build up, and utilize the benefits of their self-governed Web3 profile. This self-governed setup ultimately…