Tag: ftx collapse

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Brazil Legalizes Crypto as a Method of Payment – Top Crypto Updates

Brazil legalizes crypto as a method of payment

Brazil’s Chamber of Deputies approved a regulatory framework legalizing the use of crypto as a method of payment in the country. This gives a regulatory boost to the adoption of digital currencies and the expansion of the ecosystem. However, it does not grant cryptocurrencies the status of legal tender.

Crypto prices today: Bitcoin up 2.4%, ETH rises 5.3%

Bitcoin is currently trading at $16,878.94, an increase of 2.4% over the previous day. Ethereum rose 5.3% over the last 24 hours to $1,270.33. Solana rose 0.21% to $13.71, while Cardano is trading higher by 1.1% at $0.314. Avalanche (AVAX) is up 3.27% to $12.91. The global crypto market cap stands at $853.04 billion, a 2.07% increase over the previous day.

Phantom Solana wallet adds support for Ethereum, Polygon

Phantom, a self-custody wallet for Solana-based decentralized applications and NFTs, has added support for rival blockchains Ethereum and Polygon to its desktop, iOS, and Android apps. The company said an easy-to-use self-custodial wallet is essential as an alternative to centralized exchanges and firms that handle sensitive user data.

Phantom aims to offer a simple, easy-to-use wallet with a unified interface for storing and viewing assets across multiple blockchains.

FTX fallout os ‘opportunity’ to refocus on trust: OpenSea CEO

The CEO of NFT marketplace OpenSea, Devin Finzer, described the entire FTX collapse as an “opportunity” for the industry to rebuild with a focus on trust while further embracing decentralization. “I think for the broader crypto ecosystem, this is really an opportunity to invest in strong, continual trust with users,” he said.

Dominica releases national crypto token with Huobi, Tron

The Commonwealth of Dominica in the Caribbean reportedly issued its national token, DMC, on Tuesday. The country partnered with crypto exchange Huobi Global, TronDAO, and DMC Labs. The nation would roll out a Dominica Digital Identifier (DID) as a know-your-customer (KYC) verification standard. This can be used to open bank accounts, apply for loans, and other financial transactions.

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FTX Owes Over $3 Billion to Creditors – Top Crypto Updates

FTX owes over $3 billion to its 50 largest creditors

Troubled crypto exchange FTX owes $3.1 billion to its top 50 creditors, according to documents filed in Delaware bankruptcy court. FTX’s top ten creditors alone have more than $100 million each in unsecured claims. The filing explained that the debt does not involve anything owed to company insiders and is subject to change as more information becomes available.

Crypto prices today: Bitcoin down 3.5%, ETH falls 7.3%

Bitcoin is currently trading at $16,109.58, a decline of 3.58% over the previous day. Ethereum fell 7.3% over the last 24 hours to $1,129.80. Solana fell 9.5% to $11.8, while Cardano is trading lower by 7.1% at $0.305. Avalanche (AVAX) fell 8% to $11.96. The global crypto market cap stands at $800.4 billion, a 4.23% decline over the previous day.

Bill Ackman remains bullish on crypto

Popular investor and hedge fund manager Bill Ackman said he likes Helium, a decentralized Wi-Fi mesh network. He remains bullish on cryptocurrencies, despite the recent collapse of the FTX and the market turmoil following it. He recently called for the removal of regulatory barriers and easing regulations in New York to make the city a crypto hub.

Man Group plans crypto hedge fund

The world’s largest publicly traded hedge fund manager, Man Group Plc, plans to launch a crypto-exclusive fund early next year. The fund will be approved for investors only after the company assesses it for counterparty risks. London-based Man Group trades cryptocurrency futures through their quant trading platform Man AHL.

FTX exploiter converts millions in Ether to Ren Bitcoin Tokens

The hacker behind the $600 million exploit of crypto exchange FTX started exchanging millions of dollars worth of Ether to Ren Bitcoin (renBTC). renBTC is a token that represents Bitcoin on other blockchains. Funds stolen from FTX have been steadily converted to ether over the past week.

In 2021, Sam Bankman-Frieds’ Alameda Research said Ren’s development team was “joining” the firm. The two entities were reportedly working on expanding Ren’s usage to several blockchains.

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Binance Doesn’t See Viable Business in India – Top Crypto Updates

Binance doesn’t see viable business in India: CZ

“To be honest, I don’t think India is a very crypto-friendly environment,” said Binance CEO Changpeng “CZ” Zhao. He blamed the country’s high tax environment for making the market not so viable for global players. “If you are going to tax 1% on each transaction, there is not going to be that many transactions,” said CZ. Binance, the world’s largest crypto exchange by volume, is still operational for users in India.

Crypto prices today: Bitcoin up 1.24%, ETH rises 1.1%

Bitcoin is currently trading at $16,796.62, an increase of 1.24% over the previous day. Ethereum rose 1.18% over the last 24 hours to $1,218.61. Solana fell 4.06% to $13.7, while Cardano is trading higher by 0.5% at $0.329. Avalanche (AVAX) rose 0.12% to $13.18. The global crypto market cap stands at $836.89 billion, a 1.03% increase over the previous day.

‘Severe’ outflows from Gemini, OKX, and Crypto.com: JP Morgan

JPMorgan analysts reported that investors are pulling funds out of major crypto exchanges as a result of the collapse of FTX. All major exchanges experienced outflows last week but Gemini, OKX, and Crypto.com had the most “severe” draining of funds. Analysts also said that the stablecoin market is getting smaller—and this may continue to hurt the price of other major cryptos like Bitcoin. 

Bahamas regulators confirm they directed SBF to move assets

The Securities Commission of the Bahamas said it ordered the contents of FTX’s crypto wallets to be transferred to government-controlled wallets on the previous Saturday. The regulator made the order under existing authorities that allow for it to take action if it needs to protect clients or their funds. It’s also unclear whether and when exactly these transfers may have occurred.

Solana NFT protocol Metaplex announces layoffs

Solana NFT protocol maker Metaplex has undergone a company-wide round of layoffs, as FTX’s collapse continues to spread across the Web3 ecosystem. In the days following FTX’s collapse, SOL dropped a staggering 60% in value. Metaplex’s layoffs are yet another data point in the still-to-be-accounted-for ripple effects of the collapse. 

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SBF, Binance to Testify on FTX Collapse – Top Crypto Updates

House Committee calls on SBF, Binance to testify on FTX collapse

The U.S. House Financial Services Committee will hear from Sam Bankman-Fried (SBF) on the collapse of his crypto empire FTX next month. Binance, which offered to buy FTX before pulling out after seeing its financial statements, will also testify along with SBF’s trading firm Alameda Research and other related entities.

Crypto prices today: Bitcoin falls 1.8%, ETH down 3.8%

Bitcoin is currently trading at $16,555.61, a decline of 1.8% over the previous day. Ethereum fell 3.85% over the last 24 hours to $1,199.91. Solana fell 1.26% to $14.2, while Cardano is trading lower by 4.2% at $0.326. Avalanche (AVAX) fell 3% to $13.13. The global crypto market cap stands at $829.49 billion, a 2.17% decline over the previous day.

Crypto liquidity provider B2C2 offers to buy loans from Genesis

Prominent crypto market maker B2C2 has offered to purchase loans from the struggling crypto financial firm Genesis. On Wednesday, the lending arm of Genesis said it was pausing redemptions and new loan originations as it was severely impacted by FTX’s collapse. B2C2 will work with Genesis and its counterparties to replace/divert existing loans at Genesis Global Capital to B2C2. 

CoinSwitch says it holds sufficient reserves to match customer investments

Indian crypto change CoinSwitch confirmed that its overall holdings of crypto and INR balances are higher than those of customers’ holdings on the platform. Its assurance comes in the wake of the collapse and bankruptcy of FTX. Millions of customers lost money, triggering a chain reaction that has impacted other crypto companies and eroded trust in the digital asset.

Uniswap passes Coinbase as #2 Ethereum exchange

Uniswap, a decentralized exchange (DEX) nearly doubled the volume of Ethereum (ETH) transactions compared to Coinbase over the past few days. Binance remains in first place in ETH transactions, with over $1.7 billion in the past 24 hours. DEXs like Uniswap are quickly rising in popularity in the wake of the collapse of FTX, a centralized exchange (CEX).

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U.S. Banks Launch a Digital Dollar Blockchain Pilot – Top Crypto Updates

U.S. banks launch a Digital Dollar blockchain pilot

A group of banking institutions, including HBSC, Mastercard, and Wells Fargo, announced the launch of a proof-of-concept digital money platform called the Regulated Liability Network (RLN). The platform will use distributed ledger technology (or blockchain) to create opportunities to improve financial settlements. It would also draw participation from central banks, commercial banks, and regulated non-banking financial institutions.

Crypto prices today: Bitcoin up 0.14%, ETH falls 1.3%

Bitcoin is currently trading at $16,855.02, an increase of 0.14% over the previous day. Ethereum rose 1.36% over the last 24 hours to $1,249.2. Solana fell 1% to $14.36, while Cardano is trading higher by 0.88% at $0.341. Avalanche (AVAX) rose 1.52% to $13.48. The global crypto market cap stands at $847.45 billion, a 0.01% increase over the previous day.

Sony files patent for tracking in-game digital assets with NFTs

Global entertainment giant Sony applied for a patent in 2021 for a system that tracks digital assets in video games using blockchain technology—specifically NFTs. The company wants to use blockchain to record digital media assets, gameplay, and video clips and include a unique token for the digital item with a unique identifier and metadata that would identify properties of the digital asset.

BlockFi plans bankruptcy filing and layoffs amidst FTX collapse

Crypto lending platform BlockFi has retained an advisor to look into a possible Chapter 11 bankruptcy filing and is preparing for job cuts. The crypto lender paused all customer withdrawals last week as crypto exchange FTX collapsed. In its exploration of next steps, BlockFi has also had talks with Binance about possible financial help.

NFT platform, art collective launch collaboration in aid of Ukraine

laCollection, a non-fungible token (NFT) platform, has launched a series of collaborations with international artists to raise funds for Ukrainian cultural institutions. The initiative consists of a series of NFTs designed by Ukrainian artist Irina Ozarinskaya. It acts as membership cards, enabling private visits to the studios of artists involved in the collective and other events.

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Nike Launches .Swoosh Web3 Platform – Top Crypto Updates

Nike launches .Swoosh Web3 platform

Apparel giant Nike has launched a new Web3 platform called .Swoosh that will offer Polygon-based NFT products. The platform will be the epicenter for Nike’s digital efforts around Web3. It will spotlight the brand’s NFTs and virtual apparel initiatives, including future ways for customers to become co-creators and share in digital product royalties.

Crypto prices today: Bitcoin up 0.5%, ETH rises 1%

Bitcoin is currently trading at $16,819.92, an increase of 0.5% over the previous day. Ethereum rose 1% over the last 24 hours to $1,265. Solana rose 0.9% to $14.5, while Cardano is trading higher by 1.87% at $0.336. Avalanche (AVAX) rose 1.05% to $13.26. The global crypto market cap stands at $846.05 billion, a 1.1% increase over the previous day.

Alameda Research was frontrunning FTX token listings: Report

Crypto compliance firm Argus reported that Sam Bankman-Fried’s Alameda Research used prior knowledge of tokens that were scheduled to be listed on FTX to buy them ahead of the public announcements and then sold them for a profit. Between the start of 2021 and March of this year, Alameda held $60 million worth of 18 different tokens that were eventually listed on FTX. 

Crypto hedge fund Ikigai loses access to ‘large majority’ of assets on FTX

Ikigai Fund founder Travis Kling announced on Twitter that most of its assets are stuck in the bankrupt FTX. He said that Ikigai plans to continue trading the assets that the firm has left outside of FTX and decide what to do with its venture fund.

After FTX filed for bankruptcy, several crypto companies and investment funds revealed that they had exposure to FTX. This includes $95 million from the Ontario Teachers Pension Fund and $30 million from the crypto investment group CoinShares.

Fed’s top financial regulator urges ‘guardrails’ for crypto

The top U.S. Banking regulator at the Federal Reserve has urged Congress to pass legislation that would impose regulation on cryptos. “Recent events in crypto have highlighted the risks to investors and consumers associated with new and novel asset classes and activities when not accompanied by strong guardrails,” said Michael Barr, the Fed’s vice chair for supervision.

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Coinbase Lays Off Over 60 Employees – Top Crypto Updates

Coinbase lays off over 60 employees

Coinbase is laying off more than 60 staff in its recruiting and institutional onboarding departments. The latest round of layoffs is a sign that the exchange may still be trying to cut costs in the ongoing bear market. The company’s layoffs also come just five months after the exchange laid off 18% of its staff to prepare for what it said at the time could be an “extended crypto winter.”

Crypto prices today: Bitcoin up 3%, ETH rises 6.8%

Bitcoin is currently trading at $17,243.2, an increase of 3.05% over the previous day. Ethereum rose 6.8% over the last 24 hours to $1,258.91. Solana rose 10.2% to $17.1, while Cardano is trading higher by 2.4% at $0.360. Avalanche (AVAX) rose 3% to $14.87. The global crypto market cap stands at $869.91 billion, a 3.8% increase over the previous day.

FTX US warns users that trading could be halted in a few days

FTX US alerted users on a potential halt to trading functionality “in a few days”. The company is facing a severe liquidity crunch and attempting to raise money to keep it out of bankruptcy. Although FTX US has been referred to as a separate company from the global FTX.com business, the companies are intertwined. 

Following the news, millions of dollars worth of crypto have been pulled off FTX over the past couple of hours.

Crypto lender BlockFi halts withdrawals

Crypto lender BlockFi Inc. is pausing withdrawals and limiting activity on its platform, becoming the latest casualty of the sudden collapse of FTX. “Given the lack of clarity on the status of FTX.com, FTX US, and Alameda, we are not able to operate business as usual,” said BlockFi in a statement. The company also added that its priority is to protect its clients.

US senators commit to advancing crypto bill despite FTX collapse

United States senators Debbie Stabenow and John Boozman have doubled down on their commitment to publishing a final version of the Digital Commodities Consumer Protection Act 2022 (DCCPA) in the wake of FTX’s shocking collapse. If the DCCPA passes into law, the Commodity Futures Trading Commission (CFTC) would be granted an extension of regulatory powers over the crypto sector. 

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Binance Backs Out of Deal to Buy FTX – Top Crypto Updates

Binance backs out of deal to buy FTX

Binance, the world’s largest crypto exchange by volume, has walked away from a proposed deal to acquire FTX. CEO CZ Zhao confirmed in a series of tweets that Binance would not pursue the potential acquisition of FTX. He cited reports regarding “mishandled customer funds and alleged US agency investigations.” FTX is now on the verge of collapse.

As per a Bloomberg report, the Securities & Exchange Commission (SEC) and the Commodity Futures Trading Commission are investigating alleged violations at FTX.

Crypto prices today: Bitcoin falls 8%, ETH down 6.8%

Bitcoin is currently trading at $16,812.92, a decline of 8% over the previous day. Ethereum fell 6.8% over the last 24 hours to $1,194.64. Solana crashed 21.6% to $15.7, while Cardano is trading lower by 6.2% at $0.350. Avalanche (AVAX) fell 6% to $14.54. The global crypto market cap stands at $840.9 billion, a 7% decline over the previous day.

Crypto.‌com pauses withdrawals of USDC, USDT on Solana

Crypto exchange Crypto.com has suspended all deposits and withdrawals for Tether’s USDT and Circle’s USDC on the Solana network. The crypto platform’s announcement comes amid one of the more chaotic weeks in crypto history. Sam Bankman-Fried of FTX tentatively agreed to sell his exchange to competitor Changpeng Zhao of Binance.

OpenSea pledges to enforce NFT royalties after creator backlash

NFT marketplace OpenSea said it will continue to enforce creator royalty fees going forward. A royalty fee is set by the NFT artist or creator and typically falls between 5-10% of the secondary sale price. On Saturday, OpenSea said it was reconsidering its policy towards enforcing creator royalty fees on NFTs after many rival marketplaces had either rejected such fees or made them optional for traders to pay.

Crypto officials ask for clearer US regulatory policy after FTX collapse

The CEOs of Coinbase, Ripple, and Circle stated that the lack of a clear regulatory framework is the reason that the majority of crypto trading in the United States occurs on offshore exchanges (like the struggling FTX). The unprecedented collapse of industry heavyweight FTX has pushed regulators into overdrive, with FTX facing investigations from both the Justice Department and SEC.