Bitget Prepares 5 Million USD Builders Fund to Help Users Distressed by FTX C...

PRESS RELEASE. Nov 14th, 2022 – Leading global cryptocurrency exchange Bitget announces that it has set aside a 5 Million USD worth of Builders’ Fund, aiming to help those affiliates, influencers and professional traders who are distressed by the FTX collapse. The market witnessed the collapse of FTX within a week, and worse still, the exchange announced their wallet was hacked after filing for bankruptcy protection in the US. The remaining funds in the company have been wiped out completely. No one is the winner in this chaos, as it continues to harm the whole industry. Due to the....

Bitcoin Whale Suddenly Moves 3.7k BTC Dormant Since 10 Years Ago

On-chain data shows a Bitcoin whale has moved a 3.7k BTC stack that had previously been sitting idle since 10 years ago. Bitcoin Whale Suddenly Transfers Coins Sitting Idle Since 2012 As pointed out by an analyst in a CryptoQuant post, these coins moved by the OG whale had been sitting still since the crypto’s […]

Bitcoin Moves Differently From US Stock Market, Correlation Weakening?

Data shows while Bitcoin has been correlated with the US stock market for some time now, the two haven’t moved in tandem recently. Bitcoin Correlation With US Stocks May Be Weakening As BTC Has Been Moving Differently As pointed out by an analyst in a CryptoQuant post, BTC has gone down in the past week while stocks have made some gains. A “correlation” between two assets (or markets) exists when both their prices follow the same general trend over a period of time. For Bitcoin, there has been a strong correlation with the US stock market during the last couple of years....

Effective Altruism: Former FTX CEO’s Alleged $40M Penthouse Listed for Sale, ...

In light of a recently published real estate listing, former FTX CEO Sam Bankman-Fried (SBF) is reportedly selling a 12,000-square-foot penthouse in the Bahamas for $39.9 million. Moreover, reports further detail that FTX Property Holdings spent roughly $74 million on real estate purchases in the surrounding Albany Bahamas oceanside district. Bahama Mansion Called the ‘Orchid Building’ Listed for Close to $40 Million This past weekend, the web portal seasidebahamas.com published a real estate listing that’s reportedly tied to the former FTX CEO Sam Bankman-Fried (SBF).....

Failure Of FTX: The Evil Results Of ‘Altruistic’ Intentions

We must learn from the historic collapse of Sam Bankman-Fried’s FTX cryptocurrency exchange before the world economy suffers a similar fate.This is an opinion editorial by Captain Sidd, a finance writer and explorer of Bitcoin culture.If you haven’t heard, one of the largest crypto exchanges, FTX, was the latest in a number of dominos to fall in the crypto “industry.” The founder of that exchange, Sam Bankman-Fried, had evolved into a media darling over the past two years — gracing the cover of Fortune magazine and earning interviews with the likes of CNBC and....

Turbulence for blockchain industry despite strong Bitcoin fundamentals: Report

It’s Downtober for crypto as venture capital drops 48.6%, security token volume is down 24.8%, and Core Scientific and Argo Blockchain face financial difficulties. In the past, it was often said that Bitcoin (BTC) moves the entire crypto and blockchain industry. Is this still the case?The past few months have seen Bitcoin hitting high-water marks including all-time high long-term holder rates and local highs in hash rate difficulty adjustment — yet Bitcoin is still in bearish conditions as we head into Q4 of 2022. Not all areas of the blockchain industry can boast such signals of strength,....

SEC wins LBRY case, but the victory may have little impact in the greater cry...

Although it was quickly overshadowed by more dramatic events, the LBRY case is a rare instance of a crypto-related unregistered securities complaint going to court. The United States Security Commission (SEC) won its case against blockchain-based file-sharing and payment network LBRY in district court in New Hampshire on Nov. 7 when that court decided to grant an SEC request for summary judgment filed in May. The case garnered lots of commentaries on its own and also in relation to the ongoing Ripple case.LBRY operates a digital content network. The Odysee video-sharing website is its....

Biggest Movers: CRO Rebounds as CEO Kris Marszalek Admits ‘Trust Was Damaged’

On Nov. 14, cronos rebounded, as Crypto.com CEO Kris Marszalek held an “Ask me Anything” (AMA) session, while speculation grew on the company’s level of solvency. The concerns came after it was revealed that a transfer of $400 million was made to gate.io in recent weeks. Polygon also surged on Monday, as prices attempted to break out of a key resistance level. Cronos (CRO) Cronos (CRO) rebounded on Monday, as markets responded to Crypto.com CEO Kris Marszalek’s comments on recent speculation surrounding the company’s health. Following a low of $0.05629, CRO/USD rallied to an....

Is GPU mining profitable after the Ethereum Merge?

The Ethereum merge is the upgrade from proof-of-work to proof-of-stake as a way of validating block transactions on the network. What is the future of GPU mining?The future of GPU mining depends upon miners’ willingness to continue mining alternative GPU mineable cryptocurrencies. Mining, the foundation of PoW cryptocurrencies, may continue to flourish, given that energy costs are low for GPU miners. Moreover, the application of graphics processing units beyond mining, including graphics designing, gaming and video editing, make them ideal for fixed capital investment. Also, when one....

Crypto Exchanges Need Proof Of Reserves: Bitcoin Policy Institute Report

A new report from the Bitcoin Policy Institute discusses why the industry needs to adopt proof of reserves following the bankruptcy of FTX exchange.The Bitcoin Policy Institute (BPI), a non-profit dedicated to furthering governmental Bitcoin adoption, has released a new report discussing proof-of-reserves (PoR) in the bitcoin and cryptocurrency ecosystem following the FTX collapse, per a release sent to Bitcoin Magazine. “Proof of Reserves: a Report on Mitigating Crypto Custody Risk" discusses the fallout from FTX’s bankruptcy. This cascading event has led to multiple....

Elon Musk: Bitcoin Will Survive The Crypto Winter

The chief of Twitter and Tesla said that bitcoin ‘will make it’, but the financial winter may last quite some time following recent events in the ecosystem.Elon Musk, the newly appointed CEO of Twitter, said “BTC will make it, but might be a long winter,” on Twitter early Monday morning.The comment follows recent cataclysmic events which led to an implosion of the cryptocurrency ecosystem. However, this “crypto winter”, as it's often referred to, has been slowly getting worse amid both institutional failure in the ecosystem and changes in global financial....

Crypto Trading Platforms Deal With Massive Withdrawal Requests — Over $5 Bill...

During the last week, the crypto community has been dealing with the demise of FTX and its affiliated crypto businesses, and ever since then, the proof-of-reserves topic has found its way to the forefront of conversations. Another silver lining to the fiasco is the fact that cryptocurrency enthusiasts have removed large quantities of bitcoin and ethereum from centralized trading platforms. Seven-day statistics from cryptoquant.com indicate that more than $3.4 billion in bitcoin has been removed from exchanges since Nov. 7, 2022. More Than $3.4 Billion in Bitcoin Has Been Removed From....

Edward Snowden says he feels ‘itch to scale back in’ to $16.5K Bitcoin

Snowden draws attention to buying Bitcoin after the March 2020 crash as BTC price action consolidates below $17,000. Bitcoin (BTC) returned to $16,500 at the Nov. 14 Wall Street open as bulls tried and failed to break higher.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewSnowden hints BTC price echoes March 2020Data from Cointelegraph Markets Pro and TradingView showed BTC/USD ranging below $17,000 on the day after a dismal weekly close.The largest cryptocurrency had failed to show convincing signs of recovery after losing more than 25% the week prior thanks to the debacle....

Bitcoin Price Downtrend Far From Over, Why BTC Could Test $15K

Bitcoin price failed to clear $18,000 and started a fresh decline. BTC is showing bearish signs and it might soon decline towards the $15,000 level. Bitcoin started a fresh decline from the $18,000 and $18,150 resistance levels. The price is trading below $18,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $16,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could resume its decline below the $15,500 support zone in the near term. Bitcoin Price Resumes Drop Bitcoin price attempted a recovery wave....

Blockchain and the world’s growing plastic problem

Everything makes its way to the sea, and none more so than plastics. There are now five floating plastic islands in different oceans across the world, with the largest island even having a name, the Great Pacific Garbage Patch, which is three times the size of France. Lying between California and Hawaii, it is the worlds biggest ocean waste repository, with 1.8 billion pieces of floating plastic that kill thousands of marine animals each year.Of course, we now know that 35% of waste originates from wealthy countries and 50% of this waste is exported to developing countries. At the same....

Crypto.com CEO addresses whereabouts of $1B in stablecoins sent to FTX

CEO Marszalek says the firm has recovered much of the funds and has less than $10M in exposure to FTX. During a live ask-me-anything (AMA) session with users on Monday, Crypto.com CEO Kris Marszalek explained that the firm sent large-sum stablecoins to troubled cryptocurrency exchange FTX to fulfill liquidity within customers' orders at the time when FTX was still functional. As told by Marszalek: "Over a year, $1B was moved to FTX and we recovered all of this. We only had exposure of under $10 million when FTX shut down. And FTX was a trading venue where this is one of the few trading....

Binance Forming Crypto Industry Recovery Fund to ‘Reduce Further Cascading Ne...

Cryptocurrency exchange Binance is forming an industry recovery fund to “reduce further cascading negative effects of FTX,” said CEO Changpeng Zhao (CZ). “As an industry, we need to increase transparency,” the executive stressed. “We need to work very closely with regulators all around the world to make this industry more robust.” Binance Establishing Crypto Industry Recovery Fund Following the collapse of cryptocurrency exchange FTX, Binance announced that it is forming a recovery fund for the crypto industry. CEO Changpeng Zhao (CZ) tweeted early....

Ownership is the future of digital entertainment, says blockchain exec

Web3 technologies are changing the way we engage with various forms of entertainment and ownership is at the heart of it. Web3 is uprooting traditional entertainment industries with a new way of creating and engaging with digital content.The industry has already seen nonfungible tokens (NFTs) display the potential to transform how television scheduled programming can be created. Increased metaverse activity began challenging artists with new possibilities for performances and connectivity with their fans. All the use cases of Web3 technology upgrading the future of digital entertainment....

Bitcoin, Ethereum Technical Analysis: BTC Rebounds Following Bullish Comments...

Bitcoin started the week trading below $17,000, as volatility in the cryptocurrency space continued to intensify. Following last week’s collapse of FTX, account withdrawals have increased, with several customers opting to remove their tokens from exchanges. However, strong comments from Twitter CEO Elon Musk have helped boost prices. Ethereum remained below $1,300 on Monday. Bitcoin Bitcoin (BTC) started the week trading below $17,000, as market volatility remained high, following last week’s collapse of FTX. Since FTX’s bankruptcy, the market has struggled to attempt....

Bitcoin miner Canaan scales operations despite low earnings, CEO says

Chinese Bitcoin mining firm Canaan posted a 90% over-the-quarter decrease in net income in Q3 2022, but it’s not the end of its business. Chinese cryptocurrency mining firm Canaan will continue to expand operations despite the ongoing bear market and an associated drop in earnings, according to the company’s CEO.Canaan posted a 90% over-the-quarter decrease in net income in Q3 2022, the firm officially announced on Nov. 14. The firm’s Q3 net income amounted to 61.1 million renminbi (RMB), or $8.6 million, which is a 88% decrease from the same period in 2021, Canaan noted.The company’s....

St. Kitts and Nevis to Explore Possibility of Making Bitcoin Cash Legal Tende...

St. Kitts and Nevis will explore the possibility of making bitcoin cash legal tender by March 2023. The statement was made by St. Kitts and Nevis Prime Minister Terrance Drew as part of the Bitcoin Cash 2022 Conference held in the country, declaring that Bitcoin Cash mining activities will also be explored in the same way. Bitcoin Cash Could Become Legal Tender in St. Kitts and Nevis Next Year The Government of St. Kitts and Nevis will be exploring the possibility of declaring bitcoin cash legal tender as part of the process of introducing cryptocurrencies into the economy of the country.....

PEGA Pool to Launch in 2023 to Help You Offset Your Carbon Footprint While Cr...

PEGA Pool is an eco-friendly crypto mining pool currently in private beta testing and is expected to be open to the public in the first quarter of 2023. Regarding bitcoin mining, there have always been concerns about its environmental impact; however, now is the ideal time to make a difference and contribute to a greener future by helping create a more sustainable industry. As a means to offset CO2 emissions, a portion of the fees from the PEGA pool will be used to plant trees to offset the emissions. Those who sign up for the waiting list will receive a permanent 50% discount after....

Crypto.com’s CRO is in trouble, but a 50% price rebound is in play

Short CRO traders were paying as much as 3% premium to long traders on Nov. 14, reflecting extreme bearishness in its futures market. Crypto.com’s native token Cronos (CRO) is showing restraint on Nov. 14 against mounting sell-pressure building in the wake of the FTX’s dramatic collapse last week. Now, the CRO/USD pair is eyeing a watershed price recovery.On Nov. 14, CRO’s price wobbled between profits and losses, trading around $0.069 a day after crashing to $0.05, its lowest level since April 2020 — that’s a 60% price decline from November’s peak of around $0.178.CRO/USD weekly price....

Helping mainstream artists into Web3: The triumphs and struggles

As the music industry continues to push into the Web3 space getting artists both mainstream and up-and-coming has its hurdles but also major rewards. Musicians and executives alike have seen the power of Web3 tools such as nonfungible tokens (NFTs) to transform audiences into active communities with fewer barriers between artists and fans. Recently, the crypto-savvy Snoop Dogg partnered with country music stars Billy Ray Cyrus and the Avila Brothers to create an NFT experience that crossed genres and created new communities in the process. While Snoop may be a veteran in the space, many....

Fiat-to-Crypto Company Ramp Raises $70 Million to Solve the Crypto Onboarding...

Ramp, a fiat-to-crypto company, has announced it has raised $70 million as part of its Series B funding round. The round was co-led by Mubadala Capital and Korelya Capital, with Balderton Capital and Cogito Capital participation. The company explained that these funds would allow it to improve its app further and keep hiring talent. Ramp Raises $70 Million in Series B Funding Round Ramp, a company that specializes in providing fiat to crypto and crypto to fiat flows for different Web3 applications, announced it had raised $70 million in its latest funding round on Nov. 9. The funding....

Elon Musk says BTC ‘will make it’ — 5 things to know in Bitcoin this week

Bitcoin may be bruised, but big names are keeping the faith as data shows investors have seized the chance to “buy the dip” on BTC. Bitcoin (BTC) starts a new week on shaky ground after its lowest weekly close in two years.The largest cryptocurrency considerably weakened after last week’s implosion of exchange FTX, continues to grapple with the fallout.In what is becoming an increasingly erratic market, investors are unsure what will happen next as more firms sound the alarm over solvency and regulators step up investigations in the crypto space.The mood among the majority is intensely....

El Salvador President Bukele says Bitcoin is ‘the opposite‘ of FTX

Despite the backlash he previously received for purchasing BTC as markets crashed, Bukele cited the recent FTX collapse to explain why Bitcoin is different. The shock wave around the FTX explosion was felt globally as it severely fractured investor confidence. However, seasoned crypto entrepreneurs and supporters — including Changpeng “CZ” Zhao and Salvadoran President Nayib Bukele — continue to see through the fog while pushing forward their vision for financial freedom.Bukele was the man behind Bitcoin’s (BTC) mainstream adoption in El Salvador. Despite the backlash he previously....

Ukraine’s Cyberpolice Expose Members of Crypto Fraud Scheme Making €200 Milli...

A report shows Ukrainian Cyberpolice identified members of a group that defrauded people around the world through fake crypto investment offers. The criminal organization maintained offices and customer service centers with thousands of employees in a number of European countries. Cyberpolice Department Busts Ukrainian Arm of International Financial Fraud Scheme The cybercrime combatting unit of the National Police of Ukraine (NPU) has exposed five Ukrainian citizens accused of participating in a large-scale international scheme that lured victims with promises of high profits from fake....

Binance creates industry recovery fund to help projects struggling with liqui...

Binance CEO Changpeng Zhao clarified that the project is for other potentially strong projects and not FTX, saying that “liars or fraud” would never qualify. As the effects of the FTX crisis continue to affect the markets negatively, crypto exchange Binance is creating a fund to help potentially strong projects that are having liquidity issues. In a tweet, Binance CEO Changpeng Zhao said that the fund aims to reduce the cascading negative effects of the collapse of FTX by helping projects that the Binance CEO described as “strong, but in a liquidity crisis.” While Zhao did not provide all....

Manhattan District Attorney Freezes $1.3 Million in Crypto — Seeks to Return ...

Manhattan District Attorney (DA)’s Office has frozen more than $1.3 million in cryptocurrency “during fraud investigations conducted over the past ten months.” The authority said: “We are returning that money to the victims of these schemes — while raising awareness to prevent future fraud.” $1.3 Million in Cryptocurrency Frozen Manhattan District Attorney (DA) Alvin Bragg announced Thursday that his office has “frozen more than $1.3 million in cryptocurrency during fraud investigations conducted over the past ten months.” Bragg detailed,....

US lawmaker blames 'billionaire crypto bros' for delayed legislation

The collapse of FTX has raised alarm bells across Washington D.C. United States congressman Brad Sherman, a known crypto skeptic, has pointed the finger at “billionaire crypto bros” for slowing down much-needed cryptocurrency regulation. In a Nov. 13 statement addressing the collapse of crypto exchange FTX, Sherman said the exchange’s implosion has demonstrated the need for regulators to take immediate and aggressive action:“The sudden collapse this week of one of the largest cryptocurrency firms in the world has been a dramatic demonstration of both the inherent risks of digital assets....

AAX reiterates withdrawal halt is unrelated to FTX contagion

In a previous post on Twitter, the AAX exchange said it has no financial exposure to FTX and its affiliates. Hong Kong-based crypto exchange AAX has reiterated that its suspension of withdrawals on the platform has nothing to do with the ongoing fallout from FTX's collapse and rumors to the contrary are false.The crypto community reported seeing a “System upgrade notification” message on Nov. 13, which said that a system upgrade “is taking longer than usual” which will delay withdrawals. Some shared concerns about whether the exchange was the next domino to fall after FTX and BlockFi.....

Binance CEO Likens FTX Fiasco to 2008 Financial Crisis — Warns of ‘Cascading ...

Binance CEO Changpeng Zhao has compared the FTX collapse to the 2008 financial crisis. Warning of “cascading effects,” he stressed: “A lot of consumer confidence is shaken, and I think basically it sets us back a few years.” Binance’s CEO Discusses the Impact of FTX’s Collapse on the Crypto Industry The CEO of cryptocurrency exchange Binance, Changpeng Zhao (CZ), shared his thoughts on the potential impact that the collapse of FTX has on the crypto industry Friday at a conference in Indonesia. FTX filed for Chapter 11 bankruptcy Friday; Sam Bankman-Fried....

Exchange outflows hit historic highs as Bitcoin investors self-custody

Confidence in centralized exchanges appears to be waning as Bitcoin flows into self-custody wallets at near-record levels. Bitcoin (BTC) investors have been increasingly moving their holdings to self-custody solutions following the collapse of the world’s second-largest crypto exchange last week.On-chain exchange flow data is showing a surge in withdrawals to self-custody wallets, according to analytics provider Glassnode.In a Nov. 13 post on Twitter, Glassnode reported that Bitcoin exchange outflows had hit near historic levels of 106,000 BTC per month.It added that this has happened only....

Conflicting Reports Emerge About SEC Helping Bankrupt Crypto Exchange FTX Wit...

The U.S. Securities and Exchange Commission (SEC) reportedly met with crypto exchange FTX and former CEO Sam Bankman-Fried several times before the crypto firm filed for bankruptcy. SEC Chairman Gary Gensler was rumored to be helping FTX with legal loopholes. However, a new report indicates a contradicting viewpoint. Gensler’s Meeting With Sam Bankman-Fried and FTX Following the bankruptcy filing of cryptocurrency exchange FTX, rumors have surfaced accusing the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, of helping former FTX CEO Sam....

CZ and Saylor urge for crypto self-custody amid increasing uncertainty

Binance CEO Changpeng Zhao said self-custody is a “fundamental human right,” while Michael Saylor said self-custody is necessary to prevent powerful actors from accumulating and abusing power. Industry heavyweights have urged crypto investors and traders to self-custody their crypto assets amid the significant market uncertainty brought on by the collapse of FTX. In a Nov. 13 tweet to his 7.6 million followers, Binance CEO Changpeng “CZ” Zhao pushed the crypto community to store their own crypto via self-custody crypto wallets.“Self custody is a fundamental human right. You are free to do....

Crypto exchange Kraken freezes accounts related to FTX and Alameda

Kraken said it froze account access to certain funds “we suspect to be associated with ‘fraud, negligence or misconduct’ related to FTX.” United-States-based cryptocurrency exchange Kraken has frozen the accounts associated with “FTX Group, Alameda Research, and their executives,” on its exchange after engaging with authorities. In a Twitter post on Nov. 13, Kraken said the accounts were frozen “to protect their creditors” and added it “maintains full reserves” and other users' funds aren’t affected, likely seeking to stamp out fears from users that the exchange might face liquidity issues....

Payments company Curve bids for BlockFi's 87,000 credit card customers

A Curve spokesperson has confirmed they have been in negotiations to acquire BlockFi's credit card program's customers since Nov. 12. Payments company Curve is in active discussions to acquire crypto lender BlockFi's more than 87,000 credit card customers — whose credit cards have been suspended since Nov. 11. A Curve spokesperson told Cointelegraph that “outreach and negotiations” started on Nov. 12 and are still in the process with Banking as a Service (BaaS) company Deserve, which services the BlockFi card program. My BlockFi credit card has officially stopped working. R.I.P....

Is The Bitcoin Price Being Suppressed By Central Planners?

With the continual rejection of a bitcoin spot ETF but approval of a futures ETF, the SEC is tipping the scale in favor of controlling the market.This is an opinion editorial by Seb Bunney, co-founder of Looking Glass Education and author of the Qi of Self-Sovereignty newsletter.“History never repeats itself, but it does often rhyme.” — A quote commonly misattributed to Mark Twain. Lately, I’ve been pondering whether we are witnessing a rhyming of history. For those who have had the chance to dig into our monetary history, you may have encountered a little-known....

Exploiting The Lightning Bug Was The Ethical Choice

By publicly exploiting a bug on Lightning that could have put users’ funds at risk, the developer was acting in the best interests of Bitcoin node runners.This is an opinion editorial by Shinobi, a self-taught educator in the Bitcoin space and tech-oriented Bitcoin podcast host.For the second time in roughly a month, btcd/LND have had a bug exploited which caused them to deviate in consensus from Bitcoin Core. Once again, Burak was the developer who triggered this vulnerability — this time it was clearly intentional — and once again, it was an issue with code for parsing....

Ark Invest CEO Warns Fed’s Actions Could Lead to 1929-Like Great Depression —...

The CEO of investment management firm Ark Invest has warned that if the Federal Reserve does not pivot, the current economic setup will be similar to 1929 when the Great Depression started. Tesla CEO and Twitter chief Elon Musk agreed. The Fed, Inflation, and the Great Depression Ark Invest CEO Cathie Wood, who is also the investment management firm’s founder and CIO, shared her thoughts about inflation and how the Federal Reserve could push the global economy into a 1929-like depression in a series of tweets Saturday. She explained that the Federal Reserve raised interest rates....

Kraken CEO Discusses Impact of FTX Failure — Says Damage to Crypto Industry I...

The CEO of cryptocurrency exchange Kraken has outlined the impact of FTX’s failure on the crypto industry. After listing multiple red flags, the executive stressed: “The damage here is huge … We’re going to be working to undo this for years.” Crypto Exchange Kraken’s CEO on Damage to Crypto Industry Caused by FTX’s Failure The CEO of cryptocurrency exchange Kraken, Jesse Powell, shared his thoughts on the collapse of FTX in a series of tweets Thursday. FTX filed for Chapter 11 bankruptcy Friday. “This is a massive setback,” he began.....

CrossTower revises new offer for Voyager's assets after FTX's bankruptcy

Voyager reopened its bidding process after FTX US, the original winner, filed for bankruptcy on Nov. 11. Crypto exchange CrossTower is working on a revised offer for the assets of bankrupt crypto lender Voyager Digital, a spokesperson told Cointelegraph. Voyager announced the reopening of its bidding process after FTX US, the original winner in the bid, filed for bankruptcy in the United States on Nov. 11."We are working on a revised offer that we feel will benefit the Voyager customers and the wider Crypto community. CrossTower has always been, and will continue to be, very....

Developers could have prevented crypto's 2022 hacks if they took basic securi...

Crypto doesn’t need reversible transactions. It needs real-time threat monitoring and more audits. Users losing funds due to malicious activity is hardly unknown on Ethereum. In fact, it is the very reason researchers recently developed a proposal to introduce a type of token that is reversible in the event of a hack or other unsavory behaviors. Specifically, the suggestion would see the creation of an ERC-20R and ERC-721R, which would be modified versions of the standards that govern both regular Ethereum tokens and nonfungible tokens (NFTs). The premise goes like this: this new standard....

Bank of Russia Sets Out to Regulate Digital Asset Taxation, Exchange, Still O...

The Central Bank of Russia supports the development of digital financial assets but remains opposed to legalizing crypto payments, its top management has reiterated. The monetary authority is now working on a set of regulatory proposals that will be submitted to parliament by the end of the year. Russia’s Central Bank Takes Legislative Initiative in Digital Assets Regulation The Central Bank of the Russian Federation (CBR) intends to file a legislative package concerning the regulation of digital financial assets (DFAs) with the State Duma, the lower house of parliament. Under current....

Royal Bahamas Police Force Reveals FTX Is Being Investigated for ‘Criminal Mi...

“A team of financial investigators” are currently investigating the now-defunct crypto exchange FTX, the Royal Bahamas Police Force said in a statement shared on Sunday. The police noted that the financial investigators were searching to see if “any criminal misconduct occurred.” Bahamas Law Enforcement Looks Into FTX Collapse After the Bahamas securities regulator took action against FTX on Nov. 11, 2022, the country’s Securities Commission updated the public the following day. The regulating entity noted that it did not give permission to FTX to authorize withdrawals for Bahamian....

FTX under investigation in the Bahamas for criminal misconduct - Report

The Bahamas securities regulator and financial investigators are reportedly investigating the collapsed crypto exchange. An investigation of possible criminal misconduct over the insolvency of cryptocurrency exchange FTX is underway by financial investigators and the Bahamas securities regulators, according to a statement by the Royal Bahamas Police Force sent to Reuters on Nov 13. The Royal Bahamas Police stated: "In light of the collapse of FTX globally and the provisional liquidation of FTX Digital Markets Ltd., a team of financial investigators from the Financial Crimes Investigation....

SBF’s ‘Truly Trustless’ Protocol — Serum’s Upgrade Authority May Be Tainted,...

According to Solana’s founder, Anatoly Yakovenko, Serum developers are forking the platform because the “upgrade key to the current one is compromised.” Serum, created by FTX’s Sam Bankman-Fried (SBF), was touted as “completely permissionless,” but now that the exchange has fallen, it’s suspected that Serum’s upgrade authority is tainted. **Editor’s Note: An update has been added to the end of this story at 6:50 p.m. (ET) on Nov. 13, 2022, to reflect that Serum devs have forked the protocol. A So-Called....

Liquidity hub Serum forked by developers after FTX hack

SRM and MSRM tokens and fees discounts were not changed and were working as before, said developers. Solana's developers forked the widely used token liquidity hub Serum, after being compromised by a hack on the bankruptcy exchange FTX on Nov. 11 that led to a series of unauthorized transactions. According to pseudonymous developer Mango Max on Twitter, a "verified build of the same version has been made and deployed" on Nov 12. Additionaly, the upgrade authority and fee revenues "have been changed and are now managed by a multi-sig controlled by a team of trusted developers." Serum (SRM)....

FTX Contract Deployer Unlocks 192 Million FTT, Exchange Token’s Questionable ...

Following the collapse of FTX and the exchange filing bankruptcy on Nov. 11, the trading platform’s exchange token called ftx (FTT) has shed 91.6% in value during the last seven days. While the FTT token’s utility is based entirely on the backing of the now-bankrupt FTX and Alameda Research, the token is still trading for $1.85 per unit. Moreover, FTT’s deployer contract surprisingly unlocked 192 million FTX tokens on Nov. 12, 2022. While a few crypto exchanges have halted FTT deposits, crypto coin aggregation sites like coingecko.com have flagged the number of coins....