Cryptocurrency

Crypto.com CEO dismisses bank run speculation; Alameda Research held tokens before their FTX listings

The biggest news in the cryptoverse on Nov. 14 was the CEO of Crypto.com saying his exchange accidentally transferred 320,000 ETH to Gate.io. Kraken, Coinbase, and Gate.io have gone public with full margins, including debt, and Binance has launched a recovery fund for powerful projects caught up in the FTX collapse.

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Crypto.com falls victim to latest bank run, but CEO says business as usual

Concerns over Crypto.com’s transfer of 320,000 ETH to Gate.io and the slow withdrawal process have sparked speculation that Crypto.com may be on the verge of collapse.

However, the exchange’s CEO, Chris Marzalek, recently sweet He added that the rumors of bankruptcy were false and business operations were proceeding normally. According to Marszalek, Crypto.com’s soon-to-be-published audited margin proves the platform’s solvency.

Crypto.com Transferred Nearly 85% of ETH Reserves to Gate.io in October, CEO Claims It Was a Coincidence

On-chain data reveals that Crypto.com transferred 320,000 ETH to Gate.io. This comes just before Gate.io publishes his proof of reserve on October 28th.

Following the collapse of FTX, the crypto community expressed concern that crypto exchanges may have intentionally inflated their reserves.

Crypto.com CEO Kris Marszalek said in his defense that the funds were mistakenly sent to Gate.io but were quickly returned.

Huobi addresses concerns raised over fake reserve ‘snapshots’

Huobi Global released a proof of booking on October 13th, showing it held 14,858 ETH in its Huobi 34 wallet. However, shortly after the snapshot was published, WuBlockchain noted that he left the wallet with 10,000 ETH, raising concerns about a “fake preliminary snapshot.”

According to Huobi, hot wallets typically see frequent inflows and outflows. As such, the 10,000 ETH outflow was not intended to inflate the reserve.

Kraken, Coinbase and Gate.io publish proof of responsible reserves

Cryptocurrency exchanges Kraken, Coinbase and Gate.io have moved to publish comprehensive proofs of readiness to guarantee liquidity to their customers.

The three exchanges’ retention statements revealed their total liabilities, along with their asset holdings.

President of El Salvador: FTX is against Bitcoin

Bitcoin maximalist and President of El Salvador Naive Bukele called the FTX empire a Ponzi scheme. He called out Sam Bankman Freed (SBF) for secretly transferring client funds to Alameda Research.

However, he declared that Bitcoin was designed to prevent Ponzi schemes as transactions are open source for public verification.

New Huo Technology Unit Receives $14M Loan From Former Huobi CEO Leon Li To Cover FTX Stuck Client Funds

Former Huobi CEO Leon Li Offers To Issue $14 Million Loan To Help New Huo Technology (Hbit Limited) Subsidiary Cover All Funds Locked In Bankrupt FTX I got

Hbit has about $13.2 million in client assets, with $4.9 million of that asset reportedly locked in FTX. His $14 million loan from Leon Li will help the exchange fully compensate all affected users.

Binance Launches ‘Recovery Fund’ for Powerful Projects with Liquidity Crisis

In the wake of the widespread market contagion caused by the collapse of FTX, Binance CEO Changpeng ‘CZ’ Zhao said his exchange would be willing to help powerful projects facing financial difficulties. He said he would set up an industry recovery fund.

Industry experts, including TRON (TRX) founder Justin Sun and investor Simon Dixon, said they will contribute to the initiative to help good builders and developers recover from the crisis.

Congressman Brad Sherman Claims FTX ‘Staffed Legislation’ With Money

FTX executives such as Sam Bakman-Fried, Ryan Salame and Nishad Singh reportedly spent more than $68 million to help US politicians electoral bids.

After the collapse of FTX, US Congressman Brad Sherman said the donation was a sinister plan to influence crypto regulation in FTX’s favour.

Sherman called on the SEC to take decisive action and propose a clear regulatory framework to prevent shady trading in the crypto industry.

FTX autopsy sparks Hoskinson-Schwartz feud over SEC corruption allegations

John E. Deaton SEC Chairman Gary Gensler’s relationship with FTX may have influenced the commission to issue clear guidelines for regulating the crypto industry.

Deaton alleges that former SEC Chief William Hinman’s misconduct against Ethereum has led to the SEC and Ripple. Hoskinson said a “free pass” to Ethereum’s status would not affect Ripple’s lawsuit. He dismissed Deaton’s claims.

In response, Ripple CTO Joel Schwartz said the SEC’s move to classify Ethereum as a commodity and XRP as a security was unfair.

New FTX CEO Ray announces steps taken to solidify bleeding cash flow

In an effort to rebuild the bankrupt cryptocurrency exchange, FTX CEO and Chief Restructuring Officer John Ray has removed all trading and withdrawal functionality from the platform, making it available for He said he would move all virtual assets to a new cold wallet.

Has FTX been hacked?Deeper investigation reveals ‘backdoor’ embedded in accounting software

Sam Bankman-Fried (SBF), the founder of the bankrupt FTX empire, reportedly used secret codes in accounting software to transfer about $10 billion to Alameda Research and notify someone of the transaction.

When asked about the missing funds, SBF did not provide a clear explanation.

CZ says industry is suffering, but business as usual on Binance

Binance CEO Changpeng Zhao said during an AMA on Twitter Spaces that his exchange was not adversely affected by the FTX demise. He added that the addition of Binance is working to support several strong projects to recover losses.

Going forward, Binance will collaborate on the Proof-of-Reserves protocol proposed by Vitalik Buterin and establish a global association of key players to keep pace with the development of the cryptocurrency industry, CZ said.

DEX trading volume surges when users leave CEX en masse

Market data analyzed by CryptoSlate shows a shift in asset holdings from centralized to decentralized exchanges.

Bitcoin trading volume on 10 major centralized exchanges fell from 182,000 BTC per day on November 9th to 38,000 BTC on November 13th, according to Bitcoinity data.

In contrast, decentralized exchange trading volume surged from about $2.9 billion on November 7th to $12 billion on November 10th.

Huobi, Gate.io, and Crypto.com have seen a surge in flows to FTX.

On-chain data shows that most of the Bitcoin balances of Huobi, Gate.io and Crypto.com flowed into FTX months before the FTX collapse.

At the beginning of October, Bitcoin flow from Huobi to FTX tripled, while Gate.io surged in late October and November before the contagion began.

Retail Traders Withdraw BTC Massively From Exchanges

In order to limit the bankruptcy risk that occurs on centralized exchanges, retail investors may move their Bitcoins to cold wallets and self-manage them.

According to CryptoSlate’s analysis, total BTC balances across exchanges have fallen by 72,900 BTC over the past seven days. In addition, more than 1 million ETH is also in cold wallets as a result of FTX.

research highlights

FTX Implosion Leads To Aggressive Bitcoin Accumulation For Investors

Bitcoin’s recent drop to $15,682 has resulted in aggressive accumulation among all classes of investors.

On-chain data analyzed by CryptoSlate shows that shrimp (investors under 1 BTC) took advantage of the price crash to increase their positions and hit new highs of 1 million BTC, while crabs (1 BTC to 10 BTC (investors holding ) their total holdings surged to 2.8 million.

Sharks (holders of 10 BTC to 1000 BTC) aggressively amassed bitcoin maximizing the FTX-driven market crash, reaching an all-time high of 6.9 million.

To a lesser extent than shrimp, crabs and sharks, BTC whales holding over 1000 BTC also increased their holdings by taking advantage of the low BTC price.

News around CryptoVerse

Alameda Research bought crypto tokens before listing on FTX

On-chain data from blockchain analytics firm Argus has revealed that Sam Bankman-Fried’s Alameda Research amassed crypto tokens before being listed on FTX for trading.

Alameda reportedly held about $60 million worth of the 18 tokens that were due to be listed on FTX between January 2021 and March 2022.

Nike partners with Polygon

Nike, a leading fashion brand, partnered We use Polygon Network to create digital collections for our community.

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Over the past 24 hours, Bitcoin (BTC) has fallen more than 0.04% to trade at $16,342, while Ethereum (ETH) has risen 0.92% to trade at $1,221.

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