Biggest Cryptoverse News on Nov 15th Includes FTX Collapse, UK Lawmakers Investigating Binance in On-Chain Probe ZachXBT called out Gate.io for covering up a 2018 hack, and Three Arrows Capital moved $20 million worth of ETH and stablecoins.
UK Treasury Commission Investigates Binance’s Role in FTX Collapse
Major cryptocurrency exchange Binance is under investigation in the UK for alleged involvement in the collapse of FTX. UK lawmakers have defended their decision to sell $500 million worth of FTT tokens and called on the exchange to back down on its attempt to buy FTX.
Lawmakers have asked Binance to provide internal discussions and documents regarding the FTX purchase attempt.
Binance representative Daniel Trinder said the exchange will provide the requested documents but may withhold certain information.
Bahamas Supreme Court Appoints Liquidator for FTX Assets
The Supreme Court of the Bahamas has confirmed the appointment of Kevin Cambridge and Peter Greaves of PricewaterhouseCoopers as liquidators of FTX’s remaining assets.
The liquidator will speed up the liquidation process to protect the interests of FTX creditors, clients and stakeholders, officials said.
3AC Wallet Shifts Over $20M in ETH, Stablecoins in Last 6 Days, Fueling Rumors of Revival Attempt
A wallet linked to the collapsed Three Arrows Capital (3AC) reportedly received around $20 million worth of ETH, USDT, and USDC between November 9th and November 11th.
The recent influx into 3AC wallets has raised concerns that the founders of 3AC may be looking to raise new funds to revive the business.
ZachXBT calls out Gate.io for covering up 2018 hack
On April 18, 2018, North Korean hackers attacked Bter.com (now Gate.io), allegedly stealing over $230 million, including $10,777 worth of Bitcoin, from the exchange’s cold wallets. It is reported.
According to on-chain research firm ZachXBT, Gate.io covered up the 2018 hack, claiming the cryptocurrency exchange was immune to attacks from anyone.
ZachXBT is Reported by @1A1zP1 This reveals how Gate.io lost Bitcoin, Ethereum, Zcash, Dogecoin, Ripple, Litecoin and Ethereum Classic ($234.3 million in total).
Over $500M flew out of Solana in a week, DeFi TVL fell 63%
DeFiLlama following the collapse of FTX data Over $500 million was withdrawn across DeFi protocols in the ecosystem, representing a 63.2% decrease in Solana’s Total Value Locked (TVL).
Over the past seven days, lending platform Solend lost 87.6% of its TVL, Liquid staking protocol Lido lost 71.77%, and staking protocol Marinade Finance lost 54.73% of its TVL.
Sam Bankman-Fried Ends Weird Tweet Thread, But We’re Still Not Wise
Former CEO of FTX Sam Bankman-Fried (SBF) A series of tweets that started on November 14th has finally come to an end amidst speculation that she may be mentally ill.
Despite rumors that SBF’s amnesia may have been caused by overdosing on stimulants such as amphetamines, many members of the cryptocurrency community believed the bizarre tweet was a legal action against him for his crimes. I believe it is a deliberate troll to avoid .
FTX Hackers Launch Potential Pump & Dump Scam As Troll Messages And Encrypted Tokens Sent To Uniswap
Wallet Addresses Identified as FTX Hackers Vaguely Mimicked by Creating Meme Tokens Labeled ‘WHAT HAPPENED’ Tweet Submitted by Sam Bankman-Fried.
Hackers reportedly sent WHAT HAPPENED tokens to trade on Uniswap in an attempt to pump-and-dump unsuspecting memecoin investors.
Solana Foundation reveals minimal exposure to FTX
Before it stopped processing withdrawals, the Solana Foundation had acquired approximately 3.43 million FTX Tokens (FTT), 134.54 million Serum (SRM) Tokens, 3.24 million FTX Trading shares, and approximately $1 million worth of FTX. of cash in his possession.
All in all, the Solana Foundation’s assets held at FTX are currently worth approximately $35 million.
Former FTX CEO Sam Bankman-Fried claims Alameda had more assets than liabilities just days before filing for bankruptcy
Former FTX CEO Sam Bankman-Fried recently tweeted that his empire had enough resources as of Nov. 7 to pay back customers before things spiraled out of control. I’m here.
12) As far as I know, there is a possible error after November 7th.
a) Alameda had more assets than debt M2M (but not liquid!)
b) Alameda had a margin position on FTX Intl
c) FTX US had enough money to repay all its customers
Not everyone necessarily agrees with this
—SBF (@SBF_FTX) November 15, 2022
Bankman-Fried added that it is working with regulators and relevant teams to issue refunds to customers.
Bitcoin Buying Pressure Increases As Stablecoin Exchange Supply Rises
All of the stablecoin indicators analyzed by CryptoSlate point to buying pressure that could cause Bitcoin’s price to bounce back.
Starting with the supply rate (SSR) of a stablecoin, a high SSR indicates selling pressure and a low SSR means high potential buying pressure.
From the chart, the SSR is currently at a low of 2.28, meaning there are $2.28 of Bitcoin for every $1 of stablecoin. This is believed to indicate increased buying pressure for the flagship cryptocurrency.
Additionally, net flow volume on stablecoin exchanges has surged past $1 billion, indicating investors are ready to take advantage of low prices to accumulate more bitcoin.
Similarly, stablecoin balances on exchanges recently peaked at $46 billion, which is considered bullish for Bitcoin.
News around Cryptoverse
New York Fed Begins Digital Dollar Pilot
The Federal Reserve Bank of New York is conducting a 12-week digital dollar pilot in partnership with Citigroup, HSBC Holdings, Mastercard and Wells Fargo, according to Reuters.
The project, tagged “Regulatory Responsibility Network,” explores ways to use digital dollar tokens to speed up settlement times in currency markets.
BlockFi goes bankrupt due to FTX contagion.Liquidity exchange to stop withdrawal
Cryptocurrency lender BlockFi is at risk of filing for bankruptcy following the collapse of FTX wall street journal.
Similarly, liquidity exchange announced Due to FTX’s bankruptcy status, we will be suspending all withdrawals.
Paradigm amortizes its investment in FTX to zero
Paradigm co-founder Matt Huang Said His company has written off all equity investments in FTX to $0 as FTX fights through bankruptcy.
Sino Capital reports minimal exposure to FTX
Investment company Sino Capital Said FTX had a mid-seven-digit locked figure, but had not invested the liquidity provider’s capital in FTX.
Binance did not leak API keys leading to Skyrex attack
Binance CEO Changpeng Zhao “CZ” has said his exchange is not responsible for leaking the API key that was used to hack the Skyrex exchange on November 13th.
skyrex Added We are working to prevent future hacks from occurring as we seek compensation from all affected users.
Over the past 24 hours, Bitcoin (BTC) rose 3.03% to trade at $16,807 while Ethereum (ETH) rose 2.83% to trade at $1,252.