UAE’s capital city of Abu Dhabi has granted Binance permission to offer financial services, the latest in a series of regulatory approvals for the exchange in the Middle East.
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FTX Bitcoin stash worth same as Mt. Gox 840K BTC before hack
The infamous Mt. Gox Bitcoin hack cost the same in U.S. dollar terms as FTX emptying its 20,000 BTC balance.
FTX Bitcoin stash worth same as Mt. Gox 840K BTC before hack
If FTX is sparking new Bitcoin (BTC) bear market lows, BTC price action has further to fall to match Mt. Gox.
Data from on-chain analytics firm Glassnode confirms that the “Mt. Gox bear market” almost a decade ago still beats the 2022 lows.
FTX vs. Mt. Gox: Same, same but different
With the fallout from the FTX bankruptcy scandal still unfolding, questions remain over how many major crypto entities will be affected and how big industry losses will be.
BTC/USD fell over 25% last week as the ramifications became known and has failed to recover much lost ground.
At the same time, multiple comparisons to Mt. Gox have emerged: alleged mismanagement, poor security and insider trading activity have all been cited as examples.
US reportedly considering Bankman-Fried extradition for questioning
Authorities in both countries are reportedly in conversation about whether to bring the former FTX CEO back to the United States.
FTX crisis could extend crypto winter to the end of 2023: Report
The crypto market might see “second-order effects” from counterparties that may have lent or interacted with either FTX or Alameda.
Island nation turns to metaverse to preserve its disappearing heritage
The island of Tuvalu said it plans to build a digital version of itself in order to preserve its history as it faces erasure due to climate change.
Island nation turns to metaverse to preserve its disappearing heritage
The island of Tuvalu said it plans to build a digital version of itself in order to preserve its history as it faces erasure due to climate change.
Bitcoin miners send less BTC to exchanges since 2020 halving despite FTX
FTX volatility only resulted in a brief uptick in miner sales on exchanges, with the trend already returning to normal.
Bitcoin miners send less BTC to exchanges since 2020 halving despite FTX
Bitcoin (BTC) miners may be sending more BTC to exchanges this month — but overall, their sales have crashed since 2020.
Data from on-chain analytics platform CryptoQuant confirms that daily miner transfers to exchanges have decreased by two-thirds or more.
Miners cool BTC exchange sales after FTX spike
After BTC/USD lost 25% in days last week, existing concerns over miner solvency have heightened.
Given their cost basis and rising hash rate, commentators warned that many mining participants may not be able to make ends meet — block subsidies and fees would not be enough to cancel out expenses, chiefly electricity.
Network fundamentals, however, tell a curious story — hash rate continues to circle all-time highs and not fall significantly, indicating that at least certain miners are maintaining network hashing power, not shutting down operations en masse.
UAE regulator adopts blockchain to speed up commercial judgments
ADGM Courts aims to "massively transform the delivery of judicial services," said CEO Linda Fitz-Alan while introducing blockchain technology for commercial courts.
UAE regulator adopts blockchain to speed up commercial judgments
ADGM Courts aims to “massively transform the delivery of judicial services,” said CEO Linda Fitz-Alan while introducing blockchain technology for commercial courts.
Tim Draper still positive on $250K Bitcoin price prediction in 2023
The collapse of FTX crypto exchange has nothing to do with the success of Bitcoin because BTC is decentralized, and FTX was not, Tim Draper said.
US national crypto laws should look like New York's, says state regulator
The superintendent of the New York Department of Financial Services highlighted her state’s stringent standards as the blueprint for federal legislation.
FDIC to prioritize crypto risk assessment as banks perform poorly in Q2
With banks reporting $470 billion in unrealized losses and FDIC foreseeing the continuation of this trend, acting chairman Gruenberg believed banks must cautiously engage in crypto-asset activities.
Solana entities sold 50M tokens to FTX — How long will SOL price suffer?
Solana (SOL) has lost 60% of its market value in a week due to its exposure to the now-defunct crypto exchange FTX, which could continue to haunt the "Ethereum killer" well into the future.
FTX/Alameda exposure hurting Solana price
FTX and its sister-firm Alameda Research is liable to have control over 50 million SOL, according to Solana's statement released on Nov. 10.
The FTX entities received 4 million SOL from the Solana Foundation on Aug. 31, 2020. They also started receiving a portion of 12 million SOL from Sep. 11, 2020, and nearly 34.52 million SOL from Jan. 7, 2021, through a "linear monthly unlock" mechanism.
Summary of Solana Labs' SOL sales to FTX and Alameda Research. Source: Solana LabsFurthermore, the FTX entities started receiving portions of a 7.5 million SOL reserve from Solana Labs on Feb. 17, 2021. Notably, a transaction worth 62,000 SOL between the same entities stands unsettled.
Most SOL tokens promised to FTX/Alameda are vested, meaning the firm does not yet have them in custody but is liable to receive them through the linear monthly unlock mechanism. The last of these unlocks will occur by January 2028.
Solana entities sold 50M tokens to FTX — How long will SOL price suffer?
Solana (SOL) has lost 60% of its market value in a week due to its exposure to the now-defunct crypto exchange FTX, which could continue to haunt the "Ethereum killer" well into the future.
FTX/Alameda exposure hurting Solana price
FTX and its sister-firm Alameda Research is liable to have control over 50 million SOL, according to Solana's statement released on Nov. 10.
The FTX entities received 4 million SOL from the Solana Foundation on Aug. 31, 2020. They also started receiving a portion of 12 million SOL from Sep. 11, 2020, and nearly 34.52 million SOL from Jan. 7, 2021, through a "linear monthly unlock" mechanism.
Summary of SOL sales to FTX/Alameda Research. Source: Solana LabsFurthermore, the FTX entities started receiving portions of a 7.5 million SOL reserve from Solana Labs on Feb. 17, 2021. Notably, a transaction worth 62,000 SOL between the same entities stands unsettled.
Most SOL tokens promised to FTX/Alameda are vested, meaning the firm does not yet have them in custody but is liable to receive them through the linear monthly unlock mechanism. The last of these unlocks will occur by January 2028.
Circle marks a possible $3B loss from Binance stablecoin conversions
Circle, the company behind the issuance of USDC Coin (USDC) said recent events have caused it to miscalculate its financial projections — referring to the collapse of FTX and a decision by rival exchange Binance.
In September, crypto exchange Binance announced it will auto-convert USDC to its own stablecoin Binance USD (BUSD), last week saw the collapse of FTX.
Circle’s 2022 miscalculated projection was noted in its amended S-4 registration statement which was filed to the United States Securities Exchange Commission (SEC) on Nov. 14.
The S-4 is a registration statement is a document that companies fill out and submit to the SEC before merging or taking over another company or providing an exchange offer.
Circle noted that while they were not able to assess how significant a role Binance’s auto conversion’s from USDC to BUSD played in USDC’s decline in circulation, they observed an approximate $3 billion increase in BUSD from Aug. 17 to Sept. 30, with the firm adding:
Circle marks a possible $3B loss from Binance stablecoin conversions
Circle attributed its miscalculated financial projections to Binance implementing USDC to BUSD auto-conversions and the recent collapse of FTX.
FTX hacker is now the 35th largest holder of ETH
The exploiter's Ethereum haul is worth an estimated $288 million at current market prices.
FTX Australia's license suspended as 30K Aussies left in the lurch
Three members of a Sydney-based investment and advisory firm are assigned to help Australians impacted by the suspension of the local entity of Sam Bankman-Fried’s former crypto empire.