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.
Decentral Block Post
Access real-time blockchain and cryptocurrency news updates from around the globe.
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.
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.
Will SBF face consequences for mismanaging FTX? Don’t count on it
Lawmakers, regulators and even the institutional media don’t seem to have much interest in faulting SBF for using customer money to trade under the table.
California AG issues warning-ladened guidance for public interested in buying crypto
In an effort to help consumers “avoid the hype, [and] get the facts,” Rob Bonta has created a page on crypto buying dominated by lists of scams, red flags and other unpleasantness.
FTX fallout continues: BlockFi reportedly mulling bankruptcy, SALT pauses withdrawals and deposits
News of BlockFi’s potential bankruptcy filing comes only a day after the platform denied allegations that the majority of its assets were held on FTX.
Yuga Labs acquires Beeple’s 10KTF game, hints at metaverse integration
Once the acquisition is completed, the company said that Beeple will be hired as an advisor for Yuga Labs.
FDIC acting chair says no crypto firms or tokens are backed by agency
Martin Gruenberg answered affirmatively to Senator Bob Menendez that there were “no cryptocurrency firms backed by the FDIC” and its coverage did not include crypto "of any kind.”
Thousands petition for congressional investigation of alleged Gensler–SBF links
Ripple defense lawyer John Deaton’s CryptoLaw website has a petition app, and readers are urging Congress to look into a suspicious meeting and other supposedly questionable links.
SEC pushes deadline to decide on ARK 21Shares spot Bitcoin ETF to January 2023
“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change," said the SEC.
SEC pushes deadline to decide on ARK 21Shares spot Bitcoin ETF to January 2023
“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change," said the SEC.
1inch seeks to optimize gas costs with its new v5 router
The new router features a number of updates, including an improved smart contract error processing system.
Hive Blockchain revenue declines by 44% Y/Y despite overall mining production surge
The company mined 31% more Bitcoin than in the same quarter last year.
NY Fed launches 12-week CBDC pilot program with major banks
Banking giants including BNY Mellon, Citi, U.S. Bank, and Wells Fargo will be issuing tokens and settling transactions through simulated central bank reserves as part of the pilot.
Bahamas supreme court approves 'provisional liquidators' for FTX
The Securities Commission of the Bahamas said it had to act "given the magnitude, urgency, and international implications of the unfolding events with regard to FTX."