The collapse of FTX has raised alarm bells across Washington D.C.
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US lawmaker blames 'billionaire crypto bros' for delayed legislation
The collapse of FTX has raised alarm bells across Washington D.C.
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.
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.
CZ and Saylor urge for crypto self-custody amid increasing uncertainty
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 it anytime. Just make sure you do do it right,” he said, recommending investors to start with small amounts in order to learn the technology and tooling first:
Speaking to Cointelegraph during the Pacific Bitcoin conference on Nov. 10-11, MicroStrategy executive chairman Michael Saylor also discussed the merits of self-custody given the current market environment.
Saylor suggested that self-custody not only provides investors with property rights, it also prevents powerful actors from corrupting the network and its participants:
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.
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.
Developers could have prevented crypto's 2022 hacks if they took basic security measures
Crypto doesn’t need reversible transactions. It needs real-time threat monitoring and more audits.
FTX under investigation in the Bahamas for criminal misconduct - Report
The Bahamas securities regulator and financial investigators are reportedly investigating the collapsed crypto exchange.
How to build a Bitcoin Beach: Advice from the pros
Founders of Bitcoin Beach El Salavdor, Bitcoin Ekasi in South africa, Dakar Bitcoin Days in Senegal and Global Bitcoin Fest shed light on building Bitcoin communities around the world.
What is a Helium miner and how does it work?
A wireless device called a hotspot, or helium miner, uses radio technologies for HNT minting and rewards HNT tokens for providing coverage.
$3 billion in Bitcoin left exchanges this week amid FTX contagion fears
It appears that more investors are choosing to self-custody their BTC funds in the wake of the FTX scandal and fallout.
$3 billion in Bitcoin left exchanges this week amid FTX contagion fears
Bitcoin (BTC) investors are withdrawing funds from exchanges at a rate not seen since April 2021 with nearly $3 billion in Bitcoin withdrawn over the past seven days.
New data from on-chain analytics firm Glassnode shows the number of wallets receiving BTC from exchange addresses hit almost 90,000 on Nov. 9.
Exchange users wake up to self-custody
Amid ongoing turmoil over the bankruptcy of major exchange FTX, concerns have heightened among exchange users over security of funds.
Commentators have upped advice to avoid custodial wallets and take control of cryptoassets, and regulators are increasing scrutiny of the crypto industry en masse.
On-chain figures suggest that a large number of hodlers have opted for non-custodial wallets over the past week.
Hong Kong to avoid FTX-like scenario through transparency and supervision
Financial Secretary Paul Chan highlighted the importance of being “steady and cautious” when promoting the development of the virtual asset industry in Hong Kong.
Huobi and Gate.io under fire for allegedly sharing snapshots using loaned funds
A wallet address linked to the Huobi exchange was found transferring 10,000 ETH to Binance and OKX deposit wallets soon after releasing its asset snapshot.
Crypto.com accidentally sends 320k ETH to Gate.io, recovers funds days after
Crypto.com CEO confirmed the return of the funds and reassured the investors that new processes and features were implemented to prevent a reoccurrence.
Regulator denies asking FTX to prioritize withdrawals for Bahamian clients
The statement from the Securities Commission of The Bahamas refutes a claim from FTX that it has been facilitating withdrawals in accordance with Bahamian regulations.
Sam Bankman-Fried is ‘under supervision’ in Bahamas, looking to flee to Dubai
It is understood that Sam Bankman-Fried and two former FTX associates are currently being detained by Bahamian authorities.
FTX goes up in flames and impacts broader crypto industry, causing regulators to respond: Hodler’s Digest, Nov. 6-12
Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
FTX and Binance’s ongoing saga: Everything that’s happened until now
An earthquake rattled the crypto space this week, its impact felt in numerous related stories regarding FTX, Alameda Research and Binance. Although the bad news came rolling in this week, suspicions relating to FTX’s status appear to have started on Nov. 2. The concerns had to do with a large number of FTX Token (FTT) held by Alameda (Sam Bankman-Fried, aka SBF, founded Alameda and co-founded FTX). By Nov. 6, Binance had decided it would sell its sizable position in FTT. FTX withdrawal issues surfaced on Nov. 7, symptomatic of a bank run. Binance expressed interest in buying FTX but declined the purchase, citing concerns on Nov. 9.
Other developments throughout the week included SBF reportedly requesting $8 billion to cover exchange withdrawals and news of the situation affecting other big players such as Sequoia Capital, as well as related regulatory headlines.
Nov. 11 saw SBF’s resignation as well as FTX, Alameda and FTX US applying for Chapter 11 bankruptcy in the United States. About 130 entities under FTX Group are filing for bankruptcy.
Breaking: Bahamas securities regulator freezes FTX assets
On Nov. 10, FTX saw its assets frozen and its registration suspended by the Securities Commission of The Bahamas, based on suspicions of mishandled client funds. A provisional liquidator was elected by the Bahamian Supreme Court, meaning FTX must now obtain permission to touch any of its assets. FTX is primarily based in the Bahamas, falling under its jurisdiction. The situation regarding FTX user withdrawals has been touch and go, with some withdrawals seemingly approved and funds leaving the exchange. Additionally, FTX negotiated a deal with Tron to allow holders of TRX, BTT, JST, SUN, and HT to swap assets from FTX to external wallets without penalty.
