Decentral Block Post

Singapore’s state-owned investment firm Temasek, a shareholder at FTX, is reportedly engaging with the cryptocurrency exchange in the liquidity crisis that led to its unexpected (and still pending) bail out on Nov 8.

In comments to Reuters, the sovereign wealth fund said it was "aware of the developments between FTX and Binance, and are engaging FTX in our capacity as shareholder," avoiding providing further details about the case impacts on its portfolio.

Temasek invested in a series of FTX's round findings that led to the exchange's $32 billion valuation in January. Ten months later, the Singaporean firm is taking part in rescuing the exchange. Temasek participated in FTX's Series B, Series B extension, and Series C funding rounds, when the exchange raised US$1 billion, US$420 million and US$400, respectively.

Some shareholders learned about the agreement, via Twitter on Nov. 8. In his letter to shareholders sent later on, Sam Bankman-Fried, aka SBF, apologized for being "hard to contact" in the past days, acknowledged he has no idea what exactly the agreement with Binance means, and lastly, close the letter saying he will be "quite swamped" in the coming days, and will write again "when I have time too."

FTX was backed by other big players in the venture capital scene, including Sequoia Capital, BlackRock, SoftBank, Ontario Teachers’ Pension Plan, Paradigm, Circle, Ribbit Capital, Alan Howard, Tiger Global, and Multicoin Capital.

Bitcoin (BTC) fell below $17,000 on Nov. 9 as rumors spread over crypto exchange Binance exiting a deal to buy embattled competitor FTX.

Binance CEO: "Do not trade FTT"

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $16,936 on Bitstamp before rebounding.

The latest dive hit an already shaky market, which had reacted badly to news that FTX had asked Binance for financial assistance.

In a note to staff shared on Twitter, Binance CEO, Changpeng Zhao (known as “CZ” in the crypto industry), told them to refrain from trading FTX’s in-house FTT (FTT) token.

“I want to remind everyone: DO NOT trade FTT tokens. If you have a bag, you have a bag,” it read.

Bitcoin (BTC) fell below $17,000 on Nov. 9 as rumors spread over crypto exchange Binance exiting a deal to buy embattled competitor FTX.

Binance CEO: “Do not trade FTT”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $16,936 on Bitstamp before rebounding.

The latest dive hit an already shaky market, which had reacted badly to news that FTX asked Binance for financial assistance.

In a note to staff shared on Twitter, Binance CEO Changpeng “CZ” Zhao told them to refrain from trading FTX’s in-house FTX Token (FTT).

“I want to remind everyone: DO NOT trade FTT tokens. If you have a bag, you have a bag,” it read.

Blockchain software technology firm ConsenSys continues working on expanding blockchain interoperability by introducing a new tool to the MetaMask wallet.

Metamask users can now bridge across multiple blockchain networks using MetaMask Bridges, which aggregates different blockchain bridges in one place, ConsenSys announced on Nov. 9.

MetaMask Bridges supports major blockchains compatible with Ethereum Virtual Machine (EVM), including Ethereum, Avalanche, the Binance Smart Chain and Polygon. The new tool allows bridges of Ether (ETH) and Wrapped Ether (WETH), major stablecoins and native gas tokens, the firm said.

The new bridge feature enables Metamask users to move tokens from one blockchain network to another without having to do research to find and choose a reliable bridge.

“There are a ton of different bridges out there, each supporting various networks and tokens,” MetaMask Bridges product manager Angela Potter told Cointelegraph. She noted that bridge costs, speed and security properties vary a lot from one bridge to another, requiring users to manually check a lot of data each time before proceeding with a bridge.

Solana (SOL) is on the track to log its worst daily performance on record.

On Nov. 9, SOL's price dropped more than 40% to around $16 primarily due to its association with Sam Bankman-Fried, the founder of crypto-focused hedge fund Alameda Research and cryptocurrency exchange FTX.

Sam tokens get 'fried'

Fried was an early investor in the Solana blockchain project via Alameda Research. On Nov. 8, the entrepreneur's estimated wealth plunged from a whopping $15.6 billion to around $1 billion, according to Bloomberg Billionaires Index.

At the core of this wipeout was a near-collapse of FTX. On Nov. 6, Binance, FTX's rival exchange and early investor decided to sell its $2 billion stake, which it was holding in the form of FTX's native token, (FTT). In response, FTT's price crashed by over 85% and was trading for around $3.60 as of Nov. 9.

Alameda Research's balance sheet reportedly was worth around $12 billion as of June 30, out of which half was FTT. The firm allegedly had $8 billion in liabilities on the same day, raising speculation about its potential insolvency after FTT's massive crash.

Solana (SOL) is on the track to log its worst daily performance on record.

On Nov. 9, SOL’s price dropped more than 40% to around $16 primarily due to its association with Sam Bankman-Fried, the founder of crypto-focused hedge fund Alameda Research and cryptocurrency exchange FTX.

Sam tokens get ‘fried’

Fried was an early investor in the Solana blockchain project via Alameda Research. On Nov. 8, the entrepreneur’s estimated wealth plunged from a whopping $15.6 billion to around $1 billion, according to Bloomberg Billionaires Index.

At the core of this wipeout was a near-collapse of FTX. On Nov. 6, Binance, FTX’s rival exchange and early investor, decided to sell its $2 billion stake, which it was holding in the form of FTX’s native token, FTX Token (FTT). In response, FTT’s price crashed by over 85% and was trading for around $3.60 as of Nov. 9.

Alameda Research’s balance sheet reportedly was worth around $12 billion as of June 30, out of which half was FTT. The firm allegedly had $8 billion in liabilities on the same day, raising speculation about its potential insolvency after FTT’s massive crash.