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Last Updated : November 28, 2022 / 08:33 AM IST
Cryptocurrency roundup for November 28: MetaMask to collect users’ wallet and IP addresses, trouble in Bahamas following FTX collapse, and more
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day
Big Story
American Congressman Alleges Sam Bankman-Fried teamed up with the SEC to get “Special Treatment
According to Tom Emmer, the U.S. congressional representative for Minnesota, Sam Bankman-Fried, the founder of FTX, pushed for legislation for the cryptocurrency industry with similar goals and sought “special treatment” from the Securities and Exchange Commission (SEC) in his meetings with the financial watchdog. In a FOX interview, Emmer asserted that “centralized finance,” “commercial ethics,” and governmental oversight procedures, not cryptocurrencies, were to blame for FTX’s demise. The congressman asserted that “serious issues” have been raised by the SEC’s failure to stop the disaster. Read details here
Meta Buzz
MetaMask Will Start Logging User IP addresses As Part Of New Policy
ConsenSys has released an updated privacy policy agreement which states that during on-chain transactions, MetaMask would start logging users’ IP addresses and Ethereum wallet addresses. However, the wallet’s developer, ConsenSys, explained that data will only be collected if users use Infura, the default Remote Procedure Call (RPC) application provided by MetaMask. Users who are utilizing their own Ethereum node or an external RPC provider will not be subjected to the ConsenSys privacy policy released on Nov. 23. Instead, the other RPC provider’s terms will be applied to them. Take a look
Genesis
A number of US states are looking into cryptocurrency lender Genesis
As the contagion spreads as a result of the collapse of FTX, numerous U.S. regulatory agencies have launched investigations against FTX and other centralized exchanges and operators. Genesis Global Capital is now under investigation by the Alabama Securities Commission and other jurisdictions. According to Joseph Borg, the director of the Alabama Securities Commission, “many additional states” are involved in the investigation. Borg did not mention the other states. Genesis is being investigated as part of a more extensive inquiry into the connections between various cryptocurrency companies and whether or not they have broken any state securities laws. When a major player like FTX falters, Borg emphasised “the interdependencies and interwoven links in the crypto sector” as a cause for concern. Read more here
Crypto Recovery
An additional $1 billion is pledged by Binance for its crypto recovery fund
According to its CEO Changpeng Zhao, cryptocurrency exchange Binance has donated an additional $1 billion to its industry recovery fund, bringing the total value of the fund to $2 billion. Aptos Labs and Jump Crypto have already joined Binance’s effort and will each contribute $50 million to the fund, along with other well-known cryptocurrency businesses. The change occurs at the same time as FTX applied for Chapter 11 bankruptcy protection in the US. The broader market is still on edge, and several other businesses are struggling under the severe pressure of the FTX repercussions. Read details here
Dogecoin Prices
Double-Digit Black Friday Pump for Dogecoin
On this Black Friday, the price of Bitcoin, Ethereum, and the rest of the cryptocurrency market barely moved, but Dogecoin surged with double-digit gains. According to CoinGecko, the market cap of the meme coin, which has a current value of $12.3 billion, is up 10.5% in the last day and is currently exchanged for 9 cents. That is a far cry from DOGE’s record-breaking price of 73 cents in May 2021, when Elon Musk, a proponent of Dogecoin, headlined Saturday Night Live. In fact, Dogecoin, which was once made as a joke but has since grown to be Elon Musk’s preferred digital asset, has had the best day of any major cryptocurrency. Take a look
Bitcoin Mining
Bitcoin’s hash rate is decreasing, and mining revenue is at its lowest level in two years
Due to weak market performance, a higher computational demand, and increasing network complexity, Bitcoin miners’ revenue dropped to two-year lows. Miners have been able to recover losses because of a persistent decline in the hash rate of Bitcoin over the previous month. On November 2, 2020, when Bitcoin’s price was about $13,500, the total Bitcoin mining earnings, which includes block rewards and transaction fees, dropped to $11.67 million. Due to weak market performance, a higher computational demand, and increasing network complexity, Bitcoin miners’ revenue dropped to two-year lows. Read more here
PoW Prohibition on Mining
After the prohibition on PoW mining, New York’s mayor aims to strike a compromise with the authorities
Eric Adams, the mayor of New York City, is still committed to making his city a center for the cryptocurrency industry, but he thinks that effort may be complemented by state-wide initiatives to reduce the environmental costs of crypto mining. The remarks come in response to a new rule that New York Governor Kathy Hochul signed that forbids proof-of-work (PoW) mining operations for a period of two years in the state. A well-known cryptocurrency supporter, the mayor declared in June that he would petition the governor to veto the bill. Read details here
FTX
Prior to declaring bankruptcy, Alameda Research withdrew $204 million: Arkham Intelligence
Prior to declaring bankruptcy, Alameda Research withdrew more than $200 million from FTX.US, according to research by blockchain company Arkham Intelligence, which was made public on November 25. In a thread on Twitter, Arkham disclosed that in the final days before the collapse, Alameda Research, FTX’s sibling firm, took $204 million in various crypto assets, most of which were stablecoins, from eight distinct FTX US accounts. $116 million, or 57.1% of the withdrawn money, were held in stablecoins linked to the US dollar, such as Tether (USDT), USD Coin, Binance USD (BUSD), and TrueUSD (TUSD). Additionally, according to Arkham’s investigation, $49.49 million (24.2%) of the money were held in ether, and $38.06 million (18.7%) were held in wrapped bitcoin (wBTC). Take a look
Binance Buzz
Proof of reserves from Binance is “pointless without liabilities” CEO of Kraken
The failure of the cryptocurrency exchange FTX made it clear how crucial proof of reserves is for preventing scenarios when users’ money is misappropriated. Even though exchanges have proactively begun disclosing wallet addresses to demonstrate the presence of users’ assets, many business leaders, like Kraken CEO and co-founder Jesse Powell, have criticized the move as “pointless” because exchanges do not account for liabilities. Powell claims that in order for a proof-of-reserve audit to be complete, it must include the total of client liabilities, user-verifiable cryptographic proof that each account was included in the total, and signatures demonstrating the custodian’s authority over the wallets. Even though Kraken’s proof of reserve makes it possible to compare the company’s assets to its liabilities, Powell still criticizes other players for failing to include accounts with negative balances. Read more here
Bahamas After FTX Collapse
Bahamas reeling with aftershocks of FTX collapse
Bahamians are allegedly still attempting to make sense of things after the collapse of cryptocurrency exchange FTX, which had its headquarters on the island nation of Bahamas. Despite this, they are said to be optimistic about the future. The collapse of FTX has shaken the island nation, which had made cryptocurrency entrepreneurs feel at home with their “copacetic regulatory touch.” The community now claims that FTX’s abrupt collapse has left a trail of unemployment on the tiny 80-square-mile New Providence Island, where FTX was situated. When operating at peak efficiency. Take a look
Market Buzz
Crypto markets were subdued last week. FTX collapse digested?
This week’s cryptocurrency prices were a mixed bag. Only a few of the top 20 currencies by market cap, as of Saturday morning, had a negative seven-day performance which raises the question, have the consequences of the recent FTX collapse subsided? In the last seven days, Bitcoin (BTC) has remained largely unchanged. According to data from CoinGecko, it is now trading at $16,592, down 0.30 percent from a week ago. It hit its lowest point in two years earlier this week when it fell to $15,649. Ethereum (ETH) performed similarly. The second-most popular digital asset in the world gained 0.60% over the previous week and is now trading at $1,219 at the start of the weekend. It has also gained 2.5% over the previous day. On Monday, it fell 7% after the hacker who emptied the FTX accounts sold a sizable amount of the stolen ETH for Bitcoin.
The Week on Dalal Street | Weekly wrap of market trends, stock moves & what to look out for!
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