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Last Updated : November 18, 2022 / 08:12 AM IST
Cryptocurrency roundup for November 18: New FTX Boss slams Sam Bankman-Fried, El Salvador President vows to buy 1 Bitcoin daily, 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
El Salvador President Nayib Bukele, Tron’s Justin Sun To Buy A Bitcoin Everyday
El Salvador President Nayib Bukele and Tron cryptocurrency founder Justin Sun, who is also a Permanent Representative of Grenada to the World Trade Organization, on Thursday announced they would accumulate one Bitcoin every day, notwithstanding the possibility of a prolonged crypto winter. “We are buying one #Bitcoin every day starting tomorrow,” Bukele tweeted. In response, Sun stated that he echoed Bukele’s initiative in buying a Bitcoin daily and that starting tomorrow, he too will buy one Bitcoin a day. Due to massive deleveraging in the market in May and June of this year, there were not many major marginal sellers left in the market. More here
FTX Saga
New FTX Chief Slams Sam Bankman-Fried
In critical remarks about the mismanagement at bankrupt cryptocurrency exchange FTX, new FTX CEO John J. Ray III said never in his career has he seen such a complete collapse of corporate controls and such a complete absence of trustworthy financial information as occurred here. In his 40 years of expertise working on huge business meltdowns like Enron, Ray, who was hired after FTX declared bankruptcy last week, said he had “never” encountered anything like the current situation. This situation is unprecedented, Ray wrote in a statement that was submitted to the Delaware bankruptcy court, adding that there were compromised systems integrity and inadequate regulatory oversight abroad, and concentration of control in the hands of a very small group of inexperienced, unsophisticated, and potentially compromised individuals.” Full story here.
Solana blockchain
Binance halts USDT and USDC deposits on the Solana blockchain temporarily
The stablecoin deposits USDC and USDT on the Solana blockchain were temporarily suspended, according to a statement released on Thursday by cryptocurrency exchange Binance. The deposits were resumed later. The USDT and USDC stablecoins are linked to the US dollar and supported by a number of blockchains, including Solana and Ethereum. They were created and are owned by the businesses Tether and Circle, respectively. Binance has not yet provided any justification for why it decided to halt the deposits. The two stablecoins from Solana have been suspended from deposits and withdrawals, as rival cryptocurrency exchange OKX also revealed earlier this week. Continue reading.
FTX bankruptcy
One of the creditors in the FTX bankruptcy case is Chainalysis
Chainalysis, a crypto analytics firm, has revealed that FTX owes them money in connection with the bankrupt cryptocurrency exchange’s bankruptcy proceedings. In documents presented to the Delaware bankruptcy court on Wednesday, Chainalysis was designated as a creditor and asked that all relevant documents be sent to its lawyers. The collaboration between the blockchain analysis company and FTX began at least in 2019 when they worked together to modernize the exchange’s know-your-customer (KYC) and anti-money laundering (AML) policies. The connection was made when FTX last updated the help page on its website in August. Full story here
Sam Bankman Fried
Sam Bankman Fried A ‘Psychopath’ Says Binance CEO Changpeng Zhao
Binance CEO Changpeng Zhao on Thursday referred to FTX founder Sam Bankman-Fried as a “psychopath,” for suggesting in a tweet that Zhao was his “sparring partner” amid the cryptocurrency exchange’s mind-numbing fiasco. Zhao was speaking at an event of the economic think tank Milken Institute in Abu Dhabi. On November 6, Zhao tweeted that he was going to liquidate all of Binance’s FTT holdings, the native tokens of FTX, in light of “recent revelations” that Bankman-Fried was lobbying “against other industry participants behind their backs.” Continue reading.
Alameda Research
Alameda Research, an FTX affiliate, loaned $4.1 billion to associates, including $1 billion to Sam Bankman-Fried
According to bankruptcy documents, Alameda Research, the venture-capital and trading firm affiliate of the defunct cryptocurrency exchange FTX, provided $4.1 billion in loans to associated parties, including $1 billion to former FTX CEO Sam Bankman-Fried. Documents submitted to the U.S. Bankruptcy Court for the District of Delaware show that Alameda Research had related-party loans totaling $4.1 billion. One billion dollars went to Bankman-Fried, $543 million to the director of engineering at FTX, Nishad Singh, and $55 million to the head of the company’s digital markets, Ryan Salame. Additionally, Euclid Way Ltd. and Paper Bird Inc., two FTX legal entities, borrowed $2.3 billion from one another. Full story here.
Cryptocurrency
JP Morgan says “severe” outflows from Gemini, OKX, and Crypto.com, indicating that cryptocurrency is leaving exchanges
Due to the collapse of FTX, investors are withdrawing money from significant cryptocurrency exchanges, according to JPMorgan analysts. The investment bank’s analysts observed in a note to investors on Wednesday that while all major exchanges had money leave their accounts last week, Gemini, OKX, and Crypto.com suffered the most “serious” losses. Additionally, analysts noted that the stablecoin market is contracting, which may continue to pressure the value of other significant cryptocurrencies like Bitcoin. More here.
Market Buzz
Bitcoin, and Ether flat on Thursday
Major cryptocurrencies like Bitcoin and Ethereum traded flat on Thursday, after a tumultuous week earlier. The past week, the mind-numbing collapse of the world’s third largest crypto exchange FTX sent the crypto markets into a tizzy, with major cryptocurrencies nose-diving to their lowest levels in almost a year. On Thursday, Bitcoin and Ethereum were both trading down about 0.1%. Other cryptocurrencies like Binance, Cardano, and Polygon were trading down 1.1%, 1.3%, and 2.1% respectively, while Ripple and Tron were trading up 2.5% and 0.7% respectively. Notably, Solana continued its downward streak, trading down about 5% on Thursday. The current market capitalization of the crypto industry stands at $8.66 billion.
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