The biggest news in the cryptoverse for November 21 includes FTX’s call for other exchanges to wait and avoid hacker withdrawals, Coinbase revealing Grayscale’s 635,000 Bitcoin reserve, and Bank of England claims blaming from the FTX collapse to the FTT token run.
Top CryptoSlate Stories
FTX warns exchanges to freeze stolen funds to prevent hackers from withdrawing them
On November 20, bankrupt FTX announced that all crypto exchanges should be on high alert regarding unauthorized fund transfers from FTX Global to related debtors.
(1/2) Exchanges should note that certain funds transferred from FTX Global and related debtors without authorization on 11/11/22 are being transferred to them via intermediary wallets.
-FTX (@FTX_Official) November 20, 2022
According to FTX, the funds were being transferred through intermediary wallets. The exchange warned everyone else to take the necessary precautions to seize and return the funds, given that they are somehow being sent through their systems.
Grayscale Holds 635K BTC as Coinbase Custody Reveals Holdings
Grayscale Custodian Partner coin base stepped in to address concerns about the fund’s financial state. Coinbase published a report revealing the assets it held on behalf of Greyscale.
According to the report, Greyscale currently owns around $10 billion worth of Bitcoin. This amount would be closer to $43.8 billion at the height of the bull market. Greyscale also owns 3,056,833 Ethereums.
BoE Speculates FTT Token Selling May Have Caused FTX Collapse, Calls for Widespread Regulation
During his speech on November 17, Bank of England Deputy Governor Jon Cunliffe said that FTX’s plunge was caused by the FTX Tab token execution. He stated:
“Indeed, in the case of FTX, there are indications that it might have been a run on its crypto currency, FTT, that caused the collapse.”
Cunliffe also said that the cryptosphere had proven unstable over the past year. Cunliffe argued that the crypto industry needs to undergo regulations in order to stabilize.
‘Boring’ Litecoin Plays for Top 10 Amid Market Collapse
Litecoin (Litecoin) has skyrocketed and is currently ranked 15th in market capitalization. This is six places higher than LTC’s ranking as 21 on October 30.
Litecoin foundation managing director Alan Austin tweeted to share the rise in LTC shouting out those who called Litecoin “boring”.
To those over the years who have called #Litecoin very boring:
Have you had enough excitement yet?
—Alan Austin (@alangaustin) November 17, 2022
FTX Exploiter ups the ante with a 200K ETH move
After moving 50,000 Ethereum (Ethereal) on November 20, the exploited FT X moved another 195,000 Ethereum on November 21. The attacker transferred these funds in 13 transactions,
Ren Bridge announces that the open source community led Ren 2.0 in response to the Alameda fallout
The Ren Bridge project announced Ren 2.0, also called ‘Ren Community’ on their Medium account on November 18. Ren 2.0 will be a fully decentralized, community-owned cross-chain network.
Singapore Watchdog Says Binance Was Placed On FTX Investor Watchlist Due To Unlicensed Activity
The Monetary Authority of Singapore (MAS) explained why it placed Binance on its Investor Alert List (IAL) and left FTX off it. He said that Binance was actively seeking users to onboard in Singapore, while FTX was not. MAS also added that no exchange is licensed to operate in the country.
Hedge Fund Investor Bill Ackman Mocks Crypto, Reveals His Investment
Billionaire hedge fund investor Bill Ackman announced that the exciting crypto projects he discovered changed his skeptical position towards crypto.
Ackman announced his change of heart on his Twitter account. Although he did not disclose the projects, he said they enabled the formation of useful businesses and technologies.
Investigation: Genesis Received Over $1 Billion In FTT From Alameda, FTX In Last 3 Months
Analyzing the Arkham Intelligence dashboard, CryptoSlate analysts revealed that the cryptocurrency lender Genesis received billions of dollars in FTT tokens from FTX and Alameda Investigation.
Genesis received $932.56 million in FTT tokens from FTX and $141.1 million in FTT from Alameda, all within the last three months.
News from across the Cryptoverse
FTX, Alameda had a loss of $3.7 billion in 2021
Based on 2021 tax returns, the FTX companies had carryover federal net operating losses of at least $3.7 billion and carryover state net operating losses of at least $715 million, the last presentations of the FTX bankruptcy program.
Coinbase shares hit an all-time low
Coinbase stock prices hit a new all-time low of $40.81 on Nov. 21. As of this writing, the shares are trading for around $41.10.
Uniswap collects on-chain data from users
Leading decentralized exchange uniswap updated its privacy commitment to announce that it is collecting on-chain data from its users. The exchange said it decided to do so “in order to make data-driven decisions that improve the user experience.”
In the last 24 hours, Bitcoin (BTC) declined 4.14% to trade at $15,835, while Ethereum (ETH) fell 5.94% to trade at $1,106
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