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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.


Weekly Overview

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.


Altcoins

FTX goes up in flames and impacts broader crypto industry, causing regulators to respond: Hodler’s Digest, Nov. 6-12

Bitcoin

FTX goes up in flames and impacts broader crypto industry, causing regulators to respond: Hodler’s Digest, Nov. 6-12

Blockchain

FTX goes up in flames and impacts broader crypto industry, causing regulators to respond: Hodler’s Digest, Nov. 6-12

Ethereum

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.


Market Analysis

Crypto token supplies explained: Circulating, maximum and total supply

Circulating, maximum and total supply are all essential metrics for an investor’s price discovery. Find out here what they are and how they can be used.

Blockchain

What is a 51% attack and how to detect it?

Despite the inordinate amount of resources needed to engineer them, small-cap cryptocurrencies are still susceptible to a 51% attacks.

Bitcoin

What is a 51% attack and how to detect it?

Despite the inordinate amount of resources needed to engineer them, small-cap cryptocurrencies are still susceptible to a 51% attacks.

Blockchain

Hackers keeping stolen crypto: What is the long-term solution?

In the long run, the industry needs to come together and step up its cybersecurity game in a big way rather than seek out such temporary fixes.

Blockchain

Bitcoin will shrug off FTX 'black swan' just like Mt. Gox — analysis

There might not be much new to worry about when it comes to the FTX aftermath and Bitcoin resilience.

Bitcoin

Bitcoin will shrug off FTX 'black swan' just like Mt. Gox — analysis

Bitcoin (BTC) will recover from the FTX “black swan event” just like other setbacks, trading team Stockmoney Lizards believes.

In a tweet on Nov. 12, the popular commentator argued that the week’s events were actually nothing new for Bitcoin.

FTX "a real black swan event"

Despite falling 25% in days, BTC/USD is not doomed as a result of the insolvencies impacting FTX, Alameda Research and possibly other major crypto companies.

For Stockmoney Lizards, the unravelling, while sudden, is not hugely different to liquidity crises from earlier in Bitcoin’s history.

“We have indeed seen a real black swan event, the FTX bankruptcy,” it said.

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Market Analysis

Binance CEO CZ on FTX crash: “We’ve been set back a few years”

With one of the biggest crypto businesses falling overnight after getting caught misappropriating user funds, CZ believed the episode was devastating for the industry, which took away a lot of consumer confidence.

Regulations

Tether blacklists $31.4M USDT following FTX's alleged hack, Musk reacts

Billionaire entrepreneur Elon Musk, who recently purchased Twitter in hopes of unleashing the platform’s full potential, acknowledged Twitter’s contribution in tracking down the FTX developments in real time.

Regulations

Bitfinex CTO releases proof of reserves amid FTX bankruptcy fiasco

Over the past few days, major crypto exchanges, including Binance, OKX, Kucoin and Crypto.com, committed to sharing their proof of reserve to regain investor confidence.

Blockchain

FTX funds on the move: bankruptcy proceedings, insider threat or a hack?

The wallet address in question received funds from various international and U.S.-based wallets linked to FTX, which amassed over 83,878.63 ETH (worth over $105.3 million) in just two hours.

Regulations

Worldwide Webb founder explains the role interoperability will play in Web3

On Nov. 11, NFT Steez, a bi-weekly Twitter Spaces hosted by Alyssa Expósito and Ray Salmond, met with Thomas Webb, the founder of the interoperable avatar game Worldwide Webb, to discuss the integration of interoperability in Web3 and the Metaverse. 

By definition, interoperability is a feature of Web3 whereby a product or system can work seamlessly across platforms with other products or services. Webb defines interoperability simply as "creating a token— a nonfungible token (NFT)" since, at its most basic level, no one can control it besides the creator.

But how does interoperability function presently in Web3, and what is its potential impact?

Executing interoperability the "right" way 

When discussing how interoperable applications can create a profound impact, Webb described the creativity he has seen from NFT communities and brands.

Whether it comes from "creating a product, creating ideas, or creating experiences," Webb believes that enabling the creation of intellectual property (IP) allows users to display their loyalty and in other ways, their achievement.

Market Analysis

Genesis receives additional equity infusion of $140M following recent market events

According to the company, this will bolster its position as a global leader in crypto capital markets.

Blockchain

MakerDAO Risk Core Unit makes urgent parameter change request in light of recent market events

The proposed change would prevent certain coins that have fallen in value recently from being used as collateral.

Blockchain

3 key crypto price events to watch in the wake of the FTX and Alameda debacle

Up until the start of this week, Bitcoin (BTC) had been demonstrating record-low volatility, and this gave altcoins enough latitude to paint some nice technical setups. 

At the same time, on-chain data and technical analysis were beginning to suggest that BTC was midway through carving out a bottom, and many analysts believed that brighter days lay ahead.

Fast forward to the present, and the volatility spike the market received actually turned out to be a black swan event.

As you already know, FTX is kaput.

Alameda Research is kaput.

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