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2022-11-17 05:09:02 FTX actions 'were illegal 100 years ago,' says Rep. Auchincloss

Congressman Jake Auchincloss, D-Mass., rejected the urgency for new crypto legislation in response to the collapse of FTX last week. "The crimes FTX were committing were not some tech-specific, wiz-bang, 2022-era set of crimes. They were illegal 100 years ago. You can't do that.” .

The role of venture capitalists and private investors pouring money into crypto startups without performing independent due diligence also drew Auchincloss' criticism. “If you’re putting money down you should be getting open books in return,” he said. Congress has reacted strongly to the failure of FTX, partially as a result of that company's ubiquitous presence in Washington, D.C. The line of questioning was in response to growing alarm.

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2022-11-16 10:16:02 Nike to debut its own platform for web3 wearables

Sports brand Nike already is one of the most successful brands in web3. Now, it's going to promote virtual shoes and other items on its own platform. Currently in beta but expected to launch its first digital collection next year, .Swoosh (pronounced “dot swoosh”) will let Nike fans to collect and even co-create virtual items with the company.

Nike has earned a total of $185 million in NFT revenue, according to data published on Dune Analytics. Of that, $93 million came from primary sales revenue and $92 million from royalties. It launched an experience in November 2021 on the ever more brand-crowded gaming platform Roblox, attracting more than 26 million visits to date. The following month it acquired NFT studio RTFKT and has been pumping out collections ever since.

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2022-11-15 09:59:02 FTX under investigation in the Bahamas for possible criminal misconduct

FTX, which filed for Chapter 11 bankruptcy protection in the U.S. on Friday, is now under investigation in its headquarters of the Bahamas. FTX globally and the provisional liquidations of FTX Digital Markets Ltd., a team of financial investigators from the Financial Crimes Investigation Branch are working closely.

FTX Digital Markets is a subsidiary of FTX Trading and is licensed and regulated in the Bahamas. FTX, one of the world's largest crypto exchanges, is also facing an investigation by the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) into its mismanagement of customer funds and relationships with FTX.US and Alameda Research. A later report said he and two former FTX associates were “under supervision” by Bahamian authorities.

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2022-11-14 09:27:02 Huobi reports on asset transparency, totals $3.5 billion in hot and cold wallets

Huobi disclosed balance details of its hot and cold wallets, revealing a total value of about $3.5 billion. The Seychelles-based crypto exchange said it holds 32,000 bitcoins, 274,000 ether, 820 million tether and 9.7 billion tronix. Huobi’s report follows the high-profile collapse of crypto exchange FTX.

Huobie — which was acquired by About Capital last month — said it is planning a Merkle tree audit to prove its reserves within the next 30 days. "It is also our promise and commitment that users' assets shall be protected intact, not appropriated, and fully redeemable and withdrawable," it added. On Friday, crypto exchange Bitfinex also published details of its reserves — which included $3.4 billion in bitcoin and $1.5 billion in ether.

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2022-11-13 05:45:06 El Salvador Does Not Hold Any BTC on FTX, Said Changpeng Zhao

The President of El Salvador – Nayib Bukele – reportedly dismissed the arising rumors that his country holds its bitcoin stash on the battered cryptocurrency exchange FTX. The information was revealed by Binance’s CEO – Changpeng Zhao – who said he discussed the matter with the political leader. The Central American nation became the first to make bitcoin legal tender inside its borders.

Numerous companies, including CoinShares and Galaxy Digital, said they have significant exposure to the distressed entity. Some individuals even hinted that El Salvador holds its entire bitcoin possessions on FTX. CZ – Founder and CEO of Binance – took to Twitter to reject the rumors. He disclosed having a conversation with El Salvador’s President Nayib Bukele, who assured that the country has “never had any business” with SBF’s trading venue.

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2022-11-12 08:59:02 BlockFi suspends withdrawals after FTX collapse

Crypto lender BlockFi suspended withdrawals and will not be able to operate business as usual given the lack of clarity over the status of FTX, the company said on Twitter. In July, BlockFi brokered a $680 million deal with FTX.US that included a $400 million credit line and an option for FTX to buy the firm for $280 million.

Earlier in the day BlockFi said that it would delay the processing of ACH and wire transactions scheduled for Nov. 11 until Nov. 14, due to the observance of Veterans Day by its U.S. based-banking partner Silvergate. It is now unclear whether those delayed transactions will go through. client withdrawals will be paused “as is allowed under our Terms,” the company said. No exact time frame was specified in terms of service restoration.

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2022-11-11 05:55:03 Gensler pressed on FTX failure, warns investors to ‘be careful, beware.’

Securities and Exchange Commission Chair Gary Gensler continued to raise red flags about the crypto industry, and responded to questions about whether his agency has failed to go after large actors in the crypto space that are violating U.S. financial laws.

Gensler would not go into the specifics of FTX’s failure, citing an ongoing investigation, and made clear he did not want to comment on any specific case. But he once again called the crypto industry “largely noncompliant,” and cautioned the American public to “be careful, beware.”. Gensler said when asked if everyday investors should feel safe keeping their money with crypto companies.

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2022-11-10 05:15:02 MetaMask rolls out bridge aggregator for cross-chain crypto transfers

Crypto wallet provider MetaMask has launched a new feature that will aggregate bridge services for users who want to transfer their crypto across different chains. The release is in the beta stage, and MetaMask said in a blog post that the service is part of its newly launched portfolio app.

Users will be able to move up to $10,000 of supported tokens using any of these bridges across Ethereum, Avalanche, BNB Smart Chain and Polygon. Supported tokens include ether and wrapped ether; popular stablecoins such as DAI; and native gas tokens like matic. The bridge aggregator will help users find the cheapest route for moving coins across supported networks. The platform is looking to expand its coverage to Layer 2 chains such as Optimism and Arbitrum.

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2022-11-09 12:39:02 $640 Million Liquidated Amid Binance-FTX Fiasco, FTT Drops Below $7

The crypto market is dumping after Binance announced its acquisition deal with FTX, with FTT suffering major losses. Over $640 million in trades have been liquidated from crypto markets in the aftermath of FTX’s drama with Binance. Markets experienced a brief rally after Binance announced its intention to buy FTX.

According to Coinglass, over $640 million in liquidations have taken place in the last 24 hours, with $182 million liquidated in the past hour alone. Over $10 million in liquidations have occurred on FTX Token (FTT) trades. With over $3 million worth cleared in the past hour. Binance has now agreed to buy out FTX to help it navigate its “liquidity crunch.” FTX suffered overwhelming withdrawal demand earlier this week, and seemingly stopped processing withdrawals entirely on Tuesday.

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2022-11-04 11:52:02 Coinbase executive departs as exchange restructures product team

Coinbase’s chief product officer departed as the exchange restructured its product team. Surojit Chatterjee stepped down on Oct. 28 as part of a reorganization that will split Coinbase’s product talent into four divisions, according to a filing with the Securities and Exchange Commission.

Chatterjee’s departure is the latest among a spate of exits in the crypto industry, including those from Celsius Network and Voyager Digital, which continue to pick up the pieces after declaring bankruptcy in July. The CEO and founder of crypto exchange Kraken, as well as the CEOs of MicroStrategy, Genesis and Alameda Research, also left their posts in recent months as crypto prices have cratered.

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