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2022-11-15 05:37:02 DeFi Weekly Exchange Volume Hits $32 Billion Amid FTX Collapse

The shockwaves from FTX’s historic collapse are still being felt across the industry today, but some industry segments, like DeFi, are actually doing better because of it. Trading volumes on decentralized exchanges (DEXs) hit a whopping $32 billion over the last seven days, according to data from Dune Analytics.

The lion’s share of the volume comes from Uniswap, which accounts for $20.9 billion of the trades made over the same period. On November 8, volumes on Uniswap more-than-tripled from the day before. That was the same day Binance announced it had signed a non-binding agreement to bail out FTX for an undisclosed amount. Many exchanges posted an overnight doubling of trade that day, including Curve, which went from $700 million to $1.3 billion.

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2022-11-14 05:23:02 Crypto Exchanges Gate.io and Crypto.com Appear to Be Faking Proof of Reserves

Crypto.com have replied the movement of funds, stating The ETH transfers were made over three weeks ago, on October 21st to Crypto.com whitelisted corporate account at Gate.io. Crypto.com proceeded to withdraw the funds back to its cold wallets over the following days.

Etherscan data, as cited by Conor, showed that Crypto.com sent the funds to Gate.io on Oct. 21 while Gate.io sent back 285k ETH within a week. He noted that both the sender and receiving addresses were connected to Crypto.com. However, the CEO of the exchange, Kris Marszalek, explained that the transfer was a mistake. He claimed they were supposed to be transferred to another cold wallet but instead sent to a whitelisted external wallet.

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2022-11-13 07:43:02 Binance CEO expects more regulatory scrutiny following FTX implosion

Binance CEO Changpeng Zhao said his firm backed out of the FTX deal because it did not make sense and the huge financial hole they would have had to cover. Speaking at the Indonesia Fintech Summit on Nov. 11, CZ said Binance already covers most of the markets that FTX.com operates in.

The Binance CEO also referenced the regulatory scrutiny FTX has drawn as one of the reasons it dropped the deal. Reports have revealed that US agencies were investigating FTX’s handling of customer funds and lending activities. CryptoSlate research revealed that FTX and Alameda Research had used Binance as an unsuspecting intermediary in siphoning funds from each other.

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2022-11-12 06:35:05 Centralized exchanges are scrambling in attempts to prove their reserves

Multiple centralized crypto exchanges have indicated over the last few days that they will be offering proofs of reserves, a system through which users will be able to check the amount of funds held on the platforms, though not necessarily their liabilities.

Trust has been plummeting for centralized exchanges over the collapse of FTX exchange, which most traders had considered to be trustworthy. Its CEO, Sam Bankman-Fried, never disclosed that it was loaning out customers' deposits for venture investment and lending activities. Much of the current distrust stems from FTX's mishandling of customer funds.

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2022-11-11 08:39:04 Kraken CEO on FTX collapse: 'The damage here is huge’

The crypto industry needs to raise its standards in the wake of the implosion of Sam Bankman-Fried’s cryptocurrency exchange FTX. That’s according to fellow exchange Kraken's CEO and co-founder Jesse Powell, who hit out at “clowns” in the industry who sell out their customers.

Kraken is one of several companies with exposure to FTX. It holds about 9,000 FTT, the native token of FTX. Amber Group, Crypto.com, Galaxy Digital, Multicoin Capital, Selling Capital, Sequoia Capital and Wintermute have also released statements detailing their exposure to the company. FTX ran into trouble at the start of this month following reports that Sam Bankman-Fried’s trading firm held significant amounts of FTT.

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2022-11-10 10:30:43 Multicoin Capital hit by FTX collapse, with 10% of its fund's AUM stuck on the exchange

Multicoin Capital, one of the top crypto-focused venture capital firms, is significantly impacted by crypto exchange FTX's collapse, a letter obtained by The Block shows. The letter, sent Tuesday by Multicoin Capital managing partners Kyle Samani and Tushar Jain to partners of the firm's "Master Fund," shows that around 10% of the fund's.

Assets including BTC, ETH, and USD are pending withdrawal and represent approximately 15.6% of the assets in the Fund (excluding side pockets) and approximately 9.7% of total Fund AUM. Before FTX halted withdrawals on Tuesday, Multicoin Capital was able to withdraw around 24% of the fund’s assets that were held on the exchange, according to the letter. The letter does not mention dollar figures corresponding to the percentages.

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2022-11-09 07:26:03 Alameda provides proof it holds 100 million bit tokens after BitDAO query

Under pressure crypto trading firm Alameda Research provided proof it still holds 100 million bit tokens it received in a swap agreement with BitDAO after a request for clarification from the one of the world's largest investment DAOs. The tokens — worth about $39 million at current prices — have been moved to a designated wallet, BitDAO tweeted.

Alameda and FTX, a trading firm and crypto exchange both founded by Sam Bankman-Fried, have come under pressure this week after Binance CEO Changpeng Zhao tweeted that Binance would beginning selling its holdings of FTT, FTX's token. Zhao cited “recent revelations” for the decision — seemingly a reference to a CoinDesk report that revealed details of Alameda’s balance sheet. The swap agreement from 2021 saw BitDAO receive almost 3.4 million FTT in exchange.

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2022-11-08 06:11:03 Investors Withdraw Millions From FTX as Binance Begins Liquidating FTT Token

Crypto exchange FTX is under the industry's microscope again. Hot on the heels of Binance CEO Changpeng “CZ” Zhao declaring that Binance is liquidating its stash of FTX’s native exchange token FTT, mass withdrawals from FTX have accelerated, with weekly stablecoin outflows from FTX reaching a whopping $451 million, according to Nansen data.

Conversely, Binance has seen net inflows of more than $411 million over the same period. Some of those stablecoin withdrawals, as highlighted by blockchain analysts at PeckShield, were executed by Jump Trading, which has transferred about $40.4 million worth of USDC stablecoin from FTX in the past 24 hours. The trading firm has since transferred $6.1 million in USDC back to FTX. Stablecoins haven’t been the only asset leaving FTX, either.

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2022-11-07 07:54:02 Layoffs sweep crypto as economic concerns mount; Dapper Labs, Bitmex among hardest hit

The industry faces not only an ongoing bear market marked by depressed digital asset prices, but also a tough macroeconomic environment where inflation and a series of U.S. interest rate hikes have intensified fears of a recession. Coinbase, which recently restructured its product team and laid off staff earlier this year, is one company worried that conditions might worsen.

GSR made layoffs equal to less than 10% of its staff in the third quarter. The market maker and liquidity provider made the cuts to focus on long-term growth, a GSR spokesperson said, adding that the company currently employs 300 people. Back in July 2021, GSR co-founder Rich Rosenblum said during The Scoop podcast that the company had plans to grow its staff from 25 to more than 200 in a year’s time. New York City-based Galaxy Digital has been eyeing staff cuts of 10-15%, Bloomberg reported.

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2022-11-06 07:19:03 74 US Lawmakers Violated Insider Trading Laws but Won’t Face Charges as Ex-Coinbase Employee

US regulators have been complicit as belligerent lawmakers allegedly broke a law meant to prevent insider trading and conflict of interest. Some 74 members of Congress will likely go scot-free after they bought and sold millions of dollars in stocks that they failed to report.

US Securities and Exchange Commission (SEC), which oversees issues of market manipulation, clamped down on similar violations in crypto. The sector has always maintained a cynic detachment from any form of central control. Issues of insider trading in crypto might have festered for some time. But its characteristic distrust of centralized oversight could be justified after this apparent selective application of the law by the securities regulator, according to observers.

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