🏓 Binance to launch an “industry recovery plan”
Hi, folks! In our digest, you'll learn the reasons behind the red market, as well as read about what will happen with the FTX crypto exchange
Your Favorite Crypto Digest From TradeCrypto.com #168
Hello everyone! Hope you're safe and sound. I wish I could say the same about the market, but we all get it. The spoiler of today's news is a familiar curly head, because no matter which side you play, FTX fallout affected everyone.
Daily statistics update:
Today’s market is red. Bitcoin is trading at $16,700 and ETH is around $1,230.
💪 Bitcoin dominance: 38.25%
📉 Total Cryptocurrency Market Cap: $839.33B
😲 Fear and greed index: 24 (Extreme Fear)
🚀 Gainers (Top-100)
- Trust Wallet Token(TWT) +43.44%
- KuCoin Token (KCS) +15,98%
- Convex Finance (CVX) +18.23%
😭 Losers (Top-100)
- Casper (CSPR) -17,01%
- Nexo (NEXO) -5.33%
- XDC Network (XDC) -6.98%
Binance to launch a recovery fund for the industry
CZ is in the spotlight, not only amidst the collapse of FTX and the suggestion that users should turn to self-custody, but he also offered to help crypto projects exposed to the exchange’s 💱 collapse.
Binance’s CEO tweeted today: 📲 «To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon,» adding the projects can call for Binance Labs and crypto investors are welcome to contribute.
FTX is facing a criminal investigation in the Bahamas
FTX's headquarters in the Bahamas is under scrutiny by local authorities. On Thursday, the Bahamas Securities Commission suspended FTX's registration and froze ❄ its assets, now working together with the Financial Crimes team on investigating if FTX was taking criminal actions. To add to the tension, FTX is also under investigation by the U.S. Securities and Exchange Commission and the Justice Department.
Vitalik Buterin spoke out about Sam Bankman-Fried
Crypto Twitter blew up with anger towards SBF, and Vitalik said 💬 that Sam, as a big public figure, deserves it, and "it's even healthy to have a good dunking session to reaffirm important community values." Then he added Sam is a human being first and foremost and deserves support 🤝 at least for his loved ones. Which, of course, caused another wave of heckling, because FTX's founder was hiding the insolvency of the firm until the very end.
Kraken froze accounts related to FTX
After contacting law enforcement, US-based crypto 💱 exchange Kraken froze accounts associated with "FTX Group, Alameda Research, and their executives."
On Nov.13, the exchange team tweeted: “...Accounts have been frozen to protect their creditors. Other Kraken clients are not affected. Kraken maintains full reserves." “We will resolve each account on a case-by-case basis and may seek guidance from the Bankruptcy Court ⚖ or trustee as appropriate,” the Kraken spokesperson told the CoinTelegraph.
Crypto.com accidentally sent 320,000 ETH to the wrong address
It's either something wrong in the sky or another worrying moment for the crypto world. Crypto.com CEO Kris Marszalek admitted that his exchange accidentally sent 320,000 ETH to another exchange Nexo.io just before two of them provided their proof 💰 of reserves. Gladly, there is proof that funds were retrieved.
Not without comments from CZ: “If an exchange have to move 💸 large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems. Stay away.”
Crypto political funding is in for a tough time
Support for pro-crypto candidates in the US could drop significantly, since SBF and FTX were the biggest donors to the political race. According to Open Secrets, during 2021-2022 SBF has donated around $40 💰 million for running pro-crypto Democrat candidates' campaigns. To add up, FTX’s execs donated another $30 million.
Who will be next to lobby the sector?
AAX halts withdrawals unrelated to FTX fallout
The news started spinning after the Hong-Kong crypto exchange AAX System Upgrade began to delay, and users started to worry if there is a link 🤝 to the FTX catastrophe.
However, the team got in touch with the users on Twitter, assuring them that they ❌ have no exposure to FTX, and explaining the delays are the fault of third parties.
The story goes on, watch for the team’s official statements.
Conclusion: You have to be especially careful now, and given the magnitude of the FTX crash, the situation will only unfold over time. It's time to take a closer look at self-custody, keep an eye on Twitter, and subscribe to notifications on sources you trust. Stay tuned and see ya later.
See you tomorrow, folks! Thanks for being with us :) Brought to you by Maksym, Svyat, and Aleksandar :)
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TC lads here are working quite hard and from time to time we gotta chill. Recently, we got ourselves a ping pong table to complete our lazy-bag-stuffed chill zone. As you all know our main hobby is Crypto, so even while we play we don’t really shut up about it. Ever.
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