You know the most disappointing finding from the entire FTX saga?
A $32B company has no CFO.. no Accountant..
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A $32B company has no CFO.. no Accountant..
📍 Follow @Coins for the hottest news in crypto.
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Reddit Avatar Collectables sales dip by ~98% from its peak of $2.54M on 24th Nov '22 to $21.8k on 17th Nov '22.
Lesson? Do not FOMO.
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Lesson? Do not FOMO.
📍 Follow @Coins for the hottest news in crypto.
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Ontario Teachers, Canada’s pension fund for teachers, announced it will write down its entire $95 million investment in FTX to zero.
In light of continuing developments in relation to FTX, we wanted to provide additional context and transparency around our investment.
In October 2021, Ontario Teachers’ invested US$75 million in FTX International and its US entity (FTX.US). In January 2022, we made a follow-on investment of US$20 million in FTX.US. These investments were made through our Teachers’ Venture Growth (TVG) platform, alongside a number of global investors, to gain small-scale exposure to an emerging area in the financial technology sector. Our investment represented less than 0.05% of our total net assets and equated to ownership of 0.4% and 0.5% of FTX International and FTX.US, respectively.
We will be writing down our investment in FTX to zero at our year end.
https://www.otpp.com/en-ca/about-us/news-and-insights/2022/ontario-teachers--statement-on-ftx/
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In light of continuing developments in relation to FTX, we wanted to provide additional context and transparency around our investment.
In October 2021, Ontario Teachers’ invested US$75 million in FTX International and its US entity (FTX.US). In January 2022, we made a follow-on investment of US$20 million in FTX.US. These investments were made through our Teachers’ Venture Growth (TVG) platform, alongside a number of global investors, to gain small-scale exposure to an emerging area in the financial technology sector. Our investment represented less than 0.05% of our total net assets and equated to ownership of 0.4% and 0.5% of FTX International and FTX.US, respectively.
We will be writing down our investment in FTX to zero at our year end.
https://www.otpp.com/en-ca/about-us/news-and-insights/2022/ontario-teachers--statement-on-ftx/
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Stats on impact of FTX Collapse on NFTs:
Only about 5% of top projects in the PFP and gaming sectors have large exposure to FTX, 8% have minor exposure to FTX while 87% have no exposure at all.
The two teams that were most affected by this include Star Atlas, a gaming project that lost 50% of its treasury, and bywassies, a PFP project that lost 60% of its liquid cash.
A majority of the large projects in this sector fairly managed risk leading into this event. They either had their treasuries in a bank account or in stablecoins in a cold wallet.
Despite this, the entire sector was impacted as crypto took a reputational hit due to the negative sentiment. It will be some time before new users will feel comfortable with buying into any gaming or PFP project.
Source: Delphi Digital.
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Only about 5% of top projects in the PFP and gaming sectors have large exposure to FTX, 8% have minor exposure to FTX while 87% have no exposure at all.
The two teams that were most affected by this include Star Atlas, a gaming project that lost 50% of its treasury, and bywassies, a PFP project that lost 60% of its liquid cash.
A majority of the large projects in this sector fairly managed risk leading into this event. They either had their treasuries in a bank account or in stablecoins in a cold wallet.
Despite this, the entire sector was impacted as crypto took a reputational hit due to the negative sentiment. It will be some time before new users will feel comfortable with buying into any gaming or PFP project.
Source: Delphi Digital.
📍 Follow @Coins for the hottest news in crypto.
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Huobi global delisting announcement:
COVA, CVNX, CRO, DGD, EKO, EGS, GET, GSC, NCC, OGO, OCN, SRN, SSP, VVS, WND and ZNT will be delisted on November 25th, 2022.
Full announcement: https://www.huobi.com/support/en-us/detail/24923092152282
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COVA, CVNX, CRO, DGD, EKO, EGS, GET, GSC, NCC, OGO, OCN, SRN, SSP, VVS, WND and ZNT will be delisted on November 25th, 2022.
Full announcement: https://www.huobi.com/support/en-us/detail/24923092152282
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HTX
HTX to Delist COVA, CVNX, CRO, DGD, EKO, EGS, GET, GSC, NCC, OGO, OCN, SRN, SSP, VVS, WND and ZNT
HTX serves its 10 million+ users worldwide with secure and stable trading services. Here at HTX, you can buy Bitcoin, Ethereum, Dogecoin, SHIB, and over 500 quality cryptocurrencies anywhere, anytime.
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Only when the tide goes out do you discover who's been swimming naked.
You know who is it intended to. Together, we will definitely evolve stronger than before.
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You know who is it intended to. Together, we will definitely evolve stronger than before.
📍 Follow @Coins for the hottest news in crypto.
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Renault, a French car manufacturer, officially enters Web3.
https://twitter.com/Renault_NFT/status/1593695796066648065
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https://twitter.com/Renault_NFT/status/1593695796066648065
📍 Follow @Coins for the hottest news in crypto.
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Trump is back (on Twitter 😄)
https://twitter.com/realDonaldTrump
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https://twitter.com/realDonaldTrump
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X (formerly Twitter)
Donald J. Trump (@realDonaldTrump) on X
45th & 47th President of the United States of America🇺🇸
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Elon Musk tweeted (high-level) Twitter architecture earlier today.
Is this the first step towards making Twitter 'open source'?
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Is this the first step towards making Twitter 'open source'?
📍 Follow @Coins for the hottest news in crypto.
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Centralized exchanges still standing after the fall of FTX rushed to show proof of reserves. As our Adam Morgan McCarthy points out, it's a nice show, but some say it's not enough.
Exchanges including Binance, OKX and Crypto.com held up their proof amid social media choruses of "not your keys, not your crypto" and calls for greater clarity around reserves.
On the face of it, the transparency is a welcome move. But proof of reserves is just a single snapshot and doesn't show the full picture, experts say.
The problem, as Bank of America pointed out in a recent note, is that assets are shown at a fixed point in time, which gives opportunities for manipulation.
The proof offered by the exchanges also offers limited value because it's just a single facet of many interconnected financial metrics, according to the CEO of Hong Kong-based – and regulated – exchange OSL.
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Exchanges including Binance, OKX and Crypto.com held up their proof amid social media choruses of "not your keys, not your crypto" and calls for greater clarity around reserves.
On the face of it, the transparency is a welcome move. But proof of reserves is just a single snapshot and doesn't show the full picture, experts say.
The problem, as Bank of America pointed out in a recent note, is that assets are shown at a fixed point in time, which gives opportunities for manipulation.
The proof offered by the exchanges also offers limited value because it's just a single facet of many interconnected financial metrics, according to the CEO of Hong Kong-based – and regulated – exchange OSL.
📍 Follow @Coins for the hottest news in crypto.
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FTX drainer (the hacker who got hold of a big chunk of funds from FTX) seem to had a great weekend.
Dumps $250M in Ethereum: https://etherscan.io/address/0x59abf3837fa962d6853b4cc0a19513aa031fd32b
They also seem to have converted 25,000 $ETH worth $30 million into Bitcoin, on-chain data reveals.
Before they did so, that wallet was 27th-biggest ETH holder.
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Dumps $250M in Ethereum: https://etherscan.io/address/0x59abf3837fa962d6853b4cc0a19513aa031fd32b
They also seem to have converted 25,000 $ETH worth $30 million into Bitcoin, on-chain data reveals.
Before they did so, that wallet was 27th-biggest ETH holder.
📍 Follow @Coins for the hottest news in crypto.
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Last week, amid all the FTX frenzy, we missed this gem:
The world’s largest publicly-traded hedge fund, Man Group (manages over $138 billion assets), wants to jump into crypto.
The London-based company could look to launch the fund by the end of the year.
Source: https://www.bloomberg.com/news/articles/2022-11-18/man-group-readies-crypto-hedge-fund-despite-ftx-chaos
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The world’s largest publicly-traded hedge fund, Man Group (manages over $138 billion assets), wants to jump into crypto.
The London-based company could look to launch the fund by the end of the year.
Source: https://www.bloomberg.com/news/articles/2022-11-18/man-group-readies-crypto-hedge-fund-despite-ftx-chaos
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Bloomberg.com
Man Group Readies Crypto Hedge Fund Despite FTX Chaos
Man Group Plc is close to starting a dedicated cryptocurrency hedge fund, delving deeper into a market that’s reeling from the collapse of exchange operator FTX.
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Binance Labs has made a strategic investment in hardware wallet maker NGRAVE and will lead its upcoming Series A round.
NGRAVE offers the first complete solution for self-custody, consisting of a connectionless and highest security certified (EAL7)
hardware wallet, ZERO, and an encrypted and recoverable key backup, GRAPHENE.
https://www.binance.com/en/blog/ecosystem/binance-labs-makes-a-strategic-investment-in-hardware-wallet-maker-ngrave-to-boost-crypto-selfcustody-1033706612109803490
Project: https://www.ngrave.io/
📍 Follow @Coins for the hottest news in crypto.
NGRAVE offers the first complete solution for self-custody, consisting of a connectionless and highest security certified (EAL7)
hardware wallet, ZERO, and an encrypted and recoverable key backup, GRAPHENE.
https://www.binance.com/en/blog/ecosystem/binance-labs-makes-a-strategic-investment-in-hardware-wallet-maker-ngrave-to-boost-crypto-selfcustody-1033706612109803490
Project: https://www.ngrave.io/
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Binance Blog
Binance Labs Makes a Strategic Investment in Hardware Wallet Maker NGRAVE to Boost Crypto Self-Custody | Binance Blog
Binance Labs has made a strategic investment in hardware wallet maker NGRAVE and will lead its upcoming Series A round.
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Someone spotted Sam in Bahamas and yea, he is on a run. 😄
https://twitter.com/Loopifyyy/status/1594699255960182784
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https://twitter.com/Loopifyyy/status/1594699255960182784
📍 Follow @Coins for the hottest news in crypto.
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JPMorgan officially registers a Cryptocurrency wallet trademark.
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📍 Follow @Coins for the hottest news in crypto.
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Crypto Twitter evolved from
What is next 1000x? to
What is next to go bankrupt? 😑
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What is next 1000x? to
What is next to go bankrupt? 😑
📍 Follow @Coins for the hottest news in crypto.
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Kenya Proposes Bill to Tax Crypto.
Roughly 8.5% of the African country's population owns cryptocurrencies, according to a United Nations report.
https://www.businessdailyafrica.com/bd/economy/bill-sets-up-kra-tax-dragnet-4m-cryptocurrency-users-4026868
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Roughly 8.5% of the African country's population owns cryptocurrencies, according to a United Nations report.
https://www.businessdailyafrica.com/bd/economy/bill-sets-up-kra-tax-dragnet-4m-cryptocurrency-users-4026868
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Business Daily
Bill sets up KRA tax dragnet for 4m cryptocurrency users
KRA will go after the more than four million Kenyans who own cryptocurrencies if MPs approve changes to the law aimed at regulating and taxing the fast-growing digital currency trade.
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Binance will not invest in crypto lender Genesis.
Genesis: We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.
Source: The Block
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Genesis: We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.
Source: The Block
📍 Follow @Coins for the hottest news in crypto.
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SEC filings for November see crypto upswing
There have already been 2.15k SEC filings with blockchain-related terms in November, already roughly the same amount as October before the month is even out.
Notably, there have been 331 uses of ‘cryptocurrency’ compared to only 299 last month. ‘Ethereum,’ ‘stablecoin,’ ‘decentralized finance,’ and ‘blockchain’ filings have also already surpassed October’s count.
Partially driving up this number are some Q3 quarterly reports getting filed, like Coinbase. However, several companies filed updates recently, sharing exposure to FTX or changes to their product. Silvergate, Thunder Bridge Capital, and Bitwise 10 Crypto Index Fund all filed in November with FTX (and cryptocurrency) mentions, to name a few.
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There have already been 2.15k SEC filings with blockchain-related terms in November, already roughly the same amount as October before the month is even out.
Notably, there have been 331 uses of ‘cryptocurrency’ compared to only 299 last month. ‘Ethereum,’ ‘stablecoin,’ ‘decentralized finance,’ and ‘blockchain’ filings have also already surpassed October’s count.
Partially driving up this number are some Q3 quarterly reports getting filed, like Coinbase. However, several companies filed updates recently, sharing exposure to FTX or changes to their product. Silvergate, Thunder Bridge Capital, and Bitwise 10 Crypto Index Fund all filed in November with FTX (and cryptocurrency) mentions, to name a few.
📍 Follow @Coins for the hottest news in crypto.
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