The biggest news in the cryptoverse for Nov. 21 includes FTX’s call to other exchanges to expect and prevent hacker cash outs, Coinbase disclosing Grayscale’s 635,000 Bitcoin reserve, and Bank of England’s claims that blame the FTX crash on the FTT token run.
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On Nov. 20, bankrupt FTX announced that all crypto exchanges should be on high alert regarding unauthorized fund transfers from FTX Global to related debtors.
(1/2) Exchanges should be aware that certain funds transferred from FTX Global and related debtors without authorization on 11/11/22 are being transferred to them through intermediate wallets.
— FTX (@FTX_Official) November 20, 2022
According to FTX, the funds were being transferred through intermediate wallets. The exchange warned all others to take necessary precautions to seize and return the funds, given that they somehow are sent through their systems.
Grayscale’s custodian partner Coinbase stepped in to address the concerns regarding the financial status of the fund. Coinbase published a report disclosing the assets it held on behalf of Greyscale.
According to the report, Greyscale currently owns around $10 billion worth of Bitcoin. This amount would be closer to $43.8 billion at the height of the bull market. Greyscale also holds 3,056,833 Ethereums.
During his speech on Nov. 17, the Bank of England’s Deputy Governor Jon Cunliffe said that the FTX crash was triggered by the FTX Token token run. He stated:
“Indeed, in the FTX case, there are indications that it could have been a run on its crypto coin, FTT, which triggered the collapse.”
Cunliffe also said that the crypto sphere had proven to be unstable during the past year. Cunliffe argued that the crypto industry must be brought under regulations to be stabilized.
Litecoin’s (Litecoin) has been spiking and currently stands at rank 15 in the market cap. This is six spots higher than LTC’s ranking as 21st on Oct. 30.
Litecoin foundation’s managing director Alan Austin tweeted to share the climb in LTC by shouting out to those who called Litecoin “boring.”
To those over the years who have called #Litecoin too boring:
Have you guys had enough excitement yet?
— Alan Austin (@alangaustin) November 17, 2022
After moving 50,000 Ethereum (Ethereum) on Nov. 20, the FT X exploited moved another 195,000 Ethereum on Nov. 21. The attacker transferred these funds in 13 transactions,
The Ren Bridge project announced Ren 2.0, also called ‘Ren Community’ on its Medium account on Nov. 18. The Ren 2.0 will be a fully-decentralized and community-owned cross-chain network.
The Monetary Authority of Singapore (MAS) explained why it placed Binance on its Investor Alert List (IAL) and left FTX out of it. It said that Binance was actively looking for users to onboard in Singapore, while FTX wasn’t. MAS also added that neither exchange is licensed to operate in the country.
Hedge fund investor billionaire Bill Ackman announced that the exciting crypto projects he discovered changed his skeptical stand towards crypto.
Ackman announced his change of heart on his Twitter account. Even though he didn’t disclose the projects, he said they enabled the formation of useful businesses and technologies.
Genesis received $932.56 million worth of FTT tokens from FTX and $141.1 million worth of FTT from Alameda, all during the last three months.
News from around the Cryptoverse
FTX, Alameda took a $3.7B loss in 2021
Based on 2021 tax returns, the FTX companies had federal net operating loss carryovers in the amount of at least $3.7 billion and state net operating loss carryovers in the amount of at least about $715 million, the latest filings from the FTX bankruptcy case show.
Coinbase stocks hit an all-time low
Coinbase stock prices recorded a new all-time low at $40.81 on Nov. 21. At the time of writing, the stocks are being traded for around $41.10.
Uniswap collects users’ on-chain data
Leading decentralized exchange Uniswap updated its commitment to privacy to announce that it is collecting its users’ on-chain data. The exchange said it decided to do so “to make data-driven decisions that improve user experience.”