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The biggest cryptoverse news on Nov. 16 included Gemini suspending withdrawals on its Earn program, Coinbase stating that it had zero exposure to Genesis Trading, and FTX investors withdrawing funds after bankruptcy proceedings. includes an estimated potential recapture of up to 50% of
The ripple effect of the FTX collapse has forced US-based cryptocurrency exchange Gemini to suspend withdrawals in its earning program. Gemini said its lending partner, Genesis Global, was unable to process customer redemptions due to a growing liquidity crisis.
However, Gemini claimed that only the Earns program was affected. This is because we fully reserve the customer’s funds for other products and services.
As early as November 16th, Gemini’s trading services were suspended. The cryptocurrency exchange claimed to have experienced an Amazon Web Services outage affecting database and exchange operations.
According to Gemini situation Page, wire transfers are not yet available, but the exchange claims that customer funds are safe.
Following the Genesis bankruptcy issue due to the collapse of FTX, Coinbase said it has not affected Genesis. Coinbase reportedly holds his $1.5 billion capital in Chainlink and the rest as Bitcoin.
Cryptocurrency lending platform Nexo has a real-time audit feature (Armanino) that shows the status of total assets and liabilities on a daily basis. Unfortunately, the audit was not renewed as he expected on November 16th. rumor It means that the company may go bankrupt.
However, a Nexo representative told CryptoSlate that the delay in the audit was due to a technical glitch in Armanino’s design. Nexo has confirmed that the team is working to resolve the error and automate the audit proof to make it work.
Terra Luna audit report It was published by JS Held reveals that the Luna Foundation Guard and Terraform Labs spent approximately $2.8 billion and $613 million, respectively, to defend the UST peg.
The Luna Foundation said its audit report confirmed that no funds had been embezzled, as rumored.Do Kwon said Terra’s failure was due to FTX’s failure, where the operator misused customer funds. added that it is different from
Detective on Chains ZachXBT called out For the CEO and COO of SolChicksNFT not informing the community about the loss of $20 million in Treasury funds due to exposure to the collapsed UST.
COO Lewis Grafton said it disclosed the loss to its largest individual shareholder. His response was that he did not do well against ZachXBT, who made selective disclosure as a discriminatory practice against individual investors.
Messari Research Analyst Kunal Goel Leveraging data from the Financial Times, we estimate that users who lost money in the FTX collapse could receive up to 50% of their funds when the bankruptcy process ends.
The balance sheet breakdown shows FTX’s total assets and liabilities of $4,109 million and $8,859 million, respectively, representing a ratio of total assets to customer deposits of 0.49, or approximately 50%.
Oxygen Protocol, a Solana-based prime brokerage platform, is on the brink of collapse as a significant portion of the ecosystem’s liquidity is trapped in FTX.
air Confirmed Owned 95% of MAPS and OXY tokens on a bankrupt cryptocurrency exchange.
According to Bitfarms Q3 reportthe Bitcoin mining company mined 1,515 BTC during the period.
Research by mining analyst Jaran Mellerud clearly Bitfarm’s total Bitcoin holdings of 2,064 are about 141% of the loan. If the BTC price falls below his $14,200 mark, Mellerud fears Bitfarm’s loans could be liquidated, threatening continued operations.
The United States House of Representatives Financial Services Committee called Sam Bankman-Fried, Alameda Research, Binance, FTX, and affiliates deliberate on the collapse of FTX and its implications for the entire cryptocurrency ecosystem.
The commission added that it works to hold bad actors accountable so that responsible players can build a more inclusive financial system.
Kyle Davies, co-founder of bankrupt Three Arrows Capital (3AC), appeared on CNBC and said the FTX empire contributed to the collapse of 3AC. Davies claimed Alameda counter-traded and liquidated his 3AC position.
Davis added that Sam Bankman-Fried knew about the bad deals, but chose to hide many things. He said that he was
The Australian Securities and Investments Commission (ASIC) has moved to suspend FTX’s operations in the region.Committee Said Withdraw FTX’s AFC license by December 19, 2022.
Binance is received A Financial Services Permit (FSP) license to provide cryptographic services to clients in Abu Dhabi.
In a similar expansion, Binance CZ He has confirmed that his exchange has signed eight new investment contracts for several crypto projects.
According to Reuters, former FTX founder Sam Bankman-Fried has been sued by an investor who claims the exchange’s yielding cryptocurrency accounts violate Florida law.
Over the past 24 hours, Bitcoin (BTC) has fallen 1.49% to trade at $16,576, while Ethereum (ETH) has fallen 3.38% to trade at $1,210.
