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At the time of FTX’s collapse, about 950 users in Taiwan had a total of $150 million worth of digital assets stored or held at the crypto exchange, a law firm has reportedly said. FTX users in Taiwan were reportedly investing in interest-bearing digital assets using cheap funds borrowed from local banks. FTX’s Popularity With Taiwanese Users According to a Taiwanese law firm, Enlighten Law Group, about 950 people in the country had digital assets worth $150 million stored on the crypto exchange FTX when it collapsed. The law firm also revealed that four unnamed individuals had incurred losses exceeding $5 million each. As stated in a report by Wublockchain, the number of FTX victims in Taiwan is over 30 times more than those that have come forward in China. The report also stated that only one Chinese user suffered losses that exceed $5 million. Explaining the reasons which seemingly attract Taiwanese users to less regulated crypto exchange platforms like FTX, the law firm pointed to the collapsed crypto exchange’s effective use of local partners and ambassadors. The ease with which Taiwanese users got access to funds, as well as the fact that FTX was owned by a non-Chinese citizen, were also identified by the law firm as the key factors. Taking Advantage of Taiwan’s Low Interest Rates However, according to Enlighten Law Group, the crypto exchange’s offer of an interest rate of 8% on interest-bearing products may be one of the main reasons why Taiwanese users flocked to the Bahamas-registered crypto exchange. “In Taiwan, bank deposits interest rate is almost zero, and mortgage, credit loans interest only needs to be around 3%,” the report quotes the firm explaining. According to the law firm, some users had been exploiting this arbitrage gap by “borrowing from banks and re-depositing into FTX.” As the chances of an intervention by Taiwanese authorities are said to be slim, the law firm urged users from the country to seek redress in the United States, where a judicial process is now reportedly underway. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

The United Kingdom Law Commission recently asked experts and users to participate in a ten-week exercise whose objective is to help the commission better understand how decentralized autonomous organizations (DAOs) operate. A blockchain expert says the commission’s call shows that the U.K. is “leading the way in thinking and developing the law and other institutions that are needed.” Legal and Regulatory Status of DAOs Not yet Clear The United Kingdom Law Commission recently said it is seeking experts’ opinions on decentralized autonomous organizations (DAOs) and how the laws of England and Wales can accommodate them. In a statement released on Nov. 16, the commission acknowledged that thousands of DAOs exist today, yet only a “few appear to be structured using the law of England and Wales.” In addition to the ambiguities over what constitutes a DAO, questions have been raised about their legal status and “the liabilities of those who participate in them, and the rules and regulations that apply to them.” Consequently, the commission said it has been asked by the U.K. government to probe all of these issues. Commenting on the commission’s plan to seek expert views, Sarah Green, the law commissioner for commercial and common law, said: “DAOs are said to offer multiple benefits to market participants, incentivizing cooperation and innovation, levelling playing fields, reducing the scope for human error, lowering costs, and increasing transparency. Yet their legal and regulatory status is unclear. Our work will aim to build consensus on the best ways of describing the constituent elements of DAOs and to highlight ways in which the law of England and Wales might foster their development.” ‘New Legal Forms Are Required’ Reacting to the Law Commission’s call, Alex Simms, an associate professor at the University of Auckland, told Bitcoin.com News that such a move “demonstrates the growing recognition of the importance that DAOs will play.” According to Simms, this will not just apply in the Web3 world, “but also as a new way of forming and operating organizations.” Simms, a blockchain researcher and systems thinker, also described the Law Commission’s call as a recent example that shows that the U.K. is “leading the way in thinking and developing the law and other institutions that are needed as we move further into the digital age.” When asked if there is a better way of establishing standards for DAOs, Simms noted that the problem does not lie with the technology but with the law. “People are quite correctly worried about potential personal legal liability. So they are trying to hack the legal system and/or legislatures are making changes to existing legal structures to accommodate DAOs (eg some states in the US amending their LLC structures.) This is not ideal and new legal forms are required,” the associate professor explained. However, Simms argued that she does not see the sense in having a single legal structure for all DAOs. She insisted that this has been the norm with a range of other legal structures for different organizations. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

A court in Albania has ordered the extradition of the fugitive founder of cryptocurrency exchange Thodex to Turkey, where he is sought for fraud and other crimes. Faruk Ozer was arrested in Albania this summer, after disappearing last year as the coin trading platform collapsed. Albanian Judiciary Prepares to Hand Over Alleged Crypto Fraudster and Thodex Founder to Turkey A court in the Albanian city of Elbasan has authorized the extradition to Turkey of the founder and chief executive of the now-defunct Turkish crypto exchange Thodex. The 27-year-old Faruk Fatih Ozer was detained in the Balkan nation at the end of August. The order follows a series of court hearings throughout the past three months. Quoted by Turkey’s Anadolu Agency, Judge Elis Dine pointed out that the decision can be appealed to the Durres Court of Appeals within 15 days. Ozer fled Turkey after Thodex, which had attracted 400,000 users during the crypto boom in the country, suddenly went offline in the spring of 2021. He was last seen on footage from Istanbul airport and was believed to have departed for Albania with $2 billion of investor money. In April 2021, Turkey issued an international arrest warrant for the crypto entrepreneur and he was wanted for fraud with a red notice by Interpol. Following Ozer’s arrest on Aug. 30, the Elbasan Court of First Instance extended his detention on Sept. 2. It was then appealed by his defense lawyers on Sept. 14 but the Durres Court of Appeals upheld his remand in custody on Sept. 20. More than 60 people were detained in Turkey in connection with the Thodex case. Prosecutors there seek prison sentences totaling thousands of years for the founders and executives of the exchange who were accused of committing fraud and money laundering as part of a suspected exit scam resulting in losses exceeding 350 million Turkish lira (close to $19 million at current rates). Turkish crypto exchange Vebitcoin was also investigated when it ceased activities after the country’s central bank banned crypto payments. Coinzo, another major domestic platform, shut down as well. This week, Turkey’s financial intelligence unit launched an investigation into the collapse of FTX, one of the world’s largest exchanges for digital assets. Do you expect Albania to proceed with the extradition of the founder of crypto exchange Thodex to Turkey? Tell us in the comments section below. View the full article

Ontario Teachers’ Pension Plan (OTPP), one of the largest pension plans in the world, is writing down its investment in the bankrupt crypto exchange FTX. “Recent reports suggest potential fraud conducted at FTX which is deeply concerning for all parties,” the plan states. Major Canadian Pension Plan Writes Down FTX Investment Ontario Teachers’ Pension Plan (OTPP), Canada’s third largest pension fund, issued a statement Thursday regarding its investment in the collapsed cryptocurrency exchange FTX. The OTPP, which currently has about C$243 billion ($182 billion) in net assets, invests for 333,000 working and retired teachers, its website shows. The statement explains that the Ontario Teachers’ Venture Growth (TVG) fund invested C$75 million in FTX International and its U.S. entity, FTX US, in October last year. In January, the fund made a follow-up investment of C$20 million in FTX US. Ontario Teachers’ Pension Plan detailed: 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. “Recent reports suggest potential fraud conducted at FTX which is deeply concerning for all parties,” the statement adds. “We fully support the efforts of regulators and others to review the risks and causes of failure for this business.” The pension plan noted: We will be writing down our investment in FTX to zero at our year end … We are disappointed with the outcome of this investment, take all losses seriously and will use this experience to further strengthen our approach. “The financial loss from this investment will have limited impact on the plan, given its size relative to our total net assets and our strong financial position,” the statement concludes. FTX filed for Chapter 11 bankruptcy last week. Former CEO Sam Bankman-Fried also stepped down and was replaced by John Ray III, a veteran insolvency professional who oversaw the liquidation of Enron. “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” Ray said in a court filing Thursday. Recently, the Singapore government’s Temasek Holdings, Paradigm, and Sequoia Capital similarly announced that they are writing down the entire value of their FTX investments. What do you think about Ontario Teachers’ Pension Plan investing in FTX? Let us know in the comments section below. View the full article

The Securities Commission of the Bahamas has ordered crypto exchange FTX to transfer its cryptocurrencies to a wallet controlled by the regulator. The “Urgent interim regulatory action was necessary to protect the interests” of FTX’s clients and creditors, said the regulator. Bahamas Regulator Takes Action to Seize FTX’s Cryptocurrencies for ‘Safekeeping’ The Securities Commission of the Bahamas (SCB) announced Thursday that it has taken “the action of directing the transfer of all digital assets of FTX Digital Markets Ltd. (FDM) to a digital wallet controlled by the Commission, for safekeeping.” FTX Digital Markets is the Bahamian subsidiary of Sam Bankman-Fried’s FTX Trading Ltd., which owns and operates the crypto trading platform FTX.com. The securities regulator noted that the agency is “acting under the authority of an order made by the Supreme Court of the Bahamas,” elaborating: Urgent interim regulatory action was necessary to protect the interests of clients and creditors of FDM. The regulator further detailed: “Under the Digital Assets and Registered Exchanges Act, 2020 (DARE Act), the Commission has the authority to apply for a judicial order to protect the interests of clients or customers of a registrant of the Commission under the DARE Act.” The announcement continues: Over the coming days and weeks, the Commission will engage with other regulators and authorities, in multiple jurisdictions, to address matters affecting the creditors, clients and stakeholders of FDM globally to obtain the best possible outcome. The Securities Commission of the Bahamas took action to freeze the assets of FTX Digital Markets and related parties on Nov. 10 as troubles at the crypto exchange unfolded. The regulator also applied to the Supreme Court to appoint Brian Simms as a court-supervised provisional liquidator. In addition, Kevin Cambridge and Peter Greaves of Pricewaterhousecoopers (PwC) have been approved by the court as joint provisional liquidators. What do you think about the Securities Commission of the Bahamas ordering FTX to transfer digital assets to a wallet it controls for “safekeeping”? Let us know in the comments section below. View the full article

KPMG, one of the “big four” companies in the consulting and auditing business, is appointing a new head of metaverse futures. The new position, to be occupied by Alyse Sue, will be dedicated to the implementation of technologies such as metaverse and crypto to find fresh business models for the company, as other big four companies are already doing. KPMG to Focus on the Metaverse The metaverse is gaining the attention of many large institutions, currently researching the future of this tech to offer services based upon it. KPMG, one of the biggest companies in the auditing business, has appointed a new head of metaverse futures, with the aim of debuting new business models based on cryptocurrency and metaverse tech. The new position will be occupied by Alyse Sue, who has a background in software engineering, and has already been involved in the founding of two Web3-related startups: Transhuman Coin and Futrdao. Sue will be in charge of developing this new area in the company, surveying the ideas and needs that customers have regarding the metaverse. Sue believes that we are at the start of the demand for this kind of service and that businesses are still examining the applications of these technologies. She stated: Businesses are looking for subject matter expertise to guide them in terms of how they can use the metaverse to discover new use cases or new revenue drivers for their business and how they can engage new target markets. A Metaverse Goal While Sue is the first head of metaverse futures, the company already an idea of the tasks this new division will explore. According to James Mabbott, head of KPMG’s futures, the company has been getting an “ever-increasing number of inquiries” when it comes to customers and the use of metaverse and Web3 technologies, so it expects new business models to arise from these interactions. KPMG is optimistic about the future of metaverse tech and about the amount of revenue it might achieve by offering these services in the future. Sue stated: My objective is to build a multi-million-dollar business for KPMG by 2025. What that exact figure means is yet to be discovered, but we are looking to build a sustainable business by that time frame. Other big four companies have already jumped onto the metaverse bandwagon. On Oct. 26, EY announced it was introducing metaverse functionality for its Wavespace group utility app, allowing customers to meet in the metaverse. What do you think about KPMG’s metaverse push? Tell us in the comments section below. View the full article

After the collapse of FTX, a number of journalists reported on the fact that FTX executives deployed significant donations to political leaders in the United States. During the most recent election cycle leading up to the U.S. midterms in 2022, reports claim that Sam Bankman-Fried donated more than $40 million to Democrats via super PACs and direct contributions. Furthermore, reports also claim that FTX Digital Markets’ co-chief executive officer Ryan Salame gave $22 million to Republicans. High-up FTX Executives Injected $57 Million Into Democrat Coffers, $22 Million Went to Republican Candidates It’s very clear that before filing for bankruptcy protection, high-up FTX officials donated millions of U.S. dollars to America’s two-party system of bureaucrats. Sam Bankman-Fried (SBF) was reportedly the second largest donor to the Democratic party, after George Soros, according to records from opensecrets.org. In fact, opensecrets.org data says that the top three FTX executives Bankman-Fried, Salame, and Nishad Singh gave both the Democrats and Republicans $70.1 million for the 2022 midterm election cycle. “Among the three executives, $57 million was given to Democratic candidates, while $22 million went to Republican candidates,” opensecrets.org details. “Bankman-Fried was the second biggest Democratic-leaning megadonor and Salame was 10th largest Republican donor this election cycle,” the report adds. It has also been reported that SBF donated $5.2 million to president Joe Biden’s campaign via two super PACs in 2020. In fact, SBF’s donation in 2020 was the second largest donation behind Michael Bloomberg’s $56 million donation. There’s been a lot of talk about how this funding to American politicians could possibly buy FTX executives immunity in order to “stay out of jail.” People have even scoffed at the upcoming U.S. bipartisan congressional hearing and investigation into the FTX collapse introduced by congresswoman Maxine Waters (D-CA) and representative Patrick McHenry (R-N.C.). The reason people do not think executives like SBF will get in trouble with politicians like Waters is because she met with SBF on a couple of occasions. Congresswoman Waters also blew SBF a kiss when he finished testifying in front of Congress and left the Capitol building. Democrat and Republican followers on social media have been bickering for days about how each party took funds from the fallen crypto exchange’s high-up executives. Because $57 million was given to Democrats, Republicans think they have the upper hand, while Democrat supporters believe Republican bureaucrats were just as dirty. Furthermore, FTX’s fallout has swayed certain politicians from both parties who have tried to wipe their hands clean. Politico reports the two U.S. politicians Chuy García (D-IL) and Kevin Hern (R-OK), “have given local charities money equal to the amount they received from FTX leaders, according to their spokespeople.” In light of SBF’s donation, Garcia donated $2,900 to the Northwest Center in Chicago. Hern gave $5,000 to the charity called Food on the Move to match the donation Salame gave to his Hern Victory Fund organization. What do you think about the political donations Democrats and Republicans received from high-up FTX executives? Let us know what you think about this subject in the comments section below. View the full article

Despite the recent collapse and the exchange filing for bankruptcy protection, crypto traders are still paying more than a U.S. dollar for FTX’s FTT token on Friday, Nov. 18, 2022. FTT was once a top-30 crypto asset, and now the token has no rank on specific coin market aggregation sites due to locked FTT tokens entering circulation following the FTX bankruptcy filing. Bankrupt Crypto Exchange FTX’s FTT Token Still Trades Above $1 While the FTX exchange collapse is a mess and the new FTX CEO said prior FTX leadership was a “complete failure of corporate controls,” and it was “a complete absence of trustworthy financial information,” the exchange token FTT is still trading for $1.48 per unit. Despite the fact that FTX filed for bankruptcy, the coin is held by a few concentrated hands, and the FTT Contract Deployer unlocked 192 million previously locked tokens it has not joined the list of dead crypto coins trading for less than a U.S. penny. At the time of writing, FTT’s 24-hour price range has been between $1.46 per unit to $1.62 per FTT. The coin lost approximately 93.9% during the last 14 days and because of the Contract Deployer incident, it is no longer ranked on coingecko.com. On coinmarketcap.com, however, it ranks # 209 on Nov. 18, 2022, out of 21,790 listed crypto coins. After hitting its all-time price high on Sept. 9, 2021, FTT was ranked # 25 on coingecko.com and it had a $7.76 billion market valuation. Crypto Proponents Are Still ‘Bullish’ About Crypto Coins Like CEL and FTT, One Social Media Post Says FTT Will Still Grow 3 Days After FTX’s Bankruptcy Filing Today, FTT has a fully diluted valuation of around $485,397,611 and it has recorded around $16,060,367 in 24-hour global trade volume. According to coingecko.com, “MEXC Global is currently the most active exchange” on Nov. 18, 2022. MrRealWhale #FTT will be EPIC COMEBACK — 𝚂𝚎𝚊𝚗 𝙲𝚘𝚢𝚕𝚎 (@LeeElli91451919) November 17, 2022 Coinmarketcap.com says “Binance, Coinw, BTCEX, Bitrue, and Tapbit” are FTT’s most active exchanges on Friday. Cryptocompare.com metrics indicate that the most active trading platforms dealing with FTT include Binance, Bitfinex, Huobi, Gate.io, and Bibox. Statistics from cryptocompare.com further show FTT’s largest trading pair on Friday is the stablecoin BUSD capturing 92.87% of FTT swaps, while tether (USDT) commands 6.90%. FTT joins a wide range of tokens that were once managed or backed by now-bankrupt cryptocurrency businesses. tradingchik FTT coin. It’s gonna make a comeback.🚀🚀🚀 — Medusa World DAO | Minting Q3 (@HannahD20653479) November 14, 2022 For instance, celsius token (CEL) is still holding value at $0.45 per unit despite the crypto lender Celsius collapsing. A number of folks discussing CEL on coinmarketcap.com’s (CMC) community posts are still “bullish” about CEL and still believe in it. The same can be said for die-hard FTT token fans, as one CMC community post says: “FTT token will grow [in the] next days, we believe they will resolve problems and will be bigger.” The CMC community post saying FTT will grow was liked by more than 3,300 CMC community members. What do you think about FTT’s price action since the FTX collapse and the people who still believe FTT will make a comeback? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. As if the cryptoverse needed more reasons for people to be fearful, both FTX and BlockFi rocked cryptocurrency blockchains and investors alike, sending prices spiraling, blockchains congesting, and investors hunkering down for more ‘crypto-winter’. But amidst this uncertainty, crypto investors now risk missing out on opportunities while becoming stuck in fear, uncertainty and doubt (FUD). The EverEarn coin ($EARN) launched on the Binance Smart Chain (BNB) blockchain platform in January 2022 with a simple goal; to show that a new startup cryptocurrency can be run like a business from the beginning, without any false hype or empty promises, while providing increased passive stablecoin (BUSD) payouts, and continue to grow, evolve and expand. EverEarn Growth While Others are Fearful Despite recent events, and the global downtrend for the past 8 months, EverEarn has paid out over $2 million in BUSD stablecoin back to holders. The team has maintained daily community voice chats since launch, and a monthly community address. The EverEarn team is now bringing this ‘stick to it’ community mentality and commitment to the Ethereum blockchain and is doing so in a big way. Ethereum With a Bang The EverEarn team has amassed almost 60 social media influencers with over 2 million followers along with forming marketing arrangements and development partnerships with EY Studios, Brave Browser, Bitcoin.com, ‘Rug Free Coins’, ‘Mike Tha Investor’, ‘What Coin Talk’, and ‘Crypto Atlas’. Marketing and advertising is being pushed out to millions ahead of the EverEarn Public Presale starting on Nov. 18, 2022 @ 8am EST / 1pm UTC on well reputed UniCrypt Launchpad. https://app.unicrypt.network/amm/uni-v2/ilo/0xB41f93AAF46901d4A6b67791D4723c1388Dcbf3E But the team hasn’t stopped there; they’ve already obtained two separate audits from ‘Rug Free Coins’ and ‘Solid Proof’, as well as completing two separate identity confirmations (Veriff and iDenfy), along with a FULL TEAM identity confirmation through Veriff. Multiple Blockchains + Stablecoin Rewards With the launch to Ethereum (and expected launch to Polygon in December 2022), EverEarn will be providing holders with high ratio stablecoin rewards across multiple blockchains; 15% tokenomics tax on buy/sell transactions 11% returned as BUSD/USDC stablecoin 1% auto-liquidity 1% buyback (for deflationary token burns) 2% marketing All project wallets are blacklisted within the solidity contract, and all future-use tokens are locked within trusted 3rd party launchpad platforms. During the first 4 weeks of the $EARN ETH launch, ‘diamond hand holders’ (those who do not sell), will earn a chance to split all the stablecoin (BUSD/USDC) amassed within promotion wallets specifically meant to reward those who hold long term. Public Whitelist Presale Registration: https://www.everearn.academy/whitelist-promotion Social Media Handles: Twitter: https://twitter.com/theEverEarn Telegram: https://t.me/EverEarnOfficial Website: https://everearn.net Academy: https://www.everearn.academy RugFreeCoins Audit: https://github.com/Rugfreecoins/Smart-Contract-Audits/blob/main/ETH%20-%20EverEarn%20Token%20Audit.pdf SolidProof Audit & Team KYC: https://github.com/solidproof/projects/tree/main/EverEarn This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Bitcoin was in the red for a second consecutive session, as markets continued to digest the latest U.S. retail sales figures. Sales rose by more than expected in October, coming in at 1.3%, versus expectations of a 1% increase. The result fueled market belief that the U.S Federal Reserve will now pivot its policy. Ethereum dropped below $1,200 in today’s session. Bitcoin Bitcoin (BTC) fell for a second straight day, as markets continued to react to the latest U.S. retail sales report. Following the better than expected increase in consumer spending, BTC/USD slipped to a low of $16,430.11 earlier in today’s session. The drop comes a day after the token was at a high of $16,726.44, but it now seems to be heading for a recent price floor. Looking at the chart, this support point appears to be at the $16,200 level, which has been the last line of defense prior to the token moving below $16,000 in recent days. A positive for long-term bulls is that the 10-day (red) moving average looks as though it has somewhat exhausted its downward momentum, with a shift in sentiment potentially in the cards. Should an upcoming floor of 34.00 on the relative strength index (RSI) hold firm, then we could see BTC bulls begin to buy this current dip. Ethereum In addition to bitcoin, ethereum (ETH) also plunged in today’s session, with prices falling below $1,200. The world’s second largest cryptocurrency has been down by roughly 2% on Thursday, falling to a low of $1,189.21 in the process. This decline saw ETH/USD break out of its recent floor, with the next visible point of support at the $1,105 mark. Unlike BTC, it seems as though the moving averages on ETH could still be heading lower, which could prevent many bears from entering at this moment. Currently, the RSI here is hovering near a floor of 38.00, and should this hold, we could see prices begin to rebound. However, if a breakout does take place, it is likely we could see ethereum head below $1,100. Register your email here to get weekly price analysis updates sent to your inbox: Will the Federal Reserve change its monetary policy in the next meeting? Leave your thoughts in the comments below. View the full article

Both facing sanctions, Russia and Cuba are looking into alternative options for cross-border payments, including cryptocurrencies, a Kremlin advisor has unveiled in Havana. Moscow is already developing a mechanism for crypto settlements to circumvent financial restrictions imposed over its invasion of Ukraine. Crypto and Ruble Considered for Payments in Trade Between Russia and Cuba The governments of Russia and Cuba are considering the use of Russian rubles and cryptocurrencies to facilitate bilateral cooperation against the backdrop of sanctions imposed on both nations. The news comes from a statement made by Boris Titov, commissioner for entrepreneurs’ rights under the Russian president, who visited Havana. Russia’s business ombudsman arrived in the Cuban capital during the 38th edition of the Havana International Fair. “All of us, Cuba and Russia, are under sanctions, the dollar turnover is the main financial mechanism that exists in the world for mutual settlements, but today mechanisms are being developed at the level of national governments to change the situation,” Titov told the Tass news agency. He further elaborated that several options are currently being discussed, including settlements in rubles. But the Kremlin official also noted that business is often quicker to adapt and find its own ways to make payments, including through cryptocurrencies and private clearing schemes. Feria Internacional de la Habana (FIHAV 2022) is held Nov. 14 – 18 in the Expocuba exhibition complex on the outskirts of the city and was organized in 1983. The event is attended by representatives of companies from over 60 countries, including Brazil, Venezuela, Spain, Italy, Canada, China, Mexico, Russia, and France. Russian authorities have been mulling over a more comprehensive regulatory framework for crypto assets for months. Lawmakers in the State Duma are expected to review a new bill “On Digital Currency” and a draft law “On Mining in the Russian Federation” tailored to fill the gaps remaining after the enforcement of the law “On Digital Financial Assets” in January, 2021. While in January of this year the Central Bank of Russia suggested a blanket ban on most crypto-related activities, the increasing sanctions pressure since the launch of Russia’s “special military operation” in Ukraine in late February, convinced the monetary authority to back proposals to legalize the use of decentralized digital currencies in international settlements. In September, Russian financial authorities started designing a mechanism to facilitate the employment of cryptocurrencies for payments with other nations. Earlier that month, Deputy Minister of Finance Alexey Moiseev revealed his department and the Bank of Russia had agreed that Russia “can’t do without cross-border crypto payments.” Do you think Russia will manage to convince Cuba and other sanctioned nations to trade in rubles or cryptocurrencies? Share your thoughts on the subject in the comments section below. View the full article

Nestcoin, a Nigerian Web3 startup which got an investment from Alameda Research in 2021, revealed on Nov. 14 that it had “a significant proportion of stablecoin investment” stuck at FTX. According to the startup’s CEO, laying off some employees allows the company to focus on building a more decentralized crypto future. Using FTX as Custodian of Nestcoin’s Stablecoins The Nigerian Web3 startup Nestcoin informed its investors on Nov. 14 that funds earmarked for the entity’s day-to-day activities are stuck with the collapsed crypto exchange FTX. The Web3 startup said after it reevaluated its business position, a decision to let go of some of the employees was made. https://twitter.com/YeleBademosi/status/1592144271163142145/photo/1 According to a statement signed and shared by the startup’s CEO Yele Bademosi, the Web3 company was not trading crypto assets on the now-defunct crypto exchange. Instead, Nestcoin — a recipient of an investment from Alameda Research — primarily used FTX as a custodian of its fiat money and stablecoins. “We used the closely associated exchange, FTX, as a custodian to store a significant proportion of stablecoin investment we raised [for] our day-to-day operational budget,” Bademosi explained. ‘A Decentralized Crypto Future’ Concerning the startup’s decision to lay off its employees, Bademosi insisted that this was justified because it allows Nestcoin “to focus on building a more decentralized crypto future where no one organization or person can amass enough power to influence a nascent industry that has the power to do good.” Meanwhile, in a tweet that followed the announcement, the Nestcoin CEO claimed that his desire now is to help departing workers secure employment elsewhere. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts concerning this story? Let us know what you think in the comments section below. View the full article

On Nov. 16, 2022, at Bitcoin block height 763,474, someone transferred 6,522 bitcoin worth roughly $107 million after the coins sat idle for more than five years. While bitcoin’s value is 75% lower than it was a year ago, so-called sleeping bitcoins have been waking up amid the recent crypto market capitulation. While Bitcoin’s Price Remains 75% Lower Than a Year Ago, a Slew of Old Bitcoins Start Moving After Years of Inactivity Five days ago, 3,500 bitcoin from 2011 were transferred for the first time in 11 Years. Amid the crypto market carnage associated with FTX, old coins have been waking up for some reason, and they have been moving to unknown wallets. For instance, the bitcoin address “1QBG9,” moved 25 BTC at block height 762,719 from an address created on Nov. 13, 2011. Not too long after that, 50 bitcoin from 2010 were spent on Nov. 14, 2022, after sitting idle for over a decade. The bitcoin address “1LB8B,” which moved the 50 BTC at block height 763,149 was created on May 23, 2010. All three of those sightings were bitcoins stored in addresses that remained idle for more than a decade. 6,522 Bitcoin Worth Over $107 Million Move After More Than 5 Years of Slumber Two days after the 50 bitcoin from 2010 moved, BTC that derived from an address created on July 31, 2017, moved after sitting idle for more than five years. While that’s not super old, blockchain parsers from btcparser.com caught the individual or entity spend approximately 6,522.40 BTC. The stash is worth more than $107 million using today’s BTC exchange rates. The bitcoin address “1LVBn” is also connected to close to 10,000 BTC first accrued in an address created on May 29, 2011. When the “1LVBn” bitcoin address was created on July 31, 2017, bitcoin was trading for $2,875 per unit according to statmuse.com metrics. That means the cache of 6,522 bitcoins was only worth roughly $18.7 million before it went to sleep for more than five years. If the stash of 6,522 bitcoins were sold today, the owner would have profited by more than 472%. If it was the same owner that acquired approximately 9,478.77 BTC on May 29, 2011, the individual could have acquired the bitcoins at $8.30 per unit. At that price in the spring of 2011, the person could have gained roughly 1,189% in profit against the U.S. dollar over 11 years. Owner Sends Cache of Bitcoins With Zero Privacy Techniques to 2 Addresses The funds, however, don’t look as though they were sent to an exchange, according to onchain data, as the 6,522 bitcoins now reside in two different addresses. The change address “1AkJq” holds 6,061.83 BTC, and 460.57 BTC went to the address “bc1qt.” The net send of 6,522 bitcoins remains idle at the time of writing. Throughout the history of the 6,522 BTC spent on Nov. 16, 2022, the transactions have never been sent in a private fashion. Blockchair.com’s privacy tool gives the last change transaction, which moved 6,061.83 BTC, a privacy rating of “0” or “critical.” Every time the owner of these bitcoins moved coins, matched inputs and outputs were discovered making it easily identifiable by blockchain analysis. It’s worth noting that the technical term “spent” and the use of the word “change” in this article do not necessarily mean the bitcoins were sold. In fact, they simply could be transferred to alternative addresses by the same owner. It’s also worth noting that the bitcoins that originated from the wallet on May 29, 2011, which are also associated with the 6,522 BTC spent on Nov. 16, 2022, may have seen ownership change hands either on or off the blockchain. The owner of the bitcoin address did not spend the corresponding bitcoin cash (BCH) associated with the “1LVBn” bitcoin address. 6,522.40 BCH remains in the address at the time of writing and the BCH is worth roughly 680,939 nominal U.S. dollars. What do you think about the 6,522 bitcoin that woke up after five years and three months? Let us know what you think about this subject in the comments section below. View the full article

Australia’s securities regulator has suspended the license of the Australian unit of the bankrupt crypto exchange FTX until mid-May. According to an issued statement, the platform will be allowed to provide limited financial services until Dec. 19 in order to terminate existing derivatives. FTX Australia Sees License Suspended After Accepting Voluntary Administration The Australian Securities and Investments Commission (ASIC) has suspended the financial services license of FTX Australia Pty Ltd. until May 15, 2023. The decision comes after the local arm of the failed cryptocurrency exchange was placed under voluntary administration on Friday. In an announcement published on its website on Thursday, the regulator pointed out that the entity will be able to continue to provide limited financial services related to the termination of existing derivatives with clients until Dec. 19, 2022. The suspension comes after the appointment of two voluntary administrators of FTX Australia and its subsidiary FTX Express Pty Ltd. on Nov. 11. The latter operates a digital currency exchange that is not regulated by ASIC, the Commission noted. Also on Friday, FTX filed for Chapter 11 bankruptcy protection in the United States. The proceedings were commenced by FTX Trading Ltd., West Realm Shires Services Inc., which was trading as FTX US, and other affiliated companies. FTX Trading became the ultimate holding company of FTX Australia in September last year, ASIC detailed. Australia’s financial services license (AFS) allowed FTX’s Australian platform to deal in, make a market for, and provide, general advice regarding derivatives and foreign exchange contracts to retail and wholesale clients. ASIC emphasized it’s monitoring the situation in close contact with other regulatory bodies and external administrators. The Commission urged FTX clients to follow future developments and look out for updates from the FTX Group. FTX was among the largest cryptocurrency exchanges, valued at $32 billion in January of this year. After its collapse, the trading platform became the target of investigations in the United States, the Bahamas, where it’s headquartered, Japan, and Turkey. Last week, Cyprus suspended the license it had issued to FTX allowing it to operate across the EU. Do you expect similar regulatory decisions regarding FTX in other jurisdictions? Let us know in the comments section below. View the full article

Investment firm Paradigm is still optimistic about crypto’s potential following the collapse of FTX. “The blowup of FTX has caused some to question crypto’s value. But the issues at FTX are precisely ones that decentralized finance [defi] can solve through increased transparency and security,” the firm’s co-founder emphasized. Paradigm on FTX Collapse, Defi Paradigm co-founder Matt Huang took to Twitter to explain the impact cryptocurrency exchange FTX’s collapse has on his company. Paradigm is a San Francisco-based investment firm focused on supporting crypto and Web3 companies and protocols. “We are shocked by the revelations about FTX, Alameda, and SBF,” he began. FTX and trading firm Alameda Research filed for Chapter 11 bankruptcy last week. Both companies were founded by Sam Bankman-Fried (SBF), who has stepped down as the CEO of FTX. “Facts are still coming to light, and there will be many lessons to learn,” Huang added, elaborating: We feel deep regret for having invested in a founder and company who ultimately did not align with crypto’s values and who have done enormous damage to the ecosystem. “Paradigm’s equity investment in FTX constituted a small part of our total assets and has now been written down to $0,” the co-founder detailed. “We never traded on FTX and did not have any assets on the exchange. We have never been investors in related tokens such as FTT, SRM, MAPS, or OXY,” he clarified. Huang was previously a partner at venture capital firm Sequoia Capital, which also recently marked its FTX investments down to $0. The VC firm noted that “a liquidity crunch has created solvency risk for FTX.” The Paradigm executive emphasized: The blowup of FTX has caused some to question crypto’s value. But the issues at FTX are precisely ones that decentralized finance can solve through increased transparency and security. Crises such as this one help to clarify the true merits of what we’re all building towards. “The coming weeks and months will be a tough time for crypto, but we remain optimistic about crypto’s potential and are committed to building towards the positive future we know it can enable,” he concluded. Kraken CEO Jesse Powell said the damage to the crypto industry is huge and will take years to undo. Binance CEO Changpeng Zhao has compared the FTX fiasco to the 2008 financial crisis. He warned of cascading effects from the rival exchange’s collapse. Former U.S. Treasury Secretary Larry Summers compared FTX to Enron. What do you think about the comments by the Paradigm co-founder? Let us know in the comments section below. View the full article

Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett’s right-hand man, has commented on the collapse of crypto exchange FTX, stating that “it is partly fraud and party delusion.” Noting that “the country did not need a currency that’s good for kidnappers,” he stressed: “I basically like the existence of the Fed … I hate bitcoin promoters.” He also said that Tesla’s success is a “minor miracle.” Berkshire’s Charlie Munger on Bitcoin, FTX Collapse, the Fed, Tesla, and Elon Musk Charlie Munger, Warren Buffett’s right-hand man and longtime business partner, has made fresh comments about bitcoin and the collapse of crypto exchange FTX. “It pains me that in my own country, I see people that were once regarded as very reputable people helping these things exist,” the 98-year-old Berkshire Hathaway vice chairman said, adding: This is a very very bad thing. The country did not need a currency that’s good for kidnappers and so on. He noted that it depresses him that some people think “they gotta be on every deal that’s hot and they don’t care whether it’s child prostitution or bitcoin.” He continued: “If it’s hot, they want to be on it. I think that’s totally crazy. Reputation is very helpful in financial life and to destroy your reputation by associating with scum balls and scum ball promotions, it’s a huge mistake.” When asked about whether the companies that invested in FTX did any due diligence, Munger said: You’re seeing a lot of delusion. It’s partly fraud and partly delusion. That’s a bad combination. I don’t like either fraud or delusion and the delusion maybe more extreme than the fraud. “Nobody’s going to be in a new thing that every 12-year-old kid can be a billionaire or something,” he described, adding that he can just create a coin, call it a Munger coin, and start trading it. “It’s crazy, it’s demented.” Munger also said: I basically like the existence of the Fed. I think in a world of fiat currencies, we need wise central banks … So by and large, I like central bankers, and by and large I hate bitcoin promoters. The Berkshire Hathaway vice chairman has never been a fan of bitcoin or crypto. He previously called bitcoin “rat poison” and “contrary to the interest of civilization.” He even compared the cryptocurrency to venereal disease. In July, he advised: “I just avoid it as if it were an open sewer, full of malicious organisms. I just totally avoid and recommended everybody else follow my example.” The Berkshire Hathaway executive believes that governments should ban bitcoin. Munger also shared his opinion about Tesla and its CEO Elon Musk. He said: I was certainly surprised that Tesla did as well as it did, but I do not equate Tesla with bitcoin. “Tesla has made some real contributions to this civilization. Elon Musk has done some good things that other people couldn’t do … We haven’t had a successful new auto company in a long, long time, but what Tesla has done in the car business is a minor miracle,” he opined. What do you think about the comments by Berkshire Vice Chair Charlie Munger about bitcoin, FTX’s failure, and Tesla? Let us know in the comments section below. View the full article

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says that he would again back Sam Bankman-Fried (SBF), the former CEO of the collapsed crypto exchange FTX. “You can’t be serious,” many people told O’Leary, alleging that SBF is a fraud who stole billions from FTX customers. Kevin O’Leary Ignores Evidence of Fraud, Says He’d Back ex-FTX CEO Sam Bankman-Fried Again Shark Tank star Kevin O’Leary has shocked many people when he said on the Crypto Banter podcast, published Tuesday, that he would still back Sam Bankman-Fried (SBF), the former CEO of the collapsed crypto exchange FTX. Last week, the crypto company filed for Chapter 11 bankruptcy and Bankman-Fried stepped down as the CEO. O’Leary has an equity stake in FTX and has signed a multiyear deal to become the crypto exchange’s ambassador and spokesperson. His compensation was paid in crypto and managed on the FTX platform. “If SBF knocked on your door again and said, ‘Look I failed in my last venture, I have a new crypto venture, I need money,’ would you back him?” O’Leary was asked. He replied: The answer would be yes. The Shark Tank star described: “I think we can all admit you can love them or hate them given what’s happened.” However, Mr. Wonderful added: He was one of the most brilliant traders in the crypto universe. He also built one of the most robust platforms. We used FTX actively. It was a very robust platform that allowed us to get information on a compliant basis, so I really like what he built. O’Leary proceeded to detail how he would invest in Bankman-Fried “in a different context” next time. The Shark Tank star explained that SBF “would not have operational control of the assets” but he would have trading control. “You’re going to find, assuming he doesn’t get involved in a bad situation somehow personally, that he will be found somewhere else in crypto,” he added. “I know all the players in the crypto market and I’m just telling you there’s nobody quite like him … I’m telling you Sam Bankman-Fried is an unusual 1% person in terms of understanding how these assets work,” Mr. Wonderful continued. Circling back to the question about whether he would back SBF in his next venture, O’Leary said: If I could put him on my team in a very straight vertical where he doen’t have the ability to move assets around but has the ability to trade them, yeah I would. Many People Disagree With O’Leary, Calling Bankman-Fried a Fraud O’Leary’s comments left the crypto community in disbelief. Many people took to Twitter to slam the Shark Tank star. “Sam committed one of the largest frauds in history,” one Twitter user wrote. Another reminded O’Leary that SBF scammed his FTX customers and stole billions from them. Will Clemente, co-founder of Reflexivity Research, wrote: “Unbelievable. Kevin O’Leary says he would back SBF again and [that] he was a ‘great trader.’ Kevin, you do realize he was front-running and counter-trading his own customers and dumping accumulated tokens on his own customers? You cannot be serious.” Crypto lawyer John E. Deaton stressed: “SBF did not fail in his last venture. What is wrong with Kevin O’Leary.” He emphasized: He didn’t fail not-so-Mr. Wonderfull. He lied. Cheated. Deceived. Committed insider-trading and stole people’s money. O’Leary had the audacity to criticize Brian Armstrong but he would back SBF again. My God. Ripple CTO David “JoelKatz” Schwartz opined: “I can forgive people for getting fooled when others were fooled too, but I cannot forgive people for being willfully blind to overwhelming evidence.” What do you think about Kevin O’Leary saying that he would back Sam Bankman-Fried again? Let us know in the comments section below. View the full article

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says bitcoin is not the problem following the collapse of cryptocurrency exchange FTX. Kiyosaki believes that former FTX CEO Sam Bankman-Fried is more like the Bernie Madoff of crypto than the Warren Buffett of crypto. Robert Kiyosaki on Bitcoin, FTX Blowup, Bernie Madoff The author of Rich Dad Poor Dad, Robert Kiyosaki, has shared his thoughts about bitcoin, the collapsed crypto exchange FTX, and its former CEO Sam Bankman-Fried (SBF). FTX filed for bankruptcy last week and Bankman-Fried stepped down as the CEO of the company. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Following the implosion of FTX, many people rushed to exit the crypto space, which led to heavy market sell-offs. However, Kiyosaki tweeted Monday: Bitcoin not the problem. No more than gold, silver, oil cause inflation. In contrast, he claimed that the bankrupt crypto exchange, President Joe Biden’s family, the Federal Reserve, Marxist educators, and corrupt politicians are “really big problems.” His tweet continues: Gold, silver, bitcoin, police, veterans vital for our personal freedoms. FTX is being investigated by a number of authorities worldwide, including the U.S. Department of Justice (DOJ), the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC). Kiyosaki Compares FTX and Bankman-Fried to Bernie Madoff and His Ponzi Scheme Kiyosaki followed up with another tweet Tuesday. The renowned author wrote, “WTF: FTX largest donator to Democrats for midterms,” adding: Kevin O’Leary & Jim Cramer raved about Sam Bankman-Fried calling him the Warren Buffett of crypto. SBF [is] more like Bernie Madoff of crypto. How much more corrupt can Silicon Valley & Hollywierd become? Madoff ran the largest Ponzi scheme in history, worth about $64.8 billion. He was convicted of fraud, money laundering, and other related crimes, and was sentenced to 150 years in federal prison. Madoff died in prison on April 14 last year at the age of 82. Kiyosaki is not the only one who sees similarities between Bankman-Fried and Madoff. Sheila Bair, who chaired the Federal Deposit Insurance Corporation (FDIC) during the 2008 financial crisis, recently noted eerie similarities between FTX and Bankman-Fried and Bernie Madoff’s Ponzi scheme. She opined: Charming regulators and investors can distract [them] from digging in and seeing what’s really going on … It felt very Bernie Madoff-like in that way. Meanwhile, Binance CEO Changpeng Zhao (CZ) said the FTX fiasco resembles the 2008 financial crisis, and former Treasury Secretary Larry Summers likened the crypto exchange’s implosion to the Enron fraud. Shark Tank star Kevin O’Leary has an equity stake in FTX and has signed a multiyear deal to become the crypto exchange’s ambassador and spokesperson. His compensation was paid in crypto and managed on the FTX platform. Bankman-Fried is a big donor to the Democratic Party. The former FTX chief was the second-largest donor to the Democrats in 2021-22, donating $39.8 million — second only to billionaire George Soros, according to Open Secrets political donor data. Kiyosaki is a bitcoin investor. He has been recommending BTC for quite some time. Last month, he explained why he buys bitcoin. In September, he urged investors to get into crypto now before the biggest economic crash in history happens. What do you think about the comments by Robert Kiyosaki regarding bitcoin and FTX? Let us know in the comments section below. View the full article

The U.S. Securities and Exchange Commission (SEC) says its Enforcement Division “remains focused on the rapidly evolving crypto asset securities space.” The securities regulator filed 760 enforcement actions in total this fiscal year. SEC Chairman Gary Gensler commented: “I continue to be impressed with our Division of Enforcement.” SEC Focused on Enforcement The U.S. Securities and Exchange Commission (SEC) announced its enforcement results for the fiscal year 2022 on Tuesday. During that time, the SEC “filed 760 enforcement actions and recovered a record $6.4 billion in penalties and disgorgement on behalf of the investing public,” the regulator explained. The total number of enforcement actions represents a 9% increase over the prior year. SEC Chairman Gary Gensler opined: I continue to be impressed with our Division of Enforcement … Enforcement results change from year to year. What stays the same is the staff’s commitment to follow the facts wherever they lead. The SEC noted that regarding the crypto industry, it announced in May the addition of 20 positions to the renamed Crypto Assets and Cyber Unit (previously called the Cyber Unit), nearly doubling that unit’s staffing. The agency emphasized: Enforcement remains focused on the rapidly evolving crypto asset securities space. Staff across the SEC’s Division of Enforcement also continued to investigate potential crypto-related misconduct, leading to several significant enforcement actions, the regulator described. They included charges against Blockfi Lending LLC, charges against 11 individuals for their alleged roles in crypto Ponzi scheme Forsage, and “insider trading charges” against former Coinbase product manager Ishan Wahi and his associates. Gensler has often been criticized for his enforcement-centric approach to regulating the crypto industry. Following the collapse of crypto exchange FTX, a growing number of lawmakers have called on the SEC to tighten crypto oversight. The SEC chief said the crypto field is “significantly non-compliant.” Congressman Brad Sherman (D-CA) has urged the SEC to take decisive action to regulate the industry. The White House, Treasury Secretary Janet Yellen, Federal Reserve Vice Chair Lael Brainard, and several U.S. senators have all called for proper crypto oversight. Senator Elizabeth Warren (D-MA) stressed that crypto needs “more aggressive enforcement,” noting that she will keep pushing the SEC to enforce the law. What do you think about the SEC’s enforcement-centric approach to regulation? Let us know in the comments section below. View the full article

In light of a recently published real estate listing, former FTX CEO Sam Bankman-Fried (SBF) is reportedly selling a 12,000-square-foot penthouse in the Bahamas for $39.9 million. Moreover, reports further detail that FTX Property Holdings spent roughly $74 million on real estate purchases in the surrounding Albany Bahamas oceanside district. Bahama Mansion Called the ‘Orchid Building’ Listed for Close to $40 Million This past weekend, the web portal seasidebahamas.com published a real estate listing that’s reportedly tied to the former FTX CEO Sam Bankman-Fried (SBF). The property dubbed the “Orchid Building,” is located on a 600-acre oceanside resort community called Albany Bahamas or Albany Resort. The asking price for the 12,000-square-foot penthouse is roughly $39.9 million, according to the listing, and the so-called effective altruist SBF’s maintenance fees for the home are around $21,000. SBF’s penthouse listing made waves on Twitter when it was shared by the Twitter account dubbed “Autism Capital.” A large portion of the commenters on Autism Capital’s thread mentioned SBF’s so-called altruistic nature he boasted about on a regular basis. “Effective altruism housing,” one person mocked in the Twitter thread. “That mansion screams effective altruism,” another person wrote. Report Says FTX Property Holdings Spent $74 Million on Real Estate in the Bahamas, FTX Purchased Real Estate in Tokyo, Miami’s Brickell Financial District In addition to the Albany district mansion, a report published by The Block indicates that FTX allegedly spent $74 million on real estate purchases in the Bahamas. Reporters Kollen Post and Frank Chaparro witnessed documents that show “FTX Property Holdings spent $74,230,193 on property in the Bahamas over 2022.” if people like new office videos.. about a month out from moving into our new Tokyo office pic.twitter.com/o3bGbqxKtr — FTX (@FTX_Official) November 7, 2022 The report further details that $67.4 million went to properties in the Albany Bahamas district. In addition to Albany properties, the report says SBF purchased a condo at One Cable Beach for $2 million. FTX’s subsidiary FTX Property Holdings is mentioned in the company’s bankruptcy protection filing registered in Delaware. FTX also purchased real-estate in Miami Florida as reports detail that FTX was building a “permanent space with capacity for 16 to 18 employees.” The FTX office was located in Miami’s Brickell financial district and the company also shared a video of a new Tokyo office on Nov. 7, 2022, days before its bankruptcy filing. What do you think about the real-estate purchases FTX Property Holdings reportedly made during the last few years? Let us know what you think about this subject in the comments section below. View the full article

On Nov. 14, cronos rebounded, as Crypto.com CEO Kris Marszalek held an “Ask me Anything” (AMA) session, while speculation grew on the company’s level of solvency. The concerns came after it was revealed that a transfer of $400 million was made to gate.io in recent weeks. Polygon also surged on Monday, as prices attempted to break out of a key resistance level. Cronos (CRO) Cronos (CRO) rebounded on Monday, as markets responded to Crypto.com CEO Kris Marszalek’s comments on recent speculation surrounding the company’s health. Following a low of $0.05629, CRO/USD rallied to an intraday high of $0.07459 earlier in today’s session. The surge comes as Marszalek admitted that, “Trust was damaged, if not lost, and we need to focus on rebuilding trust.” Looking at the chart, today’s move saw CRO rebound from an all-time low, and as of writing the asset is trading nearly 8% higher, at $0.07051. In addition to this, the 14-day relative strength index (RSI), is currently tracking at 32.99, which is below a ceiling of 36.20. Overall, CRO is down by 42% from the same point last week. Polygon (MATIC) Polygon (MATIC) was another notable gainer on Monday, as the token attempted to reenter the $1.00 region. MATIC/USD surged to a peak of $0.9573, which comes less than a day after hitting a low of $0.8412. Today’s rebound in price saw MATIC briefly breakout of a resistance level of $0.95, however it has since slipped below this point. As can be seen from the chart, prices have somewhat stuttered, as the RSI neared a collision with a ceiling of its own. The index is currently tracking at 48.07, which is marginally below the aforementioned resistance of 49.00. Should MATIC bulls intend to take the token back above $1.00, price strength will first need to move beyond this 49.00 point. Register your email here to get weekly price analysis updates sent to your inbox: Could we see polygon move back above $1.00 in the coming days? Let us know your thoughts in the comments. View the full article

During the last week, the crypto community has been dealing with the demise of FTX and its affiliated crypto businesses, and ever since then, the proof-of-reserves topic has found its way to the forefront of conversations. Another silver lining to the fiasco is the fact that cryptocurrency enthusiasts have removed large quantities of bitcoin and ethereum from centralized trading platforms. Seven-day statistics from cryptoquant.com indicate that more than $3.4 billion in bitcoin has been removed from exchanges since Nov. 7, 2022. More Than $3.4 Billion in Bitcoin Has Been Removed From Exchanges Over the Last Week A full week has passed since the start of the FTX fiasco, and it’s safe to say the event has shaken crypto investors a great deal. Metrics show that not only are exchanges dealing with some of the highest trade volumes in months, but trading platforms have seen a significant number of withdrawals as well. After seven days of significant crypto price fluctuations, on Sunday, Nov. 13, crypto exchange volumes have seen momentum drop down to levels recorded prior to Nov. 7. Statistics from cryptoquant.com indicate that exchanges held 2,312,458 bitcoin (BTC) on Nov. 7, and by Sunday, Nov. 13, exchanges held 2,098,600 BTC. This means that 213,858 bitcoin worth roughly $3.4 billion left exchanges since Nov. 7. Cryptoquant.com’s website notes that as “exchange reserves continue to fall, it indicates lower selling pressure.” According to statistics collected by Peckshield, Bituniverse, and etherscan.io, the top bitcoin (BTC) holding exchange today is Coinbase. Coinbase’s bitcoin reserves stash is followed by the crypto exchanges Binance, Huobi Global, Kraken, and Okx, respectively. $1.8 Billion in Ether Leaves Exchanges, Crypto.com Ethereum Wallet Processes Nearly 90,000 Transactions in 24 Hours In addition to the BTC that left centralized digital currency exchanges, a significant amount of ethereum (ETH) has left the top trading platforms as well. Data from cryptoquant.com indicates that on Nov. 7, exchanges held 21,640,394 ether and the number of ether on trading platforms dropped to 20,077,244 ether. The data shows that approximately 1,563,150 ether was removed from exchanges over the last week or 7.22% lower than the week prior. In terms of the ethereum removed in USD value, the 1.5 million ether was valued at more than $1.8 billion. Between both the BTC and ETH removed from centralized exchanges from Nov. 7 to Nov. 13, the USD value equates to over $5.3 billion. Additionally, crypto enthusiasts have been monitoring crypto exchange wallets since quite a few are well known. Ever since a number of crypto trading platforms shared proof-of-reserve addresses, those too are being monitored. Exchange wallets from Binance, Crypto.com, Kucoin, Bitfinex, and Huobi saw a significant number of transactions during the last few days. For instance, Crypto.com’s ethereum (ETH) wallet flagged as “Crypto.com2,” saw a massive spike in transactions during the last 24 hours. Close to 90,000 ether transactions were processed through the Crypto.com2 address. Kucoin’s and Huobi’s ETH wallets also saw significant spikes during the last 24 hours, but the Crypto.com2 ethereum address outpaced them both in terms of processed transactions. What do you think about the more than $5 billion worth of bitcoin and ethereum removed from exchanges this past week? Let us know your thoughts about this subject in the comments section below. View the full article

Cryptocurrency exchange Binance is forming an industry recovery fund to “reduce further cascading negative effects of FTX,” said CEO Changpeng Zhao (CZ). “As an industry, we need to increase transparency,” the executive stressed. “We need to work very closely with regulators all around the world to make this industry more robust.” Binance Establishing Crypto Industry Recovery Fund Following the collapse of cryptocurrency exchange FTX, Binance announced that it is forming a recovery fund for the crypto industry. CEO Changpeng Zhao (CZ) tweeted early Monday morning: 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. “Also welcome other industry players with cash who wants to co-invest,” the Binance boss added. “Crypto is not going away. We are still here. Let’s rebuild.” Crypto exchange FTX filed for Chapter 11 bankruptcy Friday. Prior to the bankruptcy filing, Binance was considering acquiring the rival crypto exchange. However, after performing due diligence, the company decided to walk away from the deal, citing reports of FTX mishandling customer funds and investigations by U.S. authorities. At a fintech conference in Indonesia Friday, CZ talked about cryptocurrency regulation and his firm’s efforts to set global standards for cryptocurrency in collaboration with other industry players. He likened the FTX fiasco to the 2008 financial crisis, warning of cascading effects. The Binance chief said at the conference: As an industry, we need to increase transparency. We need to work very closely with regulators all around the world to make this industry more robust. There is a strong role for regulators to play but we can’t blame this on any single party. The Binance executive noted that the crypto “industry is still growing” and “we are still building.” What do you think about Binance launching a recovery fund for the crypto industry? Let us know in the comments section below. View the full article

Bitcoin started the week trading below $17,000, as volatility in the cryptocurrency space continued to intensify. Following last week’s collapse of FTX, account withdrawals have increased, with several customers opting to remove their tokens from exchanges. However, strong comments from Twitter CEO Elon Musk have helped boost prices. Ethereum remained below $1,300 on Monday. Bitcoin Bitcoin (BTC) started the week trading below $17,000, as market volatility remained high, following last week’s collapse of FTX. Since FTX’s bankruptcy, the market has struggled to attempt to find support, with BTC trading near this point in today’s session. BTC fell to a low of $15,872.94 earlier in today’s session, before rallying and reaching a high of $16,864.76. The move away from its current support of $15,800 came as Twitter CEO Elon Musk gave his view on the token. In a response to a tweet from Jason Calacanis, Musk tweeted, “BTC will make it, but might be a long winter.” As can be seen from the chart above, price strength has also rebounded since this tweet, with the 14-day relative strength index (RSI) now moving higher, towards a ceiling of 39.00. Ethereum Ethereum (ETH) was trading below $1,300 for a third straight day, which comes following recent uncertainty in the marketplace. Despite starting the day, and week, trading at a bottom of $1,178.43, ETH/USD marginally rebounded, climbing above $1,200. The world’s second largest cryptocurrency surged to an intraday peak of $1,267.48, which is over 2% higher than earlier lows. Looking at the chart, the surge in price has also led to the RSI climbing higher, with the index now hovering below a ceiling of 43.00 In order for ETH to extend today’s surge and move above $1,300, this point of resistance will likely need to be broken. Overall, ethereum is currently down by as much as 20% from the same time last week. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect cryptocurrencies to fall even lower this week? Leave your thoughts in the comments below. View the full article

St. Kitts and Nevis will explore the possibility of making bitcoin cash legal tender by March 2023. The statement was made by St. Kitts and Nevis Prime Minister Terrance Drew as part of the Bitcoin Cash 2022 Conference held in the country, declaring that Bitcoin Cash mining activities will also be explored in the same way. Bitcoin Cash Could Become Legal Tender in St. Kitts and Nevis Next Year The Government of St. Kitts and Nevis will be exploring the possibility of declaring bitcoin cash legal tender as part of the process of introducing cryptocurrencies into the economy of the country. The announcement was made by Prime Minister Terrance Drew, who participated in the Bitcoin Cash 2022 Conference on Nov. 12. As part of his speech, Drew stated: I welcome the opportunity to dialog further with a view to exploring opportunities for Bitcoin Cash mining and making bitcoin cash legal tender in St. Kitts and Nevis by March 2023 once the safeguards to our country and our people are guaranteed. Drew explained that his country was aware of the possible advantages that adopting a cryptocurrency as a legal tender would bring, stating that many businesses on the island already accept bitcoin cash as a payment method. However, he was clear that this move could only be made after considering all the important aspects of such an endeavor, and complying with due diligence. The move would follow in the steps of countries like El Salvador, which declared Bitcoin legal tender in June 2021. Benefits of Making Bitcoin Cash Legal Tender St. Maarten’s Member of Parliament Rolando Brison explained the benefits that declaring Bitcoin Cash as legal tender might bring to the country. Brison, who declared that he was planning to receive his full salary paid in bitcoin cash in March, stated that making bitcoin cash legal tender would simplify the procedures to collect salaries in that cryptocurrency. Also, Brison stated that legacy legal contracts are based on legal currency, so no such large transactions could be completed with bitcoin cash without it having legal tender status. This would also ostensibly exempt bitcoin cash holdings from capital gains taxes and would simplify accounting paperwork and procedures for cryptocurrency holders. Finally, Brison stated this was the best way of countering the trend of Central Bank Digital Currencies (CBDCs) that many governments are currently exploring. Brison has been a supporter of the cryptocurrency in his country, exploring regulations to make bitcoin cash legal tender since March. What do you think about St. Kitts and Nevis’ plan? Tell us in the comments section below. View the full article