The stablecoin operator said the reliability of its reserves is important to highlight “at a time like this.” Tether has historically had issues with transparency. Tether issued a short statement on Nov. 16 saying that it has no exposure to institutional crypto lender Genesis Global or the Gemini Earn program after the announcement that Genesis...Continue Reading

Evidence suggests “FTX’s fraudulent scheme was designed to take advantage of unsophisticated investors,” according to the lawsuit. Former FTX CEO Sam “SBF” Bankman-Fried and a number of celebrities who endorsed FTX have been named in a class-action lawsuit filed on Nov. 15 in Miami.  Implicated in the class-action lawsuit are celebrities, athletes and teams, including...Continue Reading

An image of the sandals worn by Steve Jobs was minted as a nonfungible token and sold for over $200,000. In this week’s newsletter, read about how the FTX contagion led to the sale of a collection containing high-ticket nonfungible tokens (NFTs). Check out the struggles in onboarding artists to Web3 through NFTs and find...Continue Reading

On-chain data flashed positive for DEXs and an increase in protocol revenue, even as markets corrected due to FTX’s insolvency. A week after the fallout from the FTX and Alameda chaos some on-chain data points are interesting to observe. Although record amounts of Bitcoin (BTC) and Ethereum (ETH) volume are leaving the exchanges, not all...Continue Reading

“I was on the cover of every magazine, and FTX was the darling of Silicon Valley,” said the former CEO on the crypto firm’s path to bankruptcy. Former FTX chief executive officer Sam Bankman-Fried said he was “wrong” in his estimates of the crypto exchange’s leverage prior to its collapse, claiming it wasn’t $5 billion,...Continue Reading

The recovery in BTC and altcoins fizzled out fast, suggesting that investors continue to maintain a risk-off stance to all cryptocurrencies. The collapse of FTX cryptocurrency exchange has created a liquidity crisis in the crypto space, which could extend the crypto winter through the end of 2023, according to a research report by Coinbase. According...Continue Reading

The wallets seem to indicate that over $1billion worth of BTC, USDT, ETH, and USDC are held by the exchange. Crypto exchange Bybit publicly released the addresses of its largest crypto wallets on Nov. 16. This came on the heels of FTX’s collapse and calls within the industry for greater transparency. Bybit listed the addresses...Continue Reading

Back was one of the few people cited in the original Bitcoin whitepaper. Ever since his childhood years, Adam Back, now CEO of Blockstream, would spend his time fidgeting with programming code to look for encryption keys embedded in the software. Born in 1970, the London native completed his A-levels in mathematics, physics, and economics...Continue Reading

The audit tracked efforts to defend the UST peg May 8-12 and no found wrongdoing. LFG used the data to draw conclusions about frozen funds. The Luna Foundation Guard (LFG) and Terraform Labs (TFL) commissioned a technical audit of their efforts to defend the price of TerraUSD (UST) between May 8 and 12, 2022. The...Continue Reading

The U.S. lawmaker suggested four financial regulatory heads had done little to address “crypto billionaire bros” using digital assets for the evasion of sanctions and taxes. California Representative Brad Sherman, who repeatedly called for a ban on U.S. residents buying crypto, accused leaders at several financial agencies of parroting former FTX CEO Sam Bankman-Fried’s ideas...Continue Reading