Top stories

Bahamas Gov Ordered SBF Conducted Nine-Figure FTX Hack

Bahamian authorities ordered Sam Bankman-Fried to transfer hundreds of millions of dollars of crypto from FTX to a wallet controlled by the Securities Commission of The Bahamas.

The Bahamian government is now one of the world’s biggest Ethereum holders after converting FTX’s assets. FTX has filed a motion with the court claiming the Commission’s actions were “unauthorized.”

Binance Was Accused of Deliberately Sink Rival FTX

UK Parliamentary Treasury Committee asked Binance for internal correspondence on the collapse of FTX earlier this week.

Binance denied wrongdoing and sent back news articles in response. UK lawmakers said Binance's evidence on FTX collapse wasn't sufficient.

Crypto.com Accidentally Sent 320K ETH To Gate.io

Cryptocurrency exchange Crypto.com mistakenly sent 320,000 ETH to a wallet address linked to Gate.io in late October. While the platform has since recovered the assets, Binance CEO Changpeng Zhao advised users that it is best they stay away from the platform.

El Salvador President Says Country Will Buy One Bitcoin Every Day

The president of El Salvador announced that El Salvador would start purchasing one bitcoin every day from Nov. 17. El Salvador became the first country in the world to recognize bitcoin as a legal tender in September 2021. Tron’s Justin Sun joined him later, stated that “we will also buy one bitcoin every day starting tomorrow.”

Crypto weekly price action

Bitcoin is still trading above $16,600 Friday afternoon, relatively unchanged from Monday but down 5% over the last seven days. Ethereum is trading just over $1,200 after peaking at $1,277 for the week on Tuesday. 

Fundraising and investment

Matter Labs Raised $200 Million for zkSync Network

Ethereum development firm Matter Labs has raised a monster $200 million to support the launch of its zkSync V2 rollup network, one of the major platforms vying for dominance in a crowded competition to reduce Ethereum’s fees and increase its transaction speeds.

Matter Labs’ Series C funding round was co-led by Blockchain Capital and Dragonfly.

Ramp Raises $70 Million to Solve Crypto Onboarding Problem

Ramp, a company that specializes in providing fiat to crypto and crypto to fiat flows for different Web3 applications, announced it had raised $70 million in its latest funding round, co-led by Mubadala Capital and Korelya Capital.

Funds will be used to “invest further into product line, add local fiat currencies and payment methods, expand into new territories, and hire the best talent in the market.”

Arkon Energy Raises $28 Million Into Bitcoin Mining

Arkon Energy, the data center startup that uses renewable electricity to mine bitcoin, raised $28 million, led by quantitative investment manager and digital assets market maker, Blue Sky Capital.

As part of the new funding round, partners from Blue Sky, Kestrel 0x1, and Barkers Point Capital Advisors will be joining the startup's board.

Blockchain Securities Exchange ADDX Scores $20 Million

ADDX, which operates a securities exchange powered by blockchain technology, announced it had secured roughly $20 million in a fundraising round led by KB Securities. The investment marks an extension of ADDX’s $58 million funding round announced in May. ADDX said it will use the additional proceeds to grow its recently launched institutional wealth management platform.

Research and technology

Grayscale Report: Cardano Network and ADA Ecosystem

Learn more about the history. defining characteristics, advantages and risks of the next-generation internet platform (Web 3.0) Cardano and its ADA token ecosystem.

Crypto Scammers Are Buying Fake Identities on the Black Market for as Little as $8

Security-focused ranking platform CertiK’s investigation confirms that criminals have developed several ways to bypass regular verifications. A vast underground ring of know-your-customer (KYC) actors for hire is being increasingly used by rogue developers with the aim to scam Web3 communities. The cost of a KYC actor can be as low as 8 USD if the gig requirements are low.

Everything You Need to Know About Liquidity Pools

Token liquidity, the ability to buy and sell tokens, is a core part of tokenomics and any web3 project. Liquidity pools, the key innovation that enables this, are one of the most elegant, important, and yes, coolest, parts of DeFi. How much token liquidity is needed in a liquidity pool? What are the considerations you need to take into account a when setting up a liquidity pool? How do liquidity pools work? Here are the answers.

Viral Quotes

“I was on the cover of every magazine, and FTX was the darling of Silicon Valley. We got overconfident and careless.”

— Sam Bankman-Fried, former CEO of FTX

"The crimes FTX were committing were not some tech-specific, wiz-bang, 2022-era set of crimes. They were illegal 100 years ago. You can't do that.”

— Jake Auchincloss, Democratic Congressman

“There are people who think they’ve got to be on every deal that’s hot. I think that’s totally crazy. They don’t care whether it’s child prostitution or bitcoin.”

— Charlie Munger, American billionaire investor

“Automatically downgrading every single thing SBF believed in is an error. It's important to actually think and figure out which things contributed to the fraud and which things didn't.

Don't be the guy who would have tried to cancel vegetarianism in 1945.”

— Vitalik Buterin, Ethereum Co-Founder

“I don’t think we should give people who commit enormous, massive fraud a second chance to commit enormous massive fraud again.  The jig is up. Everyone knows what you really are.”

— Billy Markus, Creator of Dogecoin