Cointime

Download App
iOS & Android

$1Billion Customer Funds at FTX Disappeared, Binance Abandons Rescue Plan | Cointime Weekly Nov.6 – Nov.11

Top stories

Farewell to FTX

FTX and Alameda file for bankruptcy in wake of failed Binance Acquistion, Sam Bankman-Fried lost billionaire status and his control of this crypto exchange giant. This historic moment once again proved “Crypto is Not Too Big To Fail”. 

Over $400M Tokens FTX Funds Drained, $1 Billion of Client Funds Missing

So far, over $400 million worth of token has been transferred to a single wallet address. At least $1 billion in customer funds at the exchange disappeared last weekend

FTX and Alameda File for Chapter 11 Bankruptcy in US, CEO SBF Resigns

Roughly 130 companies in FTX Group — including FTX Trading, FTX US, under West Realm Shires Services, and Alameda Research — had started proceedings to file for bankruptcy in the United States. Bankman-Fried has also resigned, John Ray III is now in charge of the debt-ridden exchange as its new CEO

TRX Momentarily Surges 4,000% on FTX Amid 1:1 FTX Redemption of Tron-Based Tokens

Tron network’s native TRX token momentarily surged some 4,000%, from 6 cents to $2.50, on FTX even though they are trading for 6 cents on other prominent exchanges, such as Binance and OKX. This followed on Sun’s tweet: “We will do everything we can to protect our users, including exchange all #TRX, #BTT, #JST, #SUN, #HT on the FTX platform at a 1:1 ratio”.

Binance Abandons Rescue of FTX One Day After Announcing Takeover Bid

Binance, the world’s largest crypto exchange, has backed out of its agreement to purchase FTX just one day after signing an agreement to rescue the company on Tuesday. Binance said its decision was made in light of a review of FTX’s handling of customer deposits, alongside alleged US agency investigations against the firm.

Social giants step forward Blockchain

Facebook Blowing Billions on the Metaverse, and Laying Off 11,000 People

Since the start of 2021, Meta has spent $15 billion to make virtual and augmented reality mainstream with little success. It’s planning to begin large-scale layoffs this week that will affect thousands of employees

Twitter Registers as Payments Biz as Post-Musk Dogecoin Gains Are Erased

Twitter registered as a money services business on Nov. 3, according to FinCEN data. FinCEN defines a money transmitter as a person or organization providing money transmission services or any other person who transfers funds.

Crypto weekly price action

In this week, cryptocurrency prices faced staggering losses. Bitcoin is down 25% since Sunday and closing in on two-year lows, while Ethereum tumbled 32% to its lowest level since June. Bitcoin fell below $16,700 on Friday after FTX announced it filed for bankruptcy.

Cryptocurrency Prices Heat Map in 7 Days, Source COIN360

Fundraising and investment

Japan’s Largest Telecom Company NTT to Invest $4 Billion in Web3

The leading Japanese mobile phone operator – NTT Docomo – joined forces with Accenture to invest between 500 and 600 billion yen (up to $4 billion) in the next iteration of Internet technology – Web3. The partners will also provide training courses for those interested in the field, including business leaders and engineers.

Genesis: Trading Firm to Get $140 Million Equity Infusion from DCG

Digital Currency Group (DCG), the parent company of crypto trading firm Genesis, is stepping in to provide a $140 million equity infusion to Genesis after it said that its derivatives business had $175 million locked up on the FTX platform.

Ramp: Web3 Infrastructure Startup Raises $70m Funding

Ramp, a UK-based startup offering payment infrastructure, has raised $70 million in a Series B round co-led by Mubadala Capital and Korelya Capital.

Thoma Bravo: Leads $70 million Series B extension into TRM Labs

Private equity firm Thoma Bravo has led a $70 million Series B extension into TRM Labs. Through this funding round, the company is looking to build out tools for helping law enforcement fight crypto-related financial crime.

Research and technology

Explore Web 3.0 Through the Lens of Blockchain

Why is Web3 vital? What are the big impacts and limitations of Web 3.0? Let’s take a deep dive.

What Is Arbitrum and Why Do We Need It?

What is Arbitrum’s feature and what is Optimistic Rollups? How does Arbitrum work? What does the Arbitrum system include? How is Arbitrum evolving? Here are the answers.

I Analyzed 120 Crypto Hacks. Here Is What I Learned

If you own a cryptocurrency that just got hacked — sell it. If you are considering buying a cryptocurrency after it got hacked, you should probably look for a better alternative.

Viral Quotes

“FTX going down is not good for anyone in the industry. Do not view it as a win for us.”

—     Changpeng Zhao, CEO of Binance

“MtGox 'looked' sketchy and never tried too hard to whitewash itself. Luna too. FTX was the opposite and did full-on compliance virtue signaling (not the same thing as compliance). The second kind of fraud cuts deeper than the first.”

—     Vitalik Buterin, Ethereum co-founder

“I have zero sympathy for SBF & am going to enjoy sending him to prison.”

—     Ben Armstrong, Crypto influencer

“A poor internal labeling of cookie-related jars meant that I was substantially off on my sense of my parents' margin.”

—     Edward Snowden, former U.S. intelligence contractor, called SBF “Child with a face covered in crumbs”

Comments

All Comments

Recommended for you

  • U.S. July Nonfarm Payrolls Fall by 23,000, Missing Market Expectations

    On August 7, U.S. nonfarm payrolls decreased by 23,000 in July, compared with market expectations of an increase of 80,000, and the previous value was an increase of 57,000.

  • US May and June Nonfarm Payroll Additions Revised Down by 103,000 Combined

    On August 7, the US Bureau of Labor Statistics: May nonfarm payroll additions were revised down from 129,000 to 63,000; June nonfarm payroll additions were revised down from 57,000 to 20,000. After the revisions, the combined additions for May and June were 103,000 lower than previously reported.

  • U.S. Rate Futures Market Sees Lower Odds of Fed September Hike

    On August 7, the probability of a Fed rate hike in September as priced by U.S. interest rate futures declined.

  • New York Gold Futures Top $4,400 per Ounce

    New York gold futures topped $4,400 per ounce, up 2.36% on the day.

  • Japan Finance Minister: FX Market Affected by Moves Not Driven by Actual Demand

    Japanese Finance Minister Satsuki Katayama said she and U.S. Treasury Secretary Bessent agreed that the foreign exchange market has been affected by moves not driven by actual demand.

  • BTC Breaks Through $65,000

    Market data shows BTC has broken through $65,000, currently reported at $65,007.44, with a 24-hour increase of 0.6%. The market is highly volatile, please exercise risk control.

  • Brent Crude Drops 2.00% Intraday to $81.07/Barrel

    Brent crude oil fell 2.00% during the day, now at $81.07 per barrel. (Jin Shi)

  • Trump: Data Centers May Be More Important Than Oil

    August 7 news, U.S. President Trump said in an interview with Punchbowl News, "I saw the other day that Texas seems to be opposed to building data centers. I think that's a mistake. I'm not taking a position—I just think it's a mistake, because there are other communities that want to build data centers. When a community is willing to accept data centers, it means a lot of money will flow into that community. I don't think they're ugly. Some of the data centers I've seen are the most incredible buildings I've ever seen. They are very important to the economy. If Texas says no to data centers, that's a mistake, because data centers may be more important than oil."

  • Trump to Meet with Mining Executives

    On August 7, according to CCTV International News, US President Trump will convene executives from some of the world's largest mining companies at the US State Department on August 7 local time, in an effort to take action to 'secure critical mineral supplies for the US and its allies.' Reuters reported that the US urgently needs critical minerals to replenish weapons inventories depleted during the war against Iran. During the more than five-month war with Iran, the US military expended large quantities of precision-guided missiles and air defense interceptors. US defense officials and lawmakers have warned that given existing production capacity constraints, replenishing some stockpiles could take years—although the Trump administration has denied reports of a so-called 'severe shortage of ammunition stockpiles.' According to Pentagon officials and defense companies, supplies of minerals such as rare earths, tungsten, germanium, and scandium are essential for manufacturing precision-guided missiles, fighter jets, armored vehicles, infrared sensors, and other advanced weapons systems. Expected attendees include industry giants such as global mining giant Rio Tinto Group, Australia's BHP, US Freeport-McMoRan, US Mountain Pass Materials, US Rare Earths, US Energy Fuels, and Canada's Metals Company. According to sources, the Trump administration plans to announce multiple deals and memorandums of understanding.

  • Web3 data and AI company Validation Cloud completes $10 million in new round of financing

     Web3 data and AI company Validation Cloud announced a $10 million financing round from True Global Ventures. The company plans to use the funds to expand its AI products and achieve seamless access to Web3 data.