Marius Ciubotariu, a core contributor to Hubble Protocol and Kamino Finance on the Solana ecosystem, said, “Just as we saw with Ethereum and ETH in 2018, this current shakeout will purge Solana of pure price speculators and ensure that only those that are dedicated to the ecosystem are part of the next big wave of innovation and growth.” Original Source BankruptcyFTXReturnsSolanaVolatility CryptoX Portal
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The second week of November could have been a bullish week, as Consumer Price Index data released on Nov. 10 indicates lower-than-expected inflation. This resulted in a significant rally for traditional stocks, but the crypto ecosystem is currently fighting its own demon. The FTX turmoil has not just tanked the price of the native FTX Token (FTT) but any token associated with Sam Bankman-Fried…
Sollet Bitcoin (soBTC), a so-called “wrapped” asset supposedly backed 1-to-1 with bitcoin, plummeted $10,000 at around 2:00 p.m. Eastern Standard Time, according to DeFi protocol Raydium. It had already spent much of the day trading below its bitcoin peg on the news that FTX had filed for bankruptcy protection. Original
LedgerX, which does business as FTX US Derivatives after being acquired in 2021, filed a plan to directly settle crypto derivatives, cutting out intermediaries, earlier this year. The move met with opposition from traditional financial players, such as Cboe, which warned that there may be investor safeguard and protection concerns. Source
On Nov. 11, 2022, the CEO of Crypto.com Kris Marszalek shared the company’s proof-of-reserves addresses that hold leading crypto assets like bitcoin and ethereum. Marszalek says a “proof-of-reserves audit preparation is underway” and the wallet addresses shared are the company’s cold wallets. Crypto.com CEO Kris Marszalek Shares Company’s Cold Wallet Addresses, Promises Full Audit Soon On Nov. 8, 2022, amid the collapse of one of the top cryptocurrency exchanges worldwide, FTX International, Crypto.com CEO Kris Marszalek told his Twitter followers that it was a “sad day for the industry.” Marszalek…
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Bitcoin (BTC), Ether (ETH) and cryptocurrency-linked stocks like MicroStrategy are seeing a sharp downturn after news broke that FTX announced filing for Chapter 11 bankruptcy and Sam Bankman-Fried stepping down as CEO. Bitcoin, Ethereum and MicroStrategy comparison. Source: TradingView Crypto-linked stocks decline MicroStrategy (MSTR), led by the outspoken advocate of Bitcoin Michael Saylor, is down 32.57% on Nov. 11 in a 5-day period. MicroStrategy holds about 130,000 Bitcoin and, therefore, its stock price is heavily correlated with BTC/USD. Meanwhile, the tech-heavy NASDAQ has gained 0.79%. Mining stocks have seen losses…
The philanthropic effort created by the troubled crypto exchange FTX has detailed it is sunsetting operations and told the community that members were “shocked and immensely saddened” by the turn of events that transpired around the trading platform. Sam Bankman-Fried’s Altruistic Efforts Undermined by the FTX Collapse, Plans to ‘Do Unbelievably Good Things’ Shaken While FTX was at one time valued at $32 billion, the crypto exchange executives spent significant amounts of money donating to different causes. For instance, FTX CEO Sam Bankman-Fried (SBF) donated a lot of money to…
Staff from FTX Japan and other subsidiaries found out about the insolvency filing on Twitter, CoinDesk was told. Source
Investors appear to be favoring more regulated and transparent platforms. Source