When it was first discovered that FTX might be insolvent, a large slew of crypto exchange executives said that they aimed to provide proof-of-reserves audits. While exchanges like Binance and Crypto.com have provided wallet addresses tied to company wallets, blockchain analytics firm Nansen has detailed the company is in the midst of creating a display…
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On Nov. 10, 2022, two reports said that FTX CEO Sam Bankman-Fried (SBF) is canvassing for emergency funds up to $9.4 billion for the embattled exchange. One report says that SBF has solicited crypto companies like Tether, OKX, and Tron founder Justin Sun as well. FTX Is Reportedly Seeking Up to $9.4 Billion in Funding…
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Similar protocols are used by Kraken, Bitmex, Gate.io, and many other exchanges, but were not used by FTX. In the wake of the FTX liquidity crisis, two major crypto exchanges have announced that they will provide Proof of Reserves, also known as Proof of Funds (PoF) within the next month. In an official tweet, OKX…
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On Nov. 9, 2022, a day after the news broke regarding Binance planning to purchase the exchange FTX, the crypto economy dropped 11.17% in 24 hours. The crypto economy has slid under $900 billion for the first time since January 2021. The Binance and FTX news has come as a shock to a lot of…
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The call for a more detailed disclosure of liquidity through the use of “Proof-of-Reserves” has been backed by many high-profile industry figures. Following the liquidity crisis and acquisition of cryptocurrency exchange FTX, Binance CEO Changpeng “CZ” Zhao said his exchange will soon start a Proof-of-Reserves audit system to allow verification of its digital asset holdings.…
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There are still pockets of hope, however, with some companies looking to expand despite the market conditions. The crypto and tech industry has seen a slew of staff cuts this week against a backdrop of difficult market conditions, though on a positive note, some are bucking the trend. Crypto companies, including crypto exchanges, venture capital…
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Li Lin’s controlling stake in Huobi, one of Asia’s largest cryptocurrency exchanges, was recently acquired by About Capital Management for an undisclosed sum. Huobi’s acquisition by the Hong Kong-based asset management firm came shortly after the crypto exchange had exited the Chinese market. Lin’s Arrest in 2020 a Key Event for the Huobi Founder The…
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Russian media and communications regulator, Roskomnadzor, has restricted access to the website of a major cryptocurrency exchange, Okx. The trading platform was one of those that did not restrict access for Russians amid sanctions that affected the industry’s business in Russia. Okx Blacklisted on Request From Russian Prosecutor’s Office for Disseminating Banned Information Russia’s Federal…
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Declining interest in margin shorts and a balanced risk perception in options markets highlight a possible path to $21,500 for BTC price. Bitcoin (BTC) showed strength on Oct. 4 and 5, posting a 5% gain on Oct. 5 and breaking through the $20,000 resistance. The move liquidated $75 million worth of leverage short (bear) positions…
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Crypto traders love to “ape” and make “degen” investments using high leverage in futures markets, but most traders fall victim to these three key mistakes. Many traders frequently express some relatively large misconceptions about trading cryptocurrency futures, especially on derivatives exchanges outside the realm of traditional finance. The most common mistakes involve futures markets’ price…
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