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🇩🇪 Germany has the second highest concentration of ETH nodes in the world
Germany operates one of the world’s largest networks of Ethereum validators, according to the 2022 German Blockchain report published by CV VC Labs. The report which offers a structural overview of the country’s blockchain ecosystem, also indicated Germany.
According to the report, geographical decentralization means so much for a network’s overall decentralization. Furthermore, the risk of censoring or controlling transactions would be too high where only a few countries dominate validator nodes. Better yet, the numbers have been growing since last year. The percentage share of Ethereum validators in the U.S. was 36.92% in 2021, while Germany’s share stood at 21.16%.
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💰 XRP rallies 8% in 24 hours as Ripple records minor wins against SEC
XRP bulls are propelling the asset to embark on a new rally, even as the general cryptocurrency market sentiment remains uncertain. Indeed, XRP’s ongoing surge comes.At the same time, the XRP buyers have increased their stake in the asset.
XRP is trading at $0.41, representing gains of about 8% in the last 24 hours. The gains came after XRP’s ability to build momentum above $0.41 appeared threatened, with the asset hitting a weekly low of $0.34. At the same time, the XRP buyers have increased their stake in the asset, recording gains of $1.46 billion in 24 hours.
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💰 Tornado Cash developer Alexey Pertsev to be detained another three months in Amsterdam
Alexey Pertsev, the creator of the crypto mixer Tornado Cash, will be detained in a Dutch jail for another three months, Pertsev's wife Ksenia Malik confirmed. The Block reported Malik as saying. She had also previously confirmed that Tornado Cash’s developer is indeed Pertsev.
Dutch authorities arrested Pertsev in August after the U.S. sanctioned Tornado Cash’s alleged role in laundering money and use by North Korean hackers. Pertsev's September appeal was rejected and he was forced to remain in jail until Nov. 22. Now, he must remain incarcerated until at least February. Tornado Cash pools the funds of multiple users before redistributing, or mixing, them.
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💰 FTX Exploiter Converts Millions in Ether to Alameda-Linked Ren Bitcoin Tokens
Funds stolen from FTX were steadily converted to ether over the past week, making the exploiter one of the largest holders of the token, as CoinDesk previously reported. a token that represents bitcoin on other blockchains, early on Sunday.
The use of renBTC may surprise some in the crypto space: In 2021, Alameda Research – the Sam Bankman-Fried-owned trading arm at the center of a multibillion-dollar scandal – said Ren’s development team was “joining” Alameda and would work on expanding Ren’s usage to several blockchains.An additional 35,000 ether was then moved to that wallet over three separate transactions.
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🪙 FTX May Have Committed Serious Fraud and Mismanagement: Bahamas Liquidators
One week after the implosion, legal woes for FTX have only intensified. According to the latest court filings from the company’s Bahamian liquidators, there are signs of “serious fraud and mismanagement” on the bankrupt crypto exchange’s part. The document filed in the US Bankruptcy Court of the Southern District of New York revealed that the Joint Provisional Liquidators’.
Troubles for FTX do not stop there. As per a Tuesday filing, the court-appointed provisional liquidator in charge of the exchange’s bankruptcy proceedings in the Bahamas, Brian Simms, has disputed the validity of a Chapter 11 bankruptcy filing by subsidiary FTX Trading and the collective 100-odd affiliates in Delaware court. The Bahamas-based lawyer highlighted that FTX Digital is not part of the Delaware Petition and added that the provisional liquidator is the only one “authorized to take any action including, but not limited to, filing the Delaware Petition.”.
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🚨 Class action filed against Tom Brady, Larry David and others who endorsed FTX
Tom Brady, Gisele Bundchen, Steph Curry and Larry David are among the stars named in the lawsuit, which was filed by attorneys David Boies and Adam Moskowitz in Florida. The Block first reported that Boies was discussing a class action suit with clients on Tuesday.
The move comes days after FTX filed for bankruptcy protection in Delaware. Former CEO Sam Bankman-Fried, who stepped down from the company last week, is also named in the suit. Boies and Moskowitz are leading a similar class action suit against the Dallas Mavericks basketball team and its owner, Mark Cuban, for promoting the now-bankrupt Voyager, a crypto lending firm.
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🏦 Crypto.com CEO claims FTX exposure was limited to $10 million
Crypto.com CEO Kris Marszalek came online to answer pressing questions from the industry after a weekend of simmering in hot water in the wake of FTX's filing for Chapter 11 bankruptcy protection. After releasing cold wallet addresses for the platform's largest assets in a push to increase transparency on Friday, a user revealed.
Other concerns that Crypto.com had sent $1 billion worth of stablecoins to FTX circulated on Twitter — something Marszalek addressed on a YouTube live stream. “Over a year, $1 billion was moved to FTX," they said, reiterating: "We recovered all of this. We only had an exposure of $10 million when FTX shut down.". They also said an external audit report should be expected in the coming weeks — to prove Crypto.com has “full one-to-one reserve coverage.".
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🚨 FTX hacker identity discovered by Kraken Exchange team
Nick Percoco, the CSO of Kraken Exchange, tweeted just an hour ago in response to Mario Nawfal that the Kraken team now knows the identity of the user that hacked FTX. Founder and CEO of IBCgroup.io, Mario Nawfal tweeted explaining that “the hacker is very likely an inexperienced insider.”
Satoshi Stacker, the well-established Youtuber, and crypto/NFT proponent also weighed in on the situation — explaining that “the FTX “Hacker” just funded his TRX wallet from Kraken. Having used Kraken throughout the hack to offload the stolen funds, Know-Your-Customer (KYC) details were clearly enough for the Kraken team to identify the user. CEO and Co-founder of Hacken.io, Dyma Budorin, complimented Tobias Silver – founder of just.money.
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🇧🇷 Latin America's largest bank partners with Galaxy to introduce crypto ETFs
Itaú Asset, the investment fund arm of Latin America's largest bank by AUM, is offering a physically backed crypto ETF listed in Brazil. Via a partnership with Mike Novogratz's Galaxy Digital, the IT Now Bloomberg Galaxy Bitcoin ETF will start trading as markets open today on Brazil's B3 stock exchange, according to a news release.
Itaú Unibanco's partnership with Galaxy comes amid fluctuations in the crypto ETF space. Last week, it was reported that three Australian crypto exchange-traded funds intend to delist their offerings amid a slump in asset prices. This followed an October report outlining how Hong Kong regulators have detailed the basic requirements that exchange-traded fund managers must meet to list crypto products, including ETFs, in the city.
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📣 Web3 gaming company Eterlast emerges from stealth with $4.5 million raise
Web3 gaming company Eterlast emerged from stealth having raised $4.5 million to bring web3 games to sports fans. The London-headquartered startup was spun out of Founders Factory’s venture studio. It aims to make owning NFTs a more interactive experience for sports fans by enabling them to leverage the assets within gaming experiences.
Eterlast will first focus on boxing and rugby. It plans to launch House of Boxing next month, which will enable individuals to own key moments from top fights and reimagine them in a player vs player game format. The game is developed in partnership with boxing promoter Queensberry Promotions, which enabled Eterlast to secure a large archive of boxing fights for the platform. The startup's tech stack is built on ImmutableX, a scaling solution that builds on StarkWare's.
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🚨 Binance Moves to Liquidate Its Entire Position in FTX Tokens
Binance CEO Changpeng “CZ” Zhao said on Sunday that his cryptocurrency exchange is liquidating its holdings of FTT, the native token of rival exchange FTX. Zhao referenced "recent revelations that have came to light," but did not elaborate. He has since committed to revising his regulatory position.
Binance received the funds in FTT as part of its exit last year from an early equity position in FTX it had had since 2019. FTX had bought out Binance’s stake in the company through a $2.1 billion mix of FTT and BUSD–the stablecoin native to Binance’s exchange–according to a statement from Zhao. CZ said the liquidation is expected to take a few months to complete due to market conditions and limited liquidity. It will also be done in a way that tries to minimize the market impact on FTT, he said.
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🇸🇬 HashKey Capital obtains license from Singapore regulator
Singapore's financial regulator granted HashKey Group's investment arm a license to operate in the city state. The firm announced today that it has received approval for a Capital Markets Service license from the Monetary Authority of Singapore. HashKey Capital Singapore will offer fund management services in the country.
Singapore’s financial regulator granted HashKey Capital a license to operate in the country. “Once the CMS license is granted, HashKey Capital will be able to offer its services to institutional and accredited investors," said Deng Chao, CEO of HashKey Capital Singapore, in a statement. HashKey Group founded its venture arm in 2018, and claims to have managed more than $1 billion to date. HashKey Capital also received a license from Hong Kong to manage a portfolio entirely composed of digital assets in September.
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🥭 Aave Feeling the Squeeze Even After Failed Attempt by Mango Hacker
The most interesting story in DeFi this week was the return of the “highly profitable trader” Avi Eisenberg. You might remember that Eisenberg attacked Solana-based Mango Markets last month, making off with more than $100 million. This week, he took on a much bigger project.
Over the course of ten days beginning on November 14, Eisenberg amassed a loan on Aave for 92 million in CRV, Curve’s governance token (roughly $39 million at the time), using $50 million in the stablecoin USDC as collateral. And like with his Mango attack, Eisenberg simply worked within the parameters of the project’s code. There was no fraud, hacks, backdoors, or tax loopholes.
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🥇 Analyst Confirms GBTC’s 633K Bitcoin Claim Despite Grayscale’s Reluctance to Share Proof of Reserves
Proof of Reserve has emerged as a popular way after the FTX implosion to reassure customers to verify a custodian’s assets via cryptographic techniques. According to the analyst, there could be two reasons explaining Grayscale’s reluctance. One, there could be a non-disclosure policy enforced by Coinbase Custody.
The reliability of centralized crypto exchanges to serve as stewards for customers’ assets has been questioned multiple times. But it was not until the spectacular collapse of FTX into bankruptcy that reinvigorated the discussion around a potential called – Proof of Reserves. An OXT Research analyst, who is pseudonymously known as Ergo, has confirmed the existence of Grayscale’s on-chain holdings with the help of on-chain forensics.
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🦊 ConsenSys updates policy to collect IP addresses from MetaMask
MetaMask developer ConsenSys updated its privacy policy on Nov. 24 to start tracking MetaMask users’ IP addresses and Ethereum addresses when they send a transaction. The update applies to users who use Infura as their Remote Procedure Call (RPC) provider in MetaMask.
Infura is an affiliate of ConsenSys and is set as the default RPC provider in all MetaMask wallets. The update also informs that if users change their RPCs from Infura to another provider, their data won’t be collected by ConsenSys. Still, they will be subject to whatever information collection policy is performed by the RPC provider of their choice.
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🚨 Hacker steals $42 million from Fenbushi Capital partner Bo Shen
Bo Shen, founding partner at Fenbushi capital, said his private crypto wallet was hacked in an incident on Nov. 10, which resulted in a $42 million loss of various crypto assets. The rest of the stolen assets included tether (USDT), uniswap (UNI), reputation (REP), and liquity (LQTY) tokens, on-chain data from the wallet shows.
A total of 42M worth of crypto assets, including 38M in USDC were stolen from my personal wallet ending in 894 in the early morning of November 10 EST,” Shen said in a tweet. Shen said he reported the exploit to relevant law enforcement agencies. He clarified the stolen assets were personal funds and were separate from Fenbushi and its related entities.
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🪙 Ethereum Plunges 7% As FTX Accounts Drainer Dumps ETH for Bitcoin
Ethereum has slipped over 7% on the day as the attacker who purportedly drained FTX wallets dumped a significant portion of their accumulated ETH and traded it for Bitcoin.According to data from Etherscan, the on-chain Ethereum holdings of the ‘FTX Accounts Drainer’ dropped 26%.
The resulting price pressure has seen Ethereum drop by over 7% in the past 24 hours, according to data from CoinGecko. On Sunday, Ethereum broke the $1,200 barrier, trading as low as $1118.64, a new weekly low for the cryptocurrency. At press time, ETH trades at around $1,117, with weekly losses of over 8%. Since the start of 2022, ETH has lost nearly 75% of its value.
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🟠 Binance Has No Big Plans for India Due to High Taxation, Says CZ
Binance CEO Changpeng Zhao (CZ) has all but given up on India. Pointing out the 1% transaction tax that came into force on 1 July 2022, CZ said it makes crypto trading unviable in India. Speaking at the TechCrunch Session: Crypto 2022 on November 17 in Miami, CZ further pointed out that Binance is engaged with blockchain associations and influential persons.
The 1% transaction tax on crypto activities became effective on 1 July 2022. And, Binance seems to be a major gainer as traders have deserted Indian exchanges for fear of tax reporting and compliance and thronged to foreign exchanges, including Binance, which is yet to take a call on compliance with new taxes. The Binance app witnessed 429,000 downloads in August in India, the highest for the year, and over three times more than the runner-up, CoinDCX, media reports said in early September.
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🏦 Binance’s role in FTX collapse unclear to UK lawmakers: Bloomberg
Binance sent answers to questions from the UK’s parliamentary committee investigating the downfall of FTX following a hearing on Monday, including on its role in the collapse of FTX. FTX was a major competitor of Binance's prior to its failure and subsequent bankruptcy.
UK lawmakers are not convinced by the evidence Binance provided to understand its role in the collapse of FTX, according to a member of Parliament. In response to the question of what role it played in FTX's collapse, Binance shared a series of news articles since the catalytic leak incriminating FTX for mishandling its funds on Nov. 2. The Treasury Committee reportedly expected to review Binance's internal records.
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🏦 ZachXBT calls out Gate.io for keeping 2018 hack under wraps
Cryptocurrency exchange Gate.io allegedly covered up a hack that occurred on April 18, 2018, which saw $230 million swiped from the exchange, according to a Nov. 14 Twitter thread detailing the incident by on-chain sleuth ZachXBT. ZachXBT called out Gate.io’s founder and CEO Lin Han for advocating for blockchain asset security.
ZachXBT also published a screenshot of his correspondence with Gate.io in the Twitter thread, which shows that the on-chain sleuth confronted the exchange regarding the cover-up. Gate.io brushed off questions and criticisms regarding the cover-up. Instead, it responded that its platform is equipped with “many built-in mechanisms” that are immune to penetration by anyone. At the same time, it became one of the four exchanges targeted by North Korean.
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🇧🇸 Bahamas Securities Commission neither “authorized” nor condones FTX enabling local withdrawals
In a press release on Nov. 12, the Securities Commission of The Bahamas (SCB) contradicted the statement published by FTX about resuming withdrawals in The Bahamas. On Nov. 11, the former head of institutional sales at FTX, Zane Tackett, announced on Twitter that the exchange would allow withdrawals for Bahamanian clients.
In the statement, Tackett said that the withdrawals were enabled in compliance with regulators.This led to a large number of FTX users trying to funnel funds through the help of Bahamians. Some even offered bribes to FTX employees to change their country to The Bahamas and help withdraw funds.However, the SCB said that the regulator neither “directed, authorized, or suggested” FTX to prioritize local withdrawals.
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🚨 Bankman-Fried said FTX.US was 'FINE!' one day before bankruptcy filing
Former FTX CEO Sam Bankman-Fried insisted the U.S. arm of his crypto empire was “FINE!” after the company’s utility token collapsed — right up until FTX.US filed for bankruptcy on Friday morning. “FTX US USERS ARE FINE!” Bankman-Fried wrote in a series of tweets on Thursday. “FTX US, the US-based exchange that accepts Americans.
The shocking collapse of the crypto exchange began last weekend when rival exchange Binance announced it would sell a large position of FTX’s utility token, FTT. Bankman-Fried insisted his company was “fine” on Monday, but by Tuesday the firm was in turmoil. A spokesperson for FTX declined to comment. FTX announced it had moved to file for Chapter 11, along with more than 100 of its affiliated corporate entities, including Bankman-Fried’s Alameda Research trading firm.
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🚨 'I'm done with crypto': Traders share pain of potential losses in FTX collapse
Crypto traders took to Twitter to express shock and disappointment in the wake of crypto exchange FTX's collapse. The industry's history is riddled with major collapses, with many notable ones occurring in 2022. Luna, Three Arrows Capital and Celsius all roiled markets, but the downfall of FTX is perhaps the most surprising to crypto's Twitter faithful.
Prior to the revelations of liquidity issues at FTX, many crypto traders staunchly refused to believe that the exchange could be going under. Circle co-founder and CEO Jeremy Allaire yesterday invoked the memory of the Lehman Brothers collapse, one of the signature events of the 2008 financial crisis. In crypto's relatively short history, the collapse of FTX can be compared to similar monumental events like the downfall of bitcoin exchange Mt Gox.
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📊 Binance is not in 'a war' with FTX, co-founder Yi He says
Yi He, the co-founder and chief customer service officer at crypto exchange Binance, has claimed that the company is not in "a war" with rival exchange FTX. Yi He tweeted, adding that the public announcement of such decision reflects that Binance Labs "always respond to what our community asks in a transparent and direct way.".
The comments come after Binance CEO Changpeng "CZ" Zhao announced the exchange would start selling its holdings of FTX's FTT exchange token — which helped spur a surge of stablecoin outflows from CEO Sam Bankman-Fried's exchange while stoking widespread speculation about the health of both FTX and it's closely associated principle trading firm Alameda Research. FTX has enough to cover all client holdings. We don't invest client assets (even in treasuries).
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🚨 No Evidence of Foul Play in Death of MakerDAO Co-Founder Nikolai Mushegian, Police Say
Though the investigation is continuing, police in Puerto Rico have found no evidence of foul play in the death of MakerDAO co-founder Nikolai Mushegian. The body of Mushegian, 29, washed up on a beach in the Condado neighborhood of San Juan, Puerto Rico, last week. Hours before his death, the developer, a foundational figure in the early development of DAOs, stablecoins, and Web3.
According to San Juan police records obtained by Decrypt, investigators have thus far found no indication of foul play in Mushegian’s death. Police found “no signs of violence” during a preliminary examination of Mushegian’s body, though he did suffer a small laceration to his skull. Mushegian’s body was recovered on Ashford Beach, an area well-known in San Juan for its dangerous swimming conditions. Numerous swimmers, particularly tourists, have drowned in the area.
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📣 Public.com plans global rollout of trading tools, including crypto
Earmarked for a next year launch in other jurisdictions, users will be able to convert their local currency into dollars to invest in assets on the platform, Public.com said in a release. The investment firm's services include crypto coins and tokens such as dogecoin, ether and bitcoin, and traditional equities and ETFs.
Insider reported in September that Public.com was in talks to acquire Dutch trading startup Bux, a deal that would allow it to gain access to markets in the UK, the Netherlands, Germany, France and Italy through its licenses. Bux offers users in Europe access to U.S. and European shares, crypto and CFD trading. As the broker looks to expand its geographical reach, it's open to partnering with other local firms, a spokesperson said today.
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📣 Web3 Domain Alliance starts with Unstoppable Domains, Bonfida as founding members
The Web3 Domain Alliance established itself as a new coalition this week to combat fraud and naming collisions as well as to promote technological advancement and user experience of the next generation of web3 domains. Unstoppable Domains, Tezos Domains, Polkadot Name System, Hedera and Bonfida, which oversees the Solana naming service.
Web3 domains such as .sol or .crypto can be used in place of lengthy wallet addresses for sending and receiving cryptocurrencies, as well as for website hosting and as a single sign-on method for many web3 apps. The domains are minted on the blockchain. Unstoppable Domains and the Ethereum Name Service (ENS), reaching all-time highs, according to data from Dune Wizard Metaland on Dune Analytics.
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