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Crypto Weekly Roundup: Silvergate Stumbles, CZ’s Fund, And More

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crypto-weekly-roundup:-silvergate-stumbles,-cz’s-fund,-and-more

The market is still fumbling in the aftermath of the FTX debacle. However, CZ’s recovery fund announcement boosted morale on the pricing charts. Let’s find out more. 

Bitcoin

According to recent data, an estimated 190,000 BTC have been withdrawn from exchanges in the week following the news of FTX’s liquidity crisis. 

Ethereum

Regulators are scrutinizing the crypto space with even more of a keen eye after the FTX bankruptcy, and experts are claiming that Ethereum’s switch to proof-of-stake had “put a huge target” on Ethereum’s back.

DeFi

Liquidity hub Serum had to be forked as it was compromised when a hack targeted the crypto exchange FTX.

Altcoins

Binance CEO Changpeng Zhao said in an AMA that most people should not invest in the crypto market now but should continue to hold.

Technology

Changpeng Zhao has revealed that his crypto exchange Binance will act as the ‘guinea pig’ for Vitalik Buterin’s Proof-of-Reserves protocol. 

Business

In a sign that the FTX collapse continues to spook investors, shares of crypto bank Silvergate Capital fell significantly on Friday.

Liquidator presiding over the FTX Chapter 11 bankruptcy claims that it was worse than the Enron liquidation process. 

The Securities Commission of The Bahamas announced that it directed that all digital assets of FTX Digital Markets Ltd (FDM) be transferred to a digital wallet controlled by the Commission for safekeeping.

Crypto lender Genesis was seeking a $1 billion emergency loan just before suspending customer withdrawals on Wednesday.

Matter Labs has raised $200 million in its latest Series C funding round to develop the platform’s zkSync V2 rollup network. 

With the pull-out of FTX from the purchase of Voyager following its own bankruptcy, Binance has gained a pole position in the new sale of the crypto lending platform.

A third-party audit has revealed that the Luna Foundation Guard spent $2.8 billion to defend the peg of the algorithmic stablecoin TerraUSD (UST). 

Lawsuits hit a string of high-profile celebrities, like Tom Brady, Stephen Curry, Gisele Bundchen, Larry David, and Naomi Osaka, for endorsing and promoting the now-bankrupt FTX cryptocurrency exchange. 

Crypto lender BlockFi is preparing for a potential bankruptcy filing in the wake of the collapse of the FTX crypto exchange last week. 

FTX-owned crypto exchange Liquid Global has announced that it is suspending all crypto and fiat withdrawals as the FTX collapse continues to affect the markets. 

Ikigai founder Travis Kling disclosed the company’s exposure to FTX on Twitter and stated that it could not retrieve most of its funds. 

As per crypto compliance firm Argus, Alameda Research amassed hordes of tokens that were supposed to be listed on FTX.

Crypto prices shot up on November 14 after CZ declared on the news that he wants to put together an “Industry Recovery Fund” to support promising projects undergoing a liquidity crisis.

Regulation

Amid its ongoing battle with the SEC, Ripple has announced that it is seeking to expand its presence in the European Union (EU).

Coinbase CFO, Alicia Haas, says that fraud issues are with some centralized exchanges and not with crypto.

NFT

Football superstar Cristiano Ronaldo has launched his first-ever NFT collection in partnership with crypto exchange Binance. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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