The largest information within the cryptoverse for Nov. 16 consists of Gemini halting withdrawals on its Earn program, Coinbase saying it has zero publicity to Genesis Buying and selling, and Messari estimating that FTX buyers might get again as much as 50% of their funds after chapter course of.
CryptoSlate High Tales
Gemini Earn halts withdrawals on account of ‘market turmoil’ brought on by FTX fallout
The ripple impact of the FTX collapse has compelled U.S.-based crypto alternate Gemini to pause withdrawals on its Earn program. In keeping with Gemini, its lending companion Genesis International is not capable of course of buyer redemption on account of an growing liquidity disaster.
Nonetheless, Gemini claimed that solely the Earns program was affected, because it maintains a full reserve for purchasers’ funds for different services and products.
Gemini down on account of Amazon Internet Companies EBS outage; alternate engaged on restoring features
Earlier on Nov. 16, buying and selling companies on Gemini have been halted. The crypto alternate claimed it had skilled an Amazon Internet Companies outage which affected its database and alternate operations.
In keeping with Gemini’s standing web page, wire transfers are nonetheless unavailable, nonetheless, the alternate claims that clients’ funds are protected.
Coinbase says it has no publicity to Genesis, touts ‘robust capital place’
Following Genesis’ insolvency points because of the FTX collapse, Coinbase mentioned it has no publicity to Genesis. Coinbase reportedly holds $1.5 billion of its capital on Chainlink and the opposite as Bitcoins.
Nexo says ‘actual time audit’ error brought on by technical malfunction, will probably be mounted quickly
Crypto lending platform Nexo has a real-time audit perform (Armanino) that shows its complete belongings and liabilities situation per day. Sadly, the audit was not up to date as anticipated on Nov. 16, which sparked rumors that the corporate could also be going through insolvency.
Nonetheless, a Nexo consultant instructed CryptoSlate that the audit delay was on account of a technical malfunction in Armanino’s design. Nexo confirmed that the workforce was working to resolve the error and automate the audit attestation to perform as regular.
Audit reveals Luna Basis Guard spent $2.8B to defend UST peg in Might
Terra Luna’s audit report printed by JS Held revealed that the Luna Basis Guard and Terraform Labs spent about $2.8 billion and $613 million respectively, to defend the UST peg.
The Luna Basis mentioned that the audit report confirmed that the funds weren’t embezzled as rumors had it. Do Kwon added that Terra’s failure is completely different from that of FTX, the place the operators misused clients’ funds.
SolChicksNFT CEO, COO leaked messages verify as much as $20M treasury fund loss
On-chain sleuth ZachXBT referred to as out SolChicksNFT CEO and COO for failing to tell the neighborhood a few $20 million treasury fund loss on account of publicity to the collapsed UST.
In response, COO Lewis Grafton mentioned it had disclosed the loss to its largest non-public holders. His response didn’t go down nicely with ZachXBT who took the selective disclosure as a discriminatory act in opposition to retail buyers.
Messari estimates as much as 50% of FTX consumer funds recoverable
Messari Analysis Analyst Kunal Goel leveraged information from Monetary Instances to estimate that customers who misplaced cash to the FTX collapse might obtain as much as 50% of their funds when the chapter course of is over.
In keeping with the steadiness sheet breakdown, FTX’s complete belongings and liabilities stand at $4,109 million and $8,859 million respectively, bringing the ratio of complete belongings to clients deposit to equal 0.49 (roughly 50%).
DeFi protocol Oxygen held 95% of provide on FTX
Solana-based prime brokerage platform Oxygen Protocol is on the snapping point as a good portion of its ecosystem liquidity is trapped on FTX.
Oxygen confirmed that it held 95% of its MAPS and OXY tokens on the bankrupt crypto alternate.
Bitfarms bought extra Bitcoin than it mined in Q3
In keeping with Bitfarms’ third-quarter report, the bitcoin mining agency mined 1,515 BTC over the interval. Nonetheless, it bought about 2,595 BTC to repay a few of its money owed.
An investigation by mining analyst Jaran Mellerud revealed that Bitfarm’s complete bitcoin holdings of two,064, is about 141% of its mortgage. Within the occasion that BTC’s value fell beneath $14,200, Mellerud fears that Bitfarm’s mortgage may very well be liquidated, which can threaten its continuous operation.
US monetary committee to carry listening to on FTX collapse in December
America Home Committee on Monetary Companies has referred to as on Sam Bankman-Fried, Alameda Analysis, Binance, FTX, and associated entities to deliberate on the FTX collapse and its penalties for the entire crypto ecosystem.
The committee added that it’ll work to carry dangerous actors accountable in order that accountable gamers can construct a extra inclusive monetary system.
FTX collapse: 3AC co-founder Kyle Davies says ‘we’re trying ahead to justice’
Co-founder of bankrupt Three Arrows Capital (3AC) Kyle Davies confirmed up on CNBC to say that the FTX empire contributed to 3AC’s collapse. Davies claimed that Alameda had counter-traded and liquidated 3AC’s place.
Davis added that Sam Bankman-Fried knew concerning the unwell offers, however selected to hide a number of issues. Nonetheless, the 3AC founder mentioned his firm is trying ahead to justice.
Information from across the Cryptoverse
FTX Australia suspended
The Australian Securities and Investments Fee (ASIC) has moved to droop FTX’s operation within the area. The fee mentioned that it’ll withdraw FTX’s AFC license by Dec. 19, 2022.
Binance secures license in Abu Dhabi
Binance has obtained the monetary service permission (FSP) license to supply its crypto companies to shoppers in Abu Dhabi.
In the same growth, Binance CZ confirmed that his alternate has signed 8 new funding offers for some crypto initiatives.
Sam Bankman-Fried sued in US court docket
Former FTX founder Sam Bankman-Fried has been sued by buyers who declare that the alternate’s yield-bearing crypto accounts violated Florida legal guidelines, in accordance with Reuters.
Crypto Market
Within the final 24 hours, Bitcoin (BTC) decreased by 1.49% to commerce at $16,576, whereas Ethereum (ETH) declined by 3.38% to commerce at $1,210.
