Former FTX chief executive officer Sam Bankman-Fried said he was “wrong” in his estimates of the crypto exchange’s leverage prior to its collapse, claiming it wasn’t $5 billion, but closer to $13 billion. In a Nov. 16 Twitter thread, Bankman-Fried said leverage at FTX built up to roughly $5 billion, backed by $20 billion in assets, which held value but also the potential for risk. According to the former CEO, the crypto market crash “with no bid side liquidity” alongside a bank run resulted in roughly $4 billion being withdrawn daily — 25% of consumer assets. “I was wrong,” said …

A week after the fallout from the FTX and Alameda chaos some on-chain data points are interesting to observe. Although record amounts of Bitcoin (BTC) and Ethereum (ETH) volume are leaving the exchanges, not all decentralized applications (DApps) and protocols have shown growth, mainly due to reliance on FTX and Alameda. DeFi earnings highlight positive revenue for some protocols According to Token Terminal’s earnings leaderboard, in the last 7-days, three protocols had revenue above $1 million. Ethereum led the on-chain earnings with over $8.5 million total, a sign of strong post-Merge fundamentals. OpenSea was a distant second place to Ethereum, …

The collapse of FTX cryptocurrency exchange has created a liquidity crisis in the crypto space, which could extend the crypto winter through the end of 2023, according to a research report by Coinbase. According to analysts, the FTX implosion could keep the institutional investors at bay because they are even more likely to tread cautiously for some time. The crisis has negatively impacted several crypto-focused companies who have assets stuck on FTX following the company's bankruptcy filing on Nov. 11. Investors also fear the contagion could spread, causing further damage to the cryptocurrency ecosystem. Although several investors were rattled by …

Crypto exchange Bybit publicly released the addresses of its largest crypto wallets on Nov. 16. This came on the heels of FTX’s collapse and calls within the industry for greater transparency. Bybit listed the addresses in a press release. Nansen also produced a dashboard of Bybit’s wallets which indicated that over $1 billion of the exchange’s assets are in BTC, USDT, ETH, and USDC. In the press release, the company claimed that these assets represent over 85% of the total cryptocurrency held by the exchange. 1) Disclosing Bybit main users asset wallets (excluding other assets and non consolidated wallets are …

Ether (ETH) has been stuck between $1,170 to $1,350 from Nov. 10 to Nov. 15, which represents a relatively tight 15% range. During this time, investors are continuing to digest the negative impact of the Nov. 11 Chapter 11 bankruptcy filing of FTX exchange. Meanwhile, Ether’s total market volume was 57% higher than the previous week, at $4.04 billion per day. This data is even more relevant considering the collapse of Alameda Research, the arbitrage and market-making firm controlled by FTX's founder Sam Bankman-Fried. On a monthly basis, Ether's current $1,250 level presents a modest 4.4% decline, so traders can …

Historical crime has left a proverbial black mark on the cryptocurrency ecosystem with multi-million dollar hacks, scams and fraud cases grabbing headlines around the world. Various research reports have highlighted the use of cryptocurrencies for illicit means, with varying degrees of severity since Bitcoin’s inception in 2009. This has ebbed and flowed but crypto is still perceived by some as a means to launder money, finance terrorism and facilitate other serious crimes. The prevalence of cryptocurrency-related crime inevitably led to the development of better tools and services to track and trace funds on different blockchains and cryptocurrency exchanges. Firms like …

Abu Dhabi's Global Market (ADGM) and Financial Services Regulatory Authority have granted cryptocurrency exchange Binance clearance to offer its services in the region. An official announcement from the United Arab Emirates capital’s financial center confirmed that Binance will be cleared to offer cryptocurrency custodial services to professional clients once it has met the requirements for its Financial Services Permission (FSP). The news came after Binance founder and CEO Changpeng Zhao attended the Abu Dhabi Finance Week. Zhao appeared onstage alongside Galaxy Digital CEO and investor Mike Novogratz at the event for a wide-ranging conversation that touched on the aftermath of …

Companies become industry giants when they provide the best user experience in the simplest form possible. Google, for example, has the most advanced search engine on the whole planet. And how does it provide that sci-fi-level technology to the user? By a simple, one-line search bar. Apple’s motto is removing the hardware from the user experience (UX) as a layer. It means that when users forget that they are holding a smartphone and browsing an app while scrolling down memory lane, Apple succeeds. Technology needs to hit the perfect balance between utility and usability — comprehensive features and ease of …

In the aftermath of the FTX exchange liquidity crisis and bankruptcy, United States and Bahamian authorities are reportedly discussing the possibility of extraditing Sam Bankamn-Fried, former CEO of the company, back to the U.S. for questioning. According to a Bloomberg report citing people familiar with the matter, conversations between local law-enforcement officials, including the FBI, escalated in recent days as they investigated Bankman-Fried's role in the downfall of the exchange Since the incident, the former FTX CEO, co-founder Gary Wang and the director of engineering Nishad Singh are known to be in the Bahamas, where they are “under supervision” by …

Billionaire venture capitalist and serial blockchain investor Tim Draper is not giving up on his near-term Bitcoin (BTC) prediction despite the recent issues in the cryptocurrency industry. Draper continues to stick with his optimistic prediction that Bitcoin will hit $250,000 in 2023 despite the ongoing crypto crisis fueled by FTX. “No change in the price prediction. Still $250,000 by early next year,” Draper stated in an interview with Cointelegraph on Nov. 15. The collapse of FTX crypto exchange has nothing to do with the success of Bitcoin because Bitcoin is decentralized, and FTX was not, according to Draper. “FTX was …

The collapse of the cryptocurrency exchange FTX continues to have knock-on effects throughout the crypto industry with multiple crypto-focused companies reporting significant amounts of their capital stuck on FTX. Between Nov. 11 to 14 three crypto companies announced large losses with one of them having to lay off workers to deal with the crisis. On Nov. 11, crypto hedge fund Galois Capital announced it had “significant funds” stuck on FTX, with a Nov. 12 Financial Times report that said a possible $50 million worth of Galois’ assets were stuck on the exchange. Other crypto-focused companies have reported their funds arestuck …

In an official update sent to clients on Nov 14, BlockFi admitted to having “significant exposure” to FTX and its affiliated companies, but insisted it had “the necessary liquidity to explore all options”. The news came as somewhat of a surprise since on Nov. 8, BlockFi’s founder and chief operating officer, Flori Marquez, assured users in a Twitter thread that all BlockFi products were “fully operational” because it had a $400 million line of credit from FTX US, which is a separate entity from FTX, the global entity affected by the liquidity crunch. Related: FTX owned crypto exchange Liquid halts …