Collapsed cryptocurrency exchange FTX reportedly faced a series of unauthorized transactions over the weekend, prompting several warnings from users and analysts against interacting with its mobile app or website. Wallets associated with FTX saw roughly $266.3 million worth of outflows on Nov. 11, according to analytics firm Nansen. FTX US, a separate entity operating in the United States, was reportedly drained of $73.4 million. $266M has been withdrawn from FTX in the last 24 hours $73M from FTX US pic.twitter.com/qoiroPSegq — Nansen (@nansen_ai) November 12, 2022 The magnitude of the alleged attack appears to have intensified overnight, with net outflows …

Bitcoin (BTC) will recover from the FTX “black swan event” just like other setbacks, trading team Stockmoney Lizards believes. In a tweet on Nov. 12, the popular commentator argued that the week’s events were actually nothing new for Bitcoin. FTX "a real black swan event" Despite falling 25% in days, BTC/USD is not doomed as a result of the insolvencies impacting FTX, Alameda Research and possibly other major crypto companies. For Stockmoney Lizards, the unravelling, while sudden, is not hugely different to liquidity crises from earlier in Bitcoin’s history. “We have indeed seen a real black swan event, the FTX …

Crypto exchange FTX joined many other fallen projects — including Terra (LUNA), 3AC, Celsius and Voyager — in filing for bankruptcy in 2022. Owing to the devastation caused by multi-billion dollar losses suffered by businesses and investors, the man running the biggest crypto exchange, Binance CEO Changpeng “CZ” Zhao, envisions an era of greater regulatory scrutiny in the near future. With one of the biggest crypto businesses falling overnight, CZ believed the episode was devastating for the industry, which took away a lot of consumer confidence. Speaking at Indonesia Fintech Summit 2022, he said: “I think basically we've been set …

On the night of Nov. 11, several wallet addresses linked to FTX were found transferring millions of dollars worth of cryptocurrencies without an official notice — sparking speculations ranging from the commencement of FTX’s bankruptcy proceedings to the involvement of hackers. Within hours, FTX confirmed on Telegram that the fund transfers were part of an ongoing hack. Following FTX’s confirmation on Telegram about the hack, as shown above, Tether proactively blacklisted $31.4 million worth of USDT tokens linked to the transactions. As pointed out by blockchain investigator ZachXBT, the blacklisted USDT tokens were made up of $3.9m USDT on Avalanche …

The recent tensions between the two major crypto exchanges FTX and Binance, which was accompanied by a massive selloff of FTX Token (FTT), resulted in the collapse of roughly 130 companies linked to FTX Group — including FTX Trading, FTX US, West Realm Shires Services, and Alameda Research. Following the resignation of FTX CEO Sam Bankman-Fried and the revelation of the company’s intent to file for Chapter 11 bankruptcy, on-chain data hinted at the commencement of bankruptcy proceedings as multiple FTX wallets were found transferring funds over to a common Ethereum (ETH) wallet address. The wallet address in question received …

Genesis trading announced on Nov. 10 that it will receive an additional equity infusion of $140M from its parent company, Digital Currency Group. According to the company, this decision was made to “strengthen its balance sheet” and boost its “position as a global leader in crypto capital markets”. Genesis said it also hopes that the equity infusion will put its company in a position to support its clients and “the growing demand” for its services. This is according to a snapshot of a letter sent to their clients, as shared by Wu Blockchain on their Twitter account. Genesis sent letters …

Amy Wu, an investor in FTX and the head of the firm’s venture capital arm, FTX Ventures, has reportedly resigned her position. According to a Nov. 11 report from The Information, Wu resigned as head of FTX Ventures following the announcement FTX would be moving forward with bankruptcy proceedings in the United States. According to her LinkedIn profile, Wu had been based at FTX Venture’s offices in The Bahamas since January. FTX Ventures’ website along with that of Alameda Research went dark on Nov. 9 amid its parent company’s liquidity crisis and deal with Binance falling apart. Wu said on …

Up until the start of this week, Bitcoin (BTC) had been demonstrating record-low volatility, and this gave altcoins enough latitude to paint some nice technical setups. At the same time, on-chain data and technical analysis were beginning to suggest that BTC was midway through carving out a bottom, and many analysts believed that brighter days lay ahead. Fast forward to the present, and the volatility spike the market received actually turned out to be a black swan event. As you already know, FTX is kaput. Alameda Research is kaput. BlockFi has put a stop to withdrawals, citing an inability to …

Following an announcement made 24 hours ago that FTX US may halt trading on its platform, on-chain data reveals that the platform has paused withdrawals from the US-based platform on Nov. 11. The original announcement on Nov. 10 cautioned users to “please close down any positions” while maintaining that its users would still be able to make withdrawals, as that will remain open. Although the FTX CEO Sam Bankman-Fried, also known as SBF, has remained insistent that FTX US was fine and had been unaffected by FTX liquidity issues, it appears things may have spiraled rapidly as FTX US was …

In a matter of weeks, two major players in the tech industry have seen their net worth drop by billions of dollars — partly the result of their own business decisions. Sam Bankman-Fried, the now former CEO of crypto exchange FTX, reportedly had a net worth of roughly $24 billion in March and $16 billion as recently as Nov. 7, but no longer even qualifies for a listing on the Bloomberg Billionaires Index. Some reports suggest that with his stakes in crypto and stock trading platform Robinhood, FTX companies, and Alameda Research, SBF could be facing serious financial difficulties in …

The total cryptocurrency market capitalization dropped by 24% between Nov. 8 and Nov. 10, reaching a $770 billion low. However, after the initial panic was subdued and forced future contracts liquidations were no longer pressuring asset prices, a sharp 16% recovery followed. This week’s dip was not the market's first rodeo below the $850 billion market capitalization level, and a similar pattern emerged in June and July. In both cases, the support displayed strength, but the $770 billion intraday bottom on Nov. 9 was the lowest since December 2020. The 17.6% weekly drop in total market capitalization was mostly impacted …

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The second week of November could have been a bullish week, as consumer price index data released on Nov. 10 indicate lower-than-expected inflation. This resulted in a significant rally for traditional stocks, but the crypto ecosystem is currently fighting its own demon. The FTX turmoil has not just tanked the price of the native token FTX Token (FTT), but any token associated with Sam Bankman-Fried or his associate company. Solana, a top-10 cryptocurrency and …