Crypto EcoBlog
Coinbase chief slammed crypto exchange FTX over their excuses for an accounting error. Brian Armstrong said that FTX clearly stole customers’ money by moving funds to Alameda Research.After all, what’s transpired in the crypto space with the collapse of crypto exchange FTX, industry heavyweights have weighed in with their opinion. Coinbase chief Brian Armstrong lashed out at FTX founder Sam Bankman-Fried for his handling of customer funds. As we know, SBF has been giving public interviews...
Read More »How Wide Does FTX Contagion Spread? The Affected Companies So Far
The collapse of the cryptocurrency exchange FTX will go down as one of the darkest moments in crypto’s history. The company experienced severe liquidity issues in November and couldn’t honor the withdrawal requests of its customers. Binance – the world’s largest crypto platform – was ready to acquire the exchange but, after auditing, walked away from the agreement. FTX could not find a solution and filed for Chapter 11 bankruptcy protection, while CEO Sam Bankman-Fried...
Read More »Binance Labs Pledges $4.5 Million Investment in Ambit Finance
Both Ambit Finance and Binance Labs will work together on launching future DeFi apps with a focus on innovation, security, and risk control.Earlier today, December 2, crypto exchange Binance announced a strategic investment of up to $4.5 million in Ambit Finance. The investment will come through Binance Labs, a venture capital arm of Binance.The goal behind this investment is to provide a boost to decentralized finance (DeFi) applications on BNB Chain. As a result, Ambit and Binance Labs will...
Read More »TON Steward Announces $126M Rescue Fund to Attract More Projects
The TON Foundation’s rescue fund will help projects experience liquidity problems amid the recent collapse of the crypto exchange FTX.The TON Blockchain platform, initially developed by social media giant Telegram, is now on a new journey in the crypto space. On Wednesday, November 30, the stewards of the TON network announced a new rescue fund with an initial commitment o $126 million.The TON network said that the fund will help projects experience liquidity problems amid the recent collapse...
Read More »ECB’s President Christine Lagarde Calls for Further Crypto Regulations Following FTX Collapse
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Read More »Binance Moves Over $2Bn in BTC As Part of a Proof-of-Reserves Audit
A significant outflow of funds belonging to Binance set off alarms in the cryptocurrency community today. According to a Tweet from Whale Alerts, the exchange pulled out more than 127,000 BTC in a single transaction, depositing the coins in an anonymous wallet address. 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 127,351 #BTC (2,062,504,721 USD) transferred from #Binance to unknown wallethttps://t.co/zNYPuJuoRe — Whale Alert (@whale_alert) November 28, 2022 Of course, it was to be expected that,...
Read More »Binance Removes Trading Pairs for FTX-Linked Serum Token
Binance, the world’s largest crypto exchange, will remove multiple trading pairs for the DEX protocol Serum (SRM), which is known to have deep ties to both FTX and Alameda Research. The token will no longer be tradeable for Bitcoin (BTC), Tether (USDT), or Binance’s native BNB token. What is Serum? Binance revealed Serum’s trading restrictions, alongside a handful of other pair removals, in an announcement on Friday. Other restricted assets include the BTC hash rate-backed...
Read More »Users Can Now Verify the Bitcoin They Own on Binance via Merkle Tree
The world’s largest cryptocurrency exchange – Binance – introduced its Proof of Reserves (PoR) system to display to users the exact amount of its crypto reserves. The feature will initially show only bitcoin’s holdings, while other coins will follow in the future. Binance has taken some additional measures to reaffirm its customers’ trust during the turbulent times following the FTX crash. In a recent announcement, the company disclosed the launch of a Proof of Reserves (PoR)...
Read More »Binance SAFU Insurance Fund is 44% Backed by its Own Token
Binance’s emergency insurance fund is largely comprised of a cryptocurrency tied to the company itself, according to on-chain data. The two addresses associated with the fund show that its BNB tokens account for 44% of its reserves. The Wrong Type of Insurance? As shared by on-chain analyst Willy Woo on Twitter, the Secure Asset Fund for Users (SAFU) includes $367 million worth of BNB. The remainder is made up of Binance’s dollar-pegged stablecoin BUSD ($300 million) and...
Read More »Bybit Exchange to Support Its Institutional Clients with $100M Fund
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