James Rubin writes that Changpeng Zhao and Elon Musk, among others, have spoken freely when discussing the fallout from cryptos’ rapidly expanding crises and the individuals behind them. But they haven’t always been consistent or fair.
Happy Thanksgiving to my fellow Yankees! For the rest of you, I’m counting on you to keep an eye on Twitter in case someone else files for bankruptcy. But today, we’re looking at FTX’s first bankruptcy hearing.
As campaign mega-donor Sam Bankman-Fried and his FTX compatriots vanish from U.S. policy circles, their absence left a void in the crypto industry’s political involvement. Part of that may be filled by the U.S. arm of rival Binance.
CoinDesk: Crypto Mining and Staking Firm Foundry Buys Some of Troubled Bitcoin Miner Compute North’s Assets
Foundry will buy two mining facilities and has an option to acquire another site that is under development.
The CoinDesk Market Index, bitcoin and ether were all in the green. Market Wrap is CoinDesk’s daily newsletter diving into what happened in today’s crypto markets.
Former FTX CEO Bankman-Fried did not address concerns about customer funds being misappropriated or other recent revelations about the company.
It’s time for U.S. crypto exchanges to face the same rules as non-crypto marketplaces and brokers, says our columnist.
CoinDesk: Mango Exploiter’s Funds Get Liquidated After Roiling Aave Using $20M of Borrowed Curve Tokens
A trader identified as Avraham Eisenberg, who became infamous for his “very profitable trading strategy” of exploiting $114 million from Mango Markets, borrowed tens of millions of Curve DAO tokens and sent them to an exchange – but his position appears to have gotten liquidated.
Niklas Polk, a research analyst at analytics firm Nansen, discusses the firm’s latest report and what on-chain data reveals about the wallets used between FTX and Alameda.
CoinDesk: Genesis Global Capital Has Hired Investment Bank Moelis to Explore Options: New York Times
Potential options including filing for bankruptcy.
The FTX is a wake-up call for everyone in the industry. And, no, regulation isn’t going to save us next time, any more than it would have this time.
CoinDesk: Binance’s CEO Sows Doubt in Crypto Rival Coinbase and Digital Asset Manager Grayscale – Then Backtracks
Changpeng Zhao quickly deleted a tweet that called the companies’ disclosures into question.
Bitcoin rebounds after hitting a fresh two-year low in the past 24 hours. But analysts said bitcoin could hit $13,000 amid contagion.