{"id":8656,"date":"2022-11-19T22:51:18","date_gmt":"2022-11-19T22:51:18","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=8656"},"modified":"2022-11-19T22:51:20","modified_gmt":"2022-11-19T22:51:20","slug":"ftx-bankruptcy-filing-details-binances-crypto-industry-fund-and-a-u-s-cbdc-pilot-hodlers-digest-nov-13-19","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8656","title":{"rendered":"FTX bankruptcy filing details, Binance\u2019s crypto industry fund and a U.S. CBDC pilot: Hodler\u2019s Digest, Nov. 13-19"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p><strong><em>Coming every Saturday, <\/em><\/strong><strong><em>Hodler\u2019s Digest<\/em><\/strong><strong><em> will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more \u2014 a week on Cointelegraph in one link.<\/em><\/strong><\/p>\n<h2><strong>Top Stories This Week<\/strong><\/h2>\n<h3><strong><strong>SBF received $1B in personal loans from Alameda: FTX bankruptcy filing<\/strong><\/strong><\/h3>\n<p>Documentation related to FTX\u2019s bankruptcy proceedings revealed the firm was mismanaged on multiple levels. FTX Group was reportedly composed of multiple companies categorized into four silos. A $1 billion personal loan was reportedly allocated to former FTX CEO Sam Bankman-Fried from one of those silos. The documentation also revealed many other holes and oddities relating to the function of FTX. Several regulators are reportedly looking into FTX, including the Securities Commission of the Bahamas. The Financial Industry Regulatory Authority, a self-regulatory U.S. organization, has also opened a broader investigation into crypto-involved companies in general, evaluating their communications with the retail public.<\/p>\n<h3><strong>Binance creates industry recovery fund to help projects struggling with liquidity<\/strong><\/h3>\n<p>Binance CEO Changpeng Zhao unveiled his work on a new fund to help the struggling crypto sector \u2014 a sector which has been negatively affected by the fall of FTX. Zhao\u2019s new fund looks to help by assisting \u201cstrong\u201d crypto industry companies that have liquidity issues, the CEO said in a Nov. 14 tweet. Such companies should reach out to Binance Labs, as well as players looking to add capital to the fund. The fund will not go toward helping FTX, however, as specified by Zhao.<\/p>\n<p>Read also<\/p>\n<p>                            Features<\/p>\n<p>How to prepare for the end of the bull run, Part 1: Timing<\/p>\n<p>                            Features<\/p>\n<p>Storming the \u2018last bastion\u2019: Angst and anger as NFTs claim high-culture status<\/p>\n<h3><strong><strong>NY Fed launches 12-week CBDC pilot program with major banks<\/strong><\/strong><\/h3>\n<p>For the next three months, the Federal Reserve Bank of New York\u2019s Innovation Center will test a simulated central bank digital currency (CBDC) system with the cooperation of multiple banking behemoths. Citigroup, PNC Bank, BNY Mellon, Wells Fargo and others will transact simulated tokenized money via a distributed ledger, settled against simulated central bank reserves.<\/p>\n<h3><strong><strong>The FTX contagion: Which companies were affected by the FTX collapse?<\/strong><\/strong><\/h3>\n<p>The recent downfall of FTX has impacted the overall crypto space in multiple ways \u2014 from increased regulatory watch to companies having assets stuck with FTX. More than 10 companies have reported having felt negative effects from the FTX ordeal, often with millions of dollars in jeopardy. Companies include Galaxy Digital, Sequoia Capital, BlockFi, Crypto.com and Pantera Capital, among others. At this stage, the impacts on the affected companies do not appear to be devastating for the most part, although the details vary.<\/p>\n<h3><strong><strong><strong><strong><\/strong>SEC pushes deadline to decide on ARK 21Shares spot Bitcoin ETF to January 2023<\/strong><\/strong><\/strong><\/h3>\n<p>The wait continues for a decision on ARK 21Shares\u2019 spot Bitcoin exchange-traded fund (ETF) from the United States Securities and Exchange Commission (SEC). The regulator has pushed its decision deadline to Jan. 27, 2023 regarding a rule change that would allow listing of the mainstream Bitcoin product. The commission has delayed its decision twice before on this particular product. Numerous Bitcoin ETFs have faced denials from the SEC in the past.<\/p>\n<h2><strong>Winners and Losers<\/strong><\/h2>\n<p>At the end of the week, Bitcoin <strong>(<\/strong><strong>BTC<\/strong><strong>)<\/strong> is at <strong>$16,577<\/strong>, Ether <strong>(<\/strong><strong>ETH<\/strong><strong>)<\/strong> at <strong>$1,205<\/strong> and <strong>XRP<\/strong> at <strong>$0.38<\/strong>. The total market cap is at <strong>$828.34<\/strong> billion, according to CoinMarketCap.<\/p>\n<p>Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Trust Wallet Token <strong>(TWT)<\/strong> at 93.40%, GMX <strong>(GMX)<\/strong> at 20.40% and Toncoin <strong>(TON)<\/strong> at 18.41%.<\/p>\n<p>The top three altcoin losers of the week are Casper <strong>(CSPR)<\/strong> at -20.66%, Solana <strong>(SOL)<\/strong> at -20.25% and Cronos <strong>(CRO)<\/strong> at -18.58%.<\/p>\n<p>For more info on crypto prices, make sure to read Cointelegraph\u2019s market analysis.<\/p>\n<p>Read also<\/p>\n<p>                            Features<\/p>\n<p>Despite the bad rap, NFTs can be a force for good<\/p>\n<p>                            Features<\/p>\n<p>This is how to make \u2014 and lose \u2014 a fortune with NFTs<\/p>\n<h2><strong>Most Memorable Quotations<\/strong><\/h2>\n<p>\u201cIn systems where there is no self-custody, the custodians accumulate too much power and then they can abuse that power.\u201d<\/p>\n<p><strong><strong><strong><strong><strong><strong><strong><strong>Michael Saylor, executive chairman of MicroStrategy<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/p>\n<p>\u201cNever in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.\u201d<\/p>\n<p><strong><strong><strong><strong><strong><strong><strong><strong>John Ray III, new CEO of FTX<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/p>\n<p>\u201cI repeat\u2026 EXIT ALL THE MARKETS\u201d<\/p>\n<p><strong><strong><strong><strong><strong><strong><strong><strong>Il Capo Of Crypto, independent cryptocurrency trader and analyst<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/p>\n<p>\u201cEverything would be ~70% fixed right now if I hadn\u2019t [filed for Chapter 11 bankruptcy]. [\u2026] But instead I filed, and the people in charge of it are trying to burn it all to the ground out of shame.\u201d<\/p>\n<p><strong><strong><strong><strong><strong><strong><strong><strong>Sam Bankman-Fried, former CEO of FTX<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/p>\n<p>\u201cI\u2019m sure there are multiple players that will probably get impacted [\u2026] in the following weeks, you know, small, large \u2014 but I would say [FTX] in terms of magnitude will be one of the larger ones before the whole cycle really ends.\u201d<\/p>\n<p><strong><strong><strong><strong><strong><strong><strong><strong>CK Zheng, co-founder of ZX Squared Capital<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/p>\n<p>\u201cTo date, efforts by billionaire crypto bros to deter meaningful legislation by flooding Washington with millions of dollars in campaign contributions and lobbying spending have been effective.\u201d<\/p>\n<p><strong><strong><strong><strong>Brad Sherman, United States Congressman<\/strong><\/strong><\/strong><\/strong><\/p>\n<h2><strong>Prediction of the Week\u00a0<\/strong><\/h2>\n<h3><strong><strong>Bitcoin price may still drop 40% after FTX \u2018Lehman moment\u2019 \u2014 Analysis<\/strong><\/strong><\/h3>\n<p>Bitcoin fell below $16,000 early in the week. The asset subsequently rallied back to $17,000, only to face rejection around the level on multiple occasions throughout the week, according to Cointelegraph\u2019s BTC price index.\u00a0<\/p>\n<p>Due to the FTX situation, QCP Capital now expects that BTC may possibly fall to $12,000, according to its Elliot Wave theory chart analysis.\u00a0<\/p>\n<p>\u201cThis underperformance of all crypto assets is here to stay until the bulk of uncertainty has cleared up \u2014 likely only near the turn of the new year,\u201d QCP said on Telegram.<\/p>\n<h2><strong>FUD of the Week\u00a0<\/strong><\/h2>\n<h3><\/h3>\n<h3><strong><strong>Crypto.com accidentally sends 320k ETH to Gate.io, recovers funds days after<\/strong><\/strong><\/h3>\n<p>Speculation about the health and solvency of Crypto.com reached a boiling point this week after the digital asset exchange sent 340,000 ETH to Gate.io. The transfer was flagged as suspicious by some members of the crypto community because it occurred around the time that exchanges were publishing proof-of-reserves in the wake of FTX\u2019s collapse. Crypto.com claims that 100% of user-owned cryptocurrencies are held in cold storage, so the transfer to Gate.io was confusing to some crypto sleuths. Crypto.com CEO Kris Marszalek later revealed that the funds were sent to Gate.io accidentally.<\/p>\n<h3><strong><strong>Huobi and Gate.io under fire for allegedly sharing snapshots using loaned funds<\/strong><\/strong><\/h3>\n<p>Speaking of Gate.io, it along with crypto exchange Huobi has been under fire for allegedly sharing outdated snapshots of its digital asset reserves that included loaned funds. Obviously, some investors were suspicious that Gate.io received a top-up from Crypto.com before publishing its proof-of-reserves. However, Gate.io founder Lin Han revealed that the snapshot in question was taken on Oct. 19, two days before Crypto.com accidentally transferred 240,000 ETH. Huobi, meanwhile, has yet to explain why it transferred 10,000 ETH to Binance and OKX wallets soon after releasing its snapshot.<\/p>\n<h3><strong><strong>FTX crisis could extend crypto winter to the end of 2023: Report<\/strong><\/strong><\/h3>\n<p>The 2022 bear market has been unlike anything we\u2019ve ever seen in crypto, with the collective failures of Terra (LUNA), Celsius, Voyager, FTX and BlockFi still reverberating across the industry. According to new research from Coinbase, the FTX collapse and its resulting contagion effects could extend crypto winter for another year. \u201cThe unfortunate events surrounding FTX have undoubtedly damaged investor confidence in the digital asset class,\u201d the report read. \u201cRemediation will take time, and very likely this could extend crypto winter by several more months, perhaps through the end of 2023 in our view.\u201d<\/p>\n<h2><strong>Best Cointelegraph Features<\/strong><\/h2>\n<h2><\/h2>\n<h3><strong><strong><strong><\/strong>Blockchain and the world\u2019s growing plastic problem<\/strong><\/strong><\/h3>\n<p>\u201cPeople are being asked to make changes to help mitigate climate change, but I can\u2019t pull a CO2 molecule from the air and show it to you.\u201d<\/p>\n<h3><strong><strong>Designing the metaverse: Location, location, location<\/strong><\/strong><\/h3>\n<p>\u201cPeople imagine this as a second life\u2026 in the virtual world, people can have a better virtual house than others.\u201d<\/p>\n<h3><strong><strong>Banks still show interest in digital assets and DeFi amid market chaos<\/strong><\/strong><\/h3>\n<p>Traditional financial institutions continue to demonstrate use cases for digital asset support, along with DeFi capabilities, despite current market conditions.<\/p>\n<p>Subscribe<\/p>\n<p>The most engaging reads in blockchain. Delivered once a<br \/>\n        week.<\/p>\n<h2 class=\"author__name\">Editorial Staff<\/h2>\n<p>Cointelegraph Magazine writers and reporters contributed to this article.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/magazine\/ftx-bankruptcy-filing-details-binance-crypto-industry-fund-us-cbdc-pilot-hodlers-digest-nov-13-19\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Coming every Saturday, Hodler\u2019s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more \u2014 a week on Cointelegraph in one link. Top Stories This Week SBF received $1B in personal loans from Alameda: FTX bankruptcy [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8657,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-8656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8656","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8656"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8656\/revisions"}],"predecessor-version":[{"id":8658,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8656\/revisions\/8658"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8657"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}