Market focus

Over $400 million outflow crypto exchange FTX and Alameda wallets on Nov. 11. FTX confirmed that there was “unauthorized access” to crypto it is holding following a reported hack. However, Reuters reported that FTX CEO Sam Bankman-Fried built a “backdoor” to his exchange in an effort to change financial records and move funds. Crypto exchange…

On Nov. 11, the crypto exchange FTX filed for bankruptcy protection in the US, the Bahamas-based company said. Chapter 11 bankruptcy filing attributed to Alameda Research estimates the company has $10 billion to $50 billion in liabilities. Also, FTX CEO and founder Sam Bankman-Fried resigned from his role. FTX Group, which includes FTX.com and FTX…

The price of Bitcoin and Ethereum has fallen in the last 24 hours, with the total crypto market cap now sitting at $914 billion, a 10.6% drop in the past 24 hours. The surprise FTX acquisition claim by Binance has sparked a significant overnight drop for Bitcoin and Ethereum. Ethereum’s price now sits at around…

Breaking crypto news from the last week (Oct. 29 – Nov. 4, 2022): Oct. 29: Mike Winkelmann, a digital artist, also known as Beeple, is planning to build his own museum in the US to exhibit digital art, including NFTs. Known for his record-breaking sale of NFT artwork at a Christie’s auction, the artist is…

Top investment deals across the crypto sector over the last week (Oct. 29–Nov. 4, 2022): Fireblocks-powered crypto custodian RakkaR Digital raises $10 million RakkaR Digital, a Singapore-based crypto custodian that uses technology from Fireblocks, has raised $10 million in a seed funding round. The round was backed by a single investor — SCB 10X —…

Swiss investment bank UBS AG introduced its digital bond, claiming to be the world’s first publicly traded bond settled on both blockchain-based and traditional exchanges. The bond will be issued on the blockchain platform of SIX Digital Exchange (SDX), not requiring a central clearing counterparty. Issuing the blockchain-based bond will probably encourage more banks to…