Crypto Trends Weekly – Nov. 5–11

    21 Nov 2022

    Breaking crypto news from the last week (Nov. 12–18, 2022):

    Nov. 12: Over $400 million outflow crypto exchange FTX and Alameda wallets. 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.

    Nov. 13: Solana developers are forking Serum, the FTX-developed liquidity hub widely used on Solana, after it may have been compromised in the FTX hack. Meantime, some Serum-related Solana apps have begun limiting their exposure, citing security concerns.

    Nov. 14: Binance’s CEO Changpeng Zhao said that Binance would launch the fund to help projects “who are otherwise strong, but in a liquidity crisis,” welcoming investors to contribute to the fund and qualifying projects to apply. Tron founder Justin Sun said that Tron, Huobi Global, and Poloniex will support the initiative.

    Nov. 15: Jonah Van Bourg, Cumberland’s Head of Trading, said on Twitter that FTX’s collapse will trigger calls for significant changes in crypto markets away from centralization. He also said that these industry-defining events usually come before market recovery.

    Nov. 16: The world’s largest crypto exchange Binance has secured permission from financial regulators in Abu Dhabi to operate as a crypto custodian for institutional clients. This is the latest crypto license for the company in the UAE.

    Nov. 17: Binance.US, the American arm of the world’s largest crypto exchange Binance, is preparing to bid for bankrupt lending platform Voyager Digital, sources report. Meanwhile, the founder of Binance is reportedly interested in acquiring the loan book of Genesis, another insolvent crypto lender.

    Nov. 18: Twitter’s crypto division head Tess Rinearson has exited her position amid a massive number of both layoffs and employees quitting in the wake of billionaire Elon Musk’s acquisition of the company, Bloomberg reported. It’s unclear how Elon Musk’s takeover and Rinearson’s departure will impact Twitter’s embrace of NFTs.

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