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Breaking: Bahamas securities regulator freezes FTX assets

November 10, 2022 Coin Telegraph

bahamas

The Bahamas Securities Commission said FTX's assets could not be moved without the approval of a Supreme Court-appointed liquidator.

The Bahamas Securities Commission (BSC) has frozen the assets of FTX Digital Markets (FDM) and "related parties" on Nov. 10, it also suspended FTX's registration in the country and the Bahamian Supreme Court appointed a provisional liquidator, the BSC said in a statement shared by local media.

The BSC added it was aware of "public statements suggesting that clients' assets were mishandled, mismanaged and/or transferred to Alameda Research."

"No assets of FDM, client assets, or trust assets held by FDM can be transferred, assigned, or otherwise dealt with, without the written approval of the provisional liquidator," it said. Directors of FTX also had their powers stripped.

JUST IN: The Securities Commission of The Bahamas has frozen the assets of FTX Digital Markets and related parties. pic.twitter.com/Kvsslqy8v0
— Eyewitness News Bahamas (@ewnewsbahamas) November 10, 2022

FTX is registered in the Bahamas, with FTX US a seperate, United States-based entity.

The BSC said it will work with the appointed liquidator to "obtain the best possible outcome for the customers and other stakeholders of FTX."

This is a developing story and will be updated as more information is made available.

Solana TVL drops 32.4% as FTX turmoil rocks ecosystem

November 10, 2022 Coin Telegraph

Alameda

Cryptocurrencies understood to have exposure to Sam Bankman-Fried, FTX, and Alameda Research appear to have been impacted the most.

The total value locked (TVL) on the Solana chain has plummeted 32.4% in the last 24 hours, as news stemming from the collapse of FTX has sent waves through the crypto ecosystem.

According to DefiLlama, at the time of writing, Solana’s TVL has fallen to $423.68 million, down 32.4% in the last 24 hours, a far cry from its all-time-high (ATH) of $10.17 billion on Nov. 9, 2021.

*Total value locked within the Solana ecosystem Source: DefiLlama*

TVL measures the total value of all assets locked into DeFi protocols. As TVL increases that means more coins are deposited within the DeFi protocols, and can indicate bullish sentiment, while a falling TVL shows that investors are pulling their funds out of the ecosystem for one reason or another.

The fall in TVL went as far as a 51.7% decline over 24 hours, however, but slightly corrected leading up to the writing of this article.

The Solana-based liquid staking protocol Marinade Finance has seen the biggest loss in TVL on the chain, having fallen 35.1% to $115.79 million within the last 24 hours.

Other major protocols on Solana have seen similar decreases over the last 24 hours, with automated market maker Raydium down 34.25%, liquid staking protocol Lido down 43.13% and lending protocol Solend down 63.07%.

Other leading blockchains have also seen decreases in TVL over the same time period, with Ethereum down 10.59%, Binance smart chain (BSC) down 9.68%, and Tron down 8.84%.

Sam Bankman-Fried (SBF), the founder of FTX and crypto hedge fund Alameda Research, had been an early investor in Solana though Alameda Research and cryptocurrencies exposed to SBF’s companies have been the hardest hit by the fallout.

Solana’s token (SOL), has also dropped heavily compared to its competitors, with the price falling 40.53% to $13.38 over the last 24 hours.

The token had briefly risen after news that Binance might end up acquiring FTX, but dropped after Binance backed out of the deal citing allegations of consumer funds being mishandled and an investigation from regulators.

Despite the recent challenges facing SOL, co-founder of Solana Labs Anatoly Yakovenko has reiterated his bullish stance on the network despite recent losses.

He pointed to the quality of builders and recent network-level improvements as big positives in a Nov. 9 tweet.

1/ I said this on stage at Breakpoint just a few days ago – the builders on Solana are second to none, and the projects they're building can often only be built on Solana.
— toly (@aeyakovenko) November 9, 2022

Throughout Solana’s annual conference, a range of announcements were made including a partnership with Google Cloud, the launch of the Solana App Store, and an upcoming smartphone.

BNB Chain DeFi ecosystem recovers almost one-third in three months

November 2, 2022 Coin Telegraph

Binance

On the DeFi side of things, BNB Chain suffered a 93% decrease from Q3 of 2021 but has since shown signs of steady recovery.

After a year-long struggle to fend off the market bears, parts of the crypto ecosystem started showing signs of recovery in the third quarter of 2022. BNB Chain’s Q3 report confirms significant growth in crypto trading volumes and decentralized finance (DeFi) but a drop in nonfungible token (NFT) trading.

According to DappRadar BNB Chain Report Q3, BNB Chain retained its position as the second biggest DeFi blockchain after Ethereum (ETH), with a Total Value locked (TVL) of $7.6 billion.

On the DeFi side of things, BNB Chain suffered a 93% decrease from Q3 of 2021 but has since shown signs of steady recovery. The TVL of $7.6 billion represents a 28.67% increase from BNB Chain’s Q2 performance. The blockchain also represents 36.6% of the market share for GameFi ecosystems, which is followed by Ethereum at 20.2% and Polygon (MATIC) at 11.8%.

PancakeSwap, Venus and Alpaca Finance are among the largest in the pool of over 300 DeFi decentralized apps (DApps) hosted over BNB Chain.

“BNB chain owes this relative success to the performance of PancakeSwap,” reads the report, as the ecosystem represents 68.2% or $4.1 billion in TVL, followed by Venus at 16.3% ($995 million) and Alpaca Finance at 8.7% ($530 million).

NFT trading volumes continue to dip, with BNB Chain recording an almost 33% drop this year — from $276,000 in Q1 to $185,000 in Q3. According to the report, the unique trader's count decreased by 45% in just three months.

While the metrics shared in the DappRadar report showcase an overall positive movement for the quarter, it also revealed the need for crypto projects to achieve sustainable growth.

The idea of DeFi took off in Singapore as major finserve DBS Bank decided to implement the technology for the Singaporean central bank.

On Nov. 2, DBS announced the commencement of testing trading of foreign exchange (FX) and government securities using permissioned, or private, DeFi liquidity pools.

Speaking to Cointelegraph about Project Guardian, a government initiative to explore digital asset tokenization on public chains, a DBS spokesperson confirmed the use of Polygon mainnet using a fork of Uniswap v2 protocol.

Boo! Halloween-themed shitcoins materialize to haunt crypto Twitter

October 31, 2022 Coin Telegraph

Binance

Halloween-themed cryptocurrencies are taking over the crypto ecosystem on Twitter, typically purchased as an off-the-shelf product providing no real use case or future for investors.

The crypto community never shies away from deploying new cryptocurrencies that are themed on current events, and Halloween was no exception. The industry saw an influx of Halloween-themed cryptocurrencies hoping to cash in on the hype around the festivities.

Halloween-themed cryptocurrencies have taken over the crypto ecosystem on Twitter, typically offering no real use case or future for investors. Projects like these have a track record of being sourced as an off-the-shelf product, which can be quickly renamed and deployed in the free market for trading.

Our target is 50 millions market cap an 0.01$ price
— Halloween Token (@CyberMetaWorld) October 28, 2022

Projects like Halloween Token, as shown above, came up just days before the occasion with the sole purpose of amassing $50 million in market cap. Halloween Spook, a project that cropped up on Sept. 2022, claims the status of being the “scariest meme token on Binance Smart Chain (BSC).” The project promotes Halloween Elon (SINK) token, which is based on a recent “let that sink in” meme sported by Elon Musk.

ELON CHANGE HIS PROFILE PICTURE ! LFG ! ENJOY ! #Halloween #Binance #KuCoin #bscgemsx100 #crypto #Halloweentoken #meme #SINK #elonmusk
#elonmusktwitter #ShibaArmy #QOM #LUNACLASSSIC @shitcorpnews #halloweenfloki #saninu #efloki #twigeinu #twige pic.twitter.com/bIOx5diaCJ
— Halloween Elon (@halloweenelonn) October 29, 2022

Found again on the BSC network was Halloween Wars Token, which blatantly shares its intent to “ride the hype of what many claim is the most exciting time of the year: halloween.” Despite no attempt to market the project, the project gained 17 followers who remain at risk of losing their assets to market capitulation.

Halloween wars

Halloween wars is a community-centric and community-driven cryptocurrency project launched in the Binance Smart Chain network that aims to ride the hype of what many claim is the most exciting time of the year: halloween.
millions Mc Goal Before Halloween pic.twitter.com/ONQWsFGDkT
— Halloween Wars Token (@HalloweenWar) October 8, 2022

One of the stronger contenders this year was halloween bsc, yet another BSC-hosted project with no apparent goal set for the investors.

Solid chart for us! spread the word and join us https://t.co/ExEahBwk4r pic.twitter.com/fVlbBhuR57
— halloween bsc (@HalloweenToken) October 10, 2022

As shown above, the project recently celebrated a temporary bull run but a reverse search showed no existence of an ENDS/BNB (BNB) trading pair on Binance or any other trading platform.

While cryptocurrencies themed on current trends tend to spike in market price, the surge is often limited to a few days until the owner decides to cash out and rug investors from making profits. As a result, it becomes paramount for investors to do their research (DYOR).

Twitter is home to a majority of the crypto world, and with Elon Musk taking over the social media platform, crypto exchange Binance decided to lend support to developing crypto and blockchain solutions for Twitter.

As Cointelegraph reported, Binance CEO Changpeng Zhao committed to back Musk’s Twitter acquisition with a $500 million fund.

Changpeng Zhao Says Binance Zeroing In on Identity of Hacker Behind $570,000,000 Exploit

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