FTX bankruptcy filing details, Binance’s crypto industry fund and a U.S. CBDC pilot: Hodler’s Digest, Nov. 13-19

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Coming every Saturday, Hodler’s 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 — a week on Cointelegraph in one link.

Top Stories This Week

SBF received $1B in personal loans from Alameda: FTX bankruptcy filing

Documentation related to FTX’s 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.

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Binance creates industry recovery fund to help projects struggling with liquidity

Binance CEO Changpeng Zhao unveiled his work on a new fund to help the struggling crypto sector — a sector which has been negatively affected by the fall of FTX. Zhao’s new fund looks to help by assisting “strong” 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.

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Storming the ‘last bastion’: Angst and anger as NFTs claim high-culture status

NY Fed launches 12-week CBDC pilot program with major banks

For the next three months, the Federal Reserve Bank of New York’s 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.

The FTX contagion: Which companies were affected by the FTX collapse?

The recent downfall of FTX has impacted the overall crypto space in multiple ways — 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.

SEC pushes deadline to decide on ARK 21Shares spot Bitcoin ETF to January 2023

The wait continues for a decision on ARK 21Shares’ 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.

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Winners and Losers

At the end of the week, Bitcoin (BTC) is at $16,577, Ether (ETH) at $1,205 and XRP at $0.38. The total market cap is at $828.34 billion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Trust Wallet Token (TWT) at 93.40%, GMX (GMX) at 20.40% and Toncoin (TON) at 18.41%.

The top three altcoin losers of the week are Casper (CSPR) at -20.66%, Solana (SOL) at -20.25% and Cronos (CRO) at -18.58%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

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Most Memorable Quotations

“In systems where there is no self-custody, the custodians accumulate too much power and then they can abuse that power.”

Michael Saylor, executive chairman of MicroStrategy

“Never 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.”

John Ray III, new CEO of FTX

“I repeat… EXIT ALL THE MARKETS”

Il Capo Of Crypto, independent cryptocurrency trader and analyst

“Everything would be ~70% fixed right now if I hadn’t [filed for Chapter 11 bankruptcy]. […] But instead I filed, and the people in charge of it are trying to burn it all to the ground out of shame.”

Sam Bankman-Fried, former CEO of FTX

“I’m sure there are multiple players that will probably get impacted […] in the following weeks, you know, small, large — but I would say [FTX] in terms of magnitude will be one of the larger ones before the whole cycle really ends.”

Blockchain and the world’s growing plastic problem

“People are being asked to make changes to help mitigate climate change, but I can’t pull a CO2 molecule from the air and show it to you.”

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Designing the metaverse: Location, location, location

“People imagine this as a second life… in the virtual world, people can have a better virtual house than others.”

Banks still show interest in digital assets and DeFi amid market chaos

Traditional financial institutions continue to demonstrate use cases for digital asset support, along with DeFi capabilities, despite current market conditions.

Editorial Staff

Cointelegraph Magazine writers and reporters contributed to this article.

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Author: Editorial Staff


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