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Last Updated : November 08, 2022 / 07:53 AM IST
Cryptocurrency roundup for November 8: U.S. authorities seize Bitcoin worth $3.36 billion from hacker, FTX and Binance CEO engage in a war of words over the latter offloading FTT tokens, and more<!– Moneycontrol Daily | Your Essentials 7 –>
FTX chief Sam Bankman-Fried has accused Binance CEO Changpeng Zhao of spreading false rumors in an effort to discredit him.
Big Story
FTX’s Bankman Fried accuses Binance CEO Changpeng Zhao of maligning him with rumors
FTX chief Sam Bankman-Fried has accused Binance CEO Changpeng Zhao of spreading false rumors in an effort to discredit him. Bankman-Fried’s comments came as Zhao stated that his company would sell all of the native tokens of the cryptocurrency exchange FTX. Without revealing specific details, Zhao on Sunday cited “recent revelations,” as the reason for his decision to sell Binance’s position in FTX on the open market, which led to a significant decline in the price of FTT tokens. In response to Zhao, Bankman-Fried stated on Monday that FTX and its assets were fine and that a competitor was merely out to malign him using false rumors. Full story here.
Dark Web
Justice Department of the United States Seizes $3.36 Billion in Cryptocurrencies From Silk Road Dark Web Fraud
The US Department of Justice on Monday revealed that it had seized Bitcoin worth around $3.3 billion from a hacker who had taken the digital currency from the Silk Road dark web bazaar in September 2012. James Zhong, the hacker, admitted to wire fraud and stealing 50,676 Bitcoin from Silk Road in front of a Manhattan court. An example of a “darknet” black market was Silk Road. Drug dealers and other criminal vendors used Silk Road, which was operational from around 2011 until 2013, to sell illegal drugs and other items and services to a large number of customers and to launder all money moving through it.
FTX addresses concerns
FTX responds to user withdrawal concerns amid significant token movement
Cryptocurrency exchange FTX responded to consumer complaints about slow withdrawals on Twitter. FTX assured users that the matching engine is functioning properly, even though the node throughput is constrained for Bitcoin withdrawals. The exchange also addressed stablecoin withdrawals in the sequence of tweets, warning that creations or redemptions might be sluggish until banks open for the week and wires have cleared. Due to a tug-of-war with rival exchange Binance, FTX is currently dealing with significant liquidations of its FTT coin. Details here.
“white hack” attack
pNetwork Hack A ‘Terrorist Attack’ On Users, Staged To Make Illegal Profit, Claims Huobi Global
Dubbing the recent hack on the pNetwork a “terrorist attack”, the cryptocurrency exchange accused the decentralized finance (DeFi) protocol of staging a “white hack” attack intended to make $4.5 million off the most recent pGALA crash. Claiming that the protocol’s recent activity was not a white hat move, Huobi Global claimed it was a malicious hack with profit as its ultimate goal with the white hat operation having been used as an excuse to avoid legal consequences. “The GALA and pNetwork teams could have used other safer methods to fix the vulnerability and avoid this unfortunate incident from happening. However, they chose to cover up the facts and executed a massive attack involving 55.6 billion GALA tokens within 50 minutes after contacting the exchanges,” the exchange claimed. Full story here.
LBRY protocol
LBRY loses case against SEC, says decision a “dangerous precedent” for cryptos
The firm behind the LBRY protocol stated Monday that the Securities and Exchange Commission had won its case against LBRY, Inc. along with a published copy of the decision. “We lost. Sorry everyone,” LBRY wrote on Twitter. “We’re going to lick our wounds for a little bit but we’re not giving up.” The SEC claimed in its complaint that LBRY “offered and sold unregistered securities in violation of Section 5 of the Securities Act of 1933,” according to the ruling’s memorandum. However, LBRY argued that its LBC token “operates as a digital currency that is an essential component of the LBRY Blockchain” and that it does not feel it is selling securities. Read more.
NFT Buzz
NFT trading, remittances with CBDCs tested by the Bank of Korea
The Bank of Korea (BoK) has created and tested software that makes it easier for people to send money across borders by connecting different central bank digital currencies (CBDC) from other nations. Governor Chang Yong Rhee stated in a speech in September that the central bank has just finished a 10-month trial into a digital South Korean won. According to a report by a local news outlet, the bank also experimented with using its CBDC to buy non-fungible tokens (NFT) throughout the study. Full story here.
Digital Euro
Dutch monarch Maxima expresses her support for the digital euro
Dutch monarch, Máxima Zorreguieta Cerruti has expressed her encouragement for the work the European Central Bank has accomplished in preparing to introduce a digital euro. The queen said that a digital euro could promote financial inclusion among underserved communities by avoiding barriers like transaction fees and documentation requirements. She was speaking virtually at a European Commission conference “towards a legislative framework enabling a digital euro for citizens and for businesses.” Details here.
Blockchain
Solana co-founder discusses the reliability of the blockchain at Breakpoint
Anatoly Yakovenko, a co-founder of Solana has claimed that while network failures and dependability problems plagued the network over the last year, recent modifications will aid the blockchain in resolving these problems. Yakovenko spoke about the past and future of the blockchain at the Breakpoint 2022 annual conference in Lisbon, Portugal, noting that the network had experienced issues recently. Read more.
Cryptocurrency Market
Crypto markets continue to slide, led by Bitcoin, Ethereum
Major cryptocurrencies, including Bitcoin, Ethereum, and other altcoins, were trading in the red on Monday, with Dogecoin, FTX token, and PancakeSwap trending among other cryptos. The market capitalization of the cryptocurrency market was $1.07 trillion, down 1.6% from the previous day, while trading volume increased by about 30% to $88.6 billion. Bitcoin and Ethereum were trading around $20,700 and $1590 levels, down 2.5% and 1.2% respectively. Meanwhile, Dogecoin was trading down nearly 5% and FTX token (FTT) and PancakeSwap were down 2% and 3.5%, respectively.
Market Minutes | All you need to know ahead of the opening bell
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