Autor Cointelegraph By Ana Paula Pereira

Turkey’s financial authority investigates FTX’s collapse

Turkey’s financial authority investigates FTX’s collapse

Uverejnil používateľ | nov 14, 2022 |

Turkey’s Financial Crimes Investigation Agency is the latest authority to announce investigations into crypto exchange FTX after its collapse and bankruptcy filing on Nov.11.Along with FTX, the agency will look into people and institutions related to the platform — including banks, electronic money institutions and crypto-asset providers — according to an official statement from Nov. 14. The regulator also noted that it had been monitoring FTX’s activities in accordance with the country’s Anti-Money Laundering laws.FTX Turkey, FTX’s regional subsidiary, provided a Google Form for users seeking to receive their funds, without specifying a delivery date. On its website and Twitter account, a note asked users to share their International Bank Account Number address to proceed with the refund process. Turkey is one of the most relevant emerging markets for the crypto industry, with nearly 8 million people in the country engaged with cryptocurrencies, according to figures from the local crypto exchange Paribu. Roughly 130 companies in FTX Group — including FTX Trading, FTX US, under West Realm Shires Services, and Alameda Research — started proceedings to file for bankruptcy in the United States on Nov. 11 following the exchange’s dramatic collapse during the previous days. In addition to Turkey, the United States and the Bahamas announced investigations into the bankrupt crypto exchange during the past week. In the U.S., the Securities Exchange Commission and the Department of Justice are looking into the matter.The U.S. Attorney’s Office in the Manhattan district of New York has also begun to investigate the circumstances leading up to the exchange’s fall. The Department of Financial Protection and Innovation in the state of California additionally announced its own investigation regarding the “apparent failure”.In the Bahamas, an investigation of possible criminal misconduct is underway by financial investigators and securities regulators.

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CrossTower revises new offer for Voyager's assets after FTX's bankruptcy

CrossTower revises new offer for Voyager's assets after FTX's bankruptcy

Uverejnil používateľ | nov 13, 2022 |

Crypto exchange CrossTower is working on a revised offer for the assets of bankrupt crypto lender Voyager Digital, a spokesperson told Cointelegraph. Voyager announced the reopening of its bidding process after FTX US, the original winner in the bid, filed for bankruptcy in the United States on Nov. 11.”We are working on a revised offer that we feel will benefit the Voyager customers and the wider Crypto community. CrossTower has always been, and will continue to be, very community-focussed.”, the spokesperson said, without specifying an amount. In September, FTX US secured the winning bid for the assets for approximately $1.4 billion, according to Voyager. The assets’ sale would be completed after a chapter 11 plan and an asset purchase agreement approved by the U.S. Bankruptcy Court for the Southern District of New York.In the statement disclosed on Nov. 11, Voyager said that “the no-shop provisions of the Asset Purchase Agreement between Voyager and FTX US are no longer binding.”, adding that the bidding process was reopened, and the bankrupt company was in “active discussions with alternative bidders.”According to the CrossTower spokesperson, the company is currently not aware of other players participating in the bidding process.”We’re not aware of any other interest at the moment, but even if other players enter the ring, CrossTower’s priority is to ensure the best interest of the Voyager customers and the wider crypto community.”As previously reported by Cointelegraph, along with FTX, Binance and CrossTower submitted bids to acquire Voyager’s assets, each proposing their own terms and conditions. CrossTower proposed keeping the existing Voyager platform and app, meaning that customers won’t have to switch platforms once the deal was closed. As part of this plan, customers would also receive their pro rata share of assets. Additionally, CrossTower’s acquisition plan would see the exchange share its revenue with Voyager customers for several years.Although the new bidding terms are not confirmed, CrossTower spokesperson suggested that a similar proposal would be underway: “Voyager has an incredibly loyal and engaged customer base, and it had a healthy business. We believe that the Voyager foundation can be built upon.”In the statement about the bidding, Voyager also confirmed its exposure to the FTX collapse, with a “balance of approximately $3 million at FTX, substantially comprised of locked LUNA2 and locked SRM that it was unable to withdraw because they remain locked and subject to vesting schedules.”Voyager also claimed that it did not transfer any assets to FTX in connection with the sale agreement. FTX US previously submitted a $5 million “good faith” deposit as part of the auction process, which is held in escrow.

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FTX under investigation in the Bahamas for criminal misconduct – Report

FTX under investigation in the Bahamas for criminal misconduct – Report

Uverejnil používateľ | nov 13, 2022 |

An investigation of possible criminal misconduct over the insolvency of cryptocurrency exchange FTX is underway by financial investigators and the Bahamas securities regulators, according to a statement by the Royal Bahamas Police Force sent to Reuters on Nov 13. The Royal Bahamas Police stated: “In light of the collapse of FTX globally and the provisional liquidation of FTX Digital Markets Ltd., a team of financial investigators from the Financial Crimes Investigation Branch are working closely with the Bahamas Securities Commission to investigate if any criminal misconduct occurred.”The investigation comes after the regulator publicly denied FTX allegations over the weekend. On Nov. 11, FTX tweeted that it was instructed by “Bahamian HQ’s regulation and regulators” to facilitate the withdrawal of Bahamian funds. One day later, the securities commission denied instructing or authorizing FTX to prioritize withdrawals for clients in the country. The statement shared on the SCB’s Twitter page stated:“The Commission wishes to advise that it has not directed, authorized or suggested to FTX Digital Markets, Ltd. the prioritization of withdrawals for Bahamian clients.” A report from The Wall Street Journal on Nov. 9 suggested that the U.S. Department of Justice and the Securities and Exchange Commission are also investigating the collapse of the crypto exchange. Also, the Department of Financial Protection and Innovation (DFPI) in the state of California announced on Nov. 10 opening an investigation regarding the “apparent failure” of the exchange.As reported by Cointelegraph, FTX former CEO Sam Bankman-Fried, co-founder Gary Wang and director of engineering Nishad Singh are understood to be in the Bahamas and are “under supervision” by the local authorities. Roughly 130 companies in FTX Group — including FTX Trading, FTX US, under West Realm Shires Services, and Alameda Research — had started proceedings to file for bankruptcy in the United States on Nov. 11. Bankman-Fried has also resigned from his position as FTX’S CEO and will be succeeded by John Ray. Zane Tackett, the former head of the institutional arm at FTX, confirmed on Twitter that the exchange currently has liabilities worth $8.8 billion. Cointelegraph has reached out to FTX and the Bahamas Police Force for comments, but has not received an immediate response.

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Liquidity hub Serum forked by developers after FTX hack

Liquidity hub Serum forked by developers after FTX hack

Uverejnil používateľ | nov 13, 2022 |

Solana’s developers forked the widely used token liquidity hub Serum, after being compromised by a hack on the bankruptcy exchange FTX on Nov. 11 that led to a series of unauthorized transactions. According to pseudonymous developer Mango Max on Twitter, a “verified build of the same version has been made and deployed” on Nov 12. Additionaly, the upgrade authority and fee revenues “have been changed and are now managed by a multi-sig controlled by a team of trusted developers.” Serum (SRM) and megaserum (MSRM) tokens, as well as fee discounts were not changed and were working as before. The development took place on the weekend. Solana co-founder Anatoly Yakovenko tweeted that developers depending on serum were forking the code after the upgraded key was compromised, adding that many “protocols depend on serum markets for liquidity and liquidations.”Afaik, the devs that depend on serum are forking the program because the upgrade key to the current one is compromised. This has nothing to do with SRM or even Jump. A ton of protocols depend on serum markets for liquidity and liquidations.— toly (@aeyakovenko) November 12, 2022In a Twitter thread, Mango Max said that the Serum update key was not controlled by the SRM DAO, but by a private key connected to FTX, and no one could confirm who controlled the keys. The private key was necessary to update the original version of Serum, leading the developers to fork the code, as the private key is under FTX control. Mango Max also noted that:”When I reached out to a couple of people previously involved with Serum, I got answers like: “I wish I had more info to help you, but I really don’t.”Liquidity providers such as Jupiter, the most popular aggregator on Solana, confirmed turning off Serum as a liquidity source “due to security concerns about upgrade authorities, and we also encouraged all our integrators to do the same.” Other projects such as Mango Markets and SolBlaze also announced integration with the new fork.Confirming that we turned off @ProjectSerum as a liquidity source a few hours ago due to security concerns about upgrade authorities, and we also encouraged all our integrators to do the same.The ecosystem is working on a fork right now, and we will supporting it asap — Jupiter Aggregator ​ (@JupiterExchange) November 12, 2022

As reported by Cointelegraph, an attack led to $659 million in outflows from FTX and FTX US on Nov 11. FTX US general counsel Ryne Miller confirmed later that the transactions were unauthorized and that FTX US had moved all remaining crypto into cold storage as a precaution.A blog post from blockchain forensics firm Elliptic suggests that the drain has seen various tokens on Ethereum, BNB Smart Chain and Avalanche removed. Of the $663 million drained, around $477 million is suspected to have been stolen, while the remainder is believed to have been moved into secure storage by FTX.

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Climate Chain Coalition releases report on blockchain and emerging technologies at COP 27

Climate Chain Coalition releases report on blockchain and emerging technologies at COP 27

Uverejnil používateľ | nov 11, 2022 |

The Climate Chain Coalition (CCC), a network of organizations dedicated to leveraging blockchain technology for effective climate action that includes Cointelegraph as a member, delivered its stock take report on Nov. 11 at the 27th United Nations Climate Change Conference, or COP 27, in Sharm El-Sheikh, Egypt. Founded five years ago, the coalition has been working on initiatives related to the consumption accounting system and greenhouse gas emissions accounting. Tom Baumann, chair and founder of the Climate Chain Coalition, stated:“During those years, the coalition has grown from 12 founding organizations to over 360 organizations in 69 countries. The coalition was founded on the ethos of blockchain and emerging technologies as an open distributed network where members self-organize into member-driven initiatives.”Climate Chain Coalition members at COP 27 in Egypt.The coalition’s mission is to resolve issues and challenges needed to advance transformative digital climate innovations by creating resources to support a shared data and digital infrastructure, supporting networking and capacity building, and partnering between digital and climate communities.Related: How blockchain technology is transforming climate action Cointelegraph editor-in-chief Kristina Lucrezia Cornèr speaking at COP 27 on blockchain’s relevance in fighting climate change.Speaking at the panel, Cointelegraph editor-in-chief Kristina Lucrezia Cornèr commented:“Education is key here, and media responsibility is incredibly high. We consider it our biggest mission to talk not only about what is intrinsic to the blockchain industry but what’s going on beyond. And because it’s out of the box that things are uniting us because this conference is about climate action, and climate is so much more [than] just climate change. It’s about sustainability, and it’s about our future.” Also participating in the panel, Alexey Shadrin, co-founder and CEO of Evercity — a platform for the management, issuance and monitoring of sustainable finance — highlighted how the coalition’s efforts are supporting organizations with use cases of implementing blockchain technology, as well as guidance to the new projects that are rapidly emerging right now in the markets. “We want to make sure that those projects are not only innovative and cool but also aligned with core UN values and standards that currently exist there and that were developed by many, many experts within the UN process and beyond.”Even though digital assets have been criticized for their high energy consumption, such an accusation is inaccurate, as there is a distinction between cryptocurrencies and the underlying blockchain platforms that can energy efficient and support climate initiatives.

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