Autor Cointelegraph By Ezra Reguerra

Exchanges delist FTX Token pairs from trading platforms

Exchanges delist FTX Token pairs from trading platforms

Uverejnil používateľ | nov 15, 2022 |

As the FTX collapse continues to cause turmoil in the crypto industry, various crypto exchanges have delisted FTX Token (FTT) on their platforms. In an announcement, crypto exchange Binance highlighted that they have removed the FTT/BTC, FTT/BNB, FTT/ETH and FTT/USDT trading pairs on their platform citing that the pairs failed to pass their recent reviews. However, the exchange noted that the FTT/BUSD pair is still available on its exchange. At #Binance we conduct regular reviews of listed assets to ensure they meet our standards to protect our users. Based on our recent reviews, we will remove and cease trading of several $FTT trading pairs on 2022-11-15 04:30 (UTC):FTT/BNBFTT/BTCFTT/ETHFTT/USDT— Binance (@binance) November 14, 2022The decision follows requests from community members to delist the token. In a tweet, influencer Cevo urged Binance CEO Changpeng Zhao to immediately take action against FTT, suggesting delisting everything FTX related to protect the exchanges’ customers. Apart from Binance, BitMEX has delisted the perpetual swap contracts connected to FTT. This includes its FTT/USD and FTT/USDT pairs. The exchange cited a reduction in spot trading of the pairs as its reason for delisting. Like BitMEX, KuCoin has also delisted its FTT/USDT perpetual contract on KuCoin Futures. Meanwhile, Zipmex has also announced that they will be delisting FTT on Nov. 22, 2022, but will leave withdrawals open until February 14, 2023. Related: FTX collapse could see crypto sector layoffs accelerateDays after the beginning of the FTX crisis, its former CEO Sam Bankman-Fried tweeted various cryptic messages, attracting wild theories and speculation within the crypto community. Some theorized that the tweets could be an act by Bankman-Fried to potentially make a defense by claiming insanity if he’s ever taken to court. After the FTX fraud was brought to light, an interview with Bankman-Fried in the New York Times garnered criticisms from crypto Twitter for seemingly defending the actions of the former FTX CEO. Many criticized the mainstream media outlet for attempting to change the narrative around his alleged financial crimes.

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Binance creates industry recovery fund to help projects struggling with liquidity

Binance creates industry recovery fund to help projects struggling with liquidity

Uverejnil používateľ | nov 14, 2022 |

As the effects of the FTX crisis continue to affect the markets negatively, crypto exchange Binance is creating a fund to help potentially strong projects that are having liquidity issues. In a tweet, Binance CEO Changpeng Zhao said that the fund aims to reduce the cascading negative effects of the collapse of FTX by helping projects that the Binance CEO described as “strong, but in a liquidity crisis.” While Zhao did not provide all the information on which projects would qualify, he told teams who believe they may fit the criteria to contact Binance Labs, the exchange’s venture capital arm. He also called upon other industry players interested in co-investing to get in touch with them. “Crypto is not going away. We are still here. Let’s rebuild,” Zhao wrote.Seemingly confused by the announcement, one crypto community member replied to Zhao’s post asking why FTX would qualify for the fund. To clarify, the Binance CEO highlighted that the fund is not for FTX, but for other projects within the crypto ecosystem, adding that “liars or fraud never qualify as strong projects.” Related: Rumors continue to fly surrounding Sam Bankman-Fried and the fall of FTXAs the crypto markets continue to experience turmoil, a known crypto skeptic started to blame crypto billionaires as the reason for slowing down developments in regulating the space. United States Representative Brad Sherman said that efforts by “billionaire crypto bros” in lobbying and contributing to campaigns have been successful in deterring meaningful legislation. Meanwhile, as Cointelegraph previously reported, FTX’s former CEO Sam Bankman-Fried, three former FTX executives and Alameda Research CEO Caroline Ellison are looking for ways to flee to Dubai, United Arab Emirates (UAE). However, while the plan assumes that the UAE does not have an extradition treaty with the United States, both nations have signed a mutual assistance treaty for dealing with criminals.

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FTX customers attempt roundabout ways to withdraw their funds in Bahamas

FTX customers attempt roundabout ways to withdraw their funds in Bahamas

Uverejnil používateľ | nov 11, 2022 |

As the FTX crisis continues to permeate through the cryptosphere, users of the platform are trying various ways to bypass the official process of withdrawing their funds from the collapsing exchange. On Nov. 10, the exchange announced that it will begin withdrawals of funds based in the Bahamas. According to the exchange, the move aims to have its Bahamian headquarters comply with the demands of regulators within the country. 1) Per our Bahamian HQ’s regulation and regulators, we have begun to facilitate withdrawals of Bahamian funds. As such, you may have seen some withdrawals processed by FTX recently as we complied with the regulators.— FTX (@FTX_Official) November 10, 2022From buying nonfungible tokens (NFTs) on Bamahas-based accounts to offering bounties to FTX employees, FTX users are trying whatever they can do to withdraw their funds from the crypto exchange.Several tweets from community members watching blockchain transactions highlight that NFTs are being used to bypass the bankruptcy process. According to podcaster Cobie, many of the users with stuck balances are likely buying NFTs from FTX’s marketplace put up for sale by users based in the Bahamas. Those stuck users pay with their full balances so that the Bahamas-based users can withdraw their funds. Blogger and NFT project founder Foobar also spoke on the process and highlighted that millions of Tether (USDT) have been withdrawn so far. Meanwhile, other users have turned to offering bounties to FTX employees in exchange for expediting their Know Your Customer (KYC) applications or changing their account details to reflect that they reside in the Bahamas. Related: Rumors continue to fly surrounding Sam Bankman-Fried and the fall of FTXOne Twitter user offered to pay $1 million and unlimited legal fees for someone who works at FTX to change their country of residence to the Bahamas. Hours after the initial tweet, the user mentioned that it was simply a “funny experiment” but noted that many people with stuck funds actually wanted to do the same thing. Trader AlgodTrading tweeted an offer of $100,000 to FTX employees to process his KYC request. Blockchain records show that the user was then able to withdraw their funds from the crypto exchange. While taking one’s funds out of the exchange may look like a good move to many, some believe thit’s a bad idea. Crypto researcher FatMan tweeted that bribing an FTX employee and bypassing the credit and bankruptcy process for other people’s balances is not the brightest idea.

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'Hang in there' — Crypto Twitter encourages Solana community amid FTX onslaught

'Hang in there' — Crypto Twitter encourages Solana community amid FTX onslaught

Uverejnil používateľ | nov 11, 2022 |

With Solana (SOL) being heavily affected by the FTX debacle, crypto Twitter expressed sympathy and hopes that its community can make a comeback. Being one of many coins that FTX CEO Sam Bankman-Fried (SBF) supported, SOL has been hit heavily amid the FTX collapse. On Nov. 10, the total value locked on the Solana chain has fallen by 32.4%. The SOL token lost almost half of its value, dropping in value from $38 on Nov. 5 to $17 at the time of writing. Because of the devastating things happening to Solana, crypto community members took to Twitter to offer encouragement to those within the Solana ecosystem. In a tweet, David Hoffman, the co-founder of content studio Bankless, wished luck to the Solana community, hoping that this will be their $80 Ether (ETH) moment. Hoffman also mentioned that there is a “strong and committed community” waiting on the other side of the devastating event. Polygon co-founder Sandeep Nailwal encouraged Solana supporters to keep building. Nailwal noted that there are good people in Solana who did nothing wrong but are facing the brunt of the current situation. The Polygon co-founder also highlighted that despite the differences, “we are all brothers and sisters of the same community.” Nicholas Chen, the co-founder of blockchain explorer Solana FM, also offered his words of support for the community. As a member of the Solana ecosystem, Chen mentioned that despite this being the third cycle where he experienced what he describes as “death,” this one is different from the others. While “emotions of eternal doom” may discourage many, he urged community members to “hang in there.” Related: FTX’s ongoing saga: Everything that’s happened until nowThrough the chaos that hit the community, Solana co-founder Raj Gokal offered a very positive prediction for those building their products on the platform. According to Gokal, Q1 will be their “time to shine” where they will show the power of their community. amidst this chaos…if you’re an independent team just itching to put your head down (or already with your head down) focusing on building product on @solana, Q1 will be your time to shine.we will show the power this global community of developers has to push web3 forward.— raj (@rajgokal) November 10, 2022Meanwhile, as the FTX saga continues to cause market turmoil, the broader crypto community has also been affected, with asset prices experiencing massive drops. Despite the fear, uncertainty and doubts within the industry, many members of the community remain positive that Bitcoin (BTC) and crypto are here to stay. 

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Rumors continue to fly surrounding Sam Bankman-Fried and the fall of FTX

Rumors continue to fly surrounding Sam Bankman-Fried and the fall of FTX

Uverejnil používateľ | nov 11, 2022 |

The crypto community continues to be bombarded with rumors and conspiracy entering into the fifth day of FTX’s fall.From reports that Sam Bankman-Fried (SBF) was arrested on the tarmac at the Bahamas airport to rumors that employees of the exchange are trying to sell the company’s assets, it has been very difficult for the community to separate fact from fiction.PAULY.SOL, the founder of the nonfungible token (NFT) project Not Larva Labs was one of the first to spur rumors of SBF’s arrest. The NFT founder retweeted a post of a Flightradar24 map that reported a private jet to have been grounded for around 40-minutes while on the way to Miami from Nassau — the capital of Bahamas where FTX is headquartered.this private jet has been grounded for 40 mins on route to Miami https://t.co/L3e4wFFiCs pic.twitter.com/4yAli4yojh— (@ethstash) November 10, 2022Many community members replied to the thread with pictures of SBF edited into police arrests, highlighting the possibility of the private jet transporting the FTX CEO. Despite this, there has been no confirmation that this is indeed SBF. Meanwhile, a report citing anonymous sources mentioned that employees of the collapsing exchange are working to try and sell the company’s assets while their CEO is away. The assets reportedly include the stock-clearing platform Embed and naming rights to the FTX arena in Miami. Apart from these, a post on social media claimed that many FTX employees have invested their life savings in the company because of their confidence in SBF. However, the employees now fear that their funds have been sent to Alameda Research. In addition, a report citing anonymous sources has also claimed that SBF has been selling equity at a 50% discount to the exchange’s employees back in the spring.While the rumors continue to spur panic within the crypto market, a lot of the information coming out of social media and various reports are unconfirmed information from anonymous sources. Related: FTX crisis feeds the Twitter rumor mill with hot takes and conspiracy theoriesMeanwhile, an official media release from the Securities Commission of The Bahamas (SCB) highlighted that the government agency has frozen the assets of FTX. According to the SCB, it will preserve the company’s assets and stabilize the company by putting it into provisional liquidation, a mechanism put into action in case of corporate insolvency. Additional reporting by Brayden Lindrea

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