Autor Cointelegraph By Judith BannermanQuist

FTX US announces it may halt trading on its platform in a few days

FTX US announces it may halt trading on its platform in a few days

Uverejnil používateľ | nov 10, 2022 |

In a long apology, the CEO of FTX, Sam Bankman-Fried — popularly known as “SBF” — assured the crypto community that the recent turn of events was only going to affect FTX international. According to him, “FTX US, the US based exchange that accepts Americans, was not financially impacted by this shitshow.” He assured users that FTX US was “100% liquid” and that “Every user could fully withdraw (modulo gas fees etc)”. 19) A few other assorted comments:This was about FTX International. FTX US, the US based exchange that accepts Americans, was not financially impacted by this shitshow.It’s 100% liquid. Every user could fully withdraw (modulo gas fees etc).Updates on its future coming.— SBF (@SBF_FTX) November 10, 2022However, many are beginning to question the validity of his statement, as a recent announcement on FTX US’ website is beginning to raise eyebrows for users. According to a banner at the top of FTX US’ website, “trading may be halted on FTX US in a few days.” The announcement urged exchange users to “please close down any positions” they may want to close down, while assuring its users that “withdrawals are and will remain open.” FTX International’s liquidity issues were triggered within the last seven days when Binance CEO Changpeng “CZ” Zhao announced that his exchange would liquidate its FTX Token (FTT) holdings. CZ’s announcement effectively initiated a bank run whereby FTX’s users attempted to withdraw funds only to discover that the exchange didn’t have enough liquidity on hand to meet the demand. Related: US lawmaker warns of ‘major consequences’ for users of unregulated crypto firms, citing FTXWithin the past week, reports have also surfaced that Bankman-Fried called investors saying the exchange needed $8 billion in emergency funding to help cover the withdrawal requests and looked to raise $3 billion to $4 billion.On Oct. 10, Cointelegraph reported that data from Etherscan indicated that the troubled cryptocurrency exchange appears to have resumed withdrawals.

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‘Thank God’ El Salvador doesn’t have any Bitcoin on FTX, CZ clarifies

‘Thank God’ El Salvador doesn’t have any Bitcoin on FTX, CZ clarifies

Uverejnil používateľ | nov 10, 2022 |

False information spreading online suggested that the president of El Salvador, Nayib Bukele, was seeking the immediate extradition of FTX CEO Sam Bankman-Fried along with Alameda Research co-CEO Sam Trabucco to answer for their crimes of losing the Salvadoran people’s Bitcoin. The CEO of Binance, Changpeng “CZ” Zhao, took to his Twitter account to put these rumors to bed, sharing that “the amount of misinformation is insane” and that he “exchanged messages with President Nayib a few moments ago.” He said that President Buckle told him, “We don’t have any Bitcoin in FTX and we never had any business with them. Thank God!”Man, the amount of misinformation is insane.I exchanged messages with President Nayib a few moments ago. He said “we don’t have any Bitcoin in FTX and we never had any business with them. Thank God!” https://t.co/CrM5wd24Ha— CZ Binance (@cz_binance) November 10, 2022Billionaire Mike Novogratz, who spread the misinformation in an interview with CNBC in a video that has now been deleted, took to his Twitter account to offer an apology to President Bukele and the Salvadoran people, sharing, “I fell for ‘fake news’ and while I mentioned I hadn’t confirmed it, I should have.” Novogratz thanked Binance’s CZ for “pointing it out.” Apologies to @nayibbukele and the people of El Salvador. I fell for ‘fake news’ and while I mentioned I hadn’t confirmed it, I should have. Thanks @cz_binance for pointing it out. I am a huge fan of what you are doing in El Salvador.— Mike Novogratz (@novogratz) November 10, 2022

Related: El Salvador’s Bitcoin decision: Tracking adoption a year later Since 2021, El Salvador has reportedly purchased 2,301 Bitcoin (BTC) for about $103.9 million. The Salvadoran government has said it believes BTC is a powerful tool to attract foreign investment, create new jobs and cut reliance on the United States dollar. President Bukele previously mentioned that the primary focus of recognizing BTC was to offer banking services to more than 80% of unbanked Salvadorans. In the wake of the fallout from FTX’s insolvency issues, rumors began circulating online that the Central American nation of El Salvador, which made history in 2021 by making Bitcoin legal tender, was in trouble because it held some or all of its Bitcoin holdings in FTX.

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Crypto.com commits to proof-of-reserves after halting certain deposits and withdrawals

Crypto.com commits to proof-of-reserves after halting certain deposits and withdrawals

Uverejnil používateľ | nov 10, 2022 |

Kris Marszalek, CEO of cryptocurrency exchange Crypto.com has become the latest crypto company promising to publish “audited proof of reserves,” amid the downfall of rival exchange FTX. “We share the belief that it should be necessary for crypto platforms to publicly share proof of reserves,” said Marszalek, adding that his company “will be publishing our audited proof of reserves.”We share the belief that it should be necessary for crypto platforms to publicly share proof of reserves and https://t.co/pFc4Pz9nFR will be publishing our audited proof of reserves.— Kris | Crypto.com (@kris) November 10, 2022The idea for crypto companies to publish their proof of reserves has gained traction in the wake of the FTX liquidity fiasco. Binance CEO Changpeng “CZ” Zhao on Nov. 8 also pledged to start a Proof-of-Reserves audit system to give the public insights into the state of their reserves. The Crypto.com CEO’s comments come only hours after the exchange temporarily suspended withdrawals and deposits of USDC and USDT on the Solana network on Nov. 9.In an email to users on Nov. 9, which had been circulating on Twitter, Crypto.com reportedly notified users of an “Immediate suspension of UDSC and USDT Deposits and withdrawals on Solana.” In the email, the exchange assured its customers that they could still withdraw USDC and USDT at any time using other supported networks, such as Cronos and Ethereum, suggesting that other named networks had not been impacted by “recent industry events”.When https://t.co/5NeQKxhWmO suspends all deposits and withdrawals via #Solana is clear something is not right… #cryptocrash #SOL pic.twitter.com/GFAcOVTzNR— The Black Tie Report (@BlackTieReport) November 9, 2022

Cointelegraph reached out to Crypto.com, who confirmed that the news circulating on social media about the suspension of withdrawals and deposits of USDC and USDT on the Solana network was indeed true. The exchange added that “any unreceived deposits of these two tokens over Solana will be refunded without a fee for the next two weeks.” However, they declined to provide more depth on the issue. The exchange added that “any unreceived deposits of these two tokens over Solana will be refunded without a fee for the next two weeks.” However, they declined to provide more depth on the issue. The past 96 hours have seen the crypto markets sent into a frenzy due to the collapse of the crypto exchange FTX. On Nov. 6, the CEO of cryptocurrency exchange Binance, Changpeng “CZ” Zhao, announced plans to liquidate the entirety of its position in FTX Token (FTT), the native token of competing exchange FTX, which led to a bank run and the plunging of the price of its FTT token. A surprise turn of events occurred on Oct. 8 when the Binance CEO shared that his company had “signed a non-binding Letter of Intent, intending to fully acquire FTX.com and help cover the liquidity crunch.” The CEO added that nothing was set in stone as they were “assessing the situation in real time” and had the ability “to pull out from the deal at any time.”Less than 48 hours later, the CEO announced they had pulled out of the deal entirely. Related: Solana erases its ‘Google rally’ gains, but a 50% Sol price recovery is still in play The unfolding of these latest events has caused a cascading effect on the markets, particularly those with links to FTX and its related companies.  On Nov. 9, Cointelegraph reported that Solana (SOL) was on the track to log its worst daily performance on record, as SOL’s price dropped more than 40% due to its association with Sam Bankman-Fried, the founder of crypto-focused hedge fund Alameda Research and cryptocurrency exchange FTX.In the midst of the unfolding events, the co-founder of Solana Labs, Anatoly Yakovenko shared a tweet suggesting that Solana had not been affected by the unfolding events. He stated; “Solana Labs, a US corp, didn’t have any assets on ftx.com, so we still have tons of runway, and luckily still a small team.”Solana Labs, a US corp, didn’t have any assets on https://t.co/nL7jEmgrVT, so we still have tons of runway, and luckily still a small team.— toly (@aeyakovenko) November 9, 2022

At the time of publication, Solana was trading at around $14.97, down 30.29% over the last 24 hours. 

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Trademarks filed for NFTs, metaverse and cryptocurrencies soar to new levels in 2022

Trademarks filed for NFTs, metaverse and cryptocurrencies soar to new levels in 2022

Uverejnil používateľ | nov 7, 2022 |

The number of companies filing trademarks for nonfungible tokens (NFTs), metaverse-related virtual goods and services, and cryptocurrencies has grown rapidly in 2022. According to data compiled by licensed trademark attorney Mike Kondoudis, the number of trademark applications filed for digital currencies, as well as their related goods and services, has reached 4,708 as of the end of October 2022 — surpassing the total number filed in 2021 (3,547). Thru October, 4708 US trademark apps have been filed for digital/cryptocurrencies + related goods/servicesJan: 481Feb: 541 Mar: 612 Apr: 589 May: 561June: 461July: 416Aug: 345Sep: 378Oct: 324The 2021 total was 3547#Crypto #Fintech #DeFi #Cryptocurrencies #Web3 #NFTs pic.twitter.com/kqaIeRyFd9— Mike Kondoudis (@KondoudisLaw) November 7, 2022The number of trademark applications filed for the metaverse and its related virtual goods and services also soared to 4,997 from the 1,890 filed in 2021. This seems to suggest a massive appetite for the metaverse and its related products, despite the setbacks the ecosystem has faced in becoming fully functional.Thru October, 4997 US trademark apps have been filed for Metaverse and virtual goods/services:Jan: 417 Feb: 573 March: 773 April: 577 May: 549 June: 550July: 398Aug: 428Sept: 398Oct: 334The 2021 total was 1890#Metaverse #Web3 #NFTs #MetaverseNFT #VirtualReality #NFT pic.twitter.com/lbsXapld0N— Mike Kondoudis (@KondoudisLaw) November 7, 2022

The desire for NFTs as a technology still appears to be on the rise, despite a recorded decline in NFT trading volume and sales. According to Kondoudis’ statistics, the total number of trademark applications for NFTs and their related products increased from 2,142 in 2021 to 6,855 as of October 2022. Thru October, 6855 US trademark apps have been filed for NFTs and related goods/servicesJan: 644Feb: 789 Mar: 1082 Apr: 898 May: 767June: 729July: 542Aug: 522Sept: 445Oct: 437The 2021 total was 2142.#NFTs #Web3 #NFTCommmunity #Metaverse #MetaverseNFT #NFT pic.twitter.com/J9xj2UdPrP— Mike Kondoudis (@KondoudisLaw) November 7, 2022

Related: What remains in the NFT market now that the dust has settled? Within the past month, a number of companies have filed fresh trademark applications to join the Web3 ecosystem. On Oct. 21, makeup and cosmetic giant Ulta filed a trademark application for plans to include NFTs and virtual makeup and salon services among its offerings. Luxury watchmaker Rolex also filed a trademark application with plans to bring NFTs, NFT-backed media, NFT marketplaces and a cryptocurrency exchange to its empire.

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Digital asset platform Bakkt set to acquire Apex Crypto for $200M

Digital asset platform Bakkt set to acquire Apex Crypto for $200M

Uverejnil používateľ | nov 3, 2022 |

Digital asset platform Bakkt has entered into an agreement to acquire Apex Crypto, LLC from Apex Fintech Solutions, Inc. According to the agreement, Bakkt is expected to acquire Apex Crypto for the price tag of $200 million, making its first payment of $55 million at the closing of the deal. The transaction will likely be completed by the first half of 2023 and is subject to regulatory approvals. Launched in 2019, Apex Crypto is a “turnkey platform” dedicated to integrated crypto trading, built with the intention of meeting the increasing demands of more than 30 fintech firms and their growing customers. Apex Crypto was essentially built “to allow investors to transition between trading equities and cryptocurrency by offering efficient account opening and funding solutions” while handling complex crypto-related regulatory and licensing obligations.Bakkt’s acquisition of Apex Crypto is poised to boost its cryptocurrency product offering and expand its client base to include fintech firms, trading app platforms and neo-banks, providing crypto solutions to Apex’s 220-plus clients. The collaborative effort is expected to accelerate product innovation and development for crypto products, such as staking, external transfers and nonfungible tokens (NFTs). Overall, the deal is expected to bolster and diversify Bakkt’s revenue as it scales its offerings.Related: Bakkt crypto exchange partners with Google for payments. Launched by the Intercontinental Exchange in 2018, Bakkt first offered Bitcoin (BTC) futures contracts exclusively to accredited investors. In March 2021, the platform released a payments app allowing users to use crypto to make purchases, designed to “amplify consumer spending, reduce payment costs, and bolster merchant loyalty programs.”Bakkt experienced a seemingly slower rollout than many in the space anticipated. The platform was initially aimed at the institutional adoption of crypto before shifting to retail-focused apps and institutional-facing Bitcoin futures contracts. In October 2021, Bakkt went public with a merger via a special purpose acquisition company, VPC Impact Acquisition Holdings. At the time of the launch, BKKT shares traded on the New York Stock Exchange for $9.45 but are currently trading at $2.00 at the time of publication.

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