![]() In one case, the President of FTX US was told to apologize to SBF, and his bonus was cut after he raised basic governance questions. Anyone who tried to challenge SBF was rebuffed.In other words, the concentration of power was crazy. One executive stated that if Nishad got hit by a bus, the whole company would be done.Sam Bankman-Fried (SBF), Gary Wang, and Nishad Singh controlled almost every aspect of FTX - despite the fact they were fresh out of college and had little experience in risk management and running a business.Hubris, incompetence, and greed were some of the root causes that led to FTX collapsing as quickly as it had grown.More on this □ Here are the 10 most shocking takeaways highlighting how badly FTX was run: Let’s take a quick look because it’s nuts. New report □ FTX's new management has released a crazy new 45+ pages report that delves into the failures leading up to the exchange's bankruptcy. Without further ado, let us dive into what happened in the Blockchain & #Crypto sector last week. Coinbase considers Bitcoin Lightning Network integration ⚡️Īnd more! Don't miss out and join the community here□□Īpril was another super intense month in the world of #Blockchain and #Cryptocurrency. We will look at a mind-blowing FTX report (it’s wild!) Ethereum's upgrade that's finally complete (why it matters & what’s ahead), The Apple of Web3 that's being built in Paris (it’s a big one!), and other interesting news and developments.The craziest FinTech fraud since FTX gets to the SEC □.Ether is outperforming Bitcoin and making some serious moves □.Binance is rapidly losing its market share □.Starbucks keeps doing what it does best - NFTs □. ![]() The landmark EU crypto regulation has officially been passed □□.ChatGPT for Finance is here, and it’s a game-changer □.If you’re not a subscriber, here’s what you missed last month: Coupled with things worth watching & most important money movements, it’s the only newsletter you need for all things when Finance meets Tech. Each day I focus on 3 stories that are making a difference in the financial technology space. Bitcoin price hovering under $17.000, 1-hour-chart.□ Hey, Linas here! Welcome to a □ monthly free edition □ of my daily newsletter. After the June sell-off, FTX deposited 20% of the Huobi ETH balance in a week!Īccording to Checkmate, this is remarkable in that their flows are very large compared to the balance held of BTC and ETH.Īt presstime, the BTC price was once again rejected at the $17.000 mark. On the Ethereum front, all three exchanges saw large deposits of between 5% to 10% of their $ETH balance through 2022, with Huobi standing out the most. This is where cryptodotcom shows up as having 6-8% of their inflows sourced from FTX in May and Nov 2021.įurthermore, Huobi and Gateio regularly sent some 5-8% of their entire BTC balance to FTX during the crash. Glassnode’s lead on-chain analyst discussed that all three exchanges show relatively active deposits from FTX, “usually after major sell-offs.” Subsequently, Huobi’s vacant ETH wallet had only 4,044 ETH left. After Huobi published the asset snapshot, 10,000 ETH were transferred to Binance and OKX deposit wallets. In addition, Huobi seems to have irregularities in its balance. Related Reading: Bitcoin Moves Differently From US Stock Market, Correlation Weakening? Afterwards, biggest shareholder Li Lin declared that he will provide additional unsecured funding of up to $14 million, which will cover customers’ balances. The exchange announced that $18.1 million in crypto could not be withdrawn on FTX, of which $13.2 million was customer funds. The crypto community also distrusts Hong Kong-listed Huobi. However, the report was not published until October 28, which makes critics suspicious. The snapshot for the PoR audit reportedly occurred as early as October 19. The mysterious transfer from Crypto(.)com ironically took place on October 21, just before the release of Gate(.)io’s ‘proof-of-reserve’, which is why the exchange has also been targeted by the crypto community. Withdrawals are being processed as usual. Yesterday, Marszalek assured that all withdrawals will be processed regularly. Allegedly, the withdrawal queue is down 98% within the last 24 hours.
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