Crypto NFT Today: The latest news in blockchain, cryptocurrency and NFT: 16-22 November 2022
Welcome to another edition of Crypto NFT Today! If you like cryptocurrency, NFTs and riding emotional roller coasters, this is the place to be.
Are you ready for the crunch? Let’s get started.
Millions missing from FTX Exchange
More than $370 million in funds are mysteriously missing from the FTX exchange. The now-bankrupt crypto firm is warning users to stay away from its website for fear of a hack.
The potential hack occurred Friday after FTX filed for bankruptcy. Ryne Miller, FTX US General Counsel, said in a Saturday tweet that FTX and FTX US had begun moving all digital assets to cold storage — crypto wallets not connected to the Internet — after the filing.
A rival crypto exchange said Saturday it knew the identity of the alleged hacker and would assist authorities in their investigation.
Some analysts have suggested that the hacker may be FTX founder Sam Bankman-Fried himself, although the comments currently amount to speculation.
Kevin O’Leary was supposed to help bail out FTX
Shark Tank star and venture capitalist Kevin O’Leary reportedly tried to stop FTX’s liquidity problem before it filed for bankruptcy, but was thwarted by comments from US Securities and Exchange Commission Chairman Gary Gensler.
According to O’Leary, he received an influx of “inbound inquiries” from sovereign wealth funds and pension funds interested in helping fix FTX’s cash crisis. Bankman-Fried told O’Leary that FTX was after $8 billion.
As a deal neared, Gensler made a comment suggesting the crypto industry was “significantly non-compliant” and needed more regulation.
“The moment that happened, that was the end of any sovereign wealth fund,” O’Leary said. “There was no way to get the $8 billion onto the balance sheet of FTX with the regulators hovering overhead.”
Sam Bankman-Fried, another top executive, is looking at fleeing to Dubai
According to CoinTelegraph, FTX founder and former CEO Sam Bankman-Fried and several FTX and Alameda Research executives are still in the Bahamas but want to flee to Dubai.
FTX was headquartered in the Bahamas, making it a reasonable assumption that the disgraced CEO is hiding out there while facing multiple fraud charges. Now, CoinTelegraph reports that people familiar with the matter have confirmed the whereabouts of Bankman-Fried, Alameda Research CEO Caroline Ellison and other executives.
Should Bankman-Fried and his former team succeed in reaching Dubai, they will most likely be detained and sent back to the United States, as the United States and the United Arab Emirates have an agreement on evidence sharing, judicial cooperation, and assistance in criminal investigations and prosecutions.
Post-FTX Crypto Roundup
The fall of FTX has thrown the crypto world into crisis mode. Now we must reluctantly consider the fallout with a crypto price update:
Bitcoin has gained some momentum after hitting a post-FTX bankruptcy low of $15,512 on November 9, lifting it above the $16,000 mark.
Ethereum is rebounding from a low of just over $1,000, climbing to $1,210.
Solana hit $12.09 in the wake of the latest crypto crisis after rising to a high of $38.79. As of November 9, it was trading in the $14 range.
