Eyes Turn To Grayscale Bitcoin Trust After FTX Collapses; Cardano to launch fiat-backed stablecoin in 2023
The biggest news in the cryptoverse for November 18th includes fears that the Grayscale Bitcoin Trust is in trouble, the Bahamas’ order to FTX to transfer its digital assets, and SafePal’s 125% spike as a result of the growing popularity of non-custodial wallets.
CryptoSlate Top Stories
Society fears that FTX implosion could affect grayscale
Grayscale Bitcoin Trust (GBTC) shares are down 74% year-to-date and are trading at around $8.75. The shares are sold at a record discount of 42.69%.
After this decline, the community is wondering if Grayscale is in trouble after the FTX collapse. GBTC currently has over 635,000 Bitcoins (BTC) and 3.1 million Ethereum (ETH). The total amount of these coins is equivalent to 13.7 billion dollars.
The Bahamas watchdog ordered FTX to send digital assets to its wallet
On November 18, the Bahamas’ Securities and Commission admitted that it ordered FTX to transfer its digital assets to a wallet belonging to the commission.
The Securities Commission of the Bahamas takes over control of the assets of FTX Digital Markets Ltd. pic.twitter.com/IzW4PGZSJm
— Securities Commission of the Bahamas (@SCBgov_bs) 18 November 2022
The Commission announced this action via a media release, which it shared on its official Twitter account. The commission said this was an attempt to preserve the assets and “was necessary to protect the interests of clients and creditors.”
Binance-linked non-custodial wallet tokens have seen massive growth in the past week
Binance-backed non-custodial wallet provider SafePal’s native token SFP has surged 125.96% over the past seven days, indicating that the FTX collapse started a “not your keys, not your coins” trend among the crypto community.
The SFP is trading at $0.743 after rising 16.97% in the last 24 hours.
CertiK investigates KYC actors employed to deceive the web3 community
DeFi-focused security platform CertiK’s investigation revealed the existence of professional KYC actors who specialize in bypassing KYC processes.
They are defined as individuals who cheat KYC processes on crypto platforms to sneak in and gain the trust of the community before attempting to defraud.
Canada’s largest pension fund writes off $95M FTX investment
In the previous weeks, Canada’s largest pension fund, Ontario Teachers, revealed that it was one of the investors in the bankrupt exchange FTX, without mentioning the size of the investment.
On November 17, the fund disclosed that it invested $95 million in FTX on two separate occasions. The first investment was in October 2021 and was worth $75 million, while the second was $20 million.
CryptoSlate Exclusive
Bitcoin owes its success in Nigeria to the unstoppable youth, says Paxful CEO
Peer-to-peer trading platform Paxful co-founder and CEO Ray Youssef spoke with CryptoSlate and shared his thoughts on extending a helping hand to those who were greatly affected by the broken monetary system.
Youssef’s first Bitcoin business focused on POS solutions until he met Paxful’s co-founder, Artur Schaback. Soon after they met, the duo took a trip to Africa, Nigeria, because that’s the place with the biggest hustlers.” In other words, Nigerians were among those who were greatly affected by the broken monetary system.
The Paxful founders deployed Bitcoin in Nigeria to combat the main economic problems. Youssef said:
“The banks in Africa, especially Nigeria, they don’t allow people to send money in USD. They want to keep the hard currency for themselves. So what’s a small and humble entrepreneur to do?”
Youssef also admitted that the Nigerian youth expressed great enthusiasm for Bitcoin and became the driving force behind its adoption.
KuCoin CEO Johnny Lyu Confirms Exchange ‘Fully Liquid,’ Talks Regulation and Future of DeFi – SlateCast #31
KuCoin’s CEO Johnny Lyu met with Akiba of CryptoSlate to discuss the latest happenings in the market, and ensure that KuCoin remains liquid.
Lyu emphasized the effects of the FTX collapse on the industry and said everyone is willing to put this behind us. He said:
“Institutions and exchanges are all willing to extend a helping hand for this crisis to disappear as soon as possible, so that everything can return to normality again.”
Regarding the current financial situation of KuCoin, Lyu stated that he can confidently confirm that KuCoin is fully liquid. According to Lyu, KuCoin also publishes its asset status right now and works with third-party auditors to offer additional transparency and trust.
News from the entire Cryptoverse
Ripple is applying for a license in Ireland
Ripple (XRP) has decided to expand into Europe and is applying for a regulatory license from Irish financial watchdogs to facilitate its spread to the continent, as reported by CNBC.
First fiat-backed stablecoin will enter the market in 2023
Cardano (ADA) blockchain plans to launch USDA as the first fiat currency-backed, regulatory stable coin in the crypto market, according to CoinDesk. USDA is expected to enter the markets in early 2023.
Multicoin expects further contagion after the FTX collapse
Multicoin Capital stated in a company letter that it expected “many trading firms to be wiped out and shut down, putting pressure on liquidity and volume throughout the crypto ecosystem” as a result of the FTX fallout, according to IBC Group CEO Mario Nawfals. Chirping.
Crypto market
Over the past 24 hours, Bitcoin (BTC) has fallen 0.33% to trade at $16,636, while Ethereum (ETH) has gained 0.6% to trade at $1,209.
