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2K Dormant Bitcoin Moved After 11 Years as BTC Sinks

Albert Brown
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2K Dormant Bitcoin Moved After 11 Years as BTC Sinks

 

Whales have moved about 2,000 bitcoin that had been dormant for 11 years amidst a BTC crash to a 2-year low of $16,600.



Bitcoin (BTC) has been hit hard by the persistent shenanigans of the bears as the market slips into frightening territories. Amidst these petrifying conditions, whales moved about 2,000 BTC that had been dormant since August 2011, as revealed by CryptoQuant chief Ki Young Ju.

“Old 2k BTC just moved. These were dormant since Aug 2011,” Ki revealed in a tweet Thursday, as he shared a link to the Bitcoin Spent Output Age Bands indicator, which confirmed his claim.

 

 

The CryptoQuant chief shared a series of recent transactions involving 500 BTC each from varying wallet addresses involving the 11-year-old BTC movement.

The addresses had been dormant until November 11. All wallets now have been drained, as balances after the movements amounted to $8 worth of BTC. The age of these coins suggests that these are possibly early adopters like old miners.

Besides this reawakening of 11-year-old 2,000 BTC tokens, there appears to be a broader pattern of long-term holders’ movements, as bears subject bitcoin to the coldest point of the Crypto Winter yet, tanking the asset to a 2-year low amidst a red market.

The CryptoQuant Binary CDD indicator does not reveal comforting metrics, as data indicate a pattern of high long-term holders’ (LTH) movement in the past seven days. According to the metric, these recent movements have been higher than the 7-day average. This has contributed to the panic already circulating within the space, as long-term investors often move their assets when it is time to sell.

Amidst this increase in LTH activities, BTC has been sailing through troubled waters, as it slipped to a low of $16,500 on Friday amid terrifying market conditions. Despite a struggle to rise above $17k shortly after the shocking dip, BTC hit another hurdle that has brought it back to a current price of $16,700 at the time of reporting, dipping by 3% in the past day.

Many analysts suggest that the panic dumped on investors from the FTX saga has contributed to the red market and bitcoin’s underperformance. Although the propitious developments from the recent US CPI data suggest an imminent halt of the Fed’s interest rate hikes, BTC has not been able to free itself from the shackles of the bears, sinking by 21.68% in the past week.

Notable analyst and swing trader il Capo of Crypto had previously warned of this massive dump when BTC was trading above the $20k zone and attempting to reclaim the territories above $21k. The Crypto Basic reported the development last week.

Capo Crypto’s analysis suggested a “fake pump” to the $21k zone and an imminent crash to $14k. Following his predictions, BTC soared to a high of $21,400 on November 5 before facing one of the fiercest rejections ever, leading to the current underperformance. Capo Crypto insists that we are not out of the woods yet, forecasting a $14k value at a time when certain individuals believe the bottom is in already.

“Things are about to get uglier. I’m still 100% out of the market,” he said in a tweet Friday after mentioning that a dip to $14k will occur sooner than the community thinks.

Shiba Inu Lead Developer Seeks Miami Heat Naming Rights

Lele Jima
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Shiba Inu Lead Developer Seeks Miami Heat Naming Rights

 

Shiba Inu Lead Developer Wants Miami Heat to Rename Home Ground to Shiba Inu Arena.



The pseudonymous lead developer of Shiba Inu Shytoshi Kusama has moved to capitalize on the soured relationship between crypto exchange FTX and Miami Heat, an American professional basketball team.

Earlier today, Miami Heat announced it would terminate its home ground naming rights agreement with FTX following the unfortunate incident that brought the crypto trading platform to its knees earlier this week.

Miami Heat’s home ground has been called FTX Arena since June 2021 after the parties struck a $135 million agreement. The deal was supposed to last for 19 years. Unfortunately, the deal was terminated early after FTX and its partners collapsed and filed for bankruptcy.

“The reports about FTX and its affiliates are extremely disappointing. Miami-Dade County and the Miami HEAT are immediately taking action to terminate our business relationships with FTX, and we will be working together to find a new naming rights partner for the arena,” Miami Heat noted. 

Kusama Moves to Take Advantage of FTX-Miami Heat Soured Relationship

With Miami Heat disclosing that it will look for a new naming rights partner, Shiba Inu, lead developer, saw the announcement as the perfect opportunity to ink a deal with the American professional basketball team. Kusama wants Miami Heat to rename its home ground to Shiba Inu Arena.

“Hey, MiamiHEAT … can we rename it the ShibaInuArena?” SHIB lead developer quizzes the NBA team in a tweet.

 

Should the NBA team agree on a sponsorship deal with the canine-themed cryptocurrency, Shiba Inu will enjoy many perks. The deal will boost Shiba Inu’s popularity among NBA fans and drive its widespread adoption.

SHIB Enthusiasts React

The tweet has attracted many reactions from community members who commented on the proposal.

A SHIB enthusiast replied to Kusama that it is possible to have Miami Heat rename its home ground to Shiba Inu Arena only if he launches Shibarium, the layer-2 scaling network under development for months.

Responding to the user, Kusama said it would be great to see the Miami Heat home ground renamed to Shibarium Arena.

Meanwhile, SHIB holders have been anticipating the launch date of Shibarium. Unfortunately, the team is yet to fix a date, as Kusama noted that Shiba Inu does not give dates. In a recent blog post shared by Unification, one of the developers of Shibarium, it said the project would be launched very soon. Kusama also disclosed that he is now focused on Shibarium after Shiba Inu released the player’s guide for Shiba Eternity.

Bitboy Says ‘Everyone Owes The XRP Army A HUGE Apology’

Mark Brennan
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Bitboy Says ‘Everyone Owes The XRP Army A HUGE Apology’

Bitboy believes that the XRP community could end up saving crypto.


In a tweet today, popular crypto YouTuber Ben Armstrong AKA Bitboy, asserted that the rest of the crypto community needs to apologize to the XRP community.

He asserted that due to certain biases, many had watched and “cheered” what they perceived to be the “early demise of Ripple,” an action for which he is also guilty. However, Bitboy now believes their work to uncover alleged corruption at the US Securities and Exchange Commission could save the entire crypto space.

In an earlier tweet, the crypto influencer asserted that SEC chief Gary Gensler is worse than Sam Bankman-Fried, the former CEO of bankrupt crypto exchange FTX. While SBF may go down as one of the biggest frauds in history by his estimates, Gensler is worse for refusing to provide clear guidelines for the crypto markets, Bitboy asserts.

“That’s why you lost,” Bitboy tweets citing the lack of regulatory clarity from the SEC.

The statements come as the crypto community’s distrust for the markets regulator reaches a fever pitch. For many, it is apparent that the commission’s priorities are misplaced, and its only actions have ended up hurting users instead of protecting them. But, unsurprisingly, only a few in the crypto community feel as strongly about this as the XRP community.

However, they are not alone.

ShapeShift founder Erik Voorhees echoed the sentiments of Attorney John E Deaton in a recent Unchained podcast episode. Deaton, amicus curiae on behalf of XRP holders in the SEC vs. Ripple case, had asserted that time and time again, the SEC had failed on its mandate. Voorhees speaking on the podcast, questioned if there has ever been a time the SEC had warned users of a crypto platform collapsing before it did or stopped an exchange from trading because of questionable practices with user funds.

Under Gensler’s leadership, the SEC has doubled its crypto enforcement workforce and lobbied Congress for more funds to expand. However, the regulator has failed to prevent any crypto collapse or warn of it. Instead, it appears to have launched an enforcement campaign with no clear rules.

In the wake of the FTX collapse, Deaton, the XRP community, and other crypto community members are beginning to ask questions about the SEC’s role in the latest crypto blowup. So far, the community has drawn multiple links between Gensler and SBF, even as allegations are circulating that the SEC chief was working to provide FTX with regulatory loopholes to gain a crypto monopoly.

Consequently, Deaton’s CryptoLaw has created a petition app for community members to draw the attention of Congress to these concerns. So far, it reports users have sent 2700 messages via the app. 

Notably, the concerns have already gotten the attention of Minnesota representative Tom Emmer.

Bitboy also showed his love for XRP Army in a separate video, saying.

“Ripple used to be my enemy, XRP was my enemy, but when I realized the SEC was their enemy, Ripple became my friend, so we started going through this dating process. I came to find something out: the XRP community is freaking awesome, like the XRP Army I used to make so much fun of and how stupid I look right now, but the fact is that XRP Army is the most dedicated community in the entire crypto space.”

Crypto.com Holds $558M Worth Of Shiba Inu As Reserve, Holding More Shib Than Ethereum

Lele Jima
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Crypto.com Holds $558M Worth Of Shiba Inu As Reserve, Holding More Shib Than Ethereum

Shiba Inu Accounts For Over Half A Billion of Crypto.com’s Asset Reserves.



Crypto.com says Shiba Inu accounts for nearly 20% of its reserve.

 

Following the sudden collapse of FTX, the cryptocurrency industry is now feeling the need to become more transparent to build trust among traders. Leading cryptocurrency exchange Crypto.com took a bold step to reveal proof of its cryptocurrency asset reserves publicly. Crypto.com shared its wallet address with blockchain analysis company Nansen to enable the company to create a dashboard of approximately $3 billion in reserve. The exchange holds 53,024 BTC, and 391,564 ETH other than Shiba Inu.

Crypto.com Reserves

Out of the $2.88 billion in Crypto.com reserve, the leading canine-themed token, Shiba Inu (SHIB) accounts for $558,152,612.17 ($558.61 million), representing nearly 20% of the exchange’s cryptocurrency reserve.

Shiba Inu is ranked as the second-largest asset in Crypto.com’s asset reserve. Interestingly, SHIB ranked ahead of other top cryptocurrencies like Ethereum (ETH), USD Coin (USDC), and other assets. Crypto.com ETH holdings are worth $485.9M.

A spokesperson of the crypto exchange explained why Shiba Inu accounts for nearly 20% of its reserve, saying:

“The reason our Proof of Reserves includes Shiba is that we hold customers’ balances 1:1. Thus, our Proof of Reserves is dictated by our customer holdings.” 

Widespread Adoption of Shiba Inu

Shiba Inu has gained widespread adoption, with Ethereum whales showing strong interest in the crypto asset. As reported, a top whale moved over 150 billion units of Shiba Inu tokens to Crypto.com.

It is not surprising to see investors develop a massive interest in Shiba Inu. The team behind Shiba Inu has continued to reveal the project’s potential to investors. 

SHIB, which originally started as a meme coin, has transitioned to a utility token, with a prospect for enormous growth. Hence, many Crypto.com traders are adopting the token in anticipation of the bull market. 

Meanwhile, Crypto.com has continued to extend its Shiba Inu support. In August, the exchange announced it had added new trading pairs for the leading canine-themed cryptocurrency.

FTX Hacked, 593B Shiba Inu Moved Out Of Exchange

Zabi
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0
FTX Hacked, 593B Shiba Inu Moved Out Of Exchange

FTX hacked, funds moving out.



Over 593.92 Billion Shiba Inu (SHIB) moved out of FTX US and FTX Exchange to the mysterious wallet as FTX filed for Chapter 11 bankruptcy yesterday, and today it was hacked.

Etherscan.io reports that the mysterious wallet has just moved out a herculean 593,923,195,032 (593.92B) SHIB, worth $5,713,541 ($5.74M) from FTX US and FTX Exchange through two separate transactions.

593.92 Billion SHIB moved out of FTX to the Unknown Wallet
593.92 Billion SHIB moved out of FTX to the Unknown Wallet

In the first transaction, the mysterious wallet pulled out a staggering 418,102,844,520 (418.10B) SHIB, worth $4,022,145 ($4.02M) from one of the FTX-associated wallets tagged “FTX US.” Soon after this, the unknown wallet interacted with another wallet linked to FTX tagged “FTX Exchange” and withdrew a whopping 175,820,350,512 (175.82B) SHIB, worth $1,691,390 ($1.69M) in a momentous transaction.

The withdrawal comes after FTX CEO Sam Bankman-Fried resigned, and the crypto giant filed for Chapter 11 bankruptcy yesterday. While today the exchange is suffering a hack.

FTX Hacked

Crypto Quant CEO confirmed that FTX had been hacked, sharing messages from FTX’s official telegram channel.

The latest updates show over $1B missing from FTX after the hack.

 

 

A Cryptohopper Review

Andrew MacGill
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A Cryptohopper Review

Cryptohopper is a platform that allows users to purchase and trade strategies created by other traders. Users can sign in with a Facebook, Google, or Apple account, or simply register using a simple registration form. All you need to do is enter your name, email address, and username, and then click on an activation link to get started.

Trading bot

If you are a newbie in the cryptocurrency market, you might want to consider buying a Cryptohopper trading bot. These programs are designed to automate trading strategies for you and are programmed to run for 24 hours a day. They can even be set to shut off at certain times. However, it’s important to choose a trading robot carefully. The program’s performance depends on the strategy it’s programmed to execute, so it’s important to understand what that means.

This trading bot also offers a demo trading mode that lets you try out the program without risking any money. This is a great feature because it allows you to get a feel for its performance before you risk any cash. Moreover, you can withdraw your profits within 24 hours after making a trade. In addition, you can also create new strategies using the system. You can do this by using a drag and drop interface that doesn’t require any coding knowledge. All you have to do is drag the indicator you want to use onto the bot and configure the variables.

The Cryptohopper trading bot is easy to use, offers reliable Exchanges, and comes with a great support team. It also offers two types of trading, full automation and semi-auto trading. Full automation involves the robot doing all the investment research for you while semi-auto trading involves the app gathering tradable insights.

Easy-to-use platform

Cryptohopper review is a platform that allows users to trade in the cryptocurrency market without requiring any coding knowledge or technical expertise. It offers an extensive backtesting feature, allowing users to see their past profits and optimize the bots to optimize performance. The platform also offers a reserve section for users to manage their savings.

Cryptohopper offers advanced trading tools and an easy-to-follow learning path. It offers support for over seventy cryptocurrencies and integrates with nine leading exchanges. Its comprehensive list of features helps even the most inexperienced traders trade more effectively. It also offers a forum for support. It is highly recommended for users of all levels of expertise, from beginners to seasoned investors who want to use automated trading strategies.

Cryptohopper allows users to subscribe to an integrated signaler service. This service is provided by seasoned traders and constantly monitors multiple technical indicators. Cryptohopper’s signalers can also be used to combine buy and sell signals. They can be configured using a few mouse clicks. The platform also provides performance reports that help users assess their profitability.

Community

Cryptohopper has an excellent community, and it is possible to ask questions and find answers. There are forums, social media accounts, and a support system for people to talk about their experiences with the product. There are also back testing tools and community support, but a user must still put in a significant amount of effort to find the best strategy. The product also offers a trailing stop loss feature, which allows you to automatically take profits when the price of a coin rises or falls.

The Cryptohopper community is very active, and it is extremely helpful for newcomers to the field. It is available in Discord and Telegram, and users can access support in different languages. This community offers helpful tutorials and helps shape successful businesses. You can expect a high level of support and interaction from fellow traders, and you can take advantage of the fact that it is free to join.

Another feature that Cryptohopper offers is a customizable trading environment. This means you can set parameters such as percentage-based stop losses and take profits. You can even program the program to automatically trade using popular technical indicators.

AI

Cryptohopper AI is a trading robot. The aim of the bot is to help traders make profit without putting them at risk. It works with the help of artificial intelligence and runs twenty-four hours a day. Unlike humans, it is not affected by emotions and makes the trading process seamless. It also offers a variety of trading options such as manual trading and portfolio management.

Cryptohopper is a popular trading bot that supports both paper trading and mirror trading. It was founded by two brothers in 2017 and has grown rapidly since its inception. The company is now hosting over 9 million transactions worth $2 billion per month. Its users can copy the strategies of professional traders. There are also tools to set alerts and signals that enable traders to be up to date on the market wherever they are. It is free to use and does not charge per-trade fees. The price is billed monthly according to the number of tools you use.

Cryptohopper is a good choice for beginners in the world of cryptocurrency trading. Its software integrates data, uses the trader’s parameters, and trades around the clock. This allows it to make profit by buying and selling cryptocurrencies. It is much faster than a human, as it executes all trades instantly and monitors all coins simultaneously. While humans might miss a good opportunity, robots are more likely to catch on to it.

Price

Cryptohopper is an investment platform that lets users follow coin prices. This allows users to take action if prices start to fall. Similarly, users can instruct the bot to buy coins when prices begin to rise. The software also provides features to connect with accounts across different platforms. Depending on the market conditions, Cryptohopper can also execute short sales.

Before purchasing a Cryptohopper, it is important to check the warranty of the product. This will ensure that the company stands behind the product and is willing to help you with any problems that you may have with the product. If the Cryptohopper is equipped with a warranty, then it is an excellent choice as it will provide you with peace of mind and customer service in case you face any issues.

Cryptohopper is a highly advanced trading system that combines the latest technology and advanced trading strategies. This platform allows users to mimic the strategies of professional traders and use advanced tools to optimize their trading strategy. The platform is very easy to use, and there is no need for extensive technical knowledge or programming experience. It is also fully automated, meaning that you can trade with complete automation.

Free to use

If you’re looking for a free bot for trading crypto currencies, you can’t go wrong with Cryptohopper. This automated bot offers many features that traders will find beneficial. It features indicators for bull markets, bear markets, consolidation periods, and more. Its trailing stop loss feature is great for capturing profits in bull markets, and it can also help you avoid losses when markets whipsaw. It can also be programmed to place trades at key pricing targets.

Cryptohopper also offers a pre-live testing hub, which means you can try out strategies before risking your own funds. The pre-live testing feature allows users to create their own automated strategies and test them before risking their own money. Additionally, the Cryptohopper marketplace allows users to sell or buy cryptocurrency.

Cryptohopper allows users to customize their trading experience with advanced features, such as candlestick charting patterns. It is easy to navigate, and allows users to access high-level tools without having to know any coding. It also offers custom strategy scanners, which identify candlestick charting patterns and allow users to backtest their investment strategies. Regardless of your level of experience, Cryptohopper is an effective tool for beginners and professionals.

Why Does Every Crypto Startup Need a Market Maker?

Andrew MacGill
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Why Does Every Crypto Startup Need a Market Maker?

Since the advent of blockchain technology, the conventional financial market has undergone a permanent transformation. The interest in cryptocurrencies is growing daily, and until it is too late, everyone tries to enter the market. The market is indeed saturated, which will certainly annoy many cryptocurrency newcomers.

Regular traders benefit from the variety of investing opportunities available to them, which is a good thing. From a business standpoint, startups find it challenging to thrive in the present market environment because of the high standards, skilled competitors, and fussy investors in the cryptocurrency field.

Every day, dozens of innovative cryptocurrency ideas emerge, but only a select few of them get traction and expand. One trait that successful firms have in common is the presence of a crypto market maker.

Who Is a Market Maker and What Is Its Role?

The market makers are the middlemen who execute trades on cryptocurrency exchanges. They make a profit by taking a cut of the price spread for each trade.

Market makers play a crucial role in providing the liquidity that keeps cryptocurrencies moving. They are responsible for attracting buyers and sellers to crypto trading platforms. They typically start by submitting the highest bid and lowest ask. The difference between these bids and asks is called the spread. When this spread becomes too large, the market becomes less liquid. Market makers actively place orders in order to maximize profit, reduce the spread and maintain liquidity.

The “invisible hand” of the cryptocurrency market maker ensures that the market is fair for all parties involved. Market makers are used by all successful token initiatives and exchanges, and their demand will only increase as the cryptocurrency market develops. Without a market maker, ICO/IDO/IEO tokens cannot live. Since there is a very significant chance of losing all savings, having no liquidity partner is a huge warning sign for the majority of investors.

The Problems With Low Liquidity Tokens

It is well known that all coins that have recently listed lack liquidity. Investors only notice the project’s wide spreads, extreme volatility, minimal trading volume, and significant slippages; this makes the entire endeavor appear fraudulent. A situation like this brings up another problem: the possibility of price manipulation.

Token investors have the opportunity to benefit by selling listed assets as soon as the project is listed because their value can increase by 5X, 25X, or even 100X in comparison to the price at which they were originally purchased. These frantic sales have a negative impact on the project’s reputation and are difficult to reverse. The price of a coin with low liquidity can occasionally be crushed by just one large order when trading volume is low.

How Does A Market Maker Help Your Project?

Managing Token’s Liquidity on CEX

Centralized cryptocurrency exchanges closely resemble those seen in the traditional market. The following are the duties of the market maker when your project is listed on CEX:

  • Managing the order book. The bid and ask prices are constantly quoted by cryptocurrency market makers, ensuring that orders are filled quickly and accurately.
  • Purchase facilitation. The presence of a market maker instantly increases traders’ and investors’ faith in the tokens’ long-term stability and worth, which motivates both parties to fund the project.
  • Support for tokens’ prices and trade volume. Market makers assist cryptocurrency projects in maintaining high liquidity levels, which ultimately leads to maintaining crucial price levels, narrow spreads, and a stable trading volume on one or more markets.

Managing Token’s Liquidity on DEX

The market making services we detailed in the section above are not a mirror image of what is offered on decentralized bitcoin exchanges. Since DEXes are constructed entirely differently, they demand a special market making approach:

  • Setup and control of liquidity pools. The task of establishing and overseeing the functioning of liquidity pools is to ensure that they draw in a growing number of investors. For all trading pairings, the company also offers technical support, enabling trade execution with less slippage.
  • Price maintenance.One of a market maker’s primary objectives is to safeguard the token from pumpers and dumpers.
  • Trading volume assistance. The strong technology and algorithms maintain a steady trading activity to highlight the project’s strength.

BitQuant – A Leading Market Maker and Liquidity Provider

By laying a strong basis for the long-term success of your token, BitQuant Capital makes sure you don’t make any mistakes.

BitQuant Capital is a cryptocurrency market making team of experienced algo traders with a comprehensive background in market making, liquidity provision, and liquidity management for digital assets and exchanges.

Since we’ve been in business in 2019, we’ve had both achievements and setbacks, but we’ve also learned from both. As of right now, we successfully released 12 coins and have been giving them 24/7 liquidity ever since.

We have established connections with numerous liquid cryptocurrency exchanges, such as Binance, Gate.io, KuCoin, and others.

We are more than prepared to establish a fair and liquid environment to hasten the growth of your cryptocurrency firm thanks to our robust technology and years of experience.

Get in touch with our professionals right away!

244M+ XRP on the Move as Price Tanks

Albert Brown
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0
244M+ XRP on the Move as Price Tanks

XRP whales appear active late, as they move over 244M tokens within 24 hours amid a price dip.


Amidst a failing crypto market, XRP has been shedding some of the gains it picked up in the past weeks, as whales appear to have moved 244.8M tokens between exchanges in the past 24 hours.

The first whale transaction involving XRP today occurred at 12:44 AM (UTC), as a whale transferred 30M XRP, worth $11.8M against prevailing rates, from an unidentified wallet to the Latin American exchange Bitso.

Barely a minute after that, another XRP whale transaction involving Bitso occurred, as the exchange saw an outflow of 49.5M XRP valued at $19.5M at 12:45 AM (UTC). The Crypto Basic had reported a series of XRP transactions similarly in the past involving Bitstamp. Notwithstanding, it is unclear if these transactions are in any way connected.

Hours later, another XRP whale deposited millions of XRP tokens to Luxembourg-based exchange Bitstamp in a transaction involving 32M XRP worth $12.1M. The transaction was carried out at 2:28 PM (UTC). Investors mostly move their assets to exchanges when they intend to engage in selloffs. Nonetheless, little is known if this is the case here.

The fourth whale transaction, which involved 133.3M XRP ($50.4M), was by far the largest witnessed in the past 24 hours. The transaction, which occurred at 3:20 PM (UTC), saw the XRP tokens move from one unidentified wallet to an unidentified wallet, contributing to the enigmatic nature of the transaction.

These whale movements suggest investors’ interest in effecting changes to address the dynamic market conditions witnessed of late, especially concerning XRP. Following an attempt to rise from the recent slump, XRP hit another major hurdle currently impacting the asset’s price.

Despite not plummeting to the previous low of $0.32 seen on Thursday, XRP has dipped by 3.87% in the past 24 hours to trade at $0.37 at the reporting time. The asset is still suffering from the recent bloodbath the broader crypto markets experienced, with a 7-day decline of 23.58%. Prevailing market sentiments have done little to contribute to XRP’s resilience.

These whale movements have been prevalent amidst the asset’s newly-found dip. As previously reported, XRP whales, in a similar fashion, moved over half a billion tokens in 24 hours when the asset began staging a slight comeback against the bears.

BitBoy Accuses SBF of Extorting Billions From Justin Sun, As FTX Files For Bankruptcy

Albert Brown
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0
BitBoy Accuses SBF of Extorting Billions From Justin Sun, As FTX Files For Bankruptcy

 

BitBoy has accused FTX of extorting Justin Sun, as FTX Group filed for bankruptcy amidst insolvency concerns, with Sam Bankman-Fried (SBF) resigning as CEO.


The FTX Group has finally taken the same route as crypto lender Celsius Network, as it files for a Chapter 11 bankruptcy amidst an inability to address its growing liquidity crunch predicament, as customers attempt to withdraw their funds in droves following insolvency concerns. The FTX Chief Sam Bankman-Fried (SBF) has also resigned as CEO.

Amidst reports of the bankruptcy proceedings, crypto influencer BitBoy has accused Sam Bankman-Fried of extorting billions from Justin Sun.

FTX Trading Limited, otherwise known as FTX.com, announced the development in a recent press release which was disclosed to the crypto community on Twitter Friday. According to the press release, the bankruptcy filing includes FTX.com; West Realm Shire Services Inc, also known as FTX US; Alameda Research Ltd; and 130 more companies affiliated to the FTX Group.

 

Nonetheless, subsidiary firms such as FTX Digital Markets Ltd, FTX Australia Pty Ltd, LedgerX LLC, and FTX Express Pay Ltd are not included in the bankruptcy filing, as indicated in the press release.

Blockworks shared the names of all 134 FTX firms.

 

The Chapter 11 Bankruptcy proceedings have already begun in the US, as John J. Ray III replaced SBF as CEO following his resignation. Notwithstanding his resignation, SBF will remain involved in the company’s processes to assist in the proceedings and transition.

“The FTX Group has valuable assets that can only be effectively administered in an organized, joint process. I want to ensure every employee, customer, creditor, contract party, stockholder, investor, governmental authority and other stakeholder that we are going to conduct this effort with diligence, thoroughness and transparency,” Ray remarked, speaking on the development.

He further highlighted that the team transitioned into the scene only new, and the recent events have been unfolding quickly, appealing to stakeholders to acknowledge this fact. Ray brings experience to the table for FTX, having held several similar positions in different entities, including Norten Networks and Enron Corp.

FTX’s bankruptcy filing appears to be the company’s last resort, as efforts to address its growing concerns of a bank run, which included intervention from Justin Sun and solicitation for funds to meet up to withdrawal demands, proved futile. Previous reports have estimated a hole in FTX’s balance sheet to $9B.

Questions were raised on the effects of Tron’s Justin Sun’s intervention if FTX is already filing for bankruptcy. In response, crypto influencer BitBoy alleged that SBF only extorted funds to the tune of billions of dollars from Sun “and then moved on to the next thing.”

 

A Reuters report noted that Justin Sun had pledged to assist FTX in addressing its growing concerns by providing billions of dollars in aid to the embattled entity. 

Additionally, certain individuals with knowledge of the matter had revealed that SBF was planning to raise $1B each from Sun, Tether, and OKX. Nevertheless, Tether’s CTO Paolo Ardoino mentioned in a tweet Thursday that Tether has no plans to assist FTX.

The press release said that the bankruptcy would help ensure a proper process to assess its assets to satiate stakeholders.

Following Binance’s CZ disclosure of the exchange’s decision to liquidate its FTT holdings, the ensuing drama on Crypto Twitter led to a series of worrisome revelations that triggered a mass withdrawal of funds on FTX.com and a wave of FTT selloffs that massively impacted the asset, as it tanked by over 80% in a few days.

The following issues led to growing insolvency concerns, with Binance coming in to assist FTX in a bailout process that would feature a full acquisition. Notwithstanding, Binance backed out of the deal following a due diligence process, as it highlighted a pattern of mismanagement of funds and alleged investigations from US agencies.

In a few days, FTX went from a major entity valued at about $32B to another embattled cryptocurrency firm as it witnessed a collapse in liquidity amidst the bank run. The company’s resort to bankruptcy indicates its hopelessness in meeting customer and stakeholder demands.

Whales Shuffle 59M MATIC As Polygon Overthrows Solana

Lele Jima
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0
Whales Shuffle 59M MATIC As Polygon Overthrows Solana

 

MATIC rallied back to its previous price before FTX collapsed.



After plummeting over 20% earlier this week, Polygon (MATIC) has recovered from the devastating FTX collapse, which spread across the entire crypto market. Before the collapse of FTX, MATIC was changing hands around $1.10 across major exchanges. 

However, following the FTX debacle, MATIC slumped alongside other cryptocurrencies in the market. According to data on Coingecko, Polygon’s native cryptocurrency slumped to a low of $0.78 in the late hours of Wednesday. 

MATIC Overthrows Solana From the 10th Position

Interestingly, MATIC made a sharp recovery after the market settled from FTX’s woes, as the cryptocurrency rallied to its previous price before the unfortunate incident occurred. Yesterday, MATIC usurped Solana (SOL) to become the 10th-largest cryptocurrency by market capitalization.

Recall that SOL dipped over 40% after reports emerged that Alameda Research, the parent company of FTX, might liquidate its position in Solana to save FTX. This gave MATIC the perfect opportunity to overthrow Solana from the 10th spot.

Increased Whale Interest In MATIC

Several factors contributed to the massive rally of Polygon. Over the past few days, MATIC has attracted the interest of cryptocurrency whales, with these high-net-worth investors moving huge volumes of the coin.

According to Whale Alert, a leading cryptocurrency whale tracking service, Polygon whales have moved a whopping 59,809,478 MATIC worth $60.4 million in the past 24 hours.

Eighteen hours ago, an anonymous whale transferred 26,649,286 (26.64 million) MATIC coins to an unknown wallet. The coins were worth approximately $29.67 million at the time of the transaction.

5 million units of MATIC ($5.62 million) were withdrawn from a Bitfinex address to an unknown wallet.

Three hours ago, 8,160,192 MATIC coins were transferred from Binance to a Crypto.com address. Whale Alert said the fund was worth $8.8 million at the time. 

An anonymous whale withdrew 10 million MATIC ($10.79 million) from Binance. Furthermore, an anonymous Polygon whale moved 10 million MATIC coins worth $10.83 million through the Polygon Plasma Bridge. 

When writing this line, MATIC is trading at $1.03, down 6.2% in the last 24 hours, as FTX filing bankruptcy is taking the market down again.

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