Daily Web3 Headlines You Need To Know

Seed Web3 Daily
4 min readNov 11, 2022

11 November #DeFi&Trading #Policy&Law

the FTX collapse (Source: Reuters | Dado Ruvic)

📈 DeFi / Trading

FTX Opts for Capital Raise as Alameda Research Winds Down on Trading
A troubled cryptocurrency exchange, FTX has opted to raise capital to fill a shortfall as large as $8 billion in its finances. Reuters reports that the exchange will conduct its fundraising next week. This is even as rival crypto exchange Binance bailed out of a non-binding agreement to take over the former’s non-US operations on Wednesday…(Read More)

Tron’s TRX Jumps 140% Amid 1:1 FTX Redemption of Tron-Based Tokens
TRX, the native token of the Tron network, surged over 140% on cryptocurrency exchange FTX, from 12 cents to 29 cents after Tron founder Justin Sun agreed to move Tron-based assets from FTX to external wallets. Holders of those tokens can redeem their assets starting at…(Read More)

Bankman-Fried’s Cabal of Roommates in the Bahamas Ran His Crypto Empire — and Dated. Other Employees Have Lots of Questions
“Shocking” is a word that aptly describes the rapid fall of Sam Bankman-Fried’s cryptocurrency empire. To a surprising degree, it’s a sentiment that pours out from people who worked for him, people who you’d think would’ve had a clue…(Read More)

Solana’s SOL Surges After Blockchain’s Foundation Delays Plan to Unstake Tokens
A record 31 million of the Solana blockhain’s SOL tokens were unstaked Thursday from the blockchain’s security mechanism, a day after crypto analysts warned that some investors might be seeking to redeem their holdings as the price of the digital assets tanked…(Read More)

Crypto Lender BlockFi Pauses Withdrawals in Wake of FTX Collapse
Crypto lender BlockFi said it could not conduct business as normal and would be limiting activity in the wake of FTX’s collapse. The company said in a tweet that the “lack of clarity” around FTX’s current situation meant it would pause client withdrawals. It also told clients not to deposit to its wallet or interest accounts…(Read More)

Tether chief technology officer confirms no plans to rescue FTX
Cryptocurrency exchange FTX has lost at least one potential rescuer as it battles to fill a reported multi-billion dollar hole in its balance sheet. The chief technology officer of stablecoin issuer Tether, Paolo Ardoino, on Nov. 10 confirmed the company does not have “any plans to invest or lend money to FTX/Alameda.”…(Read More)

Genesis Trading reveals $175M of funds are locked in FTX
In what it hails as an effort to be transparent, Digital Currency Group’s market maker and lending subsidiary, Genesis Trading, revealed that its derivatives business has around $175 million worth of funds locked away in an FTX trading account. Genesis shared the news in a Nov. 10 tweet thread, in which the firm clarified that the locked funds would “not impact our market-making activities.”…(Read More)

⚖️ Policy & Law

The Bahamas Freeze FTX.com Assets, Japan Halts Local Operation
The financial market regulator of the Bahamas has frozen the assets of “FTX Digital Markets and related parties” following the stunning collapse of Sam Bankman-Fried’s cryptocurrency exchange, FTX.com. In a press release on Thursday, the Securities Commission of the Bahamas called the move a “prudent course of action” to “preserve assets and stabilize the company.” The regulator also appointed a provisional liquidator…(Read More)

US senators commit to advancing crypto bill despite FTX collapse
United States senators Debbie Stabenow and John Boozman have doubled down on their commitment to publishing a final version of the Digital Commodities Consumer Protection Act 2022 (DCCPA) in the wake of FTX’s shocking collapse. For a short time, the cryptocurrency community wasn’t sure how the senators would respond to the FTX crisis…(Read More)

California Financial Regulator Announces FTX Investigation
California’s Department of Financial Protection and Innovation announced it was investigating FTX late Thursday. The regulator did not provide much detail in a press release, only saying it was “investigating the apparent failure of crypto asset platform FTX.” A spokesperson declined to comment further…(Read More)

‘Thank God’ El Salvador doesn’t have any Bitcoin on FTX, CZ clarifies
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…(Read More)

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