SBF faces investor lawsuit in the USA as Australia suspends FTX operations; LFG spent $2.8B on UST peg protection


The most important information within the cryptoverse for Nov. 16 comprises Gemini halting withdrawals on its Earn program, Coinbase pronouncing it has 0 publicity to Genesis Buying and selling, and Messari estimating that FTX buyers would possibly get again as much as 50% in their finances after chapter procedure.

CryptoSlate Most sensible Tales

Gemini Earn halts withdrawals because of ‘marketplace turmoil’ brought about by means of FTX fallout

The ripple impact of the FTX cave in has compelled U.S.-based crypto alternate Gemini to pause withdrawals on its Earn program. In keeping with Gemini, its lending spouse Genesis International is now not ready to procedure buyer redemption because of an expanding liquidity disaster.

Alternatively, Gemini claimed that most effective the Earns program was once affected, because it maintains a complete reserve for purchasers’ finances for different services and products.

Gemini down because of Amazon Internet Products and services EBS outage; alternate operating on restoring purposes

Previous on Nov. 16, buying and selling products and services on Gemini had been halted. The crypto alternate claimed it had skilled an Amazon Internet Products and services outage which affected its database and alternate operations.

In keeping with Gemini’s standing web page, twine transfers are nonetheless unavailable, alternatively, the alternate claims that consumers’ finances are protected.

Coinbase says it has no publicity to Genesis, touts ‘robust capital place’

Following Genesis’ insolvency problems because of the FTX cave in, Coinbase stated it has no publicity to Genesis. Coinbase reportedly holds $1.5 billion of its capital on Chainlink and the opposite as Bitcoins.

Nexo says ‘genuine time audit’ error brought about by means of technical malfunction, can be mounted quickly

Crypto lending platform Nexo has a real-time audit serve as (Armanino) that shows its general belongings and liabilities situation in line with day. Sadly, the audit was once no longer up to date as anticipated on Nov. 16, which sparked rumors that the corporate could also be going through insolvency.

Alternatively, a Nexo consultant informed CryptoSlate that the audit lengthen was once because of a technical malfunction in Armanino’s design. Nexo showed that the group was once operating to get to the bottom of the mistake and automate the audit attestation to serve as as customary.

Audit finds Luna Basis Guard spent $2.8B to protect UST peg in Would possibly

Terra Luna’s audit file printed by means of JS Held published that the Luna Basis Guard and Terraform Labs spent about $2.8 billion and $613 million respectively, to protect the UST peg.

The Luna Basis stated that the audit file showed that the finances weren’t embezzled as rumors had it. Do Kwon added that Terra’s failure isn’t like that of FTX, the place the operators misused shoppers’ finances.

SolChicksNFT CEO, COO leaked messages ascertain as much as $20M treasury fund loss

On-chain sleuth ZachXBT referred to as out SolChicksNFT CEO and COO for failing to tell the group a few $20 million treasury fund loss because of publicity to the collapsed UST.

In reaction, COO Lewis Grafton stated it had disclosed the loss to its biggest non-public holders. His reaction didn’t cross down smartly with ZachXBT who took the selective disclosure as a discriminatory act in opposition to retail buyers.

Messari estimates as much as 50% of FTX consumer finances recoverable

Messari Analysis Analyst Kunal Goel leveraged knowledge from Monetary Occasions to estimate that customers who misplaced cash to the FTX cave in would possibly obtain as much as 50% in their finances when the chapter procedure is over.

In keeping with the steadiness sheet breakdown, FTX’s general belongings and liabilities stand at $4,109 million and $8,859 million respectively, bringing the ratio of general belongings to shoppers deposit to equivalent 0.49 (roughly 50%).

DeFi protocol Oxygen held 95% of provide on FTX

Solana-based high brokerage platform Oxygen Protocol is at the breaking point as a good portion of its ecosystem liquidity is trapped on FTX.

Oxygen showed that it held 95% of its MAPS and OXY tokens at the bankrupt crypto alternate.

Bitfarms offered extra Bitcoin than it mined in Q3

In keeping with Bitfarms’ third-quarter file, the bitcoin mining company mined 1,515 BTC over the length. Alternatively, it offered about 2,595 BTC to repay a few of its money owed.

An investigation by means of mining analyst Jaran Mellerud published that Bitfarm’s general bitcoin holdings of two,064, is set 141% of its mortgage. Within the tournament that BTC’s value fell under $14,200, Mellerud fears that Bitfarm’s mortgage might be liquidated, which would possibly threaten its persistent operation.

US monetary committee to carry listening to on FTX cave in in December

America Space Committee on Monetary Products and services has referred to as on Sam Bankman-Fried, Alameda Analysis, Binance, FTX, and similar entities to planned at the FTX cave in and its penalties for the entire crypto ecosystem.

The committee added that it’s going to paintings to carry dangerous actors responsible in order that accountable avid gamers can construct a extra inclusive monetary device.

FTX cave in: 3AC co-founder Kyle Davies says ‘we’re taking a look ahead to justice’

Co-founder of bankrupt 3 Arrows Capital (3AC) Kyle Davies confirmed up on CNBC to mention that the FTX empire contributed to 3AC’s cave in. Davies claimed that Alameda had counter-traded and liquidated 3AC’s place.

Davis added that Sam Bankman-Fried knew concerning the sick offers, however selected to hide a large number of issues. Alternatively, the 3AC founder stated his corporate is taking a look ahead to justice.

Information from across the Cryptoverse

FTX Australia suspended

The Australian Securities and Investments Fee (ASIC) has moved to droop FTX’s operation within the area. The fee stated that it’s going to withdraw FTX’s AFC license by means of Dec. 19, 2022.

Binance secures license in Abu Dhabi

Binance has won the monetary provider permission (FSP) license to supply its crypto products and services to shoppers in Abu Dhabi.

In a equivalent building, Binance CZ showed that his alternate has signed 8 new funding offers for some crypto initiatives.

Sam Bankman-Fried sued in US court docket

Former FTX founder Sam Bankman-Fried has been sued by means of buyers who declare that the alternate’s yield-bearing crypto accounts violated Florida rules, in keeping with Reuters.

Crypto Marketplace

Within the final 24 hours, Bitcoin (BTC) reduced by means of 1.49%  to business at $16,576, whilst Ethereum (ETH) declined by means of 3.38% to business at $1,210.

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