CryptoSlate Wrapped Daily: Eyes turn to Grayscale Bitcoin Trust after FTX collapse; Cardano to launch fiat-backed stablecoin in 2023 CryptoSlate Wrapped Daily: Eyes turn to Grayscale Bitcoin Trust after FTX collapse; Cardano to launch fiat-backed stablecoin in 2023
Non-custodial wallet SafePal spikes by 125%, CertiK sheds light on KYC actors, and much more in this edition of CryptoSlate Wrapped Daily.
3 min read
Updated: Nov. 18, 2022 at 11:38 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The biggest news in the cryptoverse for Nov. 18 includes fears of Grayscale Bitcoin Trust being in trouble, Bahamas’ order for FTX to transfer its digital assets, and SafePal’s 125% spike as a result of the increasing popularity of non-custodial wallets.
CryptoSlate Top Stories
Community fears FTX implosion might affect Grayscale
Grayscale Bitcoin Trust (GBTC) shares declined by 74% on the year-to-date metric and are being traded for around $8.75. Its shares are selling at a record discount of 42.69%.
Upon this decline, the community ponders if Grayscale is in trouble following the FTX collapse. GBTC currently holds over 635,000 Bitcoins (BTC) and 3,1 million Ethereum (ETH). The total amount of these coins equates to $13.7 billion.
Bahamas watchdog ordered FTX to send digital assets to its wallet
On Nov. 18, Bahamas’ Securities and Commission admitted ordering FTX to transfer its digital assets to a wallet that belongs to the Commission.
Securities Commission of The Bahamas Assumes Control of Assets of FTX Digital Markets Ltd. pic.twitter.com/IzW4PGZSJm
— Securities Commission of The Bahamas (@SCBgov_bs) November 18, 2022
The commission announced this action via a media release, which it shared on its official Twitter account. The commission said that this was an attempt to safekeeping the assets and “was necessary to protect the interests of clients and creditors.”
Binance-linked non-custodial wallet tokens see massive growth over the past week
Binance-backed non-custodial wallet provider SafePal’s native token SFP has increased by 125.96% in the last seven days, indicating that the FTX collapse started a “not your keys, not your coins” trend among the crypto community.
The SFP is being traded for $0.743 after increasing by 16.97% over the past 24 hours.
CertiK investigates KYC actors hired to scam 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 trick KYC processes on crypto platforms to sneak in and gain the trust of the community before attempting to scam.
Canada’s largest pension fund writes off $95M FTX investment
In the previous weeks, Canada’s largest pension fund, Ontario Teachers revealed that they were one of the investors in the bankrupt exchange FTX, without mentioning the size of its investment.
On Nov. 17, the fund disclosed that it invested $95 million in FTX on two different occasions. Its first investment was in Oct. 2021 and was worth $75 million, while the second one was $20 million.
CryptoSlate Exclusive
Bitcoin owes its success in Nigeria to the unstoppable youth, says Paxful CEO
Peer-to-peer trading platform Paxful’s Co-Founder and CEO Ray Youssef talked to CryptoSlate and shared his opinions on extending a helping hand to those who got heavily affected by the broken money 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 the ones who were heavily affected by the broken monetary system.
Paxful founders inserted Bitcoin into Nigeria to combat the main financial problems. Youssef said:
“The banks in Africa, especially Nigeria, they don’t allow people to send money in USD. They wanna hold onto that hard currency for themselves. So what is a small and humble entrepreneur to do?”
Youssef also admitted that the Nigerian youth expressed high enthusiasm towards Bitcoin and became the driving force behind its adoption.
KuCoin CEO Johnny Lyu confirms exchange ‘fully liquid,’ talks regulation and the future of DeFi – SlateCast #31
KuCoin’s CEO Johnny Lyu met with Akiba from CryptoSlate to discuss the recent events in the market, and ensure that KuCoin remains liquid.
Lyu emphasized the effects of the FTX collapse on the industry and said that 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 go away as soon as possible so 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 is also publishing its asset status right now, and collaborating with third-party auditors to offer further transparency and trust.
News from around the Cryptoverse
Ripple applies for a license in Ireland
Ripple (XRP) decided to expand into Europe and is applying for a regulatory license from Irish financial watchdogs to facilitate its spread into the continent, as reported by CNBC.
First fiat-backed stablecoin will enter the market in 2023
Cardano (ADA) blockchain is planning to launch USDA as the first fiat currency-backed, regulatory-compliant stablecoin in the crypto market, according to CoinDesk. The USDA is expected to enter the markets in early 2023.
Multicoin expects further contagion following the FTX collapse
Multicoin Capital stated in a company letter that it expected “many trading firms will be wiped out and shut down, which will put pressure on liquidity and volume throughout the crypto ecosystem” as a result of the FTX fallout, according to IBC Group CEO Mario Nawfal’s Tweet.
Crypto Market
In the last 24 hours, Bitcoin (BTC) declined by 0.33% to trade at $16,636, while Ethereum (ETH) increased by 0.6% to trade at $1,209.
Biggest Gainers (24h)
- Chiliz (CHZ): +13.22%
- ApeCoin (APE): +8.85%
- Algorand (ALGO): +8.67%
Biggest Losers (24h)
- Hedera (HBAR):-3.36%
- Near Protocol (NEAR): -2.94%
- Solana (SOL): -2.86%
Mentioned in this article
Bitcoin 
Ethereum 
SafePal 
XRP 
Cardano 
Hedera 
NEAR Protocol 
Solana 
Chiliz 
ApeCoin 
Algorand 
FTX 
KuCoin 
Grayscale Investments 
Ripple 
Cardano Foundation 
Multicoin Capital 
Johnny Lyu Posted In: Algorand, Bitcoin, Cardano, Ethereum, NEAR Protocol, Solana, Binance, FTX, Africa, Canada, Wrapped
Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,337.17
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
SafePal
$0.66853
Founded in 2018, SafePal is a secure and powerful cryptocurrency wallet that helps users to protect and grow their decentralized assets.
XRP
$1.12495
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Cardano
$0.79551
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Hedera
$0.12360
The Hedera hashgraph platform provides a new form of distributed consensus; a way for people who don’t know or trust each other to securely collaborate and transact online without the need for a trusted intermediary.
NEAR Protocol
$5.73549
NEAR is a decentralized development platform built on top of the NEAR Protocol, which is a public, sharded, developer-friendly blockchain.
Solana
$246.462
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Chiliz
$0.07476
Chiliz (CHZ) is a digital currency for sports and entertainment platforms.
ApeCoin
$1.17491
ApeCoin is an ERC-20 governance and utility token used within the APE Ecosystem to empower and incentivize a decentralized community building at the forefront of web3.
Algorand
$0.21329
Algorand removes the technical barriers that for years undermined mainstream blockchain adoption: decentralization, scale, and security.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
KuCoin
KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies that launched in September 2017.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Cardano Foundation
There are three organizations that are contributing to the development of Cardano.
Multicoin Capital
Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies reshaping trillion-dollar markets..
Johnny Lyu is the CEO and one of the co-founders of KuCoin, one of the largest cryptocurrency exchanges launched in 2017.