CryptoSlate Wrapped Daily: FTX took $3.7B loss in 2021; Coinbase reveals Grayscale Bitcoin reserves CryptoSlate Wrapped Daily: FTX took $3.7B loss in 2021; Coinbase reveals Grayscale Bitcoin reserves
Bank of England speculates FTX collapse is a result of FTT run, Litecoin recently climbs market cap ranking, and much more in this edition of CryptoSlate Wrapped Daily.
3 min read
Updated: Nov. 21, 2022 at 11:20 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. 21 includes FTX’s call to other exchanges to expect and prevent hacker cash outs, Coinbase disclosing Grayscale’s 635,000 Bitcoin reserve, and Bank of England’s claims that blame the FTX crash on the FTT token run.
CryptoSlate Top Stories
FTX forewarns exchanges to freeze stolen funds to prevent hacker cashing out
On Nov. 20, bankrupt FTX announced that all crypto exchanges should be on high alert regarding unauthorized fund transfers from FTX Global to related debtors.
(1/2) Exchanges should be aware that certain funds transferred from FTX Global and related debtors without authorization on 11/11/22 are being transferred to them through intermediate wallets.
— FTX (@FTX_Official) November 20, 2022
According to FTX, the funds were being transferred through intermediate wallets. The exchange warned all others to take necessary precautions to seize and return the funds, given that they somehow are sent through their systems.
Grayscale holds 635K BTC as Coinbase Custody reveals holdings
Grayscale’s custodian partner Coinbase stepped in to address the concerns regarding the financial status of the fund. Coinbase published a report disclosing the assets it held on behalf of Greyscale.
According to the report, Greyscale currently owns around $10 billion worth of Bitcoin. This amount would be closer to $43.8 billion at the height of the bull market. Greyscale also holds 3,056,833 Ethereums.
BoE speculates FTT token fire sale may have sparked FTX collapse, calls for widespread regulation
During his speech on Nov. 17, the Bank of England’s Deputy Governor Jon Cunliffe said that the FTX crash was triggered by the FTX Token token run. He stated:
“Indeed, in the FTX case, there are indications that it could have been a run on its crypto coin, FTT, which triggered the collapse.”
Cunliffe also said that the crypto sphere had proven to be unstable during the past year. Cunliffe argued that the crypto industry must be brought under regulations to be stabilized.
‘Boring’ Litecoin makes play for top 10 amid market meltdown
Litecoin’s (Litecoin) has been spiking and currently stands at rank 15 in the market cap. This is six spots higher than LTC’s ranking as 21st on Oct. 30.
Litecoin foundation’s managing director Alan Austin tweeted to share the climb in LTC by shouting out to those who called Litecoin “boring.”
To those over the years who have called #Litecoin too boring:
Have you guys had enough excitement yet?
— Alan Austin (@alangaustin) November 17, 2022
FTX Exploiter ups the ante with 200K ETH move
After moving 50,000 Ethereum (Ethereum) on Nov. 20, the FT X exploited moved another 195,000 Ethereum on Nov. 21. The attacker transferred these funds in 13 transactions,
Ren Bridge announces open source community led Ren 2.0 in response to Alameda fallout
The Ren Bridge project announced Ren 2.0, also called ‘Ren Community’ on its Medium account on Nov. 18. The Ren 2.0 will be a fully-decentralized and community-owned cross-chain network.
Singapore’s watchdog says Binance placed on Investor Alert List over FTX due to unlicensed activity
The Monetary Authority of Singapore (MAS) explained why it placed Binance on its Investor Alert List (IAL) and left FTX out of it. It said that Binance was actively looking for users to onboard in Singapore, while FTX wasn’t. MAS also added that neither exchange is licensed to operate in the country.
Hedge fund investor Bill Ackman shills crypto, reveals investment
Hedge fund investor billionaire Bill Ackman announced that the exciting crypto projects he discovered changed his skeptical stand towards crypto.
Ackman announced his change of heart on his Twitter account. Even though he didn’t disclose the projects, he said they enabled the formation of useful businesses and technologies.
Research Highlight
Research: Genesis received over $1B worth of FTT from Alameda, FTX in last 3 months
Analyzing the Arkham Intelligence’s dashboard, CryptoSlate analysts revealed that crypto lender Genesis received billions of dollars worth of FTT tokens from FTX and Alameda Research.
Genesis received $932.56 million worth of FTT tokens from FTX and $141.1 million worth of FTT from Alameda, all during the last three months.
News from around the Cryptoverse
FTX, Alameda took a $3.7B loss in 2021
Based on 2021 tax returns, the FTX companies had federal net operating loss carryovers in the amount of at least $3.7 billion and state net operating loss carryovers in the amount of at least about $715 million, the latest filings from the FTX bankruptcy case show.
Coinbase stocks hit an all-time low
Coinbase stock prices recorded a new all-time low at $40.81 on Nov. 21. At the time of writing, the stocks are being traded for around $41.10.
Uniswap collects users’ on-chain data
Leading decentralized exchange Uniswap updated its commitment to privacy to announce that it is collecting its users’ on-chain data. The exchange said it decided to do so “to make data-driven decisions that improve user experience.”
Crypto Market
In the last 24 hours, Bitcoin (BTC) declined by 4.14% to trade at $15.835, while Ethereum (ETH) fell by 5.94% to trade at $1,106
Biggest Gainers (24h)
- Huobi Token (HT): +6.86%
- Immutable X (IMX): +5.71%
- ApeCoin (APE): +3.71%
Biggest Losers (24h)
- Chain (XCN): -11.9%
- Helium (HNT): -10.81%
- Unus Sed Leo (LEO): -9.99%
Mentioned in this article
Bitcoin 
Ethereum 
FTX Token 
Litecoin 
HTX Token 
Immutable 
ApeCoin 
Helium 
UNUS SED LEO 
Coinbase 
Grayscale Investments 
Binance 
Genesis Group 
Alameda Research 
Uniswap 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
$3,364.90
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
FTX Token
$2.58485
FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading.
Litecoin
$102.826
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
HTX Token
$0.68046
HTX Token(formerly HT or Huobi Token) is a decentralized digital asset based on Ethereum, with a limited total supply of 500 M, issued by Huobi Group.
Immutable
$1.52891
Immutable X positions itself as the first layer-two scaling solution for NFTs on Ethereum.
ApeCoin
$1.24278
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.
Helium
$5.90529
Helium (HNT) is a blockchain-based cryptocurrency that powers the Helium Network, a decentralized wireless infrastructure designed to support Internet of Things (IoT) devices.
UNUS SED LEO
$8.60032
UNUS SED LEO (LEO) is a cryptocurrency token and operates on the Ethereum platform.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Genesis Group
Genesis Group provides cloud based information technology services to businesses and end users for a range of applications including video rendering, AI, and blockchain development applications.
Alameda Research
Alameda Research was once a principal trading firm, operating as an arm of the failed crypto exchange, FTX.
Designed with simplicity in mind, the Uniswap protocol provides an interface for seamless exchange of ERC20 tokens on Ethereum.
