The Last Fortnight in Crypto - December (Part 1)
LATEST NEWS
Blockfi Files for Bankruptcy Amid FTX Fallout
BlockFi filed for Chapter 11 bankruptcy protection—court documents revealed BlockFi has 100,000+ creditors with liabilities and assets ranging from $1B to $10B.
BlockFi halted withdrawals due to the FTX collapse—the fallen exchange bailed the company out due to significant losses stemming from the Three Arrows Capital collapse.
BlockFi's bankruptcy filing in a snapshot:
— Stablehouse (@stablehouse) November 29, 2022
->100,000 creditors
-Owes >$1B to its top 3 creditors
-$729m owed to Ankura trust, the trustee for yield-bearing accounts
-$275m owed to FTX (denominated in FTT(?))
-$30m owed to the SEC
-Liabilities of $1-10b
- Assets of $1-10b pic.twitter.com/6t0aTZZMWX
Binance Allocates Another $1B for Crypto Recovery Fund
The additional $1B brings the total size to ~$2B $BUSD. A group of crypto companies also contributed $50M
Fidelity Opens Retail Bitcoin Trading Accounts
The $4.5T investment firm opened commission-free trading of BTC and ETH to its 40M+ clients. The news comes after months of speculation, representing one of the biggest adoption stories of 2022.
JUST IN: Financial giant Fidelity has officially opened retail #Bitcoin and crypto trading accounts 🙌 pic.twitter.com/k3Bjzi0T7v
— Bitcoin Magazine (@BitcoinMagazine) November 28, 2022
SBF on the Mainstream Media Circuit - Blackrock CEO Remains Bullish
FTX's Sam Bankman-Fried attended the New York Times Deal Book Summit to a very controversial response—with many questioning the truthfulness of his answers.
While others are turning their back on the industry, CEO of BlackRock (the world's largest asset manager) still believes tokenisation with denominate.
BlackRock's Larry Fink isn't going to let losing $24 million with FTX dampen his enthusiasm for the blockchain.
— Blockworks (@Blockworks_) December 1, 2022
Tokenization is still set to be the next generation for both markets and securities, Fink said at DealBook Summit.@shaliniX0 has the detailshttps://t.co/z3fKaIRaJx
Kraken Lays off 30% of its Staff as Crypto Winter Continues
Kraken announced the exchange would lay off 1,000 people or 30% of its workforce to "adapt to current market conditions".
Brazil Regulates Bitcoin for Payments but Not Legal Tender
Although the latest move by Brazil regulates cryptocurrency as a form of payment, it's not to be confused with making it legal tender.
Shady FTX-Alameda Transfers Revealed
Onchain analysis suggests failed hedge fund Alameda Research withdraw $200M+ in cryptocurrency from FTX.US only days before the collapse.
The question on everyone's lips is where did all the funds go?
Arkham analysed flows from FTX US in the final few days before the collapse, finding that Alameda withdrew the most funds, at $204M.
— Arkham | Crypto Intelligence (@ArkhamIntel) November 25, 2022
Below is a diagram of withdrawals to Arkham-identified entities from FTX US.
n.b. this thread regards FTX US assets only, not FTX International. pic.twitter.com/QFPVlVIWhO
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