Welcome to Barmy’s Daily Crypto News – November 16th, 2022
1. Binance, BitMEX and KuCoin have delisted FTX Token pairs from their platforms
Various cryptocurrency exchanges have delisted FTX Token from their systems as the FTX collapse continues to disrupt the crypto sector.
The FTT/BTC, FTT/BNB, FTT/ETH, and FTT/USDT trading pairs have been withdrawn off Binance’s platform, the cryptocurrency exchange said in a statement, saying that the pairs did not pass recent reviews. The FTT/BUSD pair is still accessible on the exchange, the exchange noted. The choice was made in response to community members’ pleas that the token be delisted.
The perpetual swap contracts related to FTT have been delisted by all exchanges except Binance and BitMEX. Its FTT/USD and FTT/USDT pairs are included in this. The exchange explained its justification for delisting as a drop in spot trading of the pairs. KuCoin has delisted their FTT/USDT perpetual contract on KuCoin Futures, similar to BitMEX.
In the meantime, Zipmex also disclosed that it would discontinue listing FTT on November 22, 2022, however withdrawals would continue to be accepted until February 14, 2023.
2. Crypto Needs ‘Very Careful Regulation’ according to Yellen
On Saturday, U.S. Treasury Secretary Janet Yellen expressed her worries over the collapse of the cryptocurrency exchange FTX. The loss of FTX, she emphasized, has strengthened her belief that the cryptocurrency business needs “extremely strict supervision,” adding that “It highlights the flaws of this entire sector.”
Yellen compared the cryptocurrency markets to established financial markets with stricter laws for investor safety, adding: Customer assets would be segregated in other regulated exchanges. The idea that you might use the deposits of exchange customers and lend them to a different business under your control to make leveraged, hazardous transactions wouldn’t be permitted.
At least it’s not tightly interwoven with our banking industry, and right now it doesn’t pose any bigger dangers to financial stability.
A increasing number of lawmakers are pressing for stronger cryptocurrency regulation in the wake of FTX’s bankruptcy filing. The head of the United States Last week, the White House and many U.S. senators also called for proper crypto monitoring, with Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), warning that the crypto field is “substantially non-compliant.”
3. Nike announced that its “first digital collection” is set to launch on the Web3 platform in 2023
Nike has launched an NFT marketplace called.Swoosh, marking the company’s most recent entry into the NFT and metaverse spaces.
Nike stated that its “first digital collection” will debut on the Web3 platform in 2023 while.Swoosh is still in the beta stage, with the remainder of 2022 being committed to expanding the platform and user base.
Digital footwear, clothing, accessories, and other collectibles will be among the “virtual creations” that will be made accessible the next year. Additionally, some will grant access to advantages like real-world products and events.
Members can participate in a community challenge after the launch of the first collection for the chance to co-create a virtual good with Nike. The challenge winners will be eligible for an undisclosed amount of royalties on the virtual good they helped co-create, according to Nike.
Nike joined the metaverse game in 2021 by purchasing the virtual footwear and collectibles company RTFKT. Nikeland, a virtual realm, was also introduced. Although all three projects for the company use the same tools and technologies, SWOOSH, they are all distinct projects.
4. Elliptic Says More Than $477 Million Siphoned from the FTX Exchange Wallet
Elliptic, a blockchain analysis and intelligence firm, reported that “more than $663 million” moved during the incident where FTX employees discovered “unauthorized transactions.” After the hacker siphoned $477 million, the remaining money is thought to have been moved into secure storage by FTX itself.
Elliptic also claimed that more than $220 million of the tokens had been exchanged for ETH or DAI using decentralized exchanges, which is a popular strategy employed by thieves to avoid having their stolen property seized. The remaining monies were transmitted to the ethereum (ETH) address “0x97f,” according to Elliptic as well.
The $194 million wallet contains a variety of ERC20 tokens, including 45.85 million FTT, 143.88 million BOBA, 52.93 million SRM, 3.2 million LEO, 5.41 million MATIC, 50.45 million CRO, 9,381 XAUT (tether gold), 2.02 million DYDX, and numerous other hoards. Since November 12th, 2022, the 0x97f address has not been used. According to onchain statistics derived from the money not linked to the 0x97f address, following the mixing of the hoard into stablecoins like DAI, the majority of the funds were changed to ethereum (ETH) during the course of the last 24 hours.
It appears that the “FTX Accounts Drainer” currently has a balance of 228,523.83 ether. At 4:30 p.m. (ET), the wallet’s ETH balance, calculated using the most recent ETH exchange rates, is worth $285.15 million. A number of dust transactions have been sent to the address in addition to the person or thing that loaded the wallet with almost 228K ether. According to the amount of ether held, the account known as the “FTX Accounts Drainer” is currently the 35th largest ethereum wallet. Since its creation, the ethereum account has experienced a total of 593 transactions.
5. NY Fed will be launching a 12-week proof-of-concept pilot for a CBDC
A 12-week proof-of-concept trial for a central bank digital currency, or CBDC, was announced by the Innovation Center of the Federal Reserve Bank of New York, or NYIC.
The program will investigate the viability of a “interoperable network of central bank wholesale digital money and commercial bank digital money operating on a common multi-entity distributed ledger,” according to a Nov. 15 release from the New York Fed.
As part of the pilot, massive financial institutions like BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank, and Wells Fargo will issue tokens and settle transactions using fictitious central bank reserves.
As money and banking change, NYIC Director Per von Zelowitz said, “The NYIC looks forward to partnering with members of the banking community to advance research on asset tokenization and the future of financial market infrastructures in the U.S.” The experiment may be extended to multi-currency operations and regulated stablecoins.
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