Crypto hits the main stage at Web Summit in front of record crowds

Web Summit attracted over 71,000 attendees to Lisbon for the renowned technology summit, with cryptocurrency and blockchain taking a more central role in 2022.

Portugal’s capital city of Lisbon has established itself as the spiritual home of one of the world’s largest technology events. Web Summit has called the Altice Arena home since 2016 and attracted a staggering 71,000 people in the latest edition of the conference.

The effect of the event on the city was palpable. An estimated 540,000 people call Portugal’s captivating, hilly capital home and the influx of attendees from around the globe made for a busy week on its smaller cobbled streets and busier roads.

The Ponte 25 de Abril bridge, connecting Lisbon to the municipality of Almada to the south.

It is not surprising that the event is a focal point for the city, which continues to establish itself as a tech hub in Europe. Web Summit continues to play a role to that end, with Lisbon rated as an Alpha-level global city by the Globalization and World Cities Research Network.

Global industry leaders from a wide range of sectors were joined by prominent politicians, celebrities, actors and sportspeople that are at the intersection of tech and their respective spheres of influence. Ukraine’s First Lady Olena Zelenska delivered a keynote speech on opening night as the country continues to battle against Russia’s invasion.

Ukraine’s First Lady Olena Zelenska speaks during the opening night of Web Summit 2022. Credit: Jose Val Bal.

The cryptocurrency space was also top of mind on opening night as Binance founder and CEO Changpeng ‘CZ’ Zhao brought the ecosystem to the fore in front of a packed house at the Altice Arena.

CZ unpacked Binance’s $500 billion investment into Twitter, his long-term view of the growing value of cryptocurrencies and the growth of blockchain-powered Web3 capabilities. It was the first time a figure from the crypto space spoke during the event’s opening ceremony – signaling cryptocurrency and blockchain’s growing influence in the global technology ecosystem.

Cointelegraph’s Gareth Jenkinson alongside Binance CEO Changpeng ‘CZ’ Zhao at a community meet-up in Lisbon.

A dedicated Crypto section of the Web Summit app guided attendees to the various stages around the expansive Altice Arena grounds, with the stadium and five massive marquees housing exhibitors and presentations from the world’s foremost technology companies and emerging start-ups.

Related: The Sandbox co-founder explains how the metaverse has evolved for brands: Web Summit 2022

Some of the most prominent projects from the cryptocurrency and Web3 space were in attendance. Yuga Labs CEO Nicole Muniz was on hand to give an inside look at the explosion in popularity of the Bored Ape Yacht Club on the mainstage inside the Altice Arena:

“What we’ve done with BAYC and then later with CryptoPunks and MeeBits, is giving commercial IP rights so that exclusive ownership is something unique to this space that empowers consumers to turn into owners, which is a paradigm shift.”

Cointelegraph also took the stage alongside another prominent metaverse platform as COO and co-founder Sebastien Borget delved into the history and future of The Sandbox in a wide-ranging conversation on the Content Makers stage.

The Sandbox COO and co-founder Sebastien Borget on stage with Cointelegraph’s Gareth Jenkinson at Web Summit 2022.

Devin Finzer, CEO and co-founder of OpenSea, the world’s largest NFT marketplace, also weighed in on the popularity of NFTs and the importance of their influence on creator economies. Finzer stressed that NFTs are a generic tool attracting a different market segment away from people interested in traditional cryptocurrencies:

“These are people who are excited about art, collectibles and engaging with creators. NFTs, particularly in the creator economy, allow for creators to create digital items that can immediately be monetized and connected with a fan.”

Web3 and NFTs have already become well-ingrained in the world of sports. Cointelegraph sat down for a one-on-one interview with Jorge Urrutia del Pozo, Dapper Labs’ vice president of Football, to unpack their involvement with Spain’s LaLiga and the recently launched Golazos video collectible platform.

Having built the hugely popular NBA Top Shots platform, which produces NFTs of video highlights from America’s top basketball league, Dapper Labs is looking to drive further adoption of blockchain-powered Web3 collectibles through the world’s most loved sport:

“It is a really interesting opportunity for us to onboard tens of millions of people onto blockchain. That’s the way we see sports in general and football in particular. There is massive reach and the intensity of the fandom — it’s a big opportunity.”

Another major player bridging blockchain technology and sport featured prominently at Web Summit. CEO Alexandre Dreyfus took to the main stage inside the Altice Arena alongside former Italian footballer Alessandro Del Piero to unpack blockchain’s influence on fandom in modern sports. and Chilliz CEO Alexandre Dreyfus and Cointelegraph’s Gareth Jenkinson inside the speakers lounge at Web Summit 2022.

Cointelegraph caught up with Dreyfus after the panel discussion, who highlighted the main reason behind Socios’ creation of fan-powered tokens ecosystems to bring together teams and their supporters:

“The question was, what can you create that is both valuable for a fan and scalable for a team? We think two things matter for a fan. One, being recognised, and two, having a voice. That recognition, that social status, we thought we could power with tokens.”

Web3 gaming was another topic of interest on the Content Makers stage. Cointelegraph moderated another panel featuring Bozena Rezab of Gamee and William Quigley of WAX, who explored the promise and the difficulty of building Web3 games built on play-to-earn mechanics.

Gamee co-founder & CEO Bozena Rezab, WAX co-founder William Quigley and Cointelegraph’s Gareth Jenkinson during their panel – ‘Building a games company with a Web3 mindset’.

Rezab stressed that developers or studios building Web3 games should be more focused on creating good experiences and driving value and avoid adopting blockchain technology for novelty’s sake. The Gamee co-founder highlighted the importance of thinking about the distribution of value and how to best use the technology:

“It should not be tech-first thinking like ‘this is a cool technology and we’re going to use it’. It’s more about how I will use this to make value and create something people are excited about.”

Web Summit also provided the platform for projects to announce new offerings. Interlay used the conference to announce the launch of a suite of decentralized apps to power Bitcoin Decentralized Finance offerings allowing users to lend, trade, borrow against and earn yield on BTC holdings.

Cointelegraph’s editor-in-chief Kristina Lucrezia Cornèr hosted a number of panel discussions focused on the emergence of Web3 tech hubs around the world as well as a round table discussion on how to pitch startups and projects for coverage to top-tier journalists.

Cointelegraph’s editor-in-chief Kristina Lucrezia Cornèr on-stage at Web Summit in Lisbon.

Cointelegraph CEO Wes Kaplan also hit the stage to moderate a discussion around monetizing media and how news companies grapple with this complex topic. 

Web Summit well and truly brings the world of tech together for one of the biggest events on the global calendar. 2022’s conference proved that the cryptocurrency and blockchain ecosystem has established itself as a growing player in a space dominated by the likes of Google and Apple and will continue to do so as Web3 adoption gathers speed.


A meteorite impact destroyed a house in California

On November 5, 2022, people in California, Nevada, and Oregon watched a meteorite fall. A huge fireball swept across the sky, then flared up, illuminating everything around.

However, the meteorite did not completely burn out during the passage of the dense layer of the earth’s atmosphere and its fragments fell into a residential building, which caused a strong fire as a result of which it completely burned out, reports

The owner of the home — Dustin Procita — said he heard a big bang and started to smell smoke. “I went onto my porch and it was completely engulfed in flames.”

He said the area is home to multi-generational cattle farmers and ranchers. He had just fed the cows and sat on the couch listening to music when it hit his home.

He managed to save his rat terrier dog and tried to get back inside for his other family dog, but couldn’t save him. The dog died in the fire.

“I tried to go around to the windows but fire and smoke was dumping through and I couldn’t see inside,” Procita said.

Penn Valley Fire Department Capt. Josh Miller says he didn’t see the bright ball but soon heard about it from witnesses.

“I did not see what it was, but from everybody I talked to, it was a flaming ball falling from the sky and landed in that general area,” Miller said. “I had one individual tell me about it first, and like, ‘OK, I’ll put that in the back of my mind.’ But then more people – two, three, four more – started coming in and talking about it.”

At the moment, an investigation is underway to establish whether the meteorite caused the fire or whether it arose as a result of other reasons.

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FTX addresses user withdrawal complaints amid major token movement

The exchange assured users in a series of Tweets that withdrawals should be moving along and matching engines are running as they should – though some users didn’t buy it.

Cryptocurrency exchange FTX took to Twitter to address user complaints surrounding sluggish withdrawals. FTX assured users that everything is running smoothly with the matching engine, although node throughput is limited for Bitcoin (BTC) withdrawals.

In the series of tweets, the exchange also addressed stablecoin withdrawals, saying redemptions or creations might be slow until banks open for the week and wires clear.

Meanwhile, the community on Twitter had mixed reactions regarding FTX’s response. Some users tweeted their support of the exchange while others expressed their skepticism:

Telling everyone how fine you are is the first red flag you are not

— dogterdogter (@dogterdogter) November 7, 2022

Users on Reddit also expressed alarm toward the developments likening the situation to Celcius halting withdrawals and misleading its users prior to the platform’s collapse.

These issues come as the exchange faces major liquidations of its native FTX token (FTT) as a result of an unspoken feud with rival exchange and blockchain developer Binance.

Changpeng (CZ) Zhao, the CEO of Binance, said the company will liquidate the entirety of its holdings of FTT. In a tweet on Nov. 6, the CZ said the move came as a result of, “recent revelations that have came to light.”

Follow-up tweets by CZ called the move a type of risk management with lessons taken from the LUNA collapse earlier this year. He also commented on the recent actions of FTX founder and CEO Sam Bankman-Fried, who allegedly lobbied against centralized finance. In a tweet from CZ, he added:

“We won’t support people who lobby against other industry players behind their backs.”

According to on-chain analysis, around 23 million FTT ($520 million) was transferred to Binance from an unknown wallet.

Related: FTX exec revealed as big donor to Oregon Democrats following misidentification

Bankman-Fried also tweeted his own response to the situation, in which he emphasized it being the time to build up the space. Also saying he respected the work of many in the industry, including CZ.

5) Because I respect the hell out of what y’all have done to build the industry as we see it today, whether or not they reciprocate, and whether or not we use the same methods.

Including CZ.

Anyway — as always — it’s time to build.

Make love (and blockchain), not war.

— SBF (@SBF_FTX) November 6, 2022

In light of the liquidations and community buzz, market analysts speculate that FTT could face serious price plunges. At the time of writing, the price hovers around $22.60.


Objections and Counterarguments to the Search for Extraterrestrial Life

Humanity has no official evidence of the existence of extraterrestrial life, but the thought of the possibility of making contact with intelligent aliens definitely excites the mind.

However, in parallel, our archaic fear of the dark, of something unknown, is awakening. Therefore, we have objections when we hear that scientists are engaged in a targeted search for “brothers in mind.”

Here are four of the most common objections to finding aliens and valid counterarguments to them.

It’s insanely expensive

This statement is completely untrue. The annual maintenance of a small radio telescope equipped with the latest technology will cost less than the creation of an average attack helicopter.

What is the most expensive attack helicopter? Similar to what you have read earlier, the most expensive attack helicopter is the Boeing AH-64 Apache. It carries a price tag of $52 million.

Of course, for an ordinary person, such an amount is large, but large countries are engaged in the search for aliens and for them such an amount is not cosmic.

Aliens don’t use radio communications, and if they do, we still won’t understand them

If the aliens are intelligent and are studying the universe, then they have discovered many natural radio sources, which led to the emergence of radio physics, radio astronomy and radio transmission technologies.

Yes, brothers in mind can be incredibly progressive, but it is unlikely that this will cause a complete rejection of convenient and cheap radio communications.

The universe is miraculously homogeneous, the laws of nature are the same everywhere, so science will become the natural language of communication.

One and zero will always be one and zero, even if they have some strange names. In other words, it will be easier to decipher an alien message than to receive it.

If we find very advanced aliens, it will be humiliating to know that we are primitive

Undoubtedly, pride will suffer, but it has suffered before, when it was proved that the Earth revolves around the Sun, and not vice versa, and indeed the solar system is not the center of the universe.

In a few centuries, all our achievements and inventions will be considered, to put it mildly, primitive, but do not forget that the goal of modern science is to surpass itself.

Acquaintance with progressive aliens can give a powerful impetus to the development of mankind, which will leave behind racial, religious, political, economic and other conflicts. We can become much better.

They will destroy us or devour us!

We think aliens will be belligerent and violent because we think they are like us. Therefore, guided by the subconscious fear of the majority, scientists are trying to receive signals, and not transmit them into space.

Even if we assume that aliens are the same as us, then making an incredibly expensive, long and dangerous flight to start a war is the height of madness.

For example, Seth Shostak , an American astronomer and employee of the SETI Institute (search for extraterrestrial life), is sure that if aliens decide to fly to us, then only with good intentions.

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Gala token exploit ‘not a white hat act’: Huobi Global

Huobi claimed that calling the incident a white hat move was only pNetwork’s excuse to avoid legal sanctions.

Disclaimer: This article is updated with pNetwork’s official response to Huobi.

Days after GameFi project Gala Games and decentralized finance (DeFi) protocol pNetwork assured its community that everything was fine, crypto exchange Huobi Global came out with its version of the story, accusing pNetwork of earning a $4.5 million profit from the recent pGALA crash. 

On Nov. 3, a suspected attacker minted $2 billion worth of Gala tokens (GALA) on the Binance Smart Chain and dumped a portion of the tokens on PancakeSwap, earning a total of 12,977 Binance Coin (BNB), which was worth around $4.5 million at the time. This drained a PancakeSwap pool and caused a drop in the token price. 

According to a crypto analytics account called Lookonchain, some traders took advantage of the situation, buying GALA from PancakeSwap and dumping the tokens on Huobi, causing a price crash from $0.04 to $0.0003 on the crypto exchange. 

With the community in fear of a potential multi-billion dollar hack, the Gala Games president for blockchain Jason Brink took to Twitter to explain that everything is fine and that the activity observed is part of pNetwork’s efforts to safeguard its liquidity pool from vulnerabilities.

However, in a recent announcement by Huobi Global, the crypto exchange made allegations against pNetwork, claiming that the protocol’s recent behavior was not a white hat move. According to Huobi, the recent incident was a scheme for malicious profit. Additionally, the crypto exchange also alleged that calling the activity a white hat attack was only an excuse by the pNetwork team “to avoid legal consequences.”

Related: Huobi Global reportedly plans relocation to the Caribbean

Furthermore, Huobi also made claims that the incident caused massive losses for its users. The exchange underscored that it is ready to represent the users who sustained damages from the incident and threatened to take legal action against pNetwork. However, if the alleged attackers are willing to return the proceeds from the attack, Huobi said that it will provide a $1 million bounty and will not pursue its legal responsibilities.

In response to the allegations made by Huobi, pNetwork officially responded deeming Huobi’s allegations as untruthful. The DeFi protocol highlighted that they have definitive proof that pNetwork acted in good faith and all actions were in done in collaboration with Gala Games. The firm also explained that it will seek legal action against Huobi for its allegations.  


Deribit hackers move stolen Ether to Tornado Cash crypto mixer

The Deribit hot wallet hacker has transferred 1,610 ETH (over $2.5 million) to Tornado Cash, according to data from the Ethereum block explorer Etherscan.

In the aftermath of the $28 million Deribit hack, the unknown exploiter is moving stolen funds using the decentralized cryptocurrency mixer, Tornado Cash.

The Deribit hot wallet hacker has transferred a total of 1,610 Ether (ETH), or around $2.5 million, to Tornado Cash, according to data from the Ethereum block explorer Etherscan.

The funds were transferred in 17 transactions, with the first outgoing transaction occurring on Nov. 5 —just a few days after Deribit suffered the hack.

The amount of funds moved to Tornado Cash is just a fraction of all stolen ETH on the hacker’s address, as its balance amounts to 7,501 ETH ($11.8 million) at the time of writing. The hacker initially sent 9,080 ETH to the address on Nov. 2.

The blockchain analytics platform PeckShield initially reported on the outgoing Tornado Cash transactions on Nov. 5. At the time, the amount of funds leaving the hacker’s ETH wallet was just about $350,000.

Deribit officially announced that its platform suffered a hot wallet hack on Nov. 2, losing a total of $28 million in several cryptocurrencies, including Bitcoin (BTC), ETH and USD Coin (USDC). The exchange had to halt all withdrawals in order to ensure proper security in the aftermath of the hack, promising to cover all the losses.

The platform subsequently resumed regular withdrawals for BTC, ETH and USDC on Nov. 2, migrating all hot wallets to the digital asset security platform Fireblocks. Deribit stressed that users should not send funds to their previous BTC, ETH and USDC addresses and use new Fireblocks deposit addresses instead.

Related: Fireblocks records $100M+ revenue in subscriptions amid bear market

The news comes amid the ongoing uncertainty over Tornado Cash and other cryptocurrency mixers after authorities in the United States restricted the mixer. The Office of Foreign Assets Control of the U.S. Department of the Treasury blacklisted Tornado Cash in August 2022, making it illegal for citizens, residents and companies to receive or send money through the service.

In October, the crypto advocacy group Coin Center filed a complaint against OFAC, Treasury Secretary Janet Yellen and OFAC Director Andrea Gacki, alleging that sanctioning Tornado Cash was “unprecedented and unlawful.”


Pentagon says most UFOs are Chinese drones and weather balloons

The US government has officially begun to explain some of the known UFO encounters over the past decade. According to them, the main culprits are China and weather balloons.

The US intelligence agencies have spent the last few years analyzing videos of hundreds of recent UFO sightings, and they want the American people to know they are not aliens.

Many recent UFO sightings, or unidentified aerial phenomena (UAPs) as the government calls them, are likely simply sightings of foreign operations, such as weather balloons, according to several US Department of Defense (DoD) officials.

Several UAP incidents have been officially identified as “relatively common” Chinese surveillance drones, according to anonymous officials. China allegedly previously stole plans for modern American fighter jets and is interested in how the US trains its pilots, DoD officials added.

Other UAP sightings recorded by military aircraft that appear to show aerial objects moving seemingly against the laws of physics are likely the result of optical illusions.

The new report adds new details to the cases described in a document that officials released in June 2021, describing 144 alleged UAP incidents reported by US government officials between 2004 and 2021.

A 2021 report states that due to a lack of high quality data, most of the alleged UAP collisions cannot be definitively explained. However, the report offers several general explanations for UAP in general, including “technologies applied by China, Russia, another country or non-governmental organization”, as well as “airborne interference” such as birds and weather balloons.

Aliens were not mentioned anywhere in the report, however, this did not stop conspiracy theories from springing up, due in part to a general lack of transparency on the part of the government regarding UAP incidents.

As the Department of Defense continues to investigate UAP sightings, NASA has also established an independent UAP investigation team that will operate from October 2022 through mid-2023.

The team will focus on collecting and analyzing large amounts of UAP data to develop new methods for identifying unidentified objects in the skies over the United States, NASA said.

According to officials most of UFOs/UAPs are weather balloons. Nothing new.

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Crypto no more in top 10 most-cited potential risks: US central bank report

The U.S.-China tensions, the Russia-Ukraine war, higher energy prices, rising inflation, the COVID-19 pandemic and cyberattacks came out as some of the most pressing financial risk concerns.

While proponents of traditional finance remain keen on dismissing Bitcoin (BTC) and the crypto ecosystem as financial risks, a survey conducted by the Federal Reserve Bank of New York — one of the 12 federal reserve banks of the United States — revealed 11 factors that overshadow crypto in terms of risk in 2022.

Geopolitical tensions, foreign divestments, COVID-19 and high energy prices were found to be some of the most-cited potential risks for the US economy, according to a central bank survey published by the Federal Reserve System.

Federal Reserve Bank of New York survey results. Source: Federal Reserve System

Out of the 14 factors that pose a financial risk, crypto stands at the 11th position — revealing a change in investor mindset owing to the continued efforts of crypto entrepreneurs to educate the masses.

Some of the pressing risk concerns raised by the respondents were related to the power struggle of global economies, which includes the U.S.-China tensions, the Russia-Ukraine war, higher energy prices, rising inflation, the COVID-19 pandemic and cyberattacks, to name a few.

However, the U.S central maintains its anti-cryptoposition when it comes to evaluating the risks in crypto investment. It pointed out in the report that selected cryptocurrencies — including BTC, Ether (ETH), Binance Coin (BNB), Cardano (ADA) and XRP — are down about 69 percent in value compared to the Nov. 2021 peak, adding that:

“Speculation and risk appetite appear to be the primary driving forces of crypto-asset prices, which have recorded big swings in recent years.”

The central bank also cited the collapse of the Terra (LUNA) ecosystem, highlighting that entities that had direct exposure to the in-house stable TerraUSD (UST) found themselves in financial distress, sometimes leading to bankruptcy.”

Related: Joe Biden unhappy with Elon Musk for buying a platform that “spews lies”

On the other side of the world, India launched its home-grown central bank digital currency (CBDC) for the wholesale segment.

While the country is still opposed to the idea of mainstreaming cryptocurrencies, the pilot project saw the involvement of nine local traditional banks, which include the State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC.

Related reports suggested that India’s central bank — the Reserve Bank of India (RBI) — plans to launch the digital rupee for the retail segment within a month in select locations.


FTX Token price risks 30% plunge as a 23M FTT ‘part’ moves to Binance

Alameda Research reportedly obtained $2.2 billion worth of loans using FTT as collateral, a token created by cryptocurrency exchange FTX.

An ongoing selloff in the FTX Token (FTT) market could worsen in the coming months owing to a mix of pessimistic technical and fundamental indicators.

FTT could plunge 30%

From a technical perspective, FTT has formed an inverse-cup-and-handle pattern on the daily chart, identifiable by its crescent-shaped price trend followed by a less extreme upward retracement.

On Nov. 6, FTT broke below the pattern’s support line near $22.50, accompanied by a volume spike. The FTX exchange token’s selloff continued on Nov. 7 below the support line, raising risks of a bearish continuation phase in the coming months.

FTT/USD daily price chart featuring inverse-cup-and-handle pattern. Source: TradingView

As a rule of technical analysis, the inverse-cup-and-handle breakdown can push the price down by the length equal to the distance between the pattern’s support and peak level. That puts FTT’s breakdown price target at around $16, down roughly 30% from the current price.

The bearish technical setup came as Changpeng Zhao (CZ), the CEO of crypto exchange Binance, said his company would liquidate its entire FTT holdings in the coming months, on fears that the token might collapse in the same manner as Terra (LUNA) in May 2021.

Binance was an early investor in FTX.

Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won’t pretend to make love after divorce. We are not against anyone. But we won’t support people who lobby against other industry players behind their backs. Onwards.

— CZ Binance (@cz_binance) November 6, 2022

Raising selloff risks, the announcement followed a large transfer of roughly 23 million FTT tokens worth $530 million to Binance, which CZ confirmed was a “part” earmarked for liquidation. 

Yes, this is part of it.

— CZ Binance (@cz_binance) November 6, 2022

This also coincided with a spike in individual transactions worth more than $100,000.

Number of FTT transactions worth $100,000 or more. Source: Santiment

Alameda Research faces insolvency allegations

Binance’s decision took cues from allegations that Alameda Research,a crypto-focused hedge fund founded by FTX exchange’s Sam Bankman-Fried, could turn insolvent from its exposure to illiquid altcoins, including FTT.

Notably, Alameda Research had $14.6 billion on its balance sheet as of June 30, with FTT being the largest holding at $5.8 billion, making up 88% of its net equity. In addition, the firm held $1.2 billion in Solana (SOL), $3.37 billion in unidentified cryptocurrency, $2 billion in “equity securities,” and other assets.

On the other hand, Alameda Research reportedly had liabilities worth $8 billion, including $2.2 billion worth of loans collateralized by FTT. That, coupled with the firm’s alleged exposure to illiquid altcoins, prompted some analysts to predict its insolvency in the future. 

“Alameda will never be able to cash in a significant portion of FTT to pay back its debts,” wrote Mike Burgersburg, an independent market analyst, for the Dirty Bubble Media Substack, noting:

“There are few buyers, and the largest buyer appears to be the very company which Alameda is most closely tied to […] the fair market value of their FTT in the event of large sales would rapidly approach $0.”

Interestingly, on-chain data trackers detected wallets associated with Alameda Research sending nearly $66 million worth of stablecoin tokens to FTX addresses on Nov. 6, potentially to absorb the token’s sell-side pressure.

93% of FTT tokens in circulation are owned by 10 addresses. Source: Etherscan

Damage control

Alameda Research CEO Caroline Ellison countered these allegations, noting that the firm had more than $10 billion worth of assets and had returned most of its loans due to the tightening in the crypto credit space in 2022.

A few notes on the balance sheet info that has been circulating recently:
– that specific balance sheet is for a subset of our corporate entities, we have > $10b of assets that aren’t reflected there

— Caroline (@carolinecapital) November 6, 2022

Bankman-Fried called the rumors “unfounded,” assuring followers that FTX keeps audited financials.

Related: FTX in talks with investors to raise $1B for further acquisitions

However, FTX traders appear to be taking the cautious route, reflected by a 95% drop in the exchange’s stablecoin reserves in the last two weeks. As of Nov. 7, FTX held $26.141 million worth of dollar-pegged tokens, its lowest in a year.

All stablecoin reserves on the FTX exchange. Source: CryptoQuant

Meanwhile, investors have been selling their FTT holdings at a loss amid the ongoing Alameda Research fiasco, per EtherScan data. For instance, a small whale reportedly took a 65% loss on its FTT investment

Still, independent market analyst Satoshi Flipper sees a potential FTT price rebound ahead as it retests a long-standing support range visible on the weekly chart below.

FTT/USD weekly price chart. Source: TradingView/Satoshi Flipper

“Too much FUD so I’m long here @ $22.95,” the analyst wrote.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.


Wuhan omits NFTs from metaverse plan amid regulatory uncertainty in China

The Chinese government has shown a keen interest in developing a metaverse economy, but its stance on NFTs hasn’t been very clear.

The Chinese city of Wuhan had reportedly shelved its aspirational nonfungible tokens (NFTs) plans amid growing regulatory uncertainty around the crypto and Web3 technologies in the country.

Wuhan first announced its plans to support metaverse and NFTs in the aftermath of the coronavirus breakout as a measure to boost its economy ruined by the pandemic. The city was the epicenter of the COVID-19 breakout.

The Wuhan government’s draft industrial plan for the city’s metaverse economy development included a line about NFTs. However, that part has now been omitted from the latest version, according to a report by South China Morning Post. The report noted that the revised version still encourages businesses to focus on decentralized tech and Web3 but makes no mention of NFTs.

Under the newly revised plan, Wuhan aims to foster more than 200 metaverse companies and build at least two metaverse industrial estates by 2025.

Looking at the revised version of the draft, the Chinese government seems to do away with anything that involves the exchange of tokens or digital properties. The stance has been clear over the years as the government development plans have included metaverse-related technologies. For example, several Chinese cities, including the capital city of Beijing and Shanghai, have announced metaverse innovation plans, but any private business or tech giants involved with NFTs have faced government hostility.

Related: NFT platforms in China grow 5X in four months despite government warnings

At the start of the year, China was aiming to separate NFTs from cryptocurrencies in a bid to help the nascent industry grow despite a blanket ban on the latter. This resulted in a peak of interest among Chinese communities as NFT marketplace Opensea was flooded with listings from Shanghai during COVID lockdowns.

However, with the rise in popularity, the number of fraudulent activities rose as well, leading to several government warnings to investors against NFT trade.

China was very clear with its stance on crypto use in the country and eventually imposed a blanket ban in 2021 after several years of numerous restrictions. However, the government’s stance on emerging Web3 technologies, especially those that involve the exchange of tokens or digital collectibles (NFTs), seems far from clear at the moment.

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