Hong Kong-based crypto exchange AAX has reiterated that its suspension of withdrawals on the platform has nothing to do with the ongoing fallout from FTX's collapse and that y rumors to the contrary are false. The crypto community began reporting seeing a “System upgrade notification” message on Nov. 13, which said that a system upgrade “is taking longer than usual” which will delay withdrawals. Some shared concerns about whether the exchange was the next domino to fall after FTX and BlockFi. However, in a Nov. 13 post, AAX reiterated the temporary halt to services was in order to fix a …

Bitcoin (BTC) investors have been increasingly moving their holdings to self-custody solutions following the collapse of the world’s second-largest crypto exchange last week. On-chain exchange flow data is showing a surge in withdrawals to self-custody wallets, according to analytics provider Glassnode. In a Nov. 13 post on Twitter, Glassnode reported that Bitcoin exchange outflows had hit near historic levels of 106,000 BTC per month. It added that this has happened only three other times — in April 2022 and November 2020, as well as in June/July 2022. It also reported that the number of Bitcoin wallets receiving the asset from …

Industry heavyweights have urged crypto investors and traders to self-custody their crypto assets amid the significant market uncertainty brought on by the collapse of FTX. In a Nov. 13 tweet to his 7.6 million followers, Binance CEO Changpeng “CZ” Zhao pushed the crypto community to store their own crypto via self-custody crypto wallets. “Self custody is a fundamental human right. You are free to do it anytime. Just make sure you do do it right,” he said, recommending investors to start with small amounts in order to learn the technology and tooling first: Self custody is a fundamental human right. …

Crypto exchange CrossTower is working on a revised offer for the assets of bankrupt crypto lender Voyager Digital, a spokesperson told Cointelegraph. Voyager announced the reopening of its bidding process after FTX US, the original winner in the bid, filed for bankruptcy in the United States on Nov. 11. "We are working on a revised offer that we feel will benefit the Voyager customers and the wider Crypto community. CrossTower has always been, and will continue to be, very community-focussed.", the spokesperson said, without specifying an amount. In September, FTX US secured the winning bid for the assets for approximately …

Bitcoin (BTC) investors are withdrawing funds from exchanges at a rate not seen since April 2021 with nearly $3 billion in Bitcoin withdrawn over the past seven days. New data from on-chain analytics firm Glassnode shows the number of wallets receiving BTC from exchange addresses hit almost 90,000 on Nov. 9. Exchange users wake up to self-custody Amid ongoing turmoil over the bankruptcy of major exchange FTX, concerns have heightened among exchange users over security of funds. Commentators have upped advice to avoid custodial wallets and take control of cryptoassets, and regulators are increasing scrutiny of the crypto industry en …

To counter the rising mistrust among crypto investors following the FTX collapse, crypto exchanges unanimously decided to share proof of reserve with the public as a way to showcase legitimacy. However, certain anomalies found during on-chain investigations suggest foul play and market manipulation. Just two days after Crypto.com made its cold storage information public, investigators found that 320,000 Ether (ETH) was sent to Gate.io on Oct. 21, 2022. However, Kris Marszalek, the CEO of Crypto.com, dismissed any wrongdoing by stating that the funds were transferred accidentally and were eventually returned back to the original storage. On Oct. 28, Gate.io released …

The fall of FTX highlighted the importance of proof of reserves in averting risks and improving investor confidence, urging leading crypto exchanges to publicly list down their cold and hot wallet addresses. When trying to confirm the availability of funds on Crypto.com, cold store information revealed a suspicious transfer of 320,000 Ether (ETH) to a wallet address linked to Gate.io on Oct. 21, 2022. Community member @jconorgrogan raised concerns about the transfer of 320,000 ETH from Crypto.com’s cold wallet to Gate.io, considering that the former claims that 100% of user-owned cryptocurrencies are held offline in cold storage in partnership with …

Collapsed cryptocurrency exchange FTX reportedly faced a series of unauthorized transactions over the weekend, prompting several warnings from users and analysts against interacting with its mobile app or website. Wallets associated with FTX saw roughly $266.3 million worth of outflows on Nov. 11, according to analytics firm Nansen. FTX US, a separate entity operating in the United States, was reportedly drained of $73.4 million. $266M has been withdrawn from FTX in the last 24 hours $73M from FTX US pic.twitter.com/qoiroPSegq — Nansen (@nansen_ai) November 12, 2022 The magnitude of the alleged attack appears to have intensified overnight, with net outflows …

Bitcoin (BTC) will recover from the FTX “black swan event” just like other setbacks, trading team Stockmoney Lizards believes. In a tweet on Nov. 12, the popular commentator argued that the week’s events were actually nothing new for Bitcoin. FTX "a real black swan event" Despite falling 25% in days, BTC/USD is not doomed as a result of the insolvencies impacting FTX, Alameda Research and possibly other major crypto companies. For Stockmoney Lizards, the unravelling, while sudden, is not hugely different to liquidity crises from earlier in Bitcoin’s history. “We have indeed seen a real black swan event, the FTX …

Genesis trading announced on Nov. 10 that it will receive an additional equity infusion of $140M from its parent company, Digital Currency Group. According to the company, this decision was made to “strengthen its balance sheet” and boost its “position as a global leader in crypto capital markets”. Genesis said it also hopes that the equity infusion will put its company in a position to support its clients and “the growing demand” for its services. This is according to a snapshot of a letter sent to their clients, as shared by Wu Blockchain on their Twitter account. Genesis sent letters …

Amy Wu, an investor in FTX and the head of the firm’s venture capital arm, FTX Ventures, has reportedly resigned her position. According to a Nov. 11 report from The Information, Wu resigned as head of FTX Ventures following the announcement FTX would be moving forward with bankruptcy proceedings in the United States. According to her LinkedIn profile, Wu had been based at FTX Venture’s offices in The Bahamas since January. FTX Ventures’ website along with that of Alameda Research went dark on Nov. 9 amid its parent company’s liquidity crisis and deal with Binance falling apart. Wu said on …

Up until the start of this week, Bitcoin (BTC) had been demonstrating record-low volatility, and this gave altcoins enough latitude to paint some nice technical setups. At the same time, on-chain data and technical analysis were beginning to suggest that BTC was midway through carving out a bottom, and many analysts believed that brighter days lay ahead. Fast forward to the present, and the volatility spike the market received actually turned out to be a black swan event. As you already know, FTX is kaput. Alameda Research is kaput. BlockFi has put a stop to withdrawals, citing an inability to …