In the wake of the FTX liquidity crisis, two major crypto exchanges have announced that they will provide Proof of Reserves, also known as Proof of Funds (PoF) within the next month. In an official tweet, OKX stated “We're hiring Armanino for auditing & will publish an auditable Merkle POF asap.” The company then listed 23 BTC addresses and 13 Ethereum addresses containing some of the exchange’s reserves. For #OKX, transparency, risk management, & consumer protection come first. We're hiring Armanino for auditing & will publish an auditable Merkle POF asap. Here are 23 BTC addresses (~69K BTC) & 13 …

On Nov. 9, less than 48 hours before Changpeng Zhao (CZ), CEO of cryptocurrency Binance, announced his intentions to bailout troubled competitor FTX, the firm stated that it would not be pursuing the deal. Binance had signed a non-binding letter of intent on Nov. 8 that allowed the firm to either fully acquire the FTX exchange, proceed with a partial acquisition of assets, or walk away from the agreement. "As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue …

Websites linked to the crypto exchange FTX have been taken down on Nov. 9, following a liquidity crisis and a pending acquisition of the company by its rival Binance. Websites for Alameda Research and the company's venture capital arm FTX ventures were offline and made private, while both FTX's main site and FTX US's website remain accessible. Cointelegraph reached out to Alameda on Nov. 9, but has not heard back as of publication time. The latest developments include unconfirmed reports about most of FTX's legal and compliance staff quitting on Tuesday evening. The liquidity crunch was announced on Nov. 8 …

Based on the joint statements on Twitter this week from Binance CEO Changpeng “CZ” Zhao and FTX CEO Sam “SBF” Bankman-Fried, it seems clear that FTX has serious solvency problems — so dire that few in the market are willing to save it. As a result, FTX is turning to CZ as a prospective buyer. After CZ exposed FTX’s problems earlier in the week by announcing his plan to dump $500 million of its FTX Token (FTT) on the market, the companies said on Nov. 8 that they had entered into a nonbinding agreement for Binance to purchase FTX. It’s …

Singapore’s state-owned investment firm Temasek, a shareholder at FTX, is reportedly engaging with the cryptocurrency exchange in the liquidity crisis that led to its unexpected (and still pending) bail out on Nov 8. In comments to Reuters, the sovereign wealth fund said it was "aware of the developments between FTX and Binance, and are engaging FTX in our capacity as shareholder," avoiding providing further details about the case impacts on its portfolio. Temasek invested in a series of FTX's round findings that led to the exchange's $32 billion valuation in January. Ten months later, the Singaporean firm is taking part …

Crypto markets crumbled for a second day as the fallout from FTX’s liquidity troubles continued to negatively impact investor sentiment. Bitcoin (BTC) price fell to a new yearly low at $16,800 as anonymous unconfirmed sources suggested that after a closer review of FTX’s books, Binance could back out of their agreement to acquire the beleaguered exchange. Other factors having a potential impact on the market is a wave of successive liquidations in Solana’s DeFi markets. Earlier in the day, Crypto.com exchange emailed its users to inform them that all Solana blockchain-based USDC deposits were suspended A notice on the Crypto.com …

According to a post dated Nov. 8 by crypto lender Nexo, the firm stated that it currently has net zero exposure to the ongoing crisis embroiling cryptocurrency exchange FTX and crypto trading firm Alameda Research. Nexo also explained that it withdrew its entire balance of funds from FTX within "the past few days." Meanwhile, Alex Svanevik, CEO of blockchain analytics platform Nansen, confirmed the story, providing statistics that Nexo withdrew over $219 million from FTX between Nov. 1 and Nov. 8. This also ranks Nexo as the top entity for funds outflow in the past week. The firm appears to …

Bitcoin (BTC) fell below $17,000 on Nov. 9 as rumors spread over crypto exchange Binance exiting a deal to buy embattled competitor FTX. Binance CEO: "Do not trade FTT" Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $16,936 on Bitstamp before rebounding. The latest dive hit an already shaky market, which had reacted badly to news that FTX had asked Binance for financial assistance. In a note to staff shared on Twitter, Binance CEO, Changpeng Zhao (known as “CZ” in the crypto industry), told them to refrain from trading FTX’s in-house FTT (FTT) token. “I want to remind …

Solana (SOL) is on the track to log its worst daily performance on record. On Nov. 9, SOL's price dropped more than 40% to around $16 primarily due to its association with Sam Bankman-Fried, the founder of crypto-focused hedge fund Alameda Research and cryptocurrency exchange FTX. Sam tokens get 'fried' Fried was an early investor in the Solana blockchain project via Alameda Research. On Nov. 8, the entrepreneur's estimated wealth plunged from a whopping $15.6 billion to around $1 billion, according to Bloomberg Billionaires Index. At the core of this wipeout was a near-collapse of FTX. On Nov. 6, Binance, …

Despite crypto markets being on a downturn, members of the community have expressed their undying faith that Bitcoin (BTC) and crypto are here to stay. Even with the FTX and Alameda Research debacle highlighting issues within the crypto market, a community member urged others not to be stressed. The Twitter user argued that the crisis was only a black swan event that only FTX CEO Sam Bankman-Fried (SBF), Binance CEO Changpeng Zhao and a few others could have seen coming. The community member believes that despite this, crypto is still here to stay. While the current state of the market …

The rumors about the possible liquidity crisis for the world’s third-largest crypto exchange turned out to be true. Just a day after assuring funds are fine, and they have the assets to back customer’s funds, FTX CEO Sam Bankman-Fried (SBF) announced on Tuesday that Binance has shown intent to acquire the global crypto platform to help with the liquidity crisis. The liquidity crunch came as a surprise to many, given FTX bailed out numerous firms during the crypto contagion caused by the downfall of LUNA and the insolvency of 3AC. Even as the crypto community process the events of the …

As the liquidity crisis and acquisition of cryptocurrency exchange FTX continues, Binance CEO Changpeng “CZ” Zhao assured his community of insurance of sufficient funds backing the network. In a tweet on Nov. 9, CZ said that the exchange has once again topped its Secure Asset Fund for Users (SAFU) at $1 billion equivalent in light of “recent price fluctuations.” To adjust to recent price fluctuations, #Binance has topped up the #SAFU insurance fund to $1 billion USD equivalent again. BUSD AND BNB address about 700m: https://t.co/OMoB6HeR6r BTC address 300m: https://t.co/6kOJ1MZhMM Transparency. 1/2 — CZ Binance (@cz_binance) November 9, 2022 The …