FTX Attacker Dumps ETH in 7% Slide

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Markets

Ethereum Plunges 7% As FTX Accounts Drainer Dumps ETH for Bitcoin (5 minute read)Ethereum has slipped over 7% on the day as the attacker who purportedly drained FTX wallets dumped a significant portion of their accumulated ETH and traded it for Bitcoin. Over the weekend, per blockchain tracker PeckShieldAlert, the exploiter swapped thousands of ETH for renBTC, a form of wrapped Bitcoin, before swapping the resulting tokens for Bitcoin. On Sunday, Ethereum broke the $1,200 barrier, trading as low as $1,118.64, a new weekly low for the cryptocurrency. At press time, ETH trades at around $1,117, with weekly losses of over 8%. Since the start of 2022, ETH has lost nearly 75% of its value.

TON, TWT, CHZ and QNT breakout amid traders’ crypto contagion fears (10 minute read)The FTX collapse continues to stoke fears of a contagion in the cryptocurrency space as investors wait to hear about businesses that may face the heat. The FTX collapse continues to stoke fears of a contagion in the cryptocurrency space as investors wait to hear about businesses that may face the heat. Cointelegraph looks at the charts of five cryptocurrencies that may attempt a rally in the near term.

Coinbase, MicroStrategy Bonds Tank as FTX Collapse Dents Institutional Confidence in Crypto (4 minute read)Bonds issued by cryptocurrency exchange Coinbase (COIN), and MicroStrategy (MSTR), a business-intelligence company and investor in bitcoin, have slumped as investor confidence in the industry slid in the wake of FTX's collapse. Coinbase's bond due 2031 has dropped 15% this month to 50 U.S. cents on the dollar, sending the yield – which moves in the opposite direction to price – to a record high 13.5%. The decline comes after nearly three months of consolidation and marks an extension of the bearish trend seen early this year. The yield on the company's bond due in 2026 jumped to 17%.

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Tech

Australia’s Biggest Stock Exchange Shelves Blockchain Project, Writes Off $170M (4 minute read)Australian Securities Exchange (ASX) has shelved its seven-year-long project to ramp up the exchange’s CHESS clearing and settlement system using blockchain after an independent audit by Accenture reported issues. ASX developed CHESS (Clearing House Electronic Subregister System) 25 years ago to process securities trading electronically. According to ASX, the project incurred a pre-tax loss of roughly $170 million (~$255 million AUD), which the company has written off.

Cardano-Based Regulated Stablecoin USDA Will Hit the Market in Early 2023 (5 minute read)Emurgo, the official commercial arm and a founding entity of the Cardano blockchain, plans to launch USDA, a U.S.-pegged stablecoin, in early 2023,, according to Coindesk. USDA will be the first fully fiat-backed, regulatory-compliant stablecoin in the Cardano ecosystem. This could help bolster Cardano’s decentralized finance (DeFi) ecosystem, which locks just over $53 million in value as of Friday, per DeFiLlama data. That’s an 82% slide since March highs of over $300 million.

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Web3: DeFi & NFTs

NFT Marketplace X2Y2 Will Enforce Creator Royalties After Pushback (6 minute read)Popular non-fungible token (NFT) marketplace X2Y2 has flipped its decision to make creator royalties optional, a move that inspired several other marketplaces to follow suit. X2Y2 said Friday on Twitter that it will now enforce creator royalties on all of the collections sold on its platform after being one of the first to drop its royalty requirements. Its model, called “Flexible Royalties,” sparked pushback from some NFT creators and marketplaces about ensuring that NFT creators are compensated fairly for their works.

Over $500M flew out of Solana in a week, DeFi TVL down 63% (4 minute read)The total value locked (TVL) in Solana (SOL) network’s decentralized finance (DeFi) ecosystem stood at $330 million as of Nov. 14 — signifying a drop of 96.75% from a peak of $10.17 billion in December 2021, according to DeFiLlama data. TVL in Solana DeFi progressively fell throughout 2022, driven by SOL’s dropping value and the larger market downturn. Since the beginning of 2022, TVL in Solana has decreased by 95%. Additionally, over the past week alone, TVL on the network has tanked by 63.21%.

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Misc

Will Edward Snowden's New Bitcoin Price Prediction Be Accurate Again (1 minute read)On Monday Edward Snowden tweeted 'for the first time in a while I'm starting to feel the itch to scale back in' with the Bitcoin price around $16,500. The former NSA and CIA agent added one caveat: 'There's still a lot of trouble ahead.' The Bitcoin price did rally in the hours following his tweet, now up 4% in the past 24 hours.

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