FTX Collapse, Billions Lost

🏛️

Markets

FTX Agrees to Sell Itself to Rival Binance Amid Liquidity Scare (3 minute read)Binance agreed to buy rival cryptocurrency exchange FTX, a stunning outcome that followed days of speculation – spurred by a CoinDesk article on Nov. 2 – that FTX and corporate sibling Alameda Research faced a liquidity crisis.

FTT collapse: How $1,000,000 invested in FTT was slashed to $180,000 overnight (2 minute read)FTT, the native token of the FTX exchange, witnessed a massive drawdown as large wallet investors exchanged it for stablecoins and US Dollars. FTT price nosedived 70% overnight, bringing the token’s total decline from $22 to $4.68 since the conflict between FTX exchange and Binance began.

Bitcoin price dips under $17.6K June low as FTX nerves liquidate nearly $1B (3 minute read)After initially rebounding over $20,000 on news that the embattled FTX might be bought out by competitor Binance, panic returned after the Wall Street open. BTC/USD lost $2,000 in under two hours, seeing a sudden plunge that set a low of $17,120 on Bitstamp. The last time the pair traded at that level was in late November 2020, meaning Bitcoin managed to beat the previous macro lows of $17,600 set in June this year.

⚙

Tech

Middle East, Asia and Africa blockchain association launches in Abu Dhabi (3 minute read)A new blockchain body has been launched with the backing of industry leaders in the Middle East region including figures from Binance, Crypto.com and the largest crypto exchange in the region.

Vitalik reveals a new section in the Ethereum roadmap: The Scourge (4 minute read)Ethereum co-founder Vitalik Buterin has added a new category of milestones to the Ethereum technical roadmap, one that aims to improve censorship resistance and decentralization of the Ethereum network. The Ethereum network’s updated plans were revealed by Buterin in a Nov. 5 Twitter post — which introduced a section called the Scourge in a now expanded six-partechnical roadmap. 

🚀

Web3: DeFi & NFTs

Solana’s two biggest NFT Names Clash in Online Feud (2 minute read)Solana NFTs have been growing in popularity, and now, two of the biggest names in the space are involved in an online feud. @Frankdegods, the founder of DeGods and y00ts, has found himself in a somewhat strange altercation with @ShiLLin_ViLLian, aka Alex.

🐥

Best of Twitter

Thanks for reading, if you enjoyed, tell your friends!