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Biggest stories from the crypto space this past week

For a third week in a row, FTX dominated the crypto news circuit with even more startling revelations emerging from the now-bankrupt exchange. From bankruptcy protection proceedings in the U.S. and The Bahamas to rumblings from Capitol Hill, there was no escaping the FTX saga this past week. Here are some of the major developments[Read more…]

Cardano developer Emurgo to issue fiat-pegged stablecoin called USDA

Cardano developer Emurgo announced plans to issue a U.S. dollar-pegged stablecoin called USDA on the network in early 2023. Emurgo, which functions as Cardano’s official commercial arm, said USDA will be the first regulated stablecoin on the blockchain that is backed by a fiat currency. The Cardano developer also revealed that USDA will be the[Read more…]

Solana-based Metaplex lays off staff following FTX collapse

NFT protocol Metaplex laid off staff due to to the “indirect impact” of the collapse of crypto exchange FTX. While the company said its treasury was not directly impacted and that its fundamentals remain strong, it will take a more conservative approach moving forward, CEO and co-founder Stephen Hess said on Twitter. Metaplex is an ecosystem of[Read more…]

Miami’s crypto crowd sees silver lining around dark FTX clouds

Armies of developers, VC funders and CEOs descended upon Miami for two separate crypto conferences on Thursday as the shockwaves from FTX’s spectacular collapse continued to reverberate across the industry. While concern was palpable everywhere, speakers and attendees alike worked to find a silver lining in all the madness. At the shiny new Solana Embassy[Read more…]

Tether says it’s moving 1 billion USDT from Solana to Ethereum

Tether, the issuer of the USDT stablecoin, said it was conducting a chain swap to move 1 billion USDT from Solana to Ethereum. The chain swap will reduce the total amount of circulating USDT on Solana, but the company said on Twitter that overall supply of the stablecoin will not change. Earlier this week, Binance suspended deposits[Read more…]

Binance halts Solana-based USDC and USDT deposits, in line with rivals

Binance suspended deposits of USD Coin (USDC) and tether (USDT) on the Solana blockchain in a blow to the 2 1/2-year-old blockchain. Hours later, the exchange resumed deposits of Solana-based USDT. The announcement from the largest crypto exchange by trading volume comes after rival OKX announced it will delist both USDC and USDT on Solana, as well[Read more…]

Sino Global Capital breaks silence over FTX exposure

China-based crypto venture firm Sino Global Capital has broken its silence about the extent of its exposure to FTX. The company said its direct exposure to FTX, the exchange, “was confined to mid-seven figures held in custody,” in a letter published on Twitter on Nov. 15. It did not specify an exact sum. The letter added that[Read more…]

Who is billionaire FTX co-founder Gary Wang and why is he still committing code?

As the crypto exchange FTX unravelled this month, the spotlight has remained firmly on its CEO, Sam Bankman-Fried, who cultivated a public persona as an altruist while lobbying top regulators and politicians in Washington.  But while SBF, as he’s universally known, was appearing on podcasts and testifying before Congress, a quieter personality was beavering away behind the[Read more…]

Solana liquidity hub Serum to be forked after possible compromise in FTX hack

Solana developers are forking FTX-developed token liquidity hub Serum after it may have been compromised in a hack on FTX.  On Friday, a hacker made unauthorized withdrawals of more than $400 million from FTX. The situation further exacerbated the exchange’s insolvency crisis, which led it to file for Chapter 11 bankruptcy protection. Many Solana developers suspect the hack[Read more…]

FTX appears to have stopped processing withdrawals, on-chain data show

Crypto exchange FTX, which is currently fighting a battle with rival Binance, seems to have stopped processing clients’ requests for withdrawals, according to on-chain data. The last outgoing transaction from FTX on the Ethereum blockchain took place at 6:37 a.m. ET, more than two hours ago, data from Etherscan show. It’s a similar story on the[Read more…]