Author Archives: theblock.co

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…]

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…]

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 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…]

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…]

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 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…]

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…]

One of the largest trading firms operating in the crypto space believes a “budding uptrend” is forming in the volatile market for digital assets.  In a Twitter thread, Cumberland—the crypto unit of trading powerhouse DRW—said that the uptrend is underpinned by what it says is a weakening U.S. dollar and the adoption of cryptocurrencies by new[Read more…]

The price of Solana (SOL) fell 9% amid a spat between the founders of Binance and FTX crypto exchanges, Changpeng Zhao and Sam Bankman-Fried Aggregate open interest across SOL, of which $3.37 billion appear on the balance sheet of Alameda, also fell just over 13% over the last four hours, data from Coinglass show. The token’s prominence[Read more…]