Crypto News 16 Nov 2022

Binance Labs, the accelerator and venture capital arm of the cryptocurrency exchange, Binance, announced on Tuesday that it has made a $4 million investment in the Web3 sports game platform dubbed Ultimate Champions.

Please find below today’s Crypto News 16 Nov Headlines

Crypto News 16 Nov #1 – Binance Supports Web3, Invests in Ultimate Champions.

Binance Labs, the accelerator and venture capital arm of the cryptocurrency exchange, Binance, announced on Tuesday that it has made a $4 million investment in the Web3 sports game platform dubbed Ultimate Champions.

Crypto News #2 – Metaverse of Entertainment Expected to Grow to Almost $29 Billion.

A study from Technavio, a market research firm, has predicted that the area of the metaverse dedicated to entertainment, including virtual concerts, video games, and movies, will grow to $28.92 billion in value from 2021 to 2026. The report states that 33% of this growth will originate in U.S. markets, due to the intersection of gaming and film companies.

Crypto News 16 Nov #3 – FTX Accounts Drainer Swaps Millions in Stolen Crypto, Becomes 35th-Largest Ether Holder.

Whoever was behind last week’s $600 million exploit of crypto exchange FTX started moving millions of dollars in stolen funds during European morning hours on Tuesday. The funds were siphoned from FTX’s crypto wallets late Friday.

Crypto News #4 – Crypto.com Recovered $990 Million from FTX.

“We recovered $990 million from FTX,” Marszalek said in the ask-me-anything (AMA) session hosted on Crypto.com’s official YouTube channel. “We only had an exposure of $10 million when FTX shut down.” He further highlighted that an audit of Crypto.com’s books is ongoing, which will bring further transparency to the exchange’s operations.

Crypto News 16 Nov #5 – Blockchain Company AltLayer Appoints Amrit Kumar as COO.

AltLayer, a layer 2 scalability blockchain built on Ethereum, said it appointed Amrit Kumar as chief operating officer.

Crypto News #6 – Ancient Ethereum (ETH) Whale Address Activated After Seven Years.

Ancient Ethereum Whale Moves Suddenly, After Lying Dormant For 7 Years. An Ethereum address containing 500 ETH has now been activated after lying dormant for more than seven years. What Happened: According to the Whale Alerts tracker, the address is from the ‘pre-mine’ era.

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Crypto News 16 Nov #7 – Visa Terminates Agreements With Bankrupt Crypto Exchange FTX.

Visa Inc, the world’s largest payments processor, reportedly said on Sunday that it has ended global agreements with bankrupt crypto-currency exchange FTX. A Visa spokesman told Reuters: We have terminated our global agreements with FTX and their U.S. debit card program is being wound down by their issuer.

Crypto News #8 – Solana DeFi Sees Almost $700M in Value Wiped Out on FTX Fallout.

At their peak last November, decentralized finance (DeFi) applications stored more than $10 billion on the Solana network, its popularity being led by high-flying proponents including Sam Bankman-Fried, the founder of the FTX crypto exchange, Multicoin Capital, Sino Global Capital, and other venture funds.

A year later, the total value locked (TVL) has dropped to just over $300 million with FTX filing Chapter 11 bankruptcy proceedings and facing prosecution, Multicoin, and Sino Global reporting multimillion-dollar losses, and the Solana Foundation itself losing “tens of millions.”

Crypto News 16 Nov #9 – Trezor reports a 300% surge in sales revenue due to FTX contagion.

A major hardware wallet provider, Trezor, has recorded a major uptick in wallet sales in the aftermath of the FTX contagion, the firm’s brand ambassador Josef Tetek told Cointelegraph on Nov. 15. Trezor saw its sales revenue surging 300% week-on-week and it’s still growing, Tetek reported.

Crypto News #10 – Ark Invest picks up $2.8 million worth of Grayscale Bitcoin Trust shares.

Ark Invest picks up $2.8 million worth of Grayscale Bitcoin Trust shares Bitcoin www.theblock.co 60 m Cathie Wood’s Ark Invest bought shares in Grayscale’s Bitcoin Trust (GBTC) on Monday, days after the trust’s discount reached a new low. Ark purchased 315,259 shares of GBTC on Monday, according to its latest trade filing.

Crypto News 16 Nov #11 – SBF’s Alameda Moved $89 Million Worth of Crypto Into a New Wallet.

SBF’s Alameda Moved $89 Million Worth of Crypto Into a New Wallet. In the past 24 hours, Alameda Research has moved $2.7 million worth of Serum, FTX, and Uniswap tokens into a wallet where the now-bankrupt trading desk has amassed $89 million worth of assets, according to on-chain data.

Crypto News #12 – Huobi Becomes Latest Crypto Exchange to Disclose Proof-of-Reserves.

Huobi, the Seychelles-based crypto exchange, recently became the latest digital asset exchange platform to reveal the number as well as the value of its digital assets held in reserves. Huobi has said disclosing the assets held in reserves helps to boost users’ confidence in the exchange as well as to improve transparency.

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