Crypto News 20 Nov 2022

The Bahamas Securities Commission has ordered crypto-currency exchange FTX to transfer its crypto-currencies into a wallet controlled by the regulator. This “urgent interim regulatory action was necessary to protect the interests“of FTX’s customers and creditors,” the regulator said.

Please find below today’s Crypto News 20 Nov Headlines

Crypto News 20 Nov #1 – Bahamas Regulator Takes Action to Seize FTX’s Cryptocurrencies to ‘Protect’ Clients and Creditors.

The Bahamas Securities Commission has ordered crypto-currency exchange FTX to transfer its crypto-currencies into a wallet controlled by the regulator. This “urgent interim regulatory action was necessary to protect the interests“of FTX’s customers and creditors,” the regulator said.

Crypto News #2 – Albanian Court Approves Extradition of Crypto Exchange Thodex Founder to Turkey.

A court in the Albanian city of Elbasan has authorized the extradition to Turkey of the founder and chief executive of the now-defunct Turkish crypto exchange Thodex. The 27-year-old Faruk Fatih Ozer was detained in the Balkan nation at the end of August. The order follows a series of court hearings throughout the past three months.

Crypto News 20 Nov #3 – Community fears FTX implosion might affect Grayscale.

Community fears FTX implosion might affect Grayscale Grayscale Bitcoin Trust (GBTC) shares declined by 74% on the year-to-date metric and are being traded for around $8.75. Its shares are selling at a record discount of 42.69%. Upon this decline, the community ponders if Grayscale is in trouble following the FTX collapse.

Crypto News #4 – Bitcoin scarcity rises as bad exchanges take 1.2M BTC out of circulation.

Historical data around crypto crashes revealed that 14 crypto exchanges, together, were responsible for the loss of at least 1,195,000 BTC, representing 6.3% of the 19.2 Bitcoin currently in circulation.

Crypto News 20 Nov #5 – Big Four Company KPMG to Examine New Business Models in the Metaverse.

Big Four Company KPMG to Examine New Business Models in the Metaverse KPMG, one of the “big four” companies in the consulting and auditing business, is appointing a new head of metaverse futures.

Crypto News #6 – South Korea seizes $104M from Terra co-founder suspecting unfair profits.

The decision to freeze Shin’s asset worth over $104 million was approved by the Seoul Southern District Court, which was based on a request from the prosecutors.

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Crypto News 20 Nov #7 – Binance CEO CZ begins working on Vitalik Buterin’s ‘safe CEX’ ideas.

While long-term solutions will need the involvement of multi-sig and social recovery wallets, Buterin pointed out two alternatives for the short-term — custodial and noncustodial exchanges.

Crypto News #8 – Crypto Fund Sino Global Had Deep Ties to FTX Beyond Equity Investment.

Crypto Fund Sino Global Had Deep Ties to FTX Beyond Equity Investment. Coindesk Sino Global Capital, one of Asia’s biggest and most well-known crypto investors, led by Matthew Graham, tweeted a statement this week that its “direct exposure to FTX exchange was confined to mid-seven figures held in custody.”

Crypto News 20 Nov #9 – Vitalik Buterin Discusses Ethereum Scalability Solution Amid FTX Crisis.

Win up to 5BTC. Ethereum co-founder and CEO Vitalik Buterin in a recent letter proposed the plan of using the ZK-SNark feature to improve the Ethereum network’s scalability. In a letter, he also mentioned Balaji Srinivasan, the former CTO of Coinbase, Kraken, and Binance, for discussion.

Crypto News #10 – SHIB Burn Rate Rises 100% as Lead SHIB Dev Tweets “I Can Double Down Now”.

The overall amount of SHIB removed from circulation this time remains low – merely 2,445,366 tokens – a rise of two times from the previous day. Four days ago, the burn rate shot up by an astounding 1,064% with a total of 23,823,149 SHIB. However, SHIB lumps like these have been the maximum for SHIB burning initiatives as of late.

Crypto News 20 Nov #11 – Ohio Investment Manager Arrested for Allegedly Running a $10M Cryptocurrency Ponzi Scheme.

Rathnakishore Giri, a 27-year-old investment manager living in New Albany, Ohio, was arrested on Friday on criminal charges for alleging running a cryptocurrency investment scam that raised at least $10 million from investors, according to a Department of Justice press release.

Crypto News #12 – Crypto Lender Genesis is on the Chopping Block as Contagion Continues.

If you don’t know about Genesis Trading perhaps you should. They represent the backbone infrastructure of the institutional investor base in the bitcoin and broader crypto markets. For lending, trading, hedging, exchange yields, and more, Genesis Trading was the brokerage to facilitate all of this activity in the space. Remember those juicy yields from the BlockFi and Gemini Earn products in the space? Genesis is the middleman between those platforms and hedge funds to generate that yield.

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