FTX In Trouble: Here's What Happened
Binance Founder ‘CZ’ announces publically they are selling vast amounts of acquired FTT tokens (Binance was a core investor in FTX) due to “recent revelations” and rumours of FTX’s potential insolvency.
FTX and sister company Alameda Research were over-leveraged with collateral backed by this FTT token.
This leads the market-wide dumping on FTT token, causing collateral to lower in value and place pressure on the balance sheet.
Panic grips the market and users rush to withdraw funds from FTX, causing >6B in withdrawals in a matter of days.
Overnight, FTX is forced to halt withdrawals due to withdrawals and is forced to seek help from Binance via a potential acquisition of FTX to ensure all funds are backed 1:1 and withdrawals are turned on. In a last-ditch effort, FTX tried to raise $1B overnight, upping their ask to $6B by midday.
As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books. 1/4
— CZ 🔶 Binance (@cz_binance) November 6, 2022
Instagram to Let Users Buy & Sell NFT's in the App
Meta announced that a select group of U.S. creators will be able to mint and sell NFTs on Instagram. The move essentially makes Instagram an NFT marketplace.
Singapore leverages Polygon and Aave in first DeFi wholesale markets transaction
The Monetary Authority of Singapore (MAS) successfully completed a cross-currency transaction involving tokenised Japanese yen and Singapore dollar deposits.
JPMorgan and DBS Bank were among the pilot participants. The public Ethereum transactions utilised Polygon and Aave Arc.
Reddit NFTs are a Huge Success
Nearly 3M Redditors bought a collective avatar, showing an appetite for digital collectibles. Reddit omits the term 'NFTs', showing an effective way to utilise the technology.
~2.5M wallets have been created to purchase Reddit's NFT avatars—for perspective, leading marketplace OpenSea had 1M active wallets to start 2022.
Reddit Avatars are the Trojan Horse of NFTs that are on boarding millions into Web3, and no one is talking about it 🧵 pic.twitter.com/x6LMCH0JAy
— AB (@ABBBBBB_NFT) October 19, 2022
App Store Reveals Rules for NFTs
Apple updated its App Store guidelines to clarify rules with NFTs. NFTs must be sold through the App Store's in-app purchase system—NFT ownership can not unlock features within an app.
Twitter is Working on a 'wallet' with Crypto Support
It's another step towards the evolution of web payments, with Elon Musk's purchase of Twitter potentially accelerating a move to in-app payments.
Checkout our Content Partner
For more quality information like this, subscribe to our content partner Collective Shift. Get 20% off membership with code: BAMBOO
Subscribe to our newsletter
