Summary

• The FTX domino continues with markets scrambling due to the fall of FTX platform from $32 billion to 0 in few days.
• In the latter hours of Friday evening, FTX founder Sam Bankman-Fried secretly moved $10 billion in funds to Alameda trading firm via software "backdoor."
• FTX's remaining funds were drained of more than $447 million worth of cryptocurrency, much of which appears to have been stolen.
• Strange relationships between Alameda research CEO,
• BlockFi halts withdrawals last Friday amid FTX crisis.
• crypto.com increased their reserve transparency and highlight 20% of their balance sheet in the meme coin Shiba Inu , CRO token is plunging, clients are withdrawing massively.
• Crypto.com "accidentally sent $400M" in Ethereum to wrong address (85% of their reserves), another story last summer with $10.5M sent mistakenly, audit detected the issue only 6 months later.  
• Binance, OKX, Bitfinex, Kucoin, Bybit and much more are promising transparency to boost user confidence but no one published their liabilities. It seems that multiple exchanges have moved (or borrowed) very important amounts in order to pass the "audits".
• Crypto exchange outflows hit historic highs as Bitcoin investors self-custody.
• 6 months ago, FTX CEO was claiming some crypto exchanges already secretly insolvent without any precision that FTX was one of them .

FTX Bankrupt, Hacked, Investigated: A Timeline of Events

A rundown of major FTX events since Binance pulled out of its proposed buyout deal, leading to Bankman-Fried’s exchange going bankrupt

BlockworksSebastian Sinclair

BlockFi says it can no longer operate its business as usual in the wake of FTX collapse

Client withdrawals from the crypto lender have been paused.

FortuneNikhilesh De

Crypto.com Holds 20% of Its Reserves in Meme Token SHIB - Decrypt

Amid questions over holdings, Crypto.com shares its data—and a major meme token makes up a big chunk of its reserves.

DecryptMat Di Salvo

Crypto.com accidentally sends 320k ETH to Gate.io, recovers funds days after

Marszalek confirmed that Gate.io returned the funds to Crypto.com’s cold storage and reassured the investors that new processes and features were implemented to prevent a reoccurrence.

CointelegraphArijit Sarkar

Jump Crypto says it remains ‘well capitalized’ following FTX downfall

Jump Trading’s crypto arm weighed in on the FTX crisis and its impact on Jump Crypto.

The BlockMike Truppa

Binance Starts Recovery Fund for Crypto Projects Facing Liquidity Crisis

Tron founder Justin Sun said that Tron, Huobi Global and Poloniex will support Binance in its initiative.

CoinDeskSam Reynolds and Jack Schickler

Amid FTX collapse, crypto funds see largest inflows in 14 weeks

Are investors quietly buying the Bitcoin dip? According to the latest CoinShares data, it’s a distinct possibility.

CointelegraphSam Bourgi

Markets

Crypto Charts 87

Bitcoin As mentioned last week: A break below $20′045 and the bottom of the channel will confirm that new lows are expected in the weeks ahead and place stops above the wave (iv) high The fallout from the FTX bankruptcy saw crypto sell off sharply. It is possible that we

The AssetsMatthew Clark

Opinions

Let’s Actually Commit to Proofs of Reserve This Time, Okay?

Requiring exchanges to show they have assets to match their liabilities would improve transparency and help to win back public trust in crypto, says Nic Carter.

CoinDeskNic Carter

Podcast / Readings