Crypto investors across institutions have hit back at negative commentary linked to the collapse of FTX, indicating record levels of inflows from short-investment crypto products.
CoinShares chief strategy officer James Butterfill said that 75 percent of inflows from institutional cryptocurrency investors last week were short investments on the decline of crypto prices.
Deeply negative sentiment in crypto assets with the largest inflows into short-investments on recordhttps://t.co/zW0ZfGZDTo
— James Butterfill (@jbutterfill) November 21, 2022
He stated the bets were potentially “a direct result of the ongoing fallout from the FTX collapse,” adding total assets under management (AUM) from institutional investors stood at $22 billion.
Investment products on Ether reached $14 million, the “largest weekly inflow on record,” according to Coinshares. The company speculates that “renewed uncertainty” on Ethereum’s Shanghai upgrade along with massive amounts of the currency on the FTX exploiter were potential causes for negative outlooks.
Short investment product inflows for Bitcoin (BTC) also reached $18.4 million with a reported AUM of roughly from $173 million to $186 million.
FTX, Crypto Fire Sale?
The findings show a small increase from the previous week, which saw 14-week highs from crypto products reaching $42 million. Bitcoin short products also reached inflows of $12.6 million, reports found.
Numerous exchanges have also been hit by investors taking their holdings offline to self-custody exchanges. Coinbase, one of the world’s largest exchanges, recorded its lowest share prices in history on Monday, dropping 8.9 percent or $41 per share, MarketWatch data revealed.
The number of #Bitcoin held on exchange have fallen 27% from their 2020 peak and 11% this year. Are people losing trust in centralised exchanges? Quite possibly.. pic.twitter.com/0WY3NIIDxe
— James Butterfill (@jbutterfill) November 14, 2022
Its stocks have plummeted roughly 88 percent after the firm publically traded shares on 16 April last year.
Cryptocurrencies have also suffered from the ongoing fallout from FTX, with Bitcoin (BTC) nosediving 4 percent to roughly $15.725.02, CoinGecko data showed. Ether also tumbled 8 percent to $1,081.56.
Uniswap, a decentralised exchange (DEX), updated its privacy policy on 11 November, the same day of troubled exchange FTX’s bankruptcy. Updates to the policy have sparked a firm backlash from the crypto community, with many slamming its intent to store and collect user data.
In the blog post, the company explained that innovations in the blockchain that web3 hoped to “reclaim users’ privacy and choice” following decades of eroded policies from internet businesses.
Continuing, it said: “That’s why we’re releasing a new Privacy Policy today – we want to be crystal clear about what data we’re protecting and how we use any data we collect. Transparency is key. We never want our users to be surprised.”
The post later updated on 17 November, stating it would collect blockchain data, user device data, including browser and operating system information, and interaction with service providers.
It added that collected information would not include information that could personally identify users such as their name, address, email, or IP, among others.
The switch in policy received significant pushback from privacy advocates, who lambasted the company for backtracking on cryptocurrency’s core values of anonymity and privacy.
According to privacy-focused crypto platform Firo, Uniswap’s privacy push created a “dangerous precedent” for DEXs.
While we have the utmost respect in what @Uniswap has built, we strongly reject the incorporation of data collection to track user behaviour and onchain activity. This sets a dangerous precedent for DEXes. https://t.co/h4kCiQKtl7
— Firo $FIRO (@firoorg) November 21, 2022
It tweeted at the time: “While we have the utmost respect in what @Uniswap has built, we strongly reject the incorporation of data collection to track user behaviour and onchain activity. This sets a dangerous precedent for DEXes.”
STOP using @Uniswap $UNI
— Yoda Research (@YodaResearch) November 21, 2022
They’ve expanded their collection of on/ off chain data connected to your wallets
eg
– mobile deviceID
– cookies
– localStorage
– device/ browser language
– screen wallets via 3rd party
…
🚨even share social media activity with analytics provides. wtf
A representative from Yoda Research urged people to stop using Uniswap’s platform, stated they expanded on and off-chain data from wallets to “mobile deviceID, cookies, localStorage, device/ browser language, [and] screen wallets via 3rd party.”
“[They] even share social media activity with analytics [providers]. wtf,” it concluded.
DEX SpookySwap affiliate OwenP also criticised the move to store and collect backed information as strange, adding: “We were contacted […] by an infrastructure provider once who asked about our backend and what info we kept we were shocked by the question. ‘None of course’ [was] the answer.”
Transparency Push after FTX Collapse
Exchanges such as Binance, Crypto.com, and Solana vowed full transparency for their millions of users, adding they would publish “audited proof of reserves” following the collapse.
Crypto.com chief executive Kris Marszalek has joined a growing list of cryptocurrency firms publishing their “audited proof of reserves” in the aftermath of the FTX crypto scandal.
The comments come after crypto exchange FTX.US, Alameda Research, and 130 affiliate firms fell bankrupt on 11 November, sparking several exchanges to push for more transparency for their clients.
“[We] will publish the list of cold wallet addresses and balances for major assets within 24 hours. Full transparency,” Solana tweeted at the time.
Numerous investors and market speculators have turned to Twitter to analyse the aftermath of the ongoing FTX crisis, which saw millions of people lose funds and savings on the platform this month.
Joshua Felder, chief executive of the organisation ‘Do Not Pay’ said in a series of tweets last week that investors could follow five possible steps to mitigate some scenarios linked to the ongoing crisis.
With FTX in bankruptcy, it may seem like there is nothing that people can do to get their funds back.
— Joshua Browder (@jbrowder1) November 14, 2022
But, I have spent the weekend brainstorming with lawyers out of the box strategies for people to get their funds TODAY.
Here are five things retail investors can do:
According to the exec, he recommended the following five steps to resolve the issue:
Reversing ACH Deposits: FTX US users can reverse ACH transfers in 60 days after the deposits if activities are fraudulent, pending E/NACHA guidelines.
YouTube: Clients can launch a YouTuber class action lawsuit against influencers advocating FTX. According to Felder, FTX paid select YouTubers $50,000 or more monthly.
Gift Cards: Retailers such as Gamestop offered FTX gift cards, which users can mark as a disputed transaction under the “product not received” Fair Credit Billing Act.
Target FTX entities: Users can also target non-bankrupt FTX entities such as LedgerX LLC and others in civil lawsuits. He added that some claims judges could possibly label entities as liable under “should have known” rulings.
Sue Senior FTX Employees: Those affected could potentially target senior employees and their assets in some states, including California, as many are not protected under bankruptcy. Individuals suspected of fraud could be held liable under CA Corp Code § 17703.04
The news comes after Sam Bankman-Fried’s crypto exchange nosedived into Chapter 11 bankruptcy on 11 November along with 130 linked companies. This has left investors with potentially “decades” of waiting to receive lost funds on the platform, analysts have warned.
Reuters estimates that FTX owes “nearly $3.1 billion” to its 50 largest creditors.
London, United Kingdom, 23rd November, 2022, Chainwire
Verasity, an open-ledger ecosystem designed to provide rewarded video services and prevent advertising fraud, announced today that it has received full patent approval for its rewarded video system and method in the United States (with international priority). The patent approval represents Verasity’s most significant milestone in protecting and licensing its rewarded video technology to date.
Rewarded video is any type of incentivised viewing that provides rewards to users for watching a video. The rewarded video format is particularly popular in mobile gaming, where users may receive in-game credits, items, currency, or even traditional cash as a reward for watching video content or ads displayed within an app. All of these types of rewarded video would now fall under Verasity’s patent, entitled ‘System and Method for Reward Video Viewing’, and for which license fees will be due.
Within the Verasity ecosystem, rewarded video is made available through a feature named Watch & Earn. Comprising a rewarded viewing video distribution module and a video player, Watch & Earn can present video content to a user and provide the viewer with marketplace credit based on the value of the video or advertisement they watch.
However, Verasity’s awarded patent more broadly covers any video in any digital format for which a reward is granted to the viewer – opening up a whole host of new business and licensing opportunities.
Highlighting the significance of the patent, R J Mark, Founder & CEO at Verasity, says:
“Rewarded video is a huge and rapidly expanding market. This patent is the culmination of years of hard work by the Verasity team to secure an internationally recognised patent for the rewarded video market. This patent covers all forms of video where a user receives any type of reward for watching a video on a digital platform. Rewarded video has already been deployed by leading games companies such as Blizzard Activision, and major video platforms such as YouTube which may now be infringing our patent. As Verasity has been awarded the US patent for all forms of rewarded video, we intend to use this patent to its full effect, pursuing license opportunities for all platforms providing rewards to video viewers, which is now protected by our patent. The revenue generated from these license deals will be used for VRA buybacks.”
The rewarded patent application can be viewed here. Verasity will now seek opportunities to license its rewarded video technology and ensure its intellectual property is protected within the scope of this patent for all forms of rewarded video.
About Verasity
Verasity is an open-ledger ecosystem designed to fight advertising fraud, provide open access to infrastructure for publishers and advertisers, and reward users for watching video content. With product verticals in the advertising, eSports, and video player industries, Verasity ties together its ecosystem with its patented ‘Proof of View’ blockchain-based technology. The $VRA token, which is used for funding advertising campaigns, staking through VeraWallet, and distributing Watch & Earn rewards, is central to the Verasity ecosystem as a single utility token with a whole host of applications. Learn more about Verasity at www.verasity.io
Contact
PR Manager
Simon Moser
PolyGrowth
[email protected]
Bill Ackman, a major hedge fund manager and billionaire, has doubled down on his support for cryptocurrencies. In a recent Twitter thread, he backed crypto amid the ongoing FTX crypto crash.
The Pershing Square Capital Management founder said in his 20 November tweets that “crypto is here to stay,” despite the bankruptcy of FTX and subsequent collapse of firms linked to the troubled exchange.
He also called for tighter regulations and for removing “fraudulent actors” in the industry.
To be clear, I am not advocating for any particular crypto project. Rather, I am making the case that crypto can facilitate potentially useful and important businesses that heretofore could not exist. That said, the success of any individual project is a function of the ultimate https://t.co/SvpQMHrt0y
— Bill Ackman (@BillAckman) November 20, 2022
He added: “I think crypto is here to stay and with proper oversight and regulation, it has the potential to greatly benefit society and grow the global economy.”
Despite difficulties in the market, he said that cryptocurrencies would improve their fraud prevention capabilities, adding: “The problem with crypto is that unethical promoters can create tokens simply to facilitate pump and dump schemes. It may in fact be that the vast majority of crypto coins are used for fraudulent purposes rather than for building legitimate businesses.”
To crack down on “fraudulent actors,” he urged incentivisation for “legitimate” crypto investors to expose and tackle “fraudulent” cryptocurrency investors increasing potential regulatory intervention “that will set back the positive potential impact of crypto for generations.”
Speaking further, he said: “I was initially a crypto skeptic [but] I have come to believe that crypto can enable the formation of useful businesses and technologies that [before now] could not be created. The ability to issue a token to incentivize participants in a venture is a powerful lever in accessing a global workforce to advance a project.”
The comments come after Sam Bankman-Fried’s crypto empire collapsed in November due to a massive liquidity crisis and subsequent liquidation of FTX’s native token, FTT, on rival firm Binance. This triggered a huge bank run, with millions of clients losing their funds on the bankrupt platform amid the turmoil.
Singaporean authorities cautioned investors on Saturday of false websites that could dupe them into purportedly recovering lost FTX funds from the bankrupt exchange.
Scammers claiming to be the United States Department of Justice have been luring people hit by FTX’s collapse to websites requesting login information and credentials, according to Channel News Asia.
Investors have been cautioned by the Singapore Police Force to be careful of fraudulent websites that promise to help them recover money from the now-defunct #crypto exchange FTX. The police warned about a phishing website asking #FTX users to log in with their account details.
— kunji (@kunjitweets) November 21, 2022
The messages state they “would be able to withdraw their funds after paying legal fees.”
Singapore’s Police Force has also alerted investors of false articles advocating domestic cryptocurrency programmes, many of which include Singaporean lawmakers such as Tan Chuan-Jin, the nation’s parliament speaker.
The news comes after Police have urged investors to avoid cryptocurrency scams, namely as over one million people were hit by the recent collapse of the exchange on 11 November.
Singapore’s Crypto Crackdown
The news comes as Singapore aims to tighten regulations on cryptocurrencies and their exchanges, where it has urged investors to reconsider speculation on digital currencies.
Some of the regulations will block retail investors from trading cryptocurrencies at times when it could appear “irrationally oblivious” to the potential risks.
The Monetary Authority of Singapore (MAS) said at the time that consumers were trading based on the hope of spikes in price increases. Some restrictions include “customer suitability tests” and restricting leverage and credit facilities for trading crypto.
The measures come in a bid to promote digital asset innovation and limit cryptocurrency speculation.
The MAS also backed further measures after Three Arrows Capital (3AC) went into administration amid the ongoing FTX collapse, which sent shockwaves across the crypto industry on 11 November.
Singaporean central bank authorities will target digital payment token (DPT) services related to Bitcoin, Ethereum, and XRP to crack down on risk exposures and boost stablecoin transaction standards.
Los Angeles, California, 22nd November, 2022, Chainwire
Salil Shah joins DeSo after holding exec roles at Meta and Pinterest, most recently leading global go-to-market for Meta Fintech
Key Takeaways
- Salil Shah, former Meta, and Pinterest executive, has joined DeSo, a blockchain platform that has raised $200 million from Sequoia, Andreessen Horowitz, CAA, and Coinbase.
- The announcement comes as DeSo has experienced two consecutive months of over 120% Month over Month growth, particularly as consumers seek open, decentralized alternatives with the turmoil at Twitter
- Shah’s motivation for joining stems from his belief that DeSo has the potential to transform the creator economy.
DeSo is the first layer-1 blockchain capable of supporting content-rich social applications, and has raised over $200 million in funding from Sequoia, Andreesen Horowitz, Coinbase, CAA, and others. DeSo is well positioned to power next-generation web3 apps that give more ownership, transparency, and control to both creators and their fans.
After years spent building the category-defining technology underlying the platform, DeSo has now hired Salil Shah to scale the business. Shah has deep experience in business development, go-to-market, and partner ecosystems, most recently leading global go-to-market for Meta’s Fintech group.
With Shah’s expertise, DeSo is primed to accelerate its mission to re-imagine the creator economy, and expand the scope of web3 from purely financial applications to creator-focused social applications.
“Empowering and supporting creators is a mission I’m deeply passionate about,” Shah says. Shah adds that DeSo has built “the first blockchain platform that allows social content to be stored directly on-chain, giving creators more ownership, the ability to engage with fans across platforms, and the opportunity to build direct financial relationships with fans.”
“I’m excited to join this incredible team and partner with Nader to build the business as the industry moves towards the next phase of the creator internet, powered by web3,” he continues.
Shah will complement DeSo founder Nader Al-Naji’s deep technical expertise with his extensive business experience as a tech executive and strategy leader.
Leading an Emerging Category
Shah joins as the emerging category of “decentralized social” is showing signs of early growth, with DeSo recently experiencing 120% month-over-month growth (following 160% growth the previous month).
“This growth is being driven by DeSo’s ecosystem of hundreds of third-party apps, which are now starting to find retention,” says Al-Naji. For example, Diamond and Desofy have earned creators over $20 million in their early days off of novel monetization primitives like social tipping, social NFTs, and social tokens.
Several promising apps have recently launched on the DeSo platform, including Pearl, a web3 Instagram, NFTz, a decentralized NFT marketplace, and DAODAO, a social Kickstarter-like fundraising tool. And tools like OpenProsper, a social block explorer, provide data and insights into the growing DeSo ecosystem of developers, partners, and users.
“We’re seeing a flywheel start to form,” says Al-Naji. “Now that we have a seed of users and content, developers are building apps like never before, which is growing usage and content even more in a virtuous cycle.”
About DeSo
DeSo is a new layer-1 blockchain built from the ground up to decentralize social media and scale storage-heavy applications to billions of users. The DeSo mission is to decentralize social media the same way Bitcoin and Ethereum decentralized finance.
You can learn more about DeSo and claim your username on deso.com.
Contact
Growth Marketing Lead
Arash Ghaemi
DeSo Foundation
[email protected]
Kroll has stepped in as the restructuring administration firm to manage collapsed crypto exchange FTX as it struggles amid its Chapter 11 bankruptcy.
The enterprise was appointed on 12 November and officially announced the news on the 17th. To date, it hopes to build a database of FTX Trading’s total claims along with over 100 linked companies.
Just eight claims have surfaced on the database, with Ethereal Tech filing one for $11.7 million, with all eight cases totalling $40.9 million.
According to reports, FTX Trading owes investors up to $8 billion. Over 750 parties are involved in the case, including a roster of banks, insurance providers, regulators, and debtors, among others.
Press Release:
— FTX (@FTX_Official) November 17, 2022
FTX Group has established Kroll as its claims agent, and all official documents filed with the U.S. Bankruptcy Court can be found online at https://t.co/7Bsn9Ggckf. pic.twitter.com/OFuCmlJXgJ
The filing also indicates that it has listed interested parties to update on ongoing developments. Names on the list include massive multinational firms such as Apple, Facebook, Wells Fargo, Bank of America, Stephen Curry, and others.
This other tweet, just from a few days ago… you guys are nothing but a bunch of criminals who should be behind bars…https://t.co/Cn8FRj2jl1
— Balanced Investor ⚖️ (@InvestorBalance) November 17, 2022
The firm is a subsidiary of Kroll LLC, which managed several of Harvey Weinstein’s sexual harassment cases in 2016. It is also involved in corporate governance, cybersecurity risks, and compliance.
The news comes after FTX, FTX.US, Alameda Research, and nearly 130 interlinked companies filed for Chapter 11 bankruptcy due to a massive liquidity crisis in the crypto exchange last week. The events triggered a series of collapses across the crypto industry, potentially including crypto lending firm BlockFi.
World-renowned crypto investor and blogger Anthony Pompliano has rallied behind the embattled crypto industry amid the collapse of Sam Bankman-Fried’s FTX.
At the Texas Blockchain Summit on Thursday, he stated that market forces would remove negative players in the cryptocurrency sector as quickly as bad businesses.
He told the audience: “It might be a little counterintuitive, but the free market is a hell of a f*cking referee. If you watch what just happened, this industry is who held the industry accountable,” he said.
According to him, the “judge, jury, and executioner” had been the ” was the “free market and the industry itself.”
Pompliano added: “CZ is the one who used market forces to take that company [FTX] down.”
Explaining further, he added: “At the end of the day, the judge, jury, and executioner was the free market and the industry itself […] The good people, they survive, the bad people, they end up getting washed out.”
He explained on CNBC in a recent discussion this week that many people were uncertain of what was taking place with the market. Continuing, he said he had business funds on FTX’s exchange along with advertising relationships.
Here is my appearance with @ScottWapnerCNBC from earlier today.
— Pomp 🌪 (@APompliano) November 15, 2022
Bitcoin is one of the most important technologies in the world and these conversations help to sharpen how we all think about what is developing.
I appreciate Scott’s willingness to always discuss.
Part 1: pic.twitter.com/oFpNh7Yxma
He added that Bitcoin was “one of the most important technologies in the world,” adding open conversations helped people to “sharpen” people’s understanding of current developments.
Pompliano has remained a staunch Bitcoin fan, namely after launching Morgan Creek Digital Assets in 2018. He founded the North Carolina-based firm with Mark Yusko and has defended the crypto mining industry’s use of energy consumption, stating that “crucial things in the world use energy.”
Based on my conversations over the last 24 hours, people are drastically underestimating how much damage has been done this week to institutional interest in both bitcoin and the broader crypto ecosystem.
— Pomp 🌪 (@APompliano) November 10, 2022
In a 10 November tweet, praised the state of the cryptocurrency market, stating that people were “drastically underestimating how much damage” had been done to interest in “Bitcoin and the broader crypto ecosystem.”
He said that Bitcoin would not just survive, but thrive “in the coming years,” adding: “But we shouldn’t ignore the fact that this week was a set back for everyone, regardless of what corner of the industry you play in.“
Concluding, explained: “When the confidence game is over for the crypto industry, the market comes back to Bitcoin.”
Hong Kong, Hong Kong, 21st November, 2022, Chainwire
With over 100,000 candy-USDT in prizes, Candy Club World Cup extravaganza will turn up the heat with crypto winter and give crypto fans a much needed cause for celebration over the next 28 days.
Throughout the 4 week tournament in Qatar, Candy Club will give out over 100,000 Candy-USDT to players who sign up and play. With bonuses given out for wager sizes, parlays, pick the winner and more, this is the biggest web3 prize pool to showcase crypto’s love for the world game.
From moneylines, totals, proposition bets to world cup futures, Candy Club will offer the widest and most exotic World Cup wager options for the 64 games. As a premier online social crypto gaming platform, Candy Club opens the world of slots, blackjack, roulette, bacarrat, blockchain gaming and sports wagering to football and gaming fans around the world.
The best part of Candy Club’s World Cup campaign is that all wagers can be made using the largest selection of ERC20/BEP20 tokens available in the market. No longer are players restricted to making wagers in BTC or ETH, now they can use their altcoins to enjoy the fun and excitement of the World Cup.
As importantly, the ability to use any ERC20 or BEP20 token provides DeFi, NFT, GameFi & Metaverse projects with an utility token the choice to adding risk free utility to their token and give their community a much needed token use case this crypto winter.
“This World Cup, Candy Club is giving the crypto hodlnauts something to smile about. Since our launch at Token2049, we have been working crypto-speed to increase the token demand of all ERC20 & BEP20 projects and give all communities a ray of hope. That ray of hope is amplified during the World Cup where we want to reward all those who diamond handed during this crypto winter!’ said David Barrantes, President of Candy Club.
For any ERC20/BEP20 looking to increase their token utility through Candy Club, please contact our business development team on www.candyclub.io
About Candy Club
Candy Club is the world’s first social crypto gaming platform that accepts all Ethereum and Binance Smart Chain projects with a ERC20 or BEP20 utility token. Legally compliant and security focused, Candy Club opens the social gaming experience to over 14,000 cryptocurrency projects and over 73 million wallets.
Website | Twitter | Telegram |
Contact
VP Marketing
Ryan He
Candy Club
[email protected]