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Another eventful week is behind us. The consequences of the collapse of FTX continue to haunt the crypto community. There is a large outflow of funds from the exchanges, which indicates the undermined confidence in them. Solana are going through the most difficult times in our history. These and other news of this week in our article.
Exchanges record large outflows of funds
Exchange clients are massively withdrawing funds from platforms amid the collapse of FTX. Over the past week, more than 81,000 BTC worth about $1.35 billion and more than 125,000 ETH worth $155 million and $1.14 billion in stablecoins have been withdrawn from the Binance exchange over the past week, according to CoinDesk.
Also, the Gemini exchange recorded a withdrawal of about $500 million, as a result of which the exchange balance decreased from $2.2 billion to $1.7 billion. Coinbase and Kraken exchanges also reported a massive withdrawal of funds. In total, nearly 200,000 BTC have been withdrawn from popular platforms, according to Coinglass. The record withdrawal of funds was a reaction to the bankruptcy of the FTX crypto exchange. Members of the crypto community note that as a result, trust in exchanges has now fallen.
Shibarium update could make Shiba the best altcoin
Shiba Inu has had an incredible run this year, maintaining the 13th position in the coin market ranking, breaking into the fashion space via its SHIB Eternity Metaverse project and creating a wonderfully performing card collectible game. Despite its lofty achievements, Shiba aims to end the year with a climatic release of its Shibarium project to blow away the already excited Shiba community.
Shiba Inu’s Shibarium was first announced in May 2021 as the next step in the evolution of the memecoin, transferring the execution of financial transactions and other activities from the Ethereum network to the Shibarium blockchain. This week, Shytoshi Kusama, the founder of the Shiba memecoin, tweeted, "head down working, update coming soon and you will love it."
Binance and Vitalik Buterin will create a new method for confirming the reserves of crypto-exchanges
A week ago, after the collapse of FTX, the Binance exchange presented the addresses where it stores cryptocurrency to confirm its assets of $70 billion. The platform does not plan to stop there. The other day, Binance announced a joint collaboration with the creator of Ethereum Vitalik Buterin to create a new method for confirming the reserves of crypto exchanges. Binance will be the first participant in the pilot project.
Exchanges suspend stablecoins on the Solana Network
Crypto exchanges are suspending USDC and USDT stablecoins on the Solana blockchain. But at the same time, Binance later reconsidered its decision and resumed support for USDT on Solana. The OKX crypto exchange announced the delisting of stablecoins. Experts attribute this to the fact that the collapse of FTX created a noticeable demand for USDT and USDC on the Solana blockchain.
Sam Bankman-Fried regretted bankruptcy and criticized regulators
Former FTX CEO Sam Bankman-Fried spoke with great regret about the bankruptcy filing in an interview with VOX. He called this decision a big mistake. He also noted that if he had not filed for bankruptcy, now it would have been possible to fix everything by 70%.
Sam Bankman-Fried did not leave comments on the work of regulators. He stated that cooperation with them was only a PR for him. However, a few hours later, he changed his mind, writing on Twitter that he understands how difficult the work of regulators is and some of them pleasantly surprised him.
An unknown user who held 6522 BTC for over 5 years moved all his coins
On November 16, 2022, in block 763,474, an unknown person transferred 6522 BTC worth about $107 million, which had previously been in the address for more than 5 years. Despite the fact that the exchange rate is now 75% lower than a year ago, there is a large stream of movements of dormant coins.
El Salvador will buy 1 BTC every day
In an official statement, President Naiba stated: “We buy 1 Bitcoin every day.” At the moment, the country holds 2.38 thousand BTC, which at the current rate is $39.5 million. In October this year, the University of Central America (UCA) conducted a survey, as a result of which 77.1% of El Salvadorians were against buying BTC with public money .
El Salvador has been purchasing coins since September last year. And despite the depreciation, the country's authorities do not abandon their strategy. In the summer, the finance minister said that the market collapse would not hurt the country's financial condition.
Refueling a gas tank in Bahrain with Binance Pay
Cryptocurrencies are actively penetrating the everyday life of their users. This week, community members rejoiced at yet another success. Bahrainis can now pay for fuel at gas stations with Binance Pay. Despite setbacks and difficulties, cryptocurrencies continue to win the trust and love of people from different countries.