ALSO: Binance mulls buying banks, Dapper Labs cuts 22% of staff and more |
The biggest crypto news and ideas of the day |
|
|
Hello and welcome to The Node. This is Daniel Kuhn and Xinyi Luo, here to take you through the latest in crypto news and why it matters. In today's newsletter: |
|
|
FTX's Tokens comprises majority of SBF's Alameda $14B in Assets: A private financial document reviewed by CoinDesk unveiled that Alameda Research, Sam Bankman-Fried's trading firm and whose assets amounted to $14.6 billion, holds roughly $5.82 billion worth of FTT tokens, a token issued by sister company FTX. Specifically, the balance sheet includes $3.66 billion worth of "unlocked FTT" and $2.16 billion worth of "FTT collateral." |
- There are more FTX tokens among its $8 billion of liabilities: $292 million of "locked FTT."
- "It's fascinating to see that the majority of the net equity in the Alameda business is actually FTX's own centrally controlled and printed-out-of-thin-air token," said Cory Klippsten, CEO of investment platform Swan Bitcoin.
|
Binance CEO Zhao Considering Buying Banks: Binance founder and CEO Changpeng Zhao expresses his potential interest to buy banks as a way of bridging the gap between the worlds of traditional finance and crypto. Zhao did not name any specific targets, and also said he's open to either minority investments or a full acquisition. |
Dapper Labs Cuts 22% of Staff as NFT Market Craters: Dapper Labs, which created the non-fungible token (NFT) marketplace NBA Top Shot, said it is laying off 22% of its staff, citing the "macroeconomic environment." In recent weeks firms including BitMEX, Digital Currency Group (DCG) and NYDIG have all trimmed headcount to weather the bear market. |
Don't want to miss out on the Web3 revolution? Few platforms make it easier to join than Nexo. For starters, you can buy BTC, ETH, and 50+ more coins instantly with a card. On the Nexo Exchange, you can swap 300+ pairs and get up to 0.5% in crypto rewards on each transaction. The gem in the all-in-one suite is the Earn Crypto Interest product. What sets it apart is that the interest you earn compounds automatically and is paid out to your wallet daily. To top it all off, Nexo makes it easy to borrow funds against your crypto, starting at 0% APR. Their pioneering Instant Crypto Credit Lines have stood the test of time thanks to fundamental principles such as overcollateralization and robust risk management. Create your Nexo account today and get everything for your crypto from a single, secure platform. Disclaimer: The Earn Interest Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as the USA, Bulgaria, Estonia. |
|
|
Putting the news into perspective |
(Adam Levine/CoinDesk) Making This the Last 'Hacktober' The figures are in: October was the busiest month for crypto protocol exploits this year, with some $760 million stolen. The cumulative total for crypto hacks in 2022 is now at least $2.98 billion, already more than double the amount stolen through exploits in 2021, according to blockchain security firm Peckshield. Although only a small percentage of total crypto transactions being tied to criminal behavior, hacks will continue to tarnish the industry's reputation, D.K. writes. Read the full story here. |
|
|
Overheard on CoinDesk TV... |
"We're seeing this revolution in the distribution technology and what artist can do." – SuperRare Chief Operating Officer Kyle Olney, on CoinDesk TV's "First Mover" |
|
|
|
