Day: November 13, 2022

Payments company Curve bids for BlockFi’s 87,000 credit card customers

Stephen Katte

Payments company Curve is in active discussions to acquire crypto lender BlockFi’s more than 87,000 credit card customers — whose credit cards have been suspended since Nov. 11.  A Curve spokesperson told Cointelegraph that “outreach and negotiations” started on Nov. 12 and are still in the process with Banking as a Service (BaaS) company Deserve, which services the BlockFi card program. My BlockFi credit card has officially stopped working. R.I.P 2021-2022 — Portland.HODL (@PortlandHODL) November 11, 2022 “Terms are being negotiated actively between Curve and Deserve, but a sale or…

Why FTX May Not be the Only Scapegoat in its Own Downfall?

Godfrey Benjamin

The bankruptcy of FTX Derivatives Exchange, the once crypto behemoth valued at about $32 billion, has served as a reference point for many to look at and engage with the industry with extreme caution. Last week, FTX still appeared normal despite revelations about inconsistencies in the balance sheet of its sister trading firm Alameda Research. The journey toward the bankruptcy of FTX Derivatives Exchange did not prepare anyone, and as such, it caught many unaware. While we are still in the early stages of the proceedings, we are bound to…

SBF’s ‘Truly Trustless’ Protocol — Serum’s Upgrade Authority May Be Tainted, Devs Look to Fork Project – Altcoins Bitcoin News

Jamie Redman

According to Solana’s founder, Anatoly Yakovenko, Serum developers are forking the platform because the “upgrade key to the current one is compromised.” Serum, created by FTX’s Sam Bankman-Fried (SBF), was touted as “completely permissionless,” but now that the exchange has fallen, it’s suspected that Serum’s upgrade authority is tainted. **Editor’s Note: An update has been added to the end of this story at 6:50 p.m. (ET) on Nov. 13, 2022, to reflect that Serum devs have forked the protocol. A So-Called ‘Trustless’ Defi Protocol With a Possible Tainted Upgrade Authority…

Weekly Crypto Market Performance Review Amid FTX Implosion

Godfrey Benjamin

The digital currency ecosystem is trading with massive volatility that was engineered by the collapse and eventual bankruptcy of the FTX derivatives exchange over the past week. The combined crypto market cap has slumped to $837.47 billion, one of its lowest points over the past year. FTX Token (FTT) visibly induced the breakdown in prices dropping by over 92.33% in the trailing 7 days period to $1.78 according to data from CoinMarketCap. The coin’s collapse mimicked that of Terra (LUNA) which shed 12 months’ gains in just about a week…

FTX Contract Deployer Unlocks 192 Million FTT, Exchange Token’s Questionable Tokenomics Highlights Red Flags – Altcoins Bitcoin News

Jamie Redman

Following the collapse of FTX and the exchange filing bankruptcy on Nov. 11, the trading platform’s exchange token called ftx (FTT) has shed 91.6% in value during the last seven days. While the FTT token’s utility is based entirely on the backing of the now-bankrupt FTX and Alameda Research, the token is still trading for $1.85 per unit. Moreover, FTT’s deployer contract surprisingly unlocked 192 million FTX tokens on Nov. 12, 2022. While a few crypto exchanges have halted FTT deposits, crypto coin aggregation sites like coingecko.com have flagged the…