In this brand new series, we at CoinDCX want to keep you abreast of everything that has been happening on Twitter, crypto and everything in between. This past week has been in a whirlwind of activity – with one of the most recent and talked about news being crypto lending behemoth BlockFi filed for Chapter 11 under the bankruptcy code less than two weeks after the FTX crypto exchange.
The sentiment of the overall crypto twitter has been on the bearish side, primarily led by the FUD around the FTX collapse. The whole discourse on crypto Twitter was primarily led by firms disclosing their exposure to the fallen FTX exchange and its tokens, FTT. However, in the Indian perspective – things have begun to look to the brighter side. Read on to know more!
MONDAY – 21 NOVEMBER
The week began on a rather sombre note, with new developments on the FTX collapse. Towards the end of the FTX collapse fiasco, the exchange was targeted by a hacker who stole approximately $477 million worth of ETH tokens. Out of that, it sent about 180k ETH or about $200 million to at least a dozen wallets on the morning of 21 November, 2022. Definitely, not a good start to the week.
BREAKING: The FTX hacker is selling thousands of ETH and buying wrapped #Bitcoin
— Bitcoin Magazine (@BitcoinMagazine) November 20, 2022
But on a positive note for more mass adoption of crypto – American investment banking giant, JP Morgan Chase filed for a trademark for a crypto wallet. This comes ahead of the news that the firm would be offering crypto services, including Bitcoin exchange services via the newly developed trademark.
JUST IN: JPMorgan officially registers a #cryptocurrency wallet trademark.
— Watcher.Guru (@WatcherGuru) November 21, 2022
TUESDAY – 22 NOVEMBER
Along the same lines – another major crypto service provider Genesis claimed that a bankruptcy could very well be on the way if more funding isn’t raised. This arrives after the platform stated its need for a $1 billion emergency fund by this week. In response to this, a user took to Twitter to post a timeline of Genesis’ statements about its FTX exposure over the past month.
November 8: "No material net credit exposure"
November 9: We lost $7M
November 10: Okay, we have $175M locked in FTX
November 16: Sorry, no withdrawals or new loans
November 17: Okay, we need $1BN
November 21: We'll go bankrupt without the money
— Cred (@CryptoCred) November 21, 2022
Also on the same day, one of the biggest crypto data and news aggregators, CoinMarketCap announced the launch of its new ‘Exchange’s Proof of Reserves‘ tab on its platform. This would come as a boon to all crypto investors and traders to accurately and quickly verify the financial standing of crypto exchanges.
NEW #CMC Feature: Exchange’s Proof of Reserves 🏦
Proof of Reserves (PoR) provides transparency to #cryptocurrency reserves through a verifiable auditing practice.
— CoinMarketCap (@CoinMarketCap) November 22, 2022
WEDNESDAY – 23 NOVEMBER
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— BuidlersTribe is at EthDenver (@BuidlersTribe) November 23, 2022
Also, according to a new research paper by Harvard – central banks should HODL Bitcoin! Crypto mainstream adoption ftw!
New Harvard University economics paper explains why banks should hodl #bitcoin pic.twitter.com/jWWiFcXmED
— Documenting ₿itcoin 📄 (@DocumentingBTC) November 23, 2022
THURSDAY – 24 NOVEMBER
This was the day CoinDCX co-founder, Sumit Gupta took to Twitter to share CoinDCX’s proof of reserves, published in partnership with Nansen AI.
2/5 So, as promised, we are sharing our Proof of Reserves publicly. Our on-chain and off-chain assets with a complete list of wallet addresses is now open to everyone and can be verified with a click of a button.https://t.co/3MJvBm2nq5 pic.twitter.com/g0RsqpTCHm
— Sumit Gupta (CoinDCX) (@smtgpt) November 24, 2022
The biggest crypto exchange in India – CoinDCX garnered a lot of positive attention and appreciation for such prompt action on the user demand for publishing proof of reserves, take a look!
🚨Crypto exchange @CoinDCX published its Proof-of-Reserves in partnership with Nansen. A glance at the dashboard shows its net worth, token & protocol allocation, asset worth, cumulative P&L..here's what @smtgpt told us..w/@PriyankaIyerhttps://t.co/cnQ7ukIIm5
— Sanghamitra (@sangha_kar) November 24, 2022
Giving what matters most to people of India, Trust! In CEC. @CoinDCX, a crypto exchange published PoR. #coindcx https://t.co/xn9XIjo9yR
— Sachin (@SachinWeb3India) November 24, 2022
However, on the flip side – two Cardano based projects ceased operations on their respective crypto projects. The first was the privacy focused Orbis and the ‘all-in-one decentralized stablecoin ecosystem’ Ardana – also known as the DeFi hub of Cardano.
Hey all of
Unfortunately due to constrained funding and uncertain conditions, Orbis Labs is unable to continue building and the project as come to a halt. This is unfortunate given the amazoing research and work that has been produced.
— Orbis (@orbisproject) November 24, 2022
Hello Ardana community,
Unfortunately due to recent developments with regards to funding and project timeline uncertainty, the Ardana project has had to come to a halt. Our code will remain open source for builders to continue our work going forward as they wish.
— Ardana – DeFi Hub of Cardano (@ArdanaProject) November 24, 2022
Funnily enough, tweets from both these projects cited similar reason behind shuttering operations – mainly pertaining to constraints in obtaining funding to continue their respective research and development.
FRIDAY – 25 NOVEMBER
On this day, we saw more details emerge about the Ethereum’s second most significant upgrade – after the Ethereum Merge that happened on 15 September, 2022. The ‘Shanghai’ upgrade is highly anticipated and several EIPs were listed and considered for inclusion, according to Ethereum core developer Tim Beiko.
.@TimBeiko quick recap of core devs call
Shared on Eth R&D Discord pic.twitter.com/vtJKarxJza
— abcoathup.eth 🦉🐡 🦇🔊 (@abcoathup) November 25, 2022
Even Ethereum co-founder Vitalik Buterin took to Twitter to talk about the proposals that are being considered post the recent R&D call.
Read more: Ethereum Shanghai Upgrade
Thread summarizing amazing progress on EIP-4844 (proto-danksharding).
This is a crucial first step to massively lower fees on L2, helping to make it affordable for much larger numbers of users to directly use on-chain applications instead of relying on cefi intermediaries. https://t.co/cMeIAV5aN5
— vitalik.eth (@VitalikButerin) November 24, 2022
Catch the Latest Crypto News & Updates on CoinDCX Blog
SUNDAY – 27 NOVEMBER
In a side note – crypto Twitter never fails to amuse you. In the recent iteration of crypto Twitter’s version of humor, popular crypto influencer BitBoy, aka Brian Armstrong – flew out all the way to the Bahamas where FTX’s founder Sam Bankman-Fried was last spotted – in an attempt to get an audience with him. Needless to say he didn’t get it – but his journey did go viral!
Hey Sam. I’m still here for you when you want to talk. No bull.
Put me on the guest list and I’ll be there in the morning. pic.twitter.com/3dskSWlCDe
— Ben Armstrong (@Bitboy_Crypto) November 27, 2022
MONDAY – 28 NOVEMBER
This is definitely going to be the biggest news in the past week – with BlockFi filing for voluntary cases under Chapter 11 of the US Bankruptcy Code. According to the crypto lending behemoth – their heavy exposure to the FTX crypto exchange had resulted in the formation of a liquidity crunch.
Today, BlockFi filed voluntary cases under Chapter 11 of the U.S. Bankruptcy Code.https://t.co/adaAx6me4r
— BlockFi (@BlockFi) November 28, 2022