Financial Times:
Sources: Winklevoss twins’ Gemini crypto exchange is trying to recover $900M owed to it by Genesis Global and Genesis’ parent company Digital Currency Group — New York-based Gemini is trying to recover funds after FTX failure plunged market into turmoil — Digital asset trading group Genesis …
Adam James / The Block:
Research: Binance had a 55.1% market share in spot crypto trading in the past 24 hours and 54.4% of derivatives trading, easily surpassing FTX and others — – Binance accounted for more than 55% of the spot crypto market over the last 24 hours. — The exchange also claimed …
Angus Berwick / Reuters:
Sources: spreadsheets shown by SBF to FTX’s regulatory and legal teams show that at least $1B of client funds that moved from FTX to Alameda is unaccounted for — At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter.
Nelson Wang / CoinDesk:
Genesis’ crypto lending unit, which had $2.8B in active loans in Q3, suspends redemptions and new loan originations; trading and custody units are unaffected — The unit, known as Genesis Global Capital, serves an institutional client base and had $2.8 billion in total active loans as of the end of the third quarter of 2022.
Bloomberg:
Sources: FTX’s derivatives exchange LedgerX is for sale, attracting interest from Blockchain.com, Gemini, and others; Nov. 17 filing: LedgerX had ~$303M in cash — LedgerX, one of the few solvent pieces of Sam Bankman-Fried’s crumbled FTX empire, is for sale and attracting interest …
Wall Street Journal:
FTX’s collapse was exacerbated by centralization; FTX being a decentralized exchange, based on smart contracts, could have prevented SBF draining customer funds — Automated market makers can obviate the need to hold customer money and the opportunity for fraud.
Wall Street Journal:
Sources: Alameda CEO Caroline Ellison told staff on November 9 that she, SBF, and two FTX executives were aware that FTX lent its customers’ money to Alameda — Trading firm Alameda’s troubles helped lead to the bankruptcy of crypto exchange FTX — Alameda Research’s chief executive …
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