 Binance is selling $529M of FTT tokens due to "recent revelations that came to light." FTT is the native token of Sam Bankman-Fried's FTX; the token dropped 7% to $23.06 in 24 hours following the news. More: - Binance CEO Changpeng "CZ" Zhao said that the company would liquidate its entire position in the FTT token as a means of "post-exit risk management" after learning the lessons from the LUNA collapse.
- Although CZ did not mention what "revelations" he was referring to, the decision to liquidate seems to be tied to a recently leaked balance sheet from Alameda Research.
- Billionaire Sam Bankman-Fried runs two companies, FTX and Alameda Research.
- The two companies are usually tied close together despite being separate businesses.
- Alameda rests on a foundation largely made up of FTT tokens and not an independent asset like a fiat currency or another crypto.
- There are more FTX tokens among its $8B liabilities: $292M of "locked FTT."
- The liabilities are dominated by $7.4B of loans.
- Caroline Ellison, CEO of Alameda, said, "that specific balance sheet is for a subset of our corporate entities; we have $10B of assets that aren't reflected here."
- Ellison also took to Twitter and wrote, "a bunch of unfounded rumors have been circulating."
- Zhao did not clarify how many FTT tokens it plans to sell, but he said that they were worth around $2.1B equivalent. It could take months to complete such a sale.
Coin Desk 
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 Arweave native token AR's price surged 60% after Meta Platforms announced plans to use the platform's decentralized storage system. The company's market cap rose to $838M, making it the third-largest Web3 token. More: - Meta is rolling out its NFT feature in collaboration with Arweave and Polygon; the AR token rose 60% from $10.50 to $16.60 over a 24-hour period.
- Arweave CEO and co-founder Sam Williams wrote a statement on Twitter saying, "Meta is now using Arweave to permanently store digital collectibles from Instagram."
- The company developed a decentralized storage protocol that intends to serve as "a permanent memory layer for humanity," powered by a system called the blockweave.
- In addition, Meta partnered with Polygon, which allows users to mint, buy, and sell NFTs at zero cost on the Instagram platform; fees will apply after 2024.
- The announcement caused a rippling effect in the metaverse space as the Filecoin and Storj tokens gained 10% and 25%, respectively.
Coin Desk
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A study by the University of Pompeu Fabra and the University of Barcelona revealed that 98% of projects listed on Uniswap from 2018 to 2021 were scams. The study was conducted by three researchers at the university, claiming that the majority of the projects that were listed on the protocol were rug pulls. More: - The study, "Do Not Rug On Me: Zero-Dimensional Scam Detection," was conducted by three researchers: Bruno Mazorra, Victor Adan, and Vanesa Daza.
- The researchers studied 27,588 tokens, of which 631 were deemed non-malicious and 26,957 were deemed malicious (scams). Of those, 24,870 were fast rug pulls.
- The researchers find this dataset enough to label all 26,957 tokens malicious, meaning 97.7% of the studied tokens are malicious.
- Some crypto traders questioned the methodology in response.
Crypto Potato
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 South Korean prosecutors have reportedly secured a "conversation history" in which "CEO Kwon specifically ordered price manipulation" of Luna Classic (LUNC), according to a report in local media. The founder's whereabouts are still unknown; he wrote a statement on Twitter claiming that he is "not on the run" but is concerned for his personal safety. More: - Further details of the price manipulation remain undisclosed; however, it is worth noting that the price of Terra's LUNA Terra last year was the most impressive across all cryptocurrencies.
- The token rose over 2,800% from $4.18 in late May 2021 to $119.18 on April 5, 2022.
- Fast forward to Nov. 1, 2022, and the Terra Luna classic is experiencing heavy losses.
- The market cap valuation stood at $1.60B but dropped 10% as it settled at $1.47B, losing $130M in 24 hours.
- LUNC was trading at $0.00022394 at the time of writing and is now down by 8% over a week.
- The whereabouts of founder Do Kwon remain unknown, but sources have pointed out that he may be hiding in Europe; South Korea's lack of definitive crypto laws may serve as a barrier in the prosecution of the CEO.
Coin Telegraph
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The investigation into the death of MakerDAO co-founder Nikolai Mushegian, 29, is still ongoing, but police in Puerto Rico said they have found no evidence of foul play. He was found dead on a Puerto Rican beach hours after tweeting that "mysterious forces" were planning to kill him. More: - Mushegian wrote a statement on Twitter saying the mysterious forces, including Mossad, the CIA, and a "pedo ring," were planning to kill him.
- He wrote: "CIA and Mossad and pedo elite are running some kind of sex trafficking entrapment blackmail ring out of Puerto Rico and Caribbean islands. They are going to frame me with a laptop planted by my ex gf who was a spy. They will torture me to death."
- Hours later, his body was found washed up on Ashford beach in the Condado neighborhood of San Juan, Puerto Rico.
- The area is known for dangerous swimming conditions and has warning signs for beachgoers not to swim.
- San Juan police say there is no evidence of foul play, but he did suffer a small laceration to his skull.
- An official autopsy report and investigation are underway. The results take a month or more.
- Sources close to the investigation say that Mushegian's death could be ruled as a suicide, emphasizing the prevalence of mental health issues afflicting "brilliant but troubled" leaders in the crypto space.
- Rune Christensen, co-founder of MakerDAO, said that Mushegian "seemed happy to be building his new stablecoin RICO ... But he was also worried about a criminal group he believed was trying to interfere with his work."
Decrypt
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Binance processed $8B worth of transactions despite U.S. sanctions that were implemented to cut Iran off from the global financial system. Iranian cryptocurrency platforms are not under any sanctions. However, the laws prohibit any U.S. entity or U.S. national firm from selling goods and services to Iranian residents. More: - Binance operates in Bahrain, Dubai, Paris, and the Cayman Islands, and its subsidiary company, Binance U.S., operates in the United States.
- Chainalysis data shows that a total of $7.8B worth of funds was transferred between Binance and Iran's largest crypto exchange, Nobitex.
- Tron, a decentralized, open-source blockchain-based operating system, was used to transfer funds.
- Nobitex recommended TRON (TRX) carry out anonymous trading without "endangering assets due to sanctions" on its website.
- In response to the allegations, Binance says it froze and blocked accounts of bad actors.
- However, it clarified that "Binance.com is not a U.S. company, unlike other platforms that have exposure to these same U.S sanctions entities," says Binance spokesperson Patrick Hillmann.
- In addition, Chagri Poyraz, head of sanctions at Binance, said: "Earlier in the week, we discovered that Binance interacted" with "bad actors" using Iranian cryptocurrency exchanges.
- In 2018, the Trump administration announced that the U.S. would withdraw from Iran's nuclear deal, imposing sanctions that ban U.S companies from doing business in Iran.
Reuters
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- A group of crypto enthusiasts raised $4.8M for soccer-themed NFTs to start a new soccer team in the U.K.
- Countries that fail to implement anti-money laundering guidelines for cryptocurrencies are to be added to the "grey list" as new regulations take place.
- BlockFi is launching the BlockFi Yield, the first crypto product since its settlement with the SEC.
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 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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Laika is a unified compliance platform that automates workflows for audits, infosec monitoring, and vendor due diligence in a single, collaborative space. | |
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