Binance is delisting the FTT tokens from its platform and will stop trading them. The crypto exchange announced that it is removing cross-margin trading pairs, including FTT/BUSD and FTT/USDT, on Monday morning. More: - On Nov. 13, Binance issued a statement on Twitter saying, "We've noticed a suspicious movement of a large amount of FTT" tokens.
- In order to protect users, the company paused deposits of FTT.
- Deposits resumed again once Binance investigated the situation, which was due to FTX's internal asset consolidation.
- On Monday morning, Binance removed all margin pairs, futures contracts, and Binance Flexible products that belonged to FTX native token.
- The company advised users to close any open positions. To protect users, the company will conduct an automatic settlement and cancel all pending orders.
- Users can still trade FTT paired with Binance's stablecoin BUSD.
- Binance CEO Changpeng "CZ" Zhao Tweeted, "Full disclosure: Binance never shorted FTT."
- The company still owns 5% of the total FTT supply.
Zoom out: - Approximately $1B in customer funds are missing from failed cryptocurrency exchange FTX; CEO Sam Bankman-Fried secretly transferred $10B of customer funds to his trading company, Alameda Research, after filing for bankruptcy.
- The development comes after $473M worth of crypto assets were suspiciously taken from FTX wallets on Friday evening.
- When asked about the missing funds, SBF responded with "???"
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The Miami Heat NBA team has ended its relationship with FTX and is searching for a new partner to rename the arena. The Miami Heat and Miami-Dade County released a joint statement saying reports about FTX are "extremely disappointing." More: - FTX had established several partners in the sports world, including purchasing naming rights for Miami's arena, valued at $135M over 19 years.
- The contract indicates if an "insolvency event" were to take place, then the exchange is liable to pay three years of contract fees within 60 days.
- If the payment is not made within 10 days, then 12% interest will be charged per annum.
- In the first year, the exchange paid the county $14M, while between years 2-4, it owes an annual fee of $5.5M. In year 5, it owes $6M, and by year 10, it owes $7M, then $8M by year 19.
- In addition to landing naming rights with the Heat, FTX had other sports partnerships; last season, MLB umpires wore an FTX patch on their uniforms.
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Crypto.com's token price dropped 50% after the exchange sent 320,000 ETH valued at $400M to the wrong wallet address. CEO Kris Marszalek confirmed that the funds were transferred to Gate.io by mistake. More: - Crypto.com was moving 320,000 Ether tokens to a new cold storage address (offline wallet). However, the funds were sent to Gate.io.
- The company stores users' funds in cold storage, while so-called hot wallet usage is solely for corporate assets.
- Etherscan confirmed a $400M transfer to Asian exchange Gate.io; CEO Kris Marszalek that the funds were returned to Crypto.com.
- Binance CEO wrote a statement on Twitter saying: "If an exchange [has] to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems."
- Last year, Crypto.com also sent an Australian woman $10.5M by mistake.
- She is currently undergoing a court fight after she spent the money on houses and other items. Her partner said he thought he had won a contest.
- The company will publish audits on its reserves in the coming days to ease concerns from the crypto community.
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Congressman Brad Sherman explains the importance of crypto regulations following the collapse of FTX. Sherman is a critic of the crypto industry who has previously said that crypto poses "many threats to our society." More: - Sherman (D-Calif.) says that due to the "sudden collapse this week of one of the largest cryptocurrency firms in the world," regulators need to take immediate and aggressive actions to monitor and regulate the crypto industry.
- The congressman blames billionaire "crypto bros" for hindering the progress of meaningful legislation by donating millions to political campaigns.
- Sam Bankman-Fried donated $39.8M in the 2022 U.S elections making him the largest contributor.
- Kevin O'Leary, in an interview with CNBC, said that U.S. regulators "need to start with one thing," for example, the Stablecoin Transparency Act, instead of regulating everything at once.
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Vitalik Buterin, the founder of Ethereum, shared his opinion on the collapse of FTX by saying Sam Bankman-Fried, as a public figure, deserves everything he's getting. Meanwhile, the CEO of Kraken says the recent events that led to the collapse of FTX are a "massive setback" to the crypto industry. More: - Buterin adds that although SBF as a public figure deserves what he is getting, "Sam the human being" deserves love and support.
- Michael Saylor shared his opinion on the FTX collapse, saying the collapse of the exchange could be beneficial for Bitcoin.
- If a crypto exchange holds assets, it should not be anybody's liability.
- "You need to have full transparency to it. And that's what Bitcoin is, and that's what [the FTX token] FTT was not," he claimed.
- Senator Cynthia Lummis believes that the recent events that have transpired between FTX and Binance serve as an example of why "we need clear rules" to regulate digital assets in the U.S.
- The CEO of cryptocurrency exchange Kraken, Jesse Powell, also shared his thoughts about the collapse of FTX in a series of tweets by saying, "Our good, trusting nature makes us easy targets for con artists."
- He believes that there were several FTX red flags surrounding Sam Bankman-Fried's actions that led us to this point:
- The first red flag is "acting like you know everything after showing up to the battle eight years late."
- The second red flag is spending "9 figs buying political favor" and "being overeager to please D.C."
- The fourth is making "huge ego purchases, like 9-fig sports deals."
- The next red flag is "being a 'media darling,' seeking out puff pieces."
- Then there is also "EA [Effective Altruism] virtue signaling" and the FTT token.
- He explained further that VCs have failed to due their due diligence, saying: "VCs, the media, the 'experts' failed" by vouching for individuals, projects, and businesses they had not done proper due diligence on.
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Tax-loss harvesting can also be used in crypto investments to offset capital gains from other profits. The markets were hit hard this year due to rising interest rates and an uncertain market outlook; Coindesk offers crypto investors some guidance for the upcoming tax season. More: - Investors use tax-loss harvesting to lower the amount of tax paid to the U.S. government by selling an investment that has lost value to offset gains from another investment.
- Traditional stock investors use the wash-sale rule, which prevents you from reinvesting within 30 days of selling.
- Since cryptocurrency is not considered a "security" like stocks, bonds, and funds, the wash-sale rule is not applicable as of 2022.
- However, investors that have lost value in the crypto position can sell the investment, capture the capital loss and reinvest it in the same digital asset without violating wash-sale rules.
Disclaimer: The information provided in this article is solely the author's opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.
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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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