The largest information within the cryptoverse for Nov. 11 consists of  FTX submitting for chapter as John Ray III takes over from Sam Bankman-Fried as CEO, FTX customers in search of to bypass chapter course of utilizing the “Bahamas loophole”, US Congressman accused SEC Chairman of getting doubtful ties to FTX, and Crypto.com disclosing reserve holdings to allay rumors of insolvency. CryptoSlate High StoriesFTX recordsdata for chapter, Sam Bankman-Fried steps down from CEO roleAbout 130 firms affiliated with the FTX Group have collectively filed for Chapter 11 chapter on Nov. 11. The change stated that it’s going to work to restructure its remaining property in order to refund affected stakeholders.As well as, John Ray III will take up the CEO function from Sam Bankman-Fried.Binance CEO expects extra regulatory scrutiny following FTX implosionBinance CEO Changpeng Zhao “CZ” stated it needed to again off the FTX deal, on account of the regulatory scrutiny FTX has to battle with.CZ added that the FTX collapse will name for elevated scrutiny of crypto exchanges. For extra transparency, CZ recommends that regulators ought to contemplate auditing the change’s enterprise fashions and proof-of-reserves, along with KYC and AML legal guidelines.Crypto.com discloses partial reserves in bid to counter insolvency rumorsFollowing the FTX fallout, a number of crypto exchanges together with Crypto.com have moved to reveal their reserve holdings, to allay fears of insolvency.In accordance with particulars shared by Crypto.com CEO Kris Marszalek, the change holds about 53,024 Bitcoin, 391,564 Ethereum, and a few altcoins which totaled roughly $3 billion.Pantera Capital swiftly implements precautionary measures following FTX, Alameda falloutVenture Capital agency Pantera stated it carried out a threat evaluation for tasks in its funding portfolio, in order to take preventive measures following the FTX collapse.From the evaluation report, about 95% of the tasks in Pantera’s portfolio don’t have any publicity to FTX or Alameda. Nonetheless, two startups have been affected and can obtain additional help from the funding agency.US Congressman says SEC’s Gensler allegedly had doubtful ties to FTX, guarantees investigationSEC Chairman Gary Gensler, FTX CEO Sam Bankman-Fried, and Alameda CEO Caroline Ellison, reportedly have a long-standing relationship that was linked to MIT.Because of this, rumors are spreading that Gensler had sinister ties to FTX, in an try to assist FTX acquire extra management over the crypto house.In response to the speculations, crypto-friendly U.S. Congressman Tom Emmer stated he would launch an investigation to uncover Gensler’s function in serving to FTX acquire a regulatory monopoly.Determined FTX customers make use of shady ways to bypass chapter processIn the wake of the FTX collapse, the Bahamas’ authority froze FTX’s property. Nonetheless, it approved Bahamians to withdraw their remaining funds.Because of this, many FTX customers are opting to collaborate with Bahamian residents to assist withdraw their funds. Whereas some crypto group members have criticized the act as unlawful, many traders together with @depression2019 stated it was higher to make use of such ways to reclaim full funds as a substitute of ready for a 5-year chapter course of.BlockFi halts withdrawals amid FTX disaster, Genesis Buying and selling, Crypto.com emphasize transparencyThe FTX fallout impact has caught up with BlockFi because it moved to droop withdrawals and buying and selling actions on its platform. BlockFi reportedly has a $400 million mortgage from FTX.US due for July 2023.Kucoin CEO addresses rumours surrounding FTX, FTT exposureIn efforts to distance Kucoin from the FTX collapse, CEO Johnny Lyu shared some particulars of the Kucoin proof-of-reserve.As of publication, Kucoin held about 20,504 BTC, 180,299 ETH, 69.6 million KCS, 1.08 million USDT, and 365 million USDC.Realized Bitcoin losses spike as Grayscale GBTC trades at lower than $10k BTC equivalentFTX’s collapse which began on Nov. 9 compelled Bitcoin to fall beneath $15,590. Because of this, the realized losses on the flagship asset have spiked to new highs.Equally, Grayscale’s GBTC share has declined to an all-time low of $9,771. The GBTC is buying and selling at a 41% low cost to its internet asset worth (NAV).FTX crash pushes Bitcoin to self-custody; Ethereum switched for stablecoinsAs the FTX contagion unfolds, extra traders are shifting their Bitcoin approach from centralized exchanges into self-custody wallets. Glassnode information exhibits that as of Nov. 11, out of roughly 19 million BTC in circulation, as much as 78% (roughly 15 million) are held in self-custody. Because of this, Bitcoin’s illiquid provide chart has spiked to new highs.Additional on-chain investigation revealed that the market cap of the highest 4 stablecoins has flipped that of Ethereum. By implication, extra traders are shifting funds into stablecoins to hedge towards the rising crypto market uncertainty.Analysis HighlightIn spite of FTX disaster, Bitcoin whales lead aggressive accumulation phaseThe FTX collapse has fueled bearish sentiment throughout the market. Nonetheless, on-chain information analyzed by CryptoSlate signifies that Bitcoin whales growing their holdings.As of Nov. 10, the buildup development rating (ATS) reached about 0.74, which signifies that Bitcoin traders are actively accumulating.Equally, the change internet place change chart exhibits that holdings of whales and tremendous whales have elevated considerably extra just lately.Information from the CryptoverseFTX withdraws US CFTC derivatives planFollowing the chapter submitting of the FTX Group earlier on Nov. 11, Bloomberg reported that the corporate has withdrawn a derivatives clearing plan submitted to the U.S. Commodity Futures Buying and selling Fee (CFTC).The proposal would have allowed FTX customers to entry and mitigate derivatives threat in actual time.Deribit adjusts withdrawals and deposits procedureDeribit change has notified customers to create new pockets addresses following its Fireblocks replace. Customers have been cautioned towards sending funds to their earlier accounts.Withdrawal requests on the change might be permitted and processed manually by a Deribit withdrawal.Crypto MarketIn the final 24 hours, Bitcoin (BTC) decreased by over 3%  to commerce at $16,722, whereas Ethereum (ETH) declined by 2.2% to commerce at $1,258.Largest Gainers (24h)Largest Losers (24h)Get an Edge on the Crypto Market 👇Turn out to be a member of CryptoSlate Edge and entry our unique Discord group, extra unique content material and evaluation. On-chain evaluation Value snapshots Extra context Be a part of now for $19/month Discover all advantages



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