Cryptocurrency News – The Bahamas Acquires FTX Assets; Binance suspends Solana deposits; Grayscale confidence levels are at a low level; Twitter closes offices

Bahamas regulators control seized FTX assets to protect investors

A week after the Bahamas Securities Commission froze the assets of FTX’s Bahamian subsidiary, the regulator has been confirmed Transferring FTX’s digital assets to government-controlled digital wallets.

The regulator said it acted under “the authority of an order of the Supreme Court of the Bahamas”. It added that it would hold the assets “for safekeeping” while FTX goes through its bankruptcy declaration.

According to the financial regulator, the action was taken last Saturday under the Digital Assets and Registered Exchanges Act, 2020 (DARE Act) to protect the interests of clients and investors.

a Thursday filingAnd the Signed by FTX’s new CEO, John Ray, it indicates that some unspecified transfers of digital assets from FTX reserves were directed by the Bahamas’ financial regulator.

The security regulator will work with regulators and authorities in multiple jurisdictions to address matters affecting creditors to obtain the best possible outcome.

Binance suspends USDT and USDC-based stablecoin deposits based on Solana

Binance, the world’s largest cryptocurrency exchange by trading volume, has temporarily suspended stablecoin deposits held in Solana (USDT) and USD Coin (USDC).

The announcement raised concerns as Binance did not give reasons for the suspension. He merely said that they would remain suspended from the platform “until further notice”.

However, hours later it stated that it “reserves the right at its sole discretion to modify, alter or cancel this announcement” Binance Resume deposits for USDT. USDC remains temporarily suspended.

Concerns multiplied like other leading exchanges, incl OKXIt was followed by BitMex and ByBit. USDT and USDC stablecoins have also been suspended on their respective platforms.

While no official reasons were given, the suspension may be due to Solana’s close ties to bankrupt FTX.

Grayscale Bitcoin and Ethereum funds are at all-time lows

The shockwaves from the FTX crash sent the prices of Bitcoin (BTC) and Ethereum (ETH) to two-year lows. As the prices of the two leading cryptocurrencies plummeted, so did peer trusts on Grayscale.

According to the dataAmidst the market downturn, Grayscale Bitcoin Trust Fund (GBTC) negative premium expanded to 42.7%. This is the lowest negative premium rate the fund has ever recorded.

Similarly, Grayscale’s Ethereum fund negative premium fell to 40.12%, also a record low. Ethereum Classic is the worst cryptocurrency held by Grayscale, with a correlation of -66.95%.

Despite the declines in its trust funds, Grayscale said it was not affected by the recent collapse of Genesis Global Capital. Both companies are subsidiaries of the Digital Currency Group (DCG).

The decline in the value of GBTC, which owns 3.5% of the world’s bitcoins, has been linked to investors’ unwillingness to invest in the market due to the recent crash of FTX.

Twitter is closing offices, employees are quitting as users are turning to decentralized alternatives

Elon Musk’s Twitter takeover was eventful. In his latest move, so were the Twitter employees alerted All office buildings are temporarily closed and access to the badge is suspended. No reason is given.

The office closures come after Elon Musk required employees to sign a pledge to work “long hours at high intensity.” Twitter employees were required to sign off or vacate their offices by November 17. The closed office report comes the next day.

Twitter employees responded to the request with nearly 50% resignation. They took the second option to liquidate their offices and collect severance pay for three months. Employees aren’t the only ones leaving, as users were also saying goodbye to Twitter.

As users leave the platform, Mastodon, the decentralized alternative to the Bird app, has seen an increase in new registrations. In the first two weeks of Musk’s reign, Mastodon reportedly added more than 1 million new members.

Recent events confirm Buterin predicted That Twitter could face more competition or become a better platform depending on how Musk runs the company.

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