ALSO: Binance mulls buying banks, Dapper Labs cuts 22% of staff and more |
The biggest crypto news and ideas of the day |
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Hello and welcome to The Node. This is Daniel Kuhn and Xinyi Luo, here to take you through the latest in crypto news and why it matters. In today’s newsletter: |
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FTX’s Tokens comprises majority of SBF's Alameda $14B in Assets: A private financial document reviewed by CoinDesk unveiled that Alameda Research, Sam Bankman-Fried’s trading firm and whose assets amounted to $14.6 billion, holds roughly $5.82 billion worth of FTT tokens, a token issued by sister company FTX. Specifically, the balance sheet includes $3.66 billion worth of “unlocked FTT” and $2.16 billion worth of “FTT collateral.” |
| There are more FTX tokens among its $8 billion of liabilities: $292 million of “locked FTT.” “It’s fascinating to see that the majority of the net equity in the Alameda business is actually FTX’s own centrally controlled and printed-out-of-thin-air token,” said Cory Klippsten, CEO of investment platform Swan Bitcoin. |
Binance CEO Zhao Considering Buying Banks: Binance founder and CEO Changpeng Zhao expresses his potential interest to buy banks as a way of bridging the gap between the worlds of traditional finance and crypto. Zhao did not name any specific targets, and also said he's open to either minority investments or a full acquisition. |
Dapper Labs Cuts 22% of Staff as NFT Market Craters: Dapper Labs, which created the non-fungible token (NFT) marketplace NBA Top Shot, said it is laying off 22% of its staff, citing the "macroeconomic environment." In recent weeks firms including BitMEX, Digital Currency Group (DCG) and NYDIG have all trimmed headcount to weather the bear market. |
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Putting the news into perspective |
(Adam Levine/CoinDesk) Making This the Last 'Hacktober' The figures are in: October was the busiest month for crypto protocol exploits this year, with some $760 million stolen. The cumulative total for crypto hacks in 2022 is now at least $2.98 billion, already more than double the amount stolen through exploits in 2021, according to blockchain security firm Peckshield. Although only a small percentage of total crypto transactions being tied to criminal behavior, hacks will continue to tarnish the industry's reputation, D.K. writes. Read the full story here. |
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Overheard on CoinDesk TV... |
"We're seeing this revolution in the distribution technology and what artist can do." – SuperRare Chief Operating Officer Kyle Olney, on CoinDesk TV's "First Mover" |
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Microstrategy Could Have Pocketed $1.3B if Saylor Had Bought ETH (The Defiant) Andy Warhol would have loved (or possibly hated) NFTs (Cointelegraph) Crypto miners hit hard in digital asset industry’s downturn (FT) |
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