[ad_1] <br><div data-v-887bb764=""><p>Bitcoin (<a target="_blank" href="https://cointelegraph.com/bitcoin-price" rel="noopener">BTC</a>) is the best financial revolution of the fashionable age. By merely shopping for and holding Bitcoin, residents are staging a peaceable protest towards the indentured servitude introduced on by fiat economics. Within the course of, they’ve initiated one of many best wealth transfers of all time — a course of that can take many years to play out absolutely. </p><p>Bitcoin has additionally galvanized a trillion-dollar cryptocurrency and blockchain trade — a double-edged sword that's each inspiring and horrifying. Sam Bankman-Fried, the disgraced founding father of the <a target="_blank" href="https://cointelegraph.com/news/ftx-ftx-us-and-alameda-file-for-chapter-11-bankruptcy-in-us-sbf-resigns" rel="noopener">now-bankrupt FTX Group</a>, is a case research of what can go unsuitable when pariahs are in command of main firms. <a target="_blank" href="https://cointelegraph.com/magazine/ftx-goes-up-flames-impacts-broader-crypto-industry-causing-regulators-respond-hodlers-digest-nov-6-12/" rel="noopener">Sam Bankman-Fried</a>, or SBF as he’s usually referred to as, has “sincerely apologized” for defrauding buyers, conning auditors and utilizing buyer funds to prop up FTX’s sister hedge fund. We haven’t even untangled the political internet that SBF finds himself in — one <a target="_blank" href="https://cointelegraph.com/news/thousands-petition-for-congressional-investigation-of-alleged-gensler-sbf-links" rel="noopener">that may include Gary Gensler</a> of the US Securities and Alternate Fee. </p><p>This week’s Crypto Biz continues to unpack the implosion of FTX, which, as of 10 days in the past, was the second-largest digital asset change on the planet. </p><h3>Sam Bankman-Fried is ‘below supervision’ in Bahamas, seeking to flee to Dubai</h3><p>After <a target="_blank" href="https://cointelegraph.com/news/sam-bankman-fried-denies-rumors-that-he-fled-to-argentina" rel="noopener">denying rumors that he fled to Argentina</a> over the weekend, <a target="_blank" href="https://cointelegraph.com/news/sam-bankman-fried-is-under-supervision-in-bahamas-looking-to-flee-to-dubai" rel="noopener">SBF was said to be under supervision</a> within the Bahamas alongside FTX executives Gary Wang and Nishad Singh. A supply conversant in the matter knowledgeable Cointelegraph that it could be tough for the trio to depart the nation on their very own accord. The identical supply, who selected to stay nameless, additionally claimed that Alameda Analysis CEO Caroline Ellison was attempting to flee to Dubai to keep away from extradition to the US. Regardless of attempting to convey a modest way of life to the general public, SBF lives in a $40 million penthouse within the Bahamas. </p><h3>FTX fallout continues: BlockFi reportedly mulling chapter, SALT pauses withdrawals and deposits</h3><p>The fallout from the FTX debacle was each quick and devastating as Bitcoin lender <a target="_blank" href="https://cointelegraph.com/news/blockfi-limits-platform-activity-including-a-halt-on-client-withdrawals" rel="noopener">BlockFi halted platform</a> exercise, resulting in credible rumors that it was on the verge of chapter. In an official replace to purchasers on Nov. 14, <a target="_blank" href="https://cointelegraph.com/news/ftx-fallout-continues-blockfi-reportedly-mulling-bankruptcy-salt-pauses-withdrawals-and-deposits" rel="noopener">BlockFi said it had “significant exposure”</a> to FTX and its affiliated corporations. In the meantime, crypto lending firm SALT additionally disclosed this week that it was halting platform exercise, together with pausing all deposits and withdrawals, as a result of FTX contagion. As Cointelegraph reported, SALT CEO Shawn Owen has denied allegations that his firm was “going bust.” However, issues don’t look good for SALT customers in the intervening time. </p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Salt lending goes bust. </p><p>If you happen to at present have cash on a lending platform or “earn” platform, GET IT OFF. <a target="_blank" href="https://t.co/eOIGG8yTrO" rel="noopener">pic.twitter.com/eOIGG8yTrO</a></p>— Coffeezilla (@coffeebreak_YT) <a target="_blank" href="https://twitter.com/coffeebreak_YT/status/1592567205727961089?ref_src=twsrc%5Etfw" rel="noopener">November 15, 2022</a></blockquote>
<h3>Genesis World halts withdrawals citing ‘unprecedented market turmoil’</h3><p>On Nov. 16, the FTX contagion spilled over into the institutional markets as liquidity supplier Genesis World introduced <a target="_blank" href="https://cointelegraph.com/news/breaking-crypto-lender-genesis-global-halts-withdrawals" rel="noopener">a temporary suspension of withdrawals</a> resulting from “unprecedented market turmoil.” Genesis World isn’t a family title in crypto, but it surely does present liquidity to <a target="_blank" href="https://cointelegraph.com/news/grayscale-bitcoin-trust-closes-with-41-premium-lost-amid-ftx-meltdown" rel="noopener">Grayscale’s Bitcoin Investment Trust</a>, which at present has over $20 billion in internet belongings. Genesis managed to climate the <a target="_blank" href="https://cointelegraph.com/news/crypto-biz-3ac-s-founders-are-nowhere-to-be-found" rel="noopener">Three Arrows Capital collapse</a> earlier this 12 months, having since filed a $1.2 billion declare towards the failed hedge fund. It’s unclear whether or not Genesis will survive the FTX meltdown, because it had $175 million value of funds caught on the change. </p><h3>FTX chapter freezes tens of millions value of crypto firm funds</h3><p>Along with BlockFi, SALT and Genesis World, a number of corporations had been left holding the bag on FTX’s chapter. Hedge fund Galois Capital is <a target="_blank" href="https://cointelegraph.com/news/ftx-bankruptcy-freezes-millions-worth-of-crypto-company-funds" rel="noopener">said to have as much as $50 million</a> value of crypto caught on FTX. New Huo Expertise, which owns the Hong Kong crypto change Hbit, has been unable to withdraw $18.1 million of digital belongings from FTX. Nestcoin, a Nigerian Web3 startup, has reported related issues however didn’t disclose how a lot cash was locked up on SBF’s change. FTX touched each nook of the cryptocurrency market, leaving tens of millions of individuals uncovered. Extra particulars will come to gentle within the coming weeks and months. </p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">An replace shared with our buyers earlier as we speak on the FTX incident and its impression on <a target="_blank" href="https://twitter.com/Nestcoin?ref_src=twsrc%5Etfw" rel="noopener">@Nestcoin</a>. <a target="_blank" href="https://t.co/0Mjo4SYF7R" rel="noopener">pic.twitter.com/0Mjo4SYF7R</a></p>— YB (25,25) ⏳ (@YeleBademosi) <a target="_blank" href="https://twitter.com/YeleBademosi/status/1592144271163142145?ref_src=twsrc%5Etfw" rel="noopener">November 14, 2022</a></blockquote>
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