💥 FTX Hit By $1.2B in Withdrawals as Confidence Wavers in Exchange Giant

Hello Defiers! Here’s what we’re covering today. But first, we’d like to take a minute to thank our sponsors, who make it possible for us to send out today’s newsletter.

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FTX Drama

• FTX Hit By $1.2B in Withdrawals as Confidence Wavers in Exchange Giant
• CZ Cranks Up Pressure on FTX With Massive Token Sale

News

• Polygon Working to Become ‘True Layer 2’
• U.S. Authorities Seize $1B Worth of Bitcoin from Silk Road Heist
• Wintermute Elbows Into Crowded DEX Market

NFT News

• OpenSea Roils NFT Market With ‘Enforcement Tool’ For Creators

Sponsored post

• The Knights Who Say Nah

Podcast

Video

• Daily Defiant: FTX Insolvency Rumors Are Flying and Binance’s CZ is Making it Worse
• Weekly Recap: Art Gobblers, Coinbase Savings, Chicken Bonds, JPMorgan in DeFi, Instagram NFTs

DeFi Explainers

• What Is LUNC?

Elsewhere

• SEC issues subpoena to influencers promoting HEX, Pulsechain and PulseX: CoinTelegraph
• Coinbase Deal Shows Google Is Committed to Crypto – How Much Depends on Whom You Ask: CoinDesk
• Our minds were blown at Day 2 of #SolanaBreakpoint: Solana

Trending in The Defiant

• Mistaken $1B Hack Exposes ‘Blessing and Curse’ of Web3
• Art Gobblers’ Floor Price Drops 50% After Splashy Debut
• What Is dYdX?

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FTX Crisis

💥 FTX Hit By $1.2B in Withdrawals as Confidence Wavers in Exchange Giant

Binance’s Move to Sell FTT Position Triggers 22% Plunge as FTX Scrambles to Shore Up Liquidity

By Samuel Haig

SIEGE FTX’s reserves are under siege as a wave of users withdraw their assets from the derivatives exchange after its dependency on its token FTT and its relationship with a sister company, Alameda Research, raised doubts about its financial strength.

WITHDRAWN On Nov, 8, Nansen reported that FTX users had withdrawn $1.2B worth of Ether and ERC-20 tokens from the exchange over the last 24 hours, and deposited just $540M during the same period.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

FTX Crisis

👀 CZ Cranks Up Pressure on FTX With Massive Token Sale

Binance Plans to Liquidate FTT Stake After Report Raises Questions About Symbiosis of FTX and Alameda

By Samuel Haig

DUMP In a major development for FTX, Binance, a rival cryptocurrency exchange, is planning to dump FTT tokens on the market, according to CEO Changpeng Zhou.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Sponsored Post

The Knights Who Say Nah is the brainchild of Nick Richey, who is not only an award-winning indie screenwriter and director but also the Keeper of Arms of the largest private collection of arms and armor in the world. Knights marries Nick’s love of media and antiquities, resulting in a multi-platform media company on a mission to democratize access to the world of ancient artifacts.

Knights has pioneered photogrammetry techniques to take one-of-a-kind ancient objects and bring them to the metaverse in 3D, bringing you up-close and personal with each sword, rapier, battle helmet, and beyond. The project will kick off with four culture “drops,” each release representing a different ancient warrior culture. Each drop will include a limited release of 2D collectible avatars and 3D collectible artifact NFTs.

This month, the Knights will open the doors to their carefully constructed universe. Token holders will receive a challenge to “Slay The Dragon,” access to a hidden writers’ room with exclusive first-look access to first draft scripts and concept art, and vote on important decisions regarding the collection. To take your first step into the immersive, multi-cultural Knights universe, follow @KnightsSayNah on Twitter, join the Knights Discord, and visit knightssaynah.com.

Blockchains

💠 Polygon Working to Become ‘True Layer 2’

Aims To Address Security and Decentralization Concerns

By Aleksandar Gilbert

CRITIQUES Polygon, the most popular of Ethereum’s many scaling solutions, is working to address one of its most persistent critiques and tap into the security and decentralization of Ethereum, according to its co-founders.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

NFT Marketplaces

🌊 OpenSea Roils NFT Market With ‘Enforcement Tool’ For Creators

NFT Marketplace to Let Artists Prevent Sale of Work on Non-Royalty Sites

By Samuel Haig

TOOL NFT creators are finally getting a little financial help. At least that’s the pitch from OpenSea. On Tuesday, OpenSea, the No. 1 NFT marketplace, plans to release an “on-chain enforcement tool” that will let artists stop their work from being sold on sites that do not distribute royalty fees.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Bitcoin Heists

🦹🏻‍♂️ U.S. Authorities Seize $1B Worth of Bitcoin from Silk Road Heist

Bitcoin Keys Were Stashed in Underground Safe and Devices

By Tarang Khaitan

DARKWEB The U.S. Department of Justice said Nov. 7 that it seized more than 50,000 Bitcoin stolen from darkweb marketplace Silk Road a decade ago.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

DEXs

🥊 Wintermute Elbows Into Crowded DEX Market

Bebop Hopes to Win Share With No Slippage Feature

By Aleksandar Gilbert

LAUNCH Bebop, a decentralized exchange built by crypto market maker Wintermute, launched Tuesday on the Polygon blockchain with an old-fashioned approach to an issue that has plagued DeFi for two years — delivering assets at quoted prices.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

The Tube

📺 Daily Defiant: FTX Insolvency Rumors Are Flying and Binance’s CZ is Making it Worse

📺 Weekly Recap: Art Gobblers, Coinbase Savings, Chicken Bonds, JPMorgan in DeFi, Instagram NFTs

Shoutout

Launch your own token in less than 3 simple clicks for the chance to win over 150,000 WX tokens in prizes! Visit our website now to get started!

Podcast Video

📺🎙 How Arbitrum Became The Number 1 Layer 2

DeFi Explainers

🤔 What Is LUNC?

A Step-by-Step Guide to Terra’s Failed Tokens

By Rahul Nambiampurath

REBRANDED Following the collapse of the Terra ecosystem in May 2022, the blockchain was rebranded and hard-forked into Terra 2.0. The LUNA Classic token was a part of that rebranding, as the renamed original LUNA leftover.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Elsewhere

🔗 SEC issues subpoena to influencers promoting HEX, Pulsechain and PulseX: CoinTelegraph

Over several years, social media influencers have earned a bad rep among regulators for shilling risky and unvetted tokens to millions of investors.

🔗 Coinbase Deal Shows Google Is Committed to Crypto – How Much Depends on Whom You Ask: CoinDesk

Going by recent headlines and what the company says, one would assume Google is diving into crypto.

It's time to meet some of the builders at #SolanaBreakpoint!
🧵



— Solana Breakpoint | 🚋 LISBON Nov. 4-7 (@SolanaConf) November 6, 2022

Trending in The Defiant

• Mistaken $1B Hack Exposes ‘Blessing and Curse’ of Web3The cross-chain bridge provider, pNetwork, swung into damage control after its attempt to address a “misconfiguration” in its code gave the appearance of a $1B hack.
• Art Gobblers’ Floor Price Drops 50% After Splashy DebutArt Gobblers, a highly anticipated NFT collection designed by Rick and Morty creator Justin Roiland and backed by Paradigm, the web3 venture capital fund, saw its floor price cut in half on Nov. 3.
• What Is dYdX?DYdX is a decentralized exchange (DEX) hosted on Ethereum that enables the swap of at least 36 cryptocurrencies without know-your-customer (KYC) identity verification.

🧑‍💻 ✍️ Stories in The Defiant are written by Owen Fernau, Aleksandar Gilbert, Samuel Haig, and yyctrader, and edited by Edward Robinson, yyctrader and Camila Russo. Videos were produced by Alp Gasimov. Podcast was led by Camila, edited by Alp.

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