TLDR Crypto Daily Update 2022-11-08

Binance's war on FTX ⚔️, Feds seize $3.36B BTC 🪙, EVM on Solana ☀️

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Markets & Business

Tensions Between Crypto Giants FTX, Binance Spill Into Public View (5 minute read)

Sam Bankman-Fried and Changpeng Zhao engaged in open warfare on Twitter over the weekend. CZ announced on Sunday that Binance was poised to sell its FTT holdings for risk management purposes. He tweeted that the company would not support people who lobby against other industry players behind their backs. SBF claims that Binance is trying to go after FTX with false rumors. Investors are concerned that any large selling orders of FTT could cause the token's price to plummet.

Solana Falls and Speculation Centers on Links to Sam Bankman-Fried’s FTX, Alameda (2 minute read)

Alameda Research's second-largest holding after FTT is Solana's SOL token. The firm holds $292 million of unlocked SOL, $863 million of locked SOL, and $41 million of SOL collateral. The SOL is at risk of being liquidated if Alameda needs the funds for whatever reason. SOL's price recently spiked 15% following a partnership announcement between Google Cloud and Solana, but its price has tumbled back down again since.
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Innovation & Launches

Vitalik reveals a new phase in the Ethereum roadmap: The Scourge (2 minute read)

Vitalik Buterin has added a new stage to the Ethereum technical roadmap called the Scourge. The Scourge aims to ensure reliable and credibly neutral transaction inclusion and avoid centralization and other protocol risks from MEV. Ethereum has experienced a higher degree of centralization and censorship following the Merge. 73% of blocks generated on November 3 were OFAC compliant.

BlockFi is back in the crypto yield business (1 minute read)

BlockFi has introduced a new digital assets interest product for accredited investors. It features competitive interest rates on 15 digital assets and no minimum investment. BlockFi agreed to pay a $100 million penalty to the SEC earlier this year for offering and selling its BlockFi Interest Accounts product. Many regulators say that crypto lending products are securities and should be regulated as such.
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Guides & Resources

Investors Withdraw Millions From FTX as Binance Begins Liquidating FTT Token (3 minute read)

FTX saw $451 million in stablecoin outflows over a week after Binance declared that it was liquidating its stash of FTT. Binance saw net inflows of more than $411 million over the same period. The mass exiting of tokens from FTX is due to a recent report about Alameda Research's financial status, which raised concerns over a possible liquidity crisis at the firm. Alameda Research's CEO claims that the firm has over $10 billion of assets that weren't reflected in the report.

Here's how it all went wrong for SBF and FTX (6 minute read)

Sam Bankman-Fried's reputation was damaged after an interview revealed that his political intentions may be different from what was first thought. The community reacted strongly after it was revealed that a significant portion of Alameda's assets was made up of FTX's centrally controlled token. FTT's token price dumped as a result. Alameda and FTX are rumored to be on the brink of insolvency.
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Miscellaneous

Well Binance and FTX are officially at war with each other (4 minute read)

This Twitter thread covers the complete history between Binance and FTX, how they got to this point, and why it is important. The conflict has been brewing since 2019, when Binance made a strategic decision to invest in FTX. Binance chose to divest from FTX after it sensed that the exchange was becoming a threat. The exchange war could end up with FTX's insolvency, which would be a catastrophe for the crypto industry given the size of the exchange.

Ethereum Apps Could Soon be Launching on Competitor Solana (1 minute read)

Neon Labs will launch its Ethereum Virtual Machine for Solana on December 12. The rollout will mean that Ethereum-based projects will be able to deploy on Solana without rewriting any code. Aave and Curve are among those preparing to use Neon's long-awaited EVM.

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Hacker took pains to hide $3.36B of stolen bitcoin. Feds found it anyway (3 minute read)

More than 50,000 bitcoin were found stashed on a single-board computer in an underground floor safe during the execution of a search warrant.

OpenSea Roils NFT Market With ‘Enforcement Tool’ For Creators (2 minute read)

OpenSea will release on Tuesday a tool that lets artists prevent their work from being sold on sites that do not distribute royalty fees.

A competitor is trying to go after us with false rumors (1 minute read)

Sam Bankman-Fried says that FTX is fine and that it has enough to cover all client holdings.

LBRY Sold Tokens as Securities, Federal Judge Rules (2 minute read)

Almost every cryptocurrency could be classified as a security under the standards set in the SEC vs LBRY case.

Ethereum Co-Founder Di Iorio Unveils New Project to Bring Blockchain Computers to a Wider Audience (4 minute read)

Andiami wants to develop plug-and-play blockchain computers that can run full nodes to further decentralize blockchain infrastructure.

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