TLDR Crypto Daily Update 2022-11-17

SBF's Twitter DM interview 👨, StarkNet deploys token 🪙, Binance includes OpenSea NFTs 🌊

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Markets & Business

Multicoin Lost More Than Half Its Crypto Fund’s Capital This Month (2 minute read)

Multicoin Capital, a cryptocurrency-focused asset manager, lost about 55% of its funds in about two weeks. The drop was triggered by FTX's insolvency. 9.7% of its assets were custodied by FTX. Multicoin is writing down its FTX's positions to zero, pending permission from its auditors and administrators. The fund has no plans to close up shop and it is in the process of introducing a number of operations and infrastructure improvements.

Luna Foundation Guard Spent $2.8B Defending UST Peg, Third-Party Audit Finds (2 minute read)

The Luna Foundation Guard spent $2.8 billion of crypto trying to defend UST's peg. Terraform Labs spent an additional $613 million trying to defend the peg. The efforts ultimately failed and led to widespread contagion across the crypto industry. Terra was a decentralized stablecoin that failed to maintain peg parity even after its creators spent proprietary capital to defend it, which is a different issue from centralized platforms misusing customer funds for financial gain.
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Innovation & Launches

StarkWare Deploys StarkNet Crypto Token on Ethereum Blockchain (1 minute read)

StarkWare has deployed its new StarkNet token on the Ethereum mainnet. The tokens are not available yet for sale as the StarkNet foundation is still trying to work out the best mechanism for distributing them. The StarkNet Token was designed to help StarkNet achieve decentralization through voting, staking, and fee payments. StarkWare's rollup technologies address the scalability problems of the Ethereum blockchain.

Binance to Include OpenSea NFTs on its Revamped Marketplace (2 minute read)

Binance NFT users will now be able to explore NFT offerings from OpenSea. The newly revamped Binance NFT will include the majority of OpenSea's top 200 NFT collections. Binance NFT plans to integrate more marketplaces and chains. The recent update also includes upgraded metrics, data visualizations, and individual NFT pages for enhanced price analysis.
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Guides & Resources

Seedless Self-Custody: On MPC and Smart Contract Wallets (14 minute read)

The unraveling of FTX and Celsius has triggered a flight to non-custodial wallets. Many users are still accepting custody risk in exchange for lower costs and ease of use. Smart contract wallets and multi-party computation protocols are two alternatives to seed-based key management solutions. This article discusses what properties wallets should have, the different types of wallets, ongoing challenges in the wallet ecosystem, and the tradeoffs between different wallet solutions.

FTX: Meltdown (24 minute read)

This Twitter thread features a detailed timeline of the events that led to FTX's meltdown. According to this timeline, what happened at FTX and Alameda was a crime, plain and simple. Crypto exchanges aren't authorized to lend customer assets unless it is outlined in their terms of service or the customer opts in. FTX's terms of service expressly require that customers retain title to their assets, which means what they did was legally theft.
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Miscellaneous

Changpeng ‘CZ’ Zhao won this crypto war. Is he any better than Sam Bankman-Fried? (9 minute read)

Changpeng Zhao has emerged as the victor in its war against FTX. Sam Bankman-Fried faces possible prison time in the US for committing wire fraud. FTX was Binance's closest competitor. Its downfall has handed CZ the opportunity to reframe himself as the leader the crypto industry needs. CZ insists he did not manipulate FTX's downfall.

Sam Bankman-Fried tries to explain himself (7 minute read)

Sam Bankman-Fried recently responded to a request for comment regarding recent events. Through Twitter DMs, SBF discussed how FTX and Alameda gambled with customer money without realizing it. He also discussed regulators, his regrets, and what he wishes he could have done differently. A summary of the interview, along with screenshots of the DMs, is available in the article.

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Built On Bitcoin’s Lightning Network, BLIP Wants To Make Your Chats Unstoppable (4 minute read)

BLIP leverages a proprietary multilayer encryption method to provide more secure communication than popular end-to-end encrypted apps.

The End of the 'Centralization Era' in Crypto (5 minute read)

November 2022 may be viewed in the future as the end of the Centralization Era in crypto.

Crypto Exchange Gemini Suffers $485M Rush of Outflows Amid Contagion Fears (2 minute read)

Gemini paused withdrawals from its yield-generating Earn program on Wednesday, leading to a rush of withdrawals from the platform.

Major crypto brokerage Genesis suspends withdrawals in wake of FTX collapse (2 minute read)

The abnormal number of withdrawal requests has exceeded Genesis' current liquidity.

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