The biggest news in the cryptoverse for Nov. 21 includes FTX’s call to other exchanges to expect and prevent hacker cash outs, Coinbase disclosing Grayscale’s 635,000 Bitcoin reserve, and Bank of England’s claims that blame the FTX crash on the FTT token run.
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On Nov. 20, bankrupt FTX announced that all crypto exchanges should be on high alert regarding unauthorized fund transfers from FTX Global to related debtors.
(1/2) Exchanges should be aware that certain funds transferred from FTX Global and related debtors without authorization on 11/11/22 are being transferred to them through intermediate wallets.
— FTX (@FTX_Official) November 20, 2022
According to FTX, the funds were being transferred through intermediate wallets. The exchange warned all others to take necessary precautions to seize and return the funds, given that they somehow are sent through their systems.
Grayscale’s custodian partner Coinbase stepped in to address the concerns regarding the financial status of the fund. Coinbase published a report disclosing the assets it held on behalf of Greyscale.
According to the report, Greyscale currently owns around $10 billion worth of Bitcoin. This amount would be closer to $43.8 billion at the height of the bull market. Greyscale also holds 3,056,833 Ethereums.
During his speech on Nov. 17, the Bank of England’s Deputy Governor Jon Cunliffe said that the FTX crash was triggered by the FTX Token token run. He stated:
“Indeed, in the FTX case, there are indications that it could have been a run on its crypto coin, FTT, which triggered the collapse.”
Cunliffe also said that the crypto sphere had proven to be unstable during the past year. Cunliffe argued that the crypto industry must be…