The round-up: Contagion FTX, Salvadoran BTC, NFT stamps, Binance complicit…

The collapse of FTP extension caused a shock wave with active effects Genesis, Twins Where is it Coinhouse; Binanza in the center of the suspected; The post office prepare some NFT stamps; the savior to accelerate bitcoins… Back tocryptocurrency news of the week.

FTP extension filed for bankruptcy last week. About 130 entities are disappearing from the cryptocurrency scene, including industry heavyweights such as Research Alameda. Such an industrial disaster cannot fail to generate cascading effects. Given FTX’s place, the consequences of its failure are potentially systemic.

This hypothesis is confirmed. For Kaiko, the effects are global at the level of market liquidityand more for less liquid tokens. The on-chain data specialist talks like this” from Alameda Gap to describe this phenomenon. The fall of one of the principals market makers it is not painless. And it is compounded by the losses suffered by other liquidity operators. This is especially the case with Genesis, which would seek $1 billion. And the difficulties of Genesis lead other dominoes, including the Gemini exchange or the French Coinhouseforced to freeze its cryptographic books.

FTX: a beautiful showcase, but a dismal scullery

Since its failure in the United States, revelations are gradually coming out FTP extension and its leaders. And they are far from flattering for the former darling of the crypto industry, Fried Sam Bankman. The interim chief executive officer responsible for its restructuring paints a terribly bleak portrait of the exchange’s current practices.

It’s still John Ray He knew Enron, of which he was liquidator. The manager thus evokes a “complete failure of corporate controls” and a “total absence of reliable financial information”. Such a fiasco is also the first for Ray, based on its more than 40 years of experience. The information does not only indicate the incompetence of FTX management. They also reflect deliberate and organized fraud.

One daily purchase of Bitcoin for El Salvador

The president of savior it has been quiet for the last few months. It is true that the drop in the price of cryptocurrencies, and in particular of bitcoinsdoes not do the country’s business e Nayib Bukele. The state holds BTC. He also expected to issue special bonds to finance his big projects. The initiative is at a standstill.

On the other hand, the will of the president and his administration to pursue the bitcoin buying strategy it is not disputed. “We will buy one bitcoin every day from tomorrow,” Nayib Bukele tweeted on Nov. 17. With a BTC below $17,000 to this date, its price is really attractive. Provided you go up. Because for now, the capital loss of El Salvador it amounts to about 60 million dollars. And for a country in debt and under pressure from the IMF and rating agencies, this is not trivial. These institutions undoubtedly discourage Bitcoin-based economic policies. According to Bank for International Settlementsabout three-quarters of bitcoin buyers “probably lost money.”

Philately in Web3 mode at La Poste

The philatelists they can also do their digital transformation and get interested in the uses of the Web3. The post officethrough its subsidiary Filapostewill market next year a “ NFT stamp block However, this is not about depriving collectors of their physical stamps.

The tokens, in fact, will be systematically associated with physical stamps, and inseparable from them. Thanks to technology NFTs and the Tezos blockchain, Philaposte wants to make each stamp “unique” by associating it with digital duplicates. La Poste is certainly developing digital technology, but without denying its origins. For one of its leaders it is a question of “making this block above all a physical collectible which will be part of “an approach to the collection with several editions per year” and “will ensure its authentication”.

Binance, the good, the bad or the ugly?

Binanza defame FTP extension, his competitor, before flying to his rescue. Well almost. This is the scenario experienced by FTX clients and token holders last week ftt. Many today hold a grudge against the first crypto exchange, even if the revelations about SBF and its company suggest that sooner or later there would have been a collapse.

Like SBF before, Changpeng Zhao would be seen wearing the costume of White knight. A rebrand would greatly benefit Binance, which has been widely criticized for its in the past opacity and its freedoms from regulation. CZ therefore proposes to create a crypto association and define more virtuous common practices. Despite these announcements, authority, in the United States and the United Kingdom in particular, are not fooled. They deem it essential to investigate the role played by Binance in the downfall of its competitor.

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