Crypto Market Overview November 15th | Dex-Trade
CZ Lifts the Curtain on Vitalik Buterin's New Crypto Protocol
The founder and CEO of the largest cryptocurrency exchange Binance, Changpeng Zhao (CZ), said that the co-founder of Ethereum, Vitalik Buterin, has come to grips with the development of a new Proof-of-Reserves protocol and its trading platform will be the first test site for its implementation. CZ's "hint" was featured yesterday on the AMA (Ask Me Anything) podcast QA on Twitter. The head of Binance said that he recently spoke with Buterin, who is currently planning to develop “some type of new proof-of-reserve protocol,” from which it can be understood that the details of the development will remain under cover of secrecy in the near future. In addition, Zhao assured Binance customers that the crypto exchange has no loans or debt and relies solely on third-party market makers for liquidity: “We don’t owe anybody any money… We do have market makers. We rely very heavily on third-party market makers that provide liquidity… There is one market maker which I’m an investor and shareholder of, and I make sure that that liquidity provider does not make profits… So [it] just provides liquidity in the market.” CZ also recalled the creation of an industry recovery fund and talked about the fact that at the moment 5 large crypto funds have already wished to participate in the project. Time to reboot the industry, right?
Hacker Withdraws Money from Distressed FTX With Impunity for 3 Days
According to blockchain security company CertiK, several FTX and FTX US wallets continue to freely send crypto assets to the FTX address Drainer 0x59A…32b three days after the site was hacked, due to which only this wallet has already managed to accumulate almost $62 million in crypto. And this is just the tip of the iceberg, since the attack on the bankrupt FTX began on Saturday, November 12th. Then the hackers, as a result of the automatic update of the site, which led to the leakage of keys and the execution of the functions of cleaning several wallets, managed to move over $600 million worth of crypto-assets to their addresses. Moreover, since November 12, the owner of the address Drainer 0x59A…32b has received and exchanged almost 3.5 billion dubious digital assets. Hackers sent 2.8 billion different scams and meme tokens, such as FTX Sucks, F*ck FTX, CRO Next and others, to "meme" and known addresses. Some transactions were also made using Tether on DAI, and altcoins were replaced with Ethereum. The administrator of the FTX community chat in the Telegram channel confirmed that FTX has been hacked and crypto exchange applications are now malware. At the same time, FTX US General Counsel, Ryan Miller, also confirmed the removal of trading and withdrawal functions due to unauthorized access to a number of assets. FTX is now moving crypto assets to a new cold wallet “in time” to prevent further theft.
“There's still a lot of trouble ahead”: a Fresh Crypto Forecast from Edward Snowden
A former NSA and CIA agent, Edward Snowden, who actively supports the crypto industry, wrote a new tweet in which he hinted that the crypto winter may end soon, but its consequences are still likely to have a negative impact on the digital asset market: “There's still a lot of trouble ahead, but for the first time in a while I'm starting to feel the itch to scale back in.” The tweet was published yesterday when bitcoin was trading around $16,500. At the time of writing, the price of the market flagship has risen to $16,900, although a low of $16,275 was recorded during the day. Whether this is the very level that Snowden spoke about is to be determined impossible. It is noteworthy that the former spy added to his tweet a price chart, on the timeline of which the point is indicated when he last made a similar forecast for BTC near the bottom of the bear market - March 13, 2020. It was during the height of the global COVID-19 pandemic, against which he stated that this was a great incentive to buy bitcoin. Then Snowden was right, as after rebounding from the “panic bottom,” the crypto flagship received a boost in liquidity and rose to $65,000 in May 2021, and then to $69,000 in November. However, Edward insisted yesterday that these are not recommendations for traders, since his forecast is based on pure intuition and is not a buy signal.