Crypto Market Overview November 23th | Dex-Trade
Justin Sun May Buy FTX Assets
Recently bankrupt crypto exchange FTX announced plans to sell some of its assets and restructure them to raise funds to reimburse its clients, after which the Wall Street Journal published material that Sun Tron, founded by Justin Sun, may be interested in their purchase. At the same time, Sun told reporters that any type of transaction would be acceptable for Tron, since the company has every opportunity to buy. At this stage, the company is engaged in an individual assessment of each asset, and this process is likely to take some time. But the head of Tron hinted that even if the evaluation of assets is delayed, this will not affect the likelihood of the transaction itself. In addition, Sun said that representatives of the Tron team and the Seychelles-based crypto exchange Huobi are also present in the Bahamas and are participating in the review process for the deal. Huobi's participation in this procedure is due to the fact that the founder of Tron acts as a representative of the company's advisory board. Thus, the clients of the insolvent exchange had hope for the return of assets frozen on FTX. However, what assets Sun intends to acquire is still unknown. James Bromley, a lawyer with Sullivan & Cromwell, said a significant amount of FTX's assets were either stolen or were simply not there when FTX's bankruptcy filing began on Nov. 22. That is, assets must first be found, and only then bought...
SBF Apologized to Colleagues, But "Dodged" Additional Questions
Former FTX CEO, Sam Bankman-Fried (SBF), sent a letter to the employees of the bankrupt exchange asking for forgiveness for the collapse of the trading floor and saying that he was "frozen under pressure" due to his business failing. : "I would give anything to be able to go back in time and change things, as I had no intention for any of this to occur. My family was you, "said he. "That is gone, and the place where we formerly lived is now a monitor warehouse. There is no one left to talk to when I turn around." However, SBF has actively avoided questions about why FTX used client and business assets to support the Bankman-Alameda Fried study, as well as why Alameda was excluded from FTX's standard liquidation procedure and even loaned funds to crypto exchange officials, one of which was even Bankman-Fried himself. Recall that the day before FTX filed for bankruptcy, SBF stepped down as the company's CEO. And after Bankman-Fried tweeted and interviewed business reporters, the bankrupt exchange's new CEO, John Ray III, said he wasn't even legally an employee of the company. For these and a number of other reasons, many sources suspect Bankman-Fried of misappropriating FTX client funds, but whether this is actually the case will be decided by the court.
Kathy Hochul Banned Crypto Mining in New York in a Semi-Legal Way
New York State Governor Katie Hochul, as expected, signed into law a moratorium on bitcoin mining in the state of New York, which was the first legal document of its kind prohibiting mining and raises a lot of questions from both the miners themselves and from the point of view of legislators. In particular, Hochul signed a bill banning new bitcoin mining operations using carbon energy sources. However, due to the fact that the bill was drafted rather quickly and without taking into account some of the nuances, this ban will not affect a number of already operating miners using electricity from the state grid. Moreover, the changes will not affect solo miners and will not apply to new or updated permits if the company has already applied for mining in New York. However, bitcoin miners that do not use 100% renewable energy will be prohibited from supplementing or renewing their licenses for the next two years. According to CNBC from industry insiders, bitcoin mining circles are now worried that other US Democratic states may follow New York's lead. The Chamber of Digital Commerce said in a statement that passage of the Hochul bill "could set a dangerous precedent." Although most of these stories end up simply moving the industry to the shadow side.