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The collapse of the crypto exchange FTX and the fall of its eccentric founder, Sam Bankman-Fried, has brought with it a wave of questions about the philosophical movement that he helped fund and seemed to embody, “effective altruism.”
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No two users can claim the same addresses on the platform ensuring that there is no cross-attestation. Additionally, if a user removes an address or wallet, that address cannot be re-attested for at least 60-days.
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Bankman-Fried and FTX co-founder Gary Wang made "unauthorized" transfers at the direction of the Bahamian government while "effectively in the custody of Bahamas authorities," according to the filing.
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The interest bearing Earn product offered by Gemini relies on lending user money to Genesis. Genesis released a statement today that they are halting withdrawals due to "liquidity issues." Due to the issues at Genesis, Gemini has halted withdrawals for Gemini Earn users.
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Block (formerly Square) will be manufacturing their upcoming hardware wallet in Austin, Texas. This post highlights the process they took when making this decision.
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BitMEX has extended Rene Pickhardt’s Bitcoin developer grant until May 2023, a six month extension from the previous grant. This is the third consecutive time BitMEX has provided Rene a grant and BitMEX continues to support his work for the long term.
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As FTX Contagion Spreads, More Custodians Expected to be at Risk: Withdraw Bitcoin to Self Custody ASAP.
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Due to FTX relationships throughout the industry many more custodians could be at risk. BlockFi which was bailed out by FTX earlier in the year has already halted withdrawals.
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"Given the lack of clarity on the status of FTX.com, FTC US, and Alameda, we are not able to operate business as usual."
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For the last 48 hours withdrawals have been frozen but some seem to be processing now. This comes following a tweet thread released by FTX Founder Sam Bankman-Fried earlier today on a potential path forward.
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As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com.
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The Proof of Reserves process is reasonably simple. There is no fancy Merkle tree or any other unnecessary cryptographic complexities. All BitMEX has done here is publish a basic list of the reserves.
