The Nigerian government will soon pass a law that will allow Bitcoin BTC and other cryptocurrencies to be used as a way to keep up with “global practices.”

if the Investments and Securities Act, 2007 (Amendment) Bill is signed into law, the Securities and Exchange Commission could “recognize cryptocurrency and other digital funds as investment capital.”

The head of the House of Representatives Committee on Capital Markets, Babangida Ibrahim said that it was important for Nigeria to know what was going on in the capital markets:

Nigeria needs a capital market that works well and is full of life. To do that, we need to know what’s going on around the world.

When cryptocurrency was first banned in Nigeria, the Central Bank of Nigeria (CBN) found that most of these investors don’t even have accounts in Nigeria. So, the CBN doesn’t have any power over them. The CBN can’t check them because they aren’t using local accounts.

If the law is passed, the Investments and Securities Act of 2007 in Nigeria will be amended.

In addition to making Bitcoin and other cryptocurrencies legal, the law will explain the roles of the Central Bank of Nigeria and Nigeria’s Securities Exchange Commission (SEC) in regulating digital currencies.

https://altcoin.ng/nigeria-to-legalize-bitcoin-and-other-cryptocurrencies/

Former US President Donald Trump brings his first NFT collection, known as Collect Trump Cards.

The official website says that each NFT costs $99 and was made by the artist Clark Mitchell. The Polygon blockchain is where these Trump Digital Trading Cards. are minted.

Every NFT comes with a “Sweepstakes” entry for a chance to win certain prizes. To enter the Official Donald Trump NFT Collection Sweepstakes, you must be at least 18 years old and a legal resident of one of the 50 United States or the District of Columbia.

The number of NFTs that can be minted during the Sweepstakes Entry Period is limited to 45,000. During this time, you can also buy 44,000 NFTs.

It’s interesting to note that the collection came out three years after Trump said he didn’t like Bitcoin and other cryptocurrencies.

https://altcoin.ng/donald-trump-launches-nft-collection/

Sam Bankman-Fried, the founder of the bankrupt FTX exchange has been arrested and taken into custody by authorities in the Bahamas. He was the former CEO of the FTX cryptocurrency exchange and the founder of Alameda Research.

A letter from the Office of the Attorney General on December 12 says that Bankman-Fried was arrested by the Royal Bahamas Police Force after the US made it official that criminal charges had been filed against SBF.

In a statement, Prime Minister Philip Davis said that both countries have “a shared interest in holding accountable all people with ties to FTX who may have broken the law and betrayed the public’s trust.”

https://altcoin.ng/sam-bankman-fried-the-founder-of-ftx-has-been-arrested-in-the-bahamas/

Home\Crypto News\MetaMask Wallet will now keep customer data for 7 days.

By Editorial TeamDEC 07, 2022MetaMask Wallet will now keep customer data for 7 days. CRYPTO NEWSNo comments
MetaMask is a popular cryptocurrency wallet used by many crypto investors.

On November 23. Metamask quietly put a clause in its privacy policy for users saying that Infura would get more information from transactions on Ethereum. This clause received a lot of backlash from the community, and now, MetaMask has come out to say that user data will only be kept for seven days.

In a blog post on November 6, the company announced a change to how long it will keep user data like wallet addresses and IP addresses. From now on, it will only keep this information for seven days.

As we reported, Metamask changed its privacy policy at the end of November and said that it will start collecting certain user-provided data, such as identity information (name, username, gender, date of birth, etc.), profile information (including username and password), contact, financial, and transaction information, among other things.

Metamask also said that its other product, Infura, collects users’ IP addresses whenever they send a transaction. As a Remote Procedure Call (RPC) provider, Infura is an important part of the Web3 infrastructure because it connects the wallet to smart contracts on a blockchain.

People in the crypto community didn’t like the update because they were worried about their on-chain privacy. Metamask said in their latest announcement, “The update sparked a number of public and internal conversations about how we could better protect the privacy of MetaMask and Infura users.”

The company also said that they are planning some updates after spending the last week looking into some of the problems that were brought up by their last update.

Metamask said, “Our data retention policy says that we keep and delete user data like their IP address and wallet address.” “We are working on reducing the length of time we keep information to 7 days, and we will add these rules to our privacy policy in a future update.”

The company also said that they only collect wallet and IP address information “to ensure successful transaction propagation, execution, and other important service functionality” like load balancing and DDoS protection.

“We have never sold any information about our users, and we never will. Our privacy policy tells us how we can and can’t use data, and we stick to those rules.”

Metamask also said that it plans to build a new advanced settings page so that all new users can choose their own RPC during onboarding and afterward. This is in response to the backlash from the community. Users can choose not to use Infura and instead use a third-party RPC.

https://altcoin.ng/metamask-wallet-will-now-keep-customer-data-for-7-days/

Nigerian users of AAX cryptocurrency exchange, which stopped withdrawals on November 12, are said to have stormed the company’s Lagos offices and beat up employees.

There were reports that angry AAX users were beating up works of the default AAX crypto exchange just a few days after a Nigerian group that supports crypto and blockchain asked them to stop. In a tweet, AAX’s former vice president said that the company’s “brand is gone and trust is broken.”

A group of angry Nigerian users of Atom Asset Exchange (AAX) recently broke into the office of the cryptocurrency exchange in Lagos and beat up employees. The angry crowd reportedly demanded that the withdrawal freeze, which started on November 12, be lifted.

In a public notice from November 28, SIBAN asked AAX users to stop making the exchange’s workers suffer.

We ask any unhappy or angry user or investor not to harass or take advantage of the AAX Country Manager (Nigeria), other local staff members, or AAX ambassadors anywhere in the world. These people are in the same situation as users and investors who are unhappy.

The advocacy group also said that the top executives of the Hong Kong-based cryptocurrency exchange had stopped talking to their employees in Nigeria.


In the meantime, the advocacy group sent a message to AAX and its founders to remind the cryptocurrency exchange of its responsibilities to its users. The notice also told AAX and Nigerian employees what they should do to win back the public’s trust.

SIBAN’s public notice said, “If protecting users is AAX’s top priority, as it says in its public announcement, then it should take steps right away to close the communication gaps between itself and its local staff in Nigeria, on the one hand, and between itself and its Nigerian users, on the other.”

In its last update on November 18, AAX told users that there had been “many new developments” and that the company needed “more time to answer the huge number of questions from the community.” At the time, AAX said it would send out more updates through the official public announcement and update channel. At the time of writing, however, the cryptocurrency exchange hadn’t made any new announcements

Ben Caselin, the vice president of the cryptocurrency platform, quit all of a sudden and said that the “brand is no more and trust is broken.” This has led to rumors that the cryptocurrency exchange might not start up again anytime soon.

We believe that if a crypto exchange halt withdrawal and failed to inform users and investors about the issue in the next 5 hours, it is either the exchange is bankrupt or has stolen users funds

https://altcoin.ng/angry-users-of-aax-crypto-exchange-in-nigeria-storm-lagos-offices-and-attack-employees/

A court in London told several crypto exchanges, including Coinbase, Binance, Kraken, and Luno, to send their customers’ information to a local cryptocurrency exchange.

The court thought that the information from the exchanges would help the government find the 10 million dollars that were stolen from a British exchange in 2020. The court order says that all of the above exchanges must give information about their customers.


The court’s decision says that the exchanges have to give customers’ names, bank account numbers, and card information. It’s worth noting that this is the first time in England’s history that the government has been asked to give information about foreign exchange customers. At the same time, the lawsuit doesn’t say which English exchange is being referred to

So that cheaters don’t get scared away, the court doesn’t say what the trading floor is called. At least, that’s what the judge who is involved in the case thinks. No one knows yet if the stolen money from the local exchange can be retrieved.


In September, the UK’s Financial Conduct Authority (FCA) warned that the bankrupt cryptocurrency exchange FTX did not have a license to do business in the country. The FCA made it clear that customers of FTX were not insured. So, the English government won’t pay back investors who lost money during the exchange’s bankruptcy proceedings.

Also, it’s important to note that cryptocurrency companies are leaving the English market bit by bit. There are still no clear and exact rules for how cryptocurrencies should be regulated. Several companies that wanted to be registered have already pulled their applications.

Until the government of England makes this clear, cryptocurrency platforms will continue to leave the country or only offer a small number of services to their customers.

https://altcoin.ng/london-court-ordered-binance-and-others-to-hand-over-customers-data/

Sam Bankman-Fried, the now-famous founder of the failed FTX exchange, gave $1 million to the American politician Beto O’Rourke, but O’Rourke has given it back to prevent investigation from the Texas Ethics Commission

The donation was one of the most significant checks given to O’Rourke’s campaign for governor, his campaign team said.

The donation was sent to the former Democratic candidate for governor of Texas on October 11. It was sent back a week later, on November 4, before FTX filed for bankruptcy and Bankman-Fried quit as CEO on November 11.

They said that the decision had been made before that, but it took time to carry it out. Chris Evans, an O’Rourke campaign spokesman, was quoted as saying,

“This donation was not asked for, and the next [Texas Ethics Commission] report on the campaign will show that it was sent back on November 4, before the news stories about the donor came out.”

Evans said that the refund had nothing to do with the fall of the exchange or the scandals that surrounded it and its founder.

He also said, according to the report,

“Unlike other large donations, O’Rourke had not talked to Bankman-Fried before the donation, and the large amount caught the campaign by surprise.”

It was said before that Bankman-Fried gave money to both major US political parties. He is said to have given $40 million to Democrats, while FTX executive Ryan Salame gave $23 million to Republicans.

https://altcoin.ng/beto-orourke-a-democrat-from-texas-has-sent-back-a-1-million-donation-from-ftxs-founder/

MakerDAO’s decentralized autonomous organization (DAO) community has refused to invest in debt securities and government bonds.

MakerDAO community members voted against CoinShares’ proposal to invest the organization’s $100 million to $500 million in a portfolio of corporate debt securities and government bonds to generate income.

According to the vote, 72.43% opposed the proposal. CoinShares had planned to give MakerDAO an annual percentage yield (APY) above the standard interest rate (3.01%) in the digital currency the organization would have specified. However, the community was opposed to the proposal.

Some voting members explained why they made this choice.

“MarkerDAO recently voted for the excess USDC available at the time. That’s why we rejected such a proposal – we need to get our affairs in order. Plus, there were a lot of inconsistencies in the CoinShares proposal. Nevertheless, we appreciated the work done by the company’s experts in drafting the proposal and explaining its complicated parts,” said one DAO Feedback Loops participant.

Other participants also found the proposal too risky, as MarkerDAO is now tackling other challenges.

SushiSwap previously heeded the advice of Fenwick & West, and split the business Into three independent legal entities – DAO Foundation, Panama Foundation and Panama Corporation.

https://altcoin.ng/makerdao-voted-against-coinshares-500-million-investment-proposal/

The governor of Texas thinks that his state should work to become a center for blockchain and bitcoin technology.

When talking to the Texas Blockchain Council, Governor Greg Abbott said, “Bitcoin is one of the coolest innovations in the world today.” He also said that he thinks the state will become a hub for blockchain and bitcoin technology in the future.

This is true because Texas is now one of the most important places in the U.S. to mine bitcoins. Also this week, the Texas Blockchain Working Group gave its report for 2022 to the legislature of that state.

The document says that “the legislative branch in Texas should think about making well-known cryptocurrencies with large market capitalizations, like bitcoin, legal investments in the state of Texas.”

In a section about bitcoin mining, the document says, “From an environmental point of view, it is especially good for bitcoin miners to make deals with oil and gas companies to send so-called “associated gas” to be used to make energy for bitcoin mining.”

In this case, it is emphasized that “there is a 63% reduction of hydrocarbon emissions into the environment” if this associated gas is used to make energy directly at the points that representatives of the U.S. oil and gas industry say are best. Remember that earlier, the U.S. Congress decided to find out what was going on with bitcoin mining in Texas.

Also, the Texas Blockchain Working Group was against making a “digital dollar” because it would mean “direct interaction between the U.S. Federal Reserve and the users” of such a digital asset, which would be different from how things are done in the U.S. financial world now. The working group suggested that Texas lawmakers and the Texas Blockchain Council work together to criticize such an idea.

https://altcoin.ng/bitcoin-is-one-of-the-coolest-innovations/

Ireland’s data privacy regulator fined Facebook 265 million euros ($277 million). This brings the total amount of money it has fined Facebook’s parent company, Meta, to almost 1 billion euros.

The fine was the result of an investigation that started in April 2021 after it was found that a group of Facebook users’ personal information had been put online. Facebook was also told to take a number of steps to fix things.

Monday’s fine is the fourth one that Meta’s companies have gotten from Ireland’s Data Privacy Commissioner (DPC). It is the EU’s main privacy watchdog for Meta, and it has 13 more questions about the social media group to answer.

In September, Instagram’s parent company, Meta, was hit with a record fine of 405 million euros by the watchdog. Meta plans to appeal this decision.

Apple, Google, Tiktok, and other tech giants like them are regulated by the DPC because their EU headquarters are in Ireland. It is looking into 40 of these kinds of companies right now, 13 of which are Meta.

In a statement, the Irish regulator said that other relevant EU regulators agreed with the decision made on Monday. Last month, it sent them a draft ruling as part of the EU’s “one-stop shop” system for regulating large multinational companies

https://altcoin.ng/facebook-fined-265-million-euros-in-ireland-for-privacy-breach/

The author of the best-selling book “The Black Swan,” Nassim Taleb, thinks that the largest cryptocurrency exchange in the US, Coinbase, is “worthless.”

Taleb said in a recent tweet that Coinbase has negative cash flow, which means that it spends more money than it brings in. He also said that Coinbase has a “grisly” future, even if the cryptocurrency industry recovers, and that its owners have been getting out.

“My point is that they have a negative cash flow, a bleak future (even if cryptocurrencies come back), and their owners are getting out. The company is a waste of time, “he said.

Taleb said that he doesn’t think Coinbase will have the same problems as FTX the bankrupt crypto exchange, which was once the third-largest cryptocurrency exchange in the world.

“I didn’t say anything about their holdings or the risk of a blowup. I also didn’t compare them to [FTX].”

Last week, well-known short seller Jim Chanos, who made a lot of money by betting early on Enron to fail, said that Coinbase’s business model is flawed because its costs are too high for the current market

Coinbase has one of the most expensive fees in the business. The spread that the exchange charges to buy and sell cryptocurrency is about 0.5%. This is in addition to possible transfer fees of up to 5%.

Chanos thinks that a company like Fidelity or Vanguard could offer basic cryptocurrency trading at much lower fees than Coinbase. Coinbase might have to lower fees to stay relevant, which will help the company’s bottom line.

Coinbase lost $545 million in the third quarter of the year, even though it made $576 million. This has also hurt the company’s stock, which has already lost more than 80% of its value this year.

Notably, Coinbase’s business with institutions hasn’t made much money either. Institutions did about $133 billion worth of trades in the third quarter, but Coinbase only made $19.8 million from those trades.

https://altcoin.ng/nassim-taleb-says-coinbase-is-worthless/

The Director-General of the Nigerian Securities and Exchange Commission (SEC) Lamido Yuguda joined other regulators, in South Korea, in trying to figure out the difference between digital assets and virtual or cryptocurrency assets. The Nigerian market regulator is working with those in Singapore, Hong Kong, and South Korea to figure out what kinds of assets are digital assets.

The Nigerian SEC wants to make a distinction between digital assets, which can be central bank digital currencies (CBDCs), non-fungible tokens (NFTs), privately issued stablecoins, and cryptocurrencies.

The SEC director said that the country will protect investments in “sensible digital assets,” but he didn’t say what those are. He went further on to say that the Nigerian government will also be looking into how blockchain technology can be used to improve both virtual and traditional investment products but then broke listeners’ hearts when he said that the commission will be ignoring digital currencies for now.

It seems like the Nigerian government is more interested in the underlying technology behind Crypto which is blockchain rather than Crypto itself.

Some believe that Nigeria wants to make digital asset trading easier in the country but how will that be possible when there is a directive by the Central bank of Nigeria to banks to stop doing business with people or companies that deal in crypto assets.

A study by CoinGecko found that Nigerians are very interested in cryptocurrencies and are also some of the most frequent users.

Nigeria is at the forefront of CBDC innovation in Africa. In October 2021, it was the first country in Africa to launch its own CBDC, called the eNaira.

https://altcoin.ng/nigeria-to-figure-out-distinction-between-digital-assets-and-crypto/

The International Monetary Fund (IMF) wants more rules for Africa’s crypto markets, which are growing faster than any other market in the world.

The collapse of FTX, the world’s third-largest crypto exchange, and the subsequent drop in the prices of Bitcoin, Ethereum, and other major crypto assets have led international monetary funds to call for more consumer protection and regulation in the crypto industry.

Chainalysis says that Africa has one of the fastest-growing crypto markets in the world, but it is still the smallest. In mid-2021, crypto transactions peaked at $20 billion per month. Most people in Kenya, Nigeria, and South Africa use crypto assets to pay for goods and services, but because of how volatile they are, they can’t be used to store value.

The IMF is also worried that crypto could be used to send money out of the region illegally and get around local rules that are meant to stop this from happening. Widespread use of crypto could also make monetary policy less effective, which could threaten the stability of both the financial system and the economy as a whole.

If crypto is used as legal money, as the Central African Republic just did, the risks are even higher said the IMF. If the government holds crypto assets or accepts them as a way to pay, it could put public finances at risk.

The Central African Republic is the first country in Africa and the second country in the world, after El Salvador, to make Bitcoin a legal form of payment. The move has put the country at odds with the Bank of Central African States (BEAC), which is the regional central bank for the Economic and Monetary Community of Central Africa (CEMAC), of which the Central African Republic is a member. It also goes against the CEMAC Treaty. Central Africa’s Banking Commission, which is in charge of keeping an eye on the banking industry for BEAC, has banned the use of crypto for financial transactions in the CEMAC region.

https://altcoin.ng/imf-is-calling-for-stricter-crypto-rules-in-africa/

About 12 Nigerians were saved from a crypto scam in Myanmar that was allegedly run by the Chinese mafia.

Chinese organized crime gangs forced the 12 Nigerians, who were saved by a network of international non-government groups, to contact people online and convince them to invest in fake crypto sites.

People said that the Nigerians were victims of human trafficking and that they were hired for jobs in Thailand at a call center and in offshore gaming. The Chinese gangsters then took them to Myanmar and made them work in the scamming network. Chinese gangs are turning Nigerians into breeders for con artists.

A report from the France-based blockchain security network Nefture says that these scams, which are often called “pig-butchering,” force thousands of people who have been trafficked to work in their scam centers under the threat of violence.

Nefture said that once a person is trafficked, they are taught how to scam people all over the world by making friends on social media apps like Facebook, WhatsApp, and the dating app Tinder.

Nigerians are being targeted because they speak English well and can scam a wider range of people.

According to insiders, if they didn’t pull off the fraud, they would go hungry, be sold to another company, and even face death threats.

https://altcoin.ng/nigerians-forced-to-work-for-crypto-scams-by-chinese-mafia/

ConsenSys, a company that makes software solutions for Ethereum, has updated its privacy policy. But the new changes mean that people who use Ethereum will have much less privacy.

ConsenSys changed its privacy policy in a quiet way on November 23. In it, there was a clause that said Infura would get more information from transactions on Ethereum.

Infura is a set of tools for making apps that work with the Ethereum network. The most popular Ethereum wallet in the world, Infura, and the decentralized wallet MetaMask, are both made by the company ConsenSys.

When you send a transaction with Infura, MetaMask’s default Remote Procedure Call (RPC) provider, it will “collect your IP address and your Ethereum wallet address.”

Anyway, if you run your own nodes or RPC provider, your data is safe. As always, the crypto community responded with a lot of noise and no action. Some said that the whole point of a real Web3 app or platform is that it doesn’t collect user information. but as you know the crypto community is all about the noise. The truth of the matter is that nobody cares , some will infact be lazy to change their RPC provider until they are censored and blocked.

However some crypto fanatics like “foobar,” said that he would stop using these apps. Also, MetaMask’s default provider can’t be changed, so users can’t “fully opt out,” he said.

In its updated privacy policy, ConsenSys says that it collects more information about the Codefi site and services. The data included information about who they were and how to reach them, as well as information about their finances and transactions, and, where necessary, KYC information.

Also, it automatically keeps track of information like IP addresses, devices, browsers, and types of operating systems.

This month, Uniswap caused a stir when it did something similar. The DEX collects blockchain data and information about user devices, browsers, and operating systems, which was made clear by a new privacy policy.

But Uniswap said that, unlike ConsenSys, it did not collect personal information like names, IP addresses, and email addresses.

In response, the crypto platform Firo, which is focused on privacy, said, “This sets a bad example for DEXes.”

https://altcoin.ng/decentralized-wallet-metamask-collects-data-of-your-ip-devices-browsers-operating-systems-and-your-ethereum-address/

In a new letter to employees, Sam Bankman-Fried, the founder of the bankrupt crypto exchange FTX, apologized to his former coworkers and explained why the crypto exchange failed.

In the letter, Sam Bankman Fried says that FTX fell apart because of a series of events. He said it started with the market crash in the spring, then credit “dried up,” and then customers pulled out their money in large numbers. In addition to these problems, in the letter, he wrote that FTX’s poor margin management and risk controls led the company to file for bankruptcy in the end.

This spring, Bankman-Fried said that FTX had about $60 billion in collateral and $2 billion in debts, but a market crash cut the value of the collateral by half.

Due to the lack of credit in the industry, FTX’s assets were worth about $25 billion, but its debts went up to $8 billion. In November, another crash caused the value of collateral, which was $17 billion at the time, to drop by about 50% in a very short amount of time.

Then, he went on to say that “attacks” in November caused a bank run that cut the collateral down to $9 billion.

In the letter, Bankman-Fried didn’t say anything about claims that FTX loaned customer money to Alameda Research, a trading firm that was connected to FTX so that Alameda Research could pay its debts. He also didn’t explain why customer funds seemed to be backed by tokens that couldn’t be sold quickly instead of just being held as they were.

He said he was “deeply sorry” about what happened and that he felt pressured to file for bankruptcy, which he seems to regret.

“Out of desperation, there was a lot of coordinated pressure put on all of FTX to file for bankruptcy, even though some of its parts were financially stable,” the letter said. “We probably could have gotten a lot of money. About eight minutes after I signed the Chapter 11 papers, I heard from people who were interested in giving us billions of dollars. Between these funds, the billions of dollars in collateral the company still had, and the interest we got from other parties, I think we could have saved the business and given customers a lot of value.”

Even though FTX is in bankruptcy, Bankman-Fried still thinks there is a chance to save it.

“I think that new investors are interested in putting billions of dollars toward making customers whole. But I can’t say for sure what will happen because it’s not up to me “In the letter, he said.

Bankman-Fried quit as CEO of FTX on November 11 and is no longer working there. He supposedly doesn’t have access to the company’s Slack account, but a current employee sent the letter to the rest of the staff on his behalf.

https://altcoin.ng/in-a-new-letter-to-employees-sam-bankman-fried-says-why-ftx-failed/

Kenya is the latest country to say it wants to regulate its crypto industry. The government wants to tax transactions in digital currencies as the industry grows.

if Kenya’s parliament passes The Capital Markets (Amendment) Bill, the government will start taxing cryptocurrency traders on their income.

“Where digital currency is held for a period of less than twelve months, income tax laws apply, and where it is held for more than twelve months, capital gains tax laws apply,” the bill says.

The proposed law also wants to tax the increased market value of crypto when they are sold or used in a transaction.

Since at least four million people in the country invest in cryptocurrencies, the government wants banks to take a 20% excise duty out of all commissions and fees charged on digital asset transactions.

The Capital Markets Authority (CMA), which is the country’s tax authority, needs to know about crypto holders for tax purposes. The date the crypto was bought and the date it was sold are two pieces of information that need to be shared.

The Bill says, “A person who trades in digital currencies must keep records of digital currency transactions, including purchases and sales, and pay taxes on any gains made from digital currency transactions according to the law.”

If the bill is signed into law, it will be the first time the country regulates cryptocurrencies in a formal way. This will be a big step for the industry as a whole

“The amendment will set specific rules for digital currency transactions in Kenya, including what digital currencies are, how they are made (through crypto mining), and how they can be bought and sold,” the Bill said.

At the moment, there isn’t much regulation in Kenya’s crypto space. A previous government report said that at least 4 million investors have lost money because of the current bear market. In this case, the Central Bank of Kenya (CBK) told Kenyans not to invest in things like Bitcoin (BTC).

https://altcoin.ng/kenya-plans-to-introduce-income-tax-for-crypto-traders/

Bankrupt cryptocurrency exchange FTX owes more than $3 billion to its 50 largest creditors. According to the trading platform’s bankruptcy protection filing, it owes about $1.45 billion to its 10 largest investors, with the largest debt owed to one creditor being $225 million.

“The list of the top 50 creditors is based on currently available information, including customer data that could be examined,” the statement said.

The investigation is currently ongoing. In particular, transfers that may not have been reflected in the trading floor’s records are being investigated.

Earlier FTX managers acknowledged the existence of more than 1 million creditors. On November 11 FTX Trading Ltd, Alameda Research and 130 other affiliates began voluntary proceedings under Chapter 11 of the U.S. Bankruptcy Code. As part of the cases, the exchange filed motions for joint administration of the entire group of entities instead of hearing each case separately.

FTX is also asking the court to allow it to create a list of the top 50 creditors for the entire group of entities instead of creating a list of 20 major creditors for each individual company. In addition, the exchange administrators are asking the court to allow FTX creditors to send bankruptcy notices by email instead of serving notices at their residences.

https://altcoin.ng/ftx-owes-50-largest-creditors-more-than-3-billion/

Charlie Munger, the vice president of Berkshire Hathaway, talked about the failure of the FTX cryptocurrency exchange, bitcoin, Elon Musk’s achievements, and the role of central banks in the financial system.

Charlie Munger, an American economist who is 98 years old, talked about the FTX trading platform. He said it was a scam and that politicians were helping it trick people. He said it hurts him to see respectable people promote cryptocurrencies and help them exist.

Munger said that the country doesn’t need a currency that is good for thieves, crooks, and other types of criminals.

He was shocked that anyone as young as 12 could now use cryptocurrencies to become a billionaire. Munger said that he, too, could make a token by adding his last name to the name of the token. From the economist’s point of view, this makes no sense at all.

“Some people feel like they have to be in on every good deal. They don’t care if it’s bitcoin or child prostitution. And that makes me sad. In the financial world, reputation is very important, so it’s a big mistake to hang out with scumbags and promote their products. Munger said, “I hate people who promote bitcoin.”

He also said that the U.S. Federal Reserve (Fed) is an important part of the financial sector. Because of this, the world of fiat currencies has to have smart regulators, like central banks.

Munger also said what he thought about Elon Musk, the CEO of Tesla:

“I’m surprised by what Tesla has done. By making a miracle happen, the company has made a real contribution to our society. Elon Musk has done things that other people haven’t been able to do. But I don’t think of Tesla and bitcoin as being the same thing,” said the vice chairman of Berkshire Hathaway.

Munger has never liked bitcoin, and he has always told people not to invest in bitcoin or other cryptocurrencies. Earlier, he said that bitcoin was like an STD and asked the U.S. government to stop letting people invest in crypto-assets.

https://altcoin.ng/charlie-munger-i-hate-those-who-promote-bitcoin/

In less than a week, FTX crypto exchange, 3rd largest crypto exchange in the world went from suggesting that Binance buy it to fix its liquidity problems to moving forward with filing for Chapter 11 bankruptcy in the District of Delaware.

In a tweet on November 11, FTX said that about 130 of its companies, including FTX Trading, FTX US, under West Realm Shires Services, and Alameda Research, had started the process of filing for bankruptcy in the US. CEO of FTX Sam Bankman-Fried has also left his job, and John Ray will take his place.

“The immediate relief of Chapter 11 is right because it gives the FTX Group a chance to look at its situation and figure out how to get the most money back for everyone,” said Ray. “The FTX Group has valuable assets that can only be managed well if everyone works together in a planned way.”

The filing says that LedgerX, FTX Digital Markets (which is a branch of the group in the Bahamas), FTX Australia, and FTX Express Pay will not be involved in the bankruptcy proceedings.

There were no details about a possible plan to help FTX investors get their money back in the announcement. Many users have tried to withdraw tokens from the exchange because there have been reports of liquidity problems, but at the time of publication, FTX’s website said that it couldn’t process withdrawals.

FTX US says it may stop trading on its platform in the next few days.

There have been a lot of bankruptcies in 2022, from Voyager Digital to Celsius, and the failure of FTX is the most recent one. Many lawmakers around the world have responded to the situation with FTX and others by telling governments to speed up crypto regulations

https://altcoin.ng/ftx-exchange-the-3rd-largest-crypto-exchange-has-filed-for-bankruptcy/

Deepak.eth, the founder of the blockchain infrastructure Chain, put their NFT collection up for sale on OpenSea, with prices starting at 8,000 ETH.

The founder of the Chain blockchain infrastructure company, who goes by the Internet handle Deepak.eth, posted on Twitter to say that they were selling their collection of nonfungible tokens (NFTs).

Deepak.eth said in a tweet that the collection will be sold to the highest bidder or put in a “fractional DAO” where 80% of the ownership will be sold.

The Chain founder says that the collection is for sale for 8,000 ETH, which is about $10,258,720 at the time this was written.

Some of the high-priced NFTs in the collection are Tiffany Punks, which will come with the NFTiff and a physical pendant, as well as some Bored Ape Yacht Club (BAYC) characters and Mutants.

On November 10, Deepak.eth started a thread on Twitter that blamed the recent trouble with FTX as the reason why NFTs were used to get cash.

They said that even though the company cut ties with Alameda in the summer, it kept its holdings in FTX and recently made a big deposit into the exchange. Deekpak.eth says that these funds are stuck and waiting to be withdrawn, so they looked into their other digital assets.

https://altcoin.ng/deepak-eth-puts-nft-collection-up-for-sale-after-ftx-crash/

With the fall of the FTX empire, the crypto market has gone into yet another downward spiral that is dangerous.

Binance pulled out of the deal to save FTX exchange at the last minute, so Justin Sun of Tron has joined the race to save the deal.

In the most recent update, Justin Sun said that he and his team were “putting together a solution” with the troubled cryptocurrency exchange “to start a path forward.”

He hasn’t said much about what he’s doing, except that his team “has been working around the clock to stop things from getting worse.” A classic move from Justin Sun, who never misses a chance to get press.

Sam Bankman-message Fried’s on FTX Slack was leaked, and Cobie, a well-known crypto figure, saw it and confirmed it, saying that the CEO was in talks with Justin Sun about a possible raise for next week. Customers will come first, then investors, and finally the people who work for the company. The chat that SBF is said to have leaked says,

“I don’t want to sound sure about what will happen, and I don’t want to say anything about the chances of success. But this will be my top priority for the next week.”

His tweet sent the price of TRX, Tron’s native token, from 6 cents to $2.5 in a short time. A number of other Tron-based assets, like BTT, SUN, and JST, also went up.

In July of this year, when it was bailout time, Sun said he would spend $5 billion to help struggling crypto companies. This is a trend that SBF started. Time will tell if the deal goes through or if Sun’s tweet was just another way for him to get people to buy his stuff.

https://altcoin.ng/justin-sun-to-save-ftx-exchange/

ALTERNATEID:
FTT may go the way of old Luna. If you have a bag, dump it now and cut your losses.

You are right. Ftt token is over, it is a dead token, FTX exchange do not have funds to pay investors.

The Alameda research site is now in private

https://www.alameda-research.com/

None of you are watching Solana.

It is literally tanking

Ftx owns about $1 billion worth of solana.

Before they went bankrupt, they were selling sol to save ftt.

Tomorrow, lot of sol tokens will be unlocked

Becareful to all holders of solana, it might tank to zero

Binance said in a tweet on Wednesday night, that it will not go through with its plan to buy FTX exchange.

“At first, we hoped we could help FTX’s customers by providing liquidity, but the problems are out of our hands and we can’t help,” Binance said.

The news makes small investors wonder if they’ll ever be able to get their funds held by FTX again.

Earlier this week, the exchange was facing extreme liquidity pressures. A CoinDesk article about FTX exchange, its native token FTT, and Alameda, a research and trading firm also owned by FTX boss Sam Bankman-Fried, may have caused the trouble.

The article pointed out some worrying connections between FTX, FTT, and Alameda. The news coverage got the attention of Changpeng Zhao, who is the CEO of Binance. Soon after, Zhao tweeted that his company would sell all FTT tokens it had.

SBF responded to CZ’s tweet by saying, in a tweet that has since been deleted, that FTX was fine and so were the company’s assets. Soon after, though, the deal between Binance and FTX became public, and SBF admitted that there was a “liquidity crunch.”

The bailout gave the industry a reason to be hopeful. But from the beginning, CZ made it clear that Binance could back out of the deal “at any time.” Notably, the company hadn’t done its due diligence yet by looking at FTX’s financial books to decide whether or not to go through with the acquisition.

After looking at FTX’s finances, Binance has decided not to buy FTX’s business operations outside of the United States. Binance also talked about recent news stories about how the U.S. is looking into FTX for mishandling customer funds and lending.

https://altcoin.ng/binance-walks-away-from-buying-ftx-exchange/

Mark Zuckerberg, the CEO of Meta, said that Facebook has decided to cut more than 11,000 jobs, or about 13% of its workforce while keeping its “long-term vision for the metaverse.”

The layoffs are part of a plan to cut losses. They come just a few weeks after a very bad earnings report showed that the metaverse division had lost more than $9.4 billion for the year.

In a letter to employees, Zuckerberg also said that spending will be cut at the social media company and that the hiring freeze will continue into next year.

Zuckerberg said that a macroeconomic downturn and losses in e-commerce “caused our revenue to be much lower than I’d expected.” To make up for this, the company has put more resources into a smaller number of high-priority growth areas, such as its AI discovery engine, its ads platform, and its push into the metaverse.

Meta has already cut off access to systems for fired employees, but they will be able to use their email addresses all day “so everyone can say goodbye.”

“I want to be responsible for these choices and how we got to this point,” he wrote. “I know this is hard for everyone, but I feel especially bad for those who have to deal with it.”

https://altcoin.ng/facebook-fires-11000-employees/

Social Democratic Party presidential candidate, Adewole Adebayo has promised to use blockchain and digital currencies to create 30 million jobs.

Adewole Adebayo said the introduction of the latest technology will help reduce the country’s unemployment rate. The rate has been gradually increasing over the last ten years and this year it reached almost 10%.

The candidate said that his future administration intends to join forces with 2,000 local cryptocurrency companies. Their digital products could create 10 to 30 million jobs in Nigeria, assures the politician, who has enlisted the support of the National Black Chamber of Commerce (NBCC) in the United States.

According to an April study by cryptocurrency exchange KuCoin, 35% of Nigerians between the ages of 18 and 60 owned or traded in crypto in the last six months. This is due to the country’s high inflation rate, which exceeded 20%, reaching a 17-year high.

Harsh economic conditions and the collapse of the Nigerian naira in the black market are encouraging Nigerians to invest in crypto-assets to preserve their savings.

In October, the Blockchain Association of Nigeria (SiBAN) asked the local central bank to reconsider its anti-cryptocurrency stance and allow commercial banks to transact with digital assets. Earlier, Lamido Yuguda, chairman of the Securities and Exchange Commission of Nigeria (SEC), said that bans on cryptocurrencies only contribute to the informal market.

https://altcoin.ng/sdp-presidential-candidate-promises-to-reduce-unemployment-with-cryptocurrencies/

After FTX exchange own exchange token, FTT, failed, the crypto exchange FTX made a deal with Binance.

Our teams are working to clear up the backlog of withdrawals as they are. This will get rid of cash flow problems because all assets will be covered at the same rate. One of the main reasons we asked Binance to come in is because of this. It might take a while to settle, etc. — we’re sorry, “In a series of tweets, Sam Bankman-Fried said.

CEO Changpeng Zhao of Binance tweeted:

“FTX asked for our help this afternoon. There is a major shortage of cash. We signed a non-binding letter of intent (LOI) to protect users, with the plan to fully buy FTX.com and help cover the liquidity crunch.”

https://altcoin.ng/binance-buys-ftx-exchange/

On-chain data shows that the crypto exchange FTX, which is in a fight with rival Binance right now, has stopped processing clients’ withdrawal requests.

Etherscan data show that the last transaction from FTX to leave the Ethereum blockchain happened at 12:31 p.m, more than two hours ago.

It looks like FTX has stopped processing on-chain withdrawals from at least their main wallets on Ethereum, Solana, and Tron.

Clients have been leaving FTX since Changpeng Zhao, the CEO of Binance, said that the exchange would start selling off its FTT token holdings. Zhao said that the decision was based on “recent revelations,” which seems to be a reference to a report from CoinDesk that showed details of Alameda Research’s balance sheet.

Sam Bankman-Fried, the CEO of FTX, tried to calm the market down after Zhao’s tweets. He said yesterday that the exchange is “fine” and asked FTX and Binance to work together for the good of the industry. Caroline Ellison, the CEO of Alameda, had made an offer to buy Binance’s FTT holdings for $22 per token.

https://altcoin.ng/ftx-exchange-has-stopped-withdrawals/

Why is FTX Token crashing?

With the ongoing fight between FTX and Binance, and Binance dumping $500 million worth of FTT, it is not surprising that FTX token’s price and market capitalization are taking a big hit.

In fact, the market cap of FTT fell from $2.99 billion to $2.36 billion in just 24 hours, while the price of FTX’s token fell by more than 20% in the same time frame.

At the same time, the price of FTT is $17.33, which is a loss of 22.95% for the day, 33.95% for the week, and a total loss of 28.38% for the month compared to the previous month.

According to the most recent CoinMarketCap chart, the native token of FTX Exchange has lost $630 million, or 21.07%, of its market cap in a single day.

As a reminder, it was found earlier that Bankman-business Fried’s empire was actually made up of two big companies: the FTX crypto exchange and his trading firm Alameda Research. The link between the two was confirmed by Alameda’s financial data, which is mostly made up of the FTT token.

In response to this news, Binance’s CEO Changpeng Zhao announced on November 6 that the company would “liquidate any remaining FTT on their books,” which it did later by selling 22,999,999 FTT worth $584,828,174. After the sales, the price tanked.

News reaching us is that a giant whale is worried about a “bank run” on FTX and is withdrawing USDC/USDT from FTX Exchange. As soon as FTX opened their withdrawal, the whale immediately withdrew 129.8M $USDC and 115.9M $USDT from FTX Exchange in the past 24 hours.

https://altcoin.ng/why-is-ftx-token-crashing/