Category Archives: bitcoinist.com

Contagion Spreads: FTX US To Stop Withdrawals? BlockFi Hires Bankruptcy Counsel

The madness revolving around FTX does not stop. BlockFi is now the first expected victim of a contagion effect that could have the crypto market in its grip in the coming weeks.
Contrary to Sam Bankman-Fried’s claims, however, the US exchange FTX.us could also be on the verge of a trading and withdrawal halt. The CEO still emphasized yesterday that the US exchange is a separate company from its global business and will continue to function properly.
“The US based exchange that accepts Americans, was not financially impacted by this shitshow. It’s 100% liquid. Every user could fully withdraw (modulo gas fees etc). Updates on its future coming,” as Bankman-Fried tweeted just yesterday.
However, in a message suddenly pinned to the US trading page yesterday, the company warned users, “Trading may be halted on US based exchange in a few days. Please close down any positions you want to close down. Withdrawals are and will remain open. We will give updates as we have them.”
As some credible sources now confirm who are very close to the situation, FTX US could be in danger as well. The international company and the exchange are closely intertwined. Joint contracts, with both entities, have been made within the framework of sponsorship agreements.

In addition, multiple anonymous sources confirm that Bankman-Fried suggested both entities for potential capital raises in internal messages. Autism Capital, a Twitter account close to the sources, wrote cautionary:
PSA: If you’re currently in FTXUS (why?) we’d *very seriously* consider getting out now. If Alameda/FTX Intl. has commingled funds *at all* with FTXUS the exchange will have bankruptcy claim risk aka the world will be coming for your money. Pay attention.
FTX Contagion Brings BlockFi Down
A few hours ago the first contagion victim became known. The lender BlockFi published a statement that all payouts will be stopped until further notice:
We are shocked and dismayed by the news regarding FTX and Alameda. […] Given the lack of clarity on the status […], we are not able to operate business as usual. Our priority has been and will continue to be to protect our clients and their interests. Until there is further clarity, we are limiting platform activity, including pausing client withdrawals […].
There are rumors that BlockFi has nearly 100% of its clients’ assets stashed at the platform of Bankman-Fried. In addition, sources from Autism Capital claim that the US exchange lent $200-400 million to BlockFi and now there is a gap in FTX US balance sheet/equity.

“BlockFi has a $400M line of credit which an insider is confirming has been tapped. This directly contradicts SBF’s earlier statement that FTX US is not affected,” according to Autism Capital.
As also leaked earlier, BlockFi has already hired a bankruptcy counsel today.
The Bitcoin price continues to be subject to high volatility. The price was able to temporarily rise above $18,200. However, at press time, BTC had already posted a drop of $800 from this daily high.

Bitcoin’s volatility remains high. Source: TradingView

The Events Leading To LABITCONF: This Week In Buenos Aires

The 10th-anniversary edition of LABITCONF starts in a few hours. To celebrate, the legendary conference came back to its native Buenos Aires. The tickets are sold-out and the city is buzzing with activity, crypto celebrities, and satellite events. The following article is about two of them, both strictly bitcoin-focused, both starring the cream of the crop in Latin American bitcoin culture.
And Samson Mow, maybe.

– ¡Estamos SOLD OUT! 🎟🎟Muchas gracias a todos y los esperamos a partir de mañana en el evento. Les contamos que no se venderán entradas en la puerta. pic.twitter.com/NIZwu0W4dq
— LABITCONF (@labitconf) November 10, 2022

This is the first of the LABITCONF chronicles and will be written in the first person. Adjust your expectations accordingly.

BTC price chart for 11/11/2022 on Bitstamp | Source: BTC/USD on TradingView.com
Events Leading to LABITCONF: Tuesday 8th, “Hablemos Bitcoin” At Crypstation
I already had tickets for Wednesday’s LABITCONF satellite event when this flyer popped up in my timeline:

Hoy vamos a acompañar a @juanbiter, @BtcAndres y @criptobastardo en la última fecha de Hablemos #bitcoin en Buenos Aires, nos vemos ahí! https://t.co/seIG6ovnGo
— La Bitcoineta (@labitcoineta) November 8, 2022

I was in the middle of my work day, but I immediately knew I had to be there. It sounded like an introductory talk, but the three premier bitcoin educators in the area were on the same bill. Over the years, Juan Biter, BTCAndrés, and Criptobastardo have earned my respect. Plus, La Bitcoineta was going to be present. Plus, it was in Crypstation, a coffee shop that accepts all kinds of crypto payments and I hadn’t visited. It was a done deal. Even if I was going to lose money by not writing, I had to be there.

One hour before the event, I turned off the computer and hit the streets. The sun was shining when I got to Puerto Madero. So much so that I got to Crypstation dripping in sweat. The event had already started, so I couldn’t sneak into the bathroom. I had to watch the introductory talk while looking like Jordan Peele in the famous meme, but it was alright. The crowd was small but engaged, most of them wanted to really learn about bitcoin. Were they warming up for LABITCONF like I was?

Ya estamos en #Cryostation @juanbiter, @BtcAndres y yo 🫡😎🍊
Hablemos #Bitcoin pic.twitter.com/N89kQ0un47
— Javier ₿astardo🫡🏴‍☠️ @ 🇦🇷 (@criptobastardo) November 8, 2022

As it usually happens, the classic objections came up. What about quantum computers? What about DeFi and other alternatives? Is bitcoin old tech? The educators were equipped to deal with those questions and more, and so they did. Hopefully, the crowd took notes and downloaded the right bitcoin wallets.

Wednesday 9th, “Bitcoin, Pizza, Y Cerveza” At La Crypta
The place was phenomenal, I couldn’t believe it. An old house built when people wanted things to last, conditioned for crypto conferences and master classes. The ceilings were high, the main walls were covered in wood, and there were all kinds of details around the house. Plus, free pizza and beer. There was a rumor that Samson Mow was going to be at the event. I even saw a second version of this flyer with the ex-Blockstream in it: 

🗣️#Bitcoin, pizza y cerveza 🍕🍻 by @BFXLeosESP x @LaCryptaOficial
😎Los estaré esperando con mi amiga @marce_m_romero, de Relatance y #BFXLeos para hablar de BTC, conferencias, tecnología y más.
🏦[email protected] @keet_io @Synonym_to
📸Media [email protected] pic.twitter.com/hR6PijT2iZ
— Javier ₿astardo🫡🏴‍☠️ @ 🇦🇷 (@criptobastardo) November 6, 2022

Sadly, Samson Mow’s plane was delayed. He’ll be here for LABITCONF, though. Luckily for us, Prince Philip of Serbia stepped up. He recently joined Mow’s Jan3 organization and shared his experience with us. Before that, Marcela Romero of the BFX Leos community presented Keet, Bitfinex’s censorship-resistant peer-to-peer chat app.

After both of them, Criptobastardo gave a bitcoin introductory talk and schooled everyone on the importance of finite resources. He also told them that bitcoin was the first and only digital scarcity, a complex concept that’s one of the ingredients to bitcoin’s greatness.

Ya estamos a punto de arrancar en @LaCryptaOficial #BFXLeos dice presente en Buenos Aires 🦁🫡🇦🇷 pic.twitter.com/jxEKAq3G6w
— Leones de BFX – Comunidad (@BFXLeosESP) November 9, 2022

When all was said and done, we ate. And after that, La Crypta gave away tickets to LABITCONF. To pick the winners, one of their staff members programmed something that extracted numbers from a bitcoin block. That was amazing.

Epilogue 
I planned to come home to write this as soon as I got my hands on a LABITCOINF ticket, but I stayed at La Crypta meeting everyone, eating pizza, and drinking beer. All in all, it was a phenomenal day. Even if I lost money by not writing and the day off delayed all of my processes.

In fact, I just finished writing this and, in a few hours, I have to wake up to go to LABITCONF to find cool stories for you, dear reader. The things we do for love.
Featured Image: La Crypta, by Eduardo Próspero | Charts by TradingView

Worried About The Future Of Crypto? Here’s What Cardano Founder Thinks

With the crypto market suffering massive losses this week, there has been more concern about the future of the space. This is not just limited to the price of the digital assets in the market, but rather the collapse of multiple big players in crypto such as Terra in May and now the FTX crypto exchange. However, not everyone is frazzled by recent events and one of those is Cardano founder Charles Hoskinson.
Crypto Market Will Prevail
At times like this, it is easy to see why there are concerns about the ability of the crypto market to survive. The FTX decline will not be a standalone event as there are multiple companies who have disclosed or are yet to disclose exposure to the exchange. Prices of digital assets in the space have understandably declined in light of this but it does not spell the end of the industry.

Cardano founder Charles Hoskinson has taken to Twitter to echo this sentiment, presenting a calm voice in the midst of chaos. In his tweet, Hoskinson highlights the market woes of Wednesday, explaining that it will not be the last. The Cardano founder said that “There will be another Wednesday and another.” However, it doesn’t mean that the crypto space stops. Instead, he urges people to keep building and innovating in the space.
As for the blockchain and the crypto industry which have already come this far, Hoskinson says that they are already changing the world. Thus, “Short term events won’t stop the revolution,” adding a GIF of a honey badger facing off against a King Cobra for effect.

Today is Wednesday. There will be another Wednesday and another. Build, grow, and innovate. Cryptocurrencies and blockchain technology are currently changing the world. Short term events won’t stop the revolution pic.twitter.com/G62HjFNwyG
— Charles Hoskinson (@IOHK_Charles) November 9, 2022

Not The First, Not The Last
For investors who are new to the space or came in during the bull market of 2021, it can be daunting to watch prices fall so much in a short amount of time. However, for veterans, it was just another Wednesday in crypto, and there will be more.

A refresher of crypto history shows that events like these are not new. Going from the Mt Gox collapse to the Bitfinex hack, the crypto space has always had “Black Swan” events that send the values of digital assets such as Bitcoin to their bottom.
In 2017-2018, the price of Bitcoin had actually fallen from a high of $19,000 to a low of $3,200. A similar case happened in 2013-2014 when the price of bitcoin had fallen from $1,150 to $103. What matters, in the end, is that the space always prevailed, coming back stronger to reach new all-time highs with each bull market. 

Market cap falls below $800 billion | Source: Crypto Total Market Cap on TradingView.com
Featured image from NewsBTC, chart from TradingView.com
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New Report Shows FTX Used Customer’s Crypto Funds To Support Almeda Research

While the flames of the FTX crash burn the crypto market, people are coming up with different claims explaining why the crypto exchange’s demise. In a market driven by claims, rumors, and speculations, such reports could engineer a further crash. But, on the other hand, it may also shed light on the ongoing investigation.
The latest claim from Reuters alleged that FTX used customers’ funds to pull out Alameda Research from insolvency. The report also addressed Binance’s withdrawal from the FTX acquisition as a failed attempt to save crypto.

Furthermore, a message from Bankman-Fried, FTX CEO, to podcaster Cobie got leaked on Twitter. The statement revealed that Bankman-Fried is confused about how to solve the FTX issue. However, the message also showed that the CEO seeks to provide a thorough explanation to the community.
FTX Might Tend towards Bankruptcy
Another Twitter post from an account addressed as Austin Capital shared more rumors. The post alleged that FTX employees turned blind eyes even though they were aware of the company’s law-breaking practices.
The tweet further claimed that the employees are now taking the fall for FTX. To this claim, crypto community members retweeted, saying the employees deserve to go to prison if they knew about the crimes.
Meanwhile, a document indicating that FTX has up to $1.3 billion in assets got leaked. A Trustnodes report stated that the spreadsheet document appears to be from a blockchain DApp called Zaper.
More reports keep coming about the status quo of the crypto exchange collapse. Some anonymous individuals told Reuters that FTX recorded $6 billion in withdrawals. Bloomberg also reported information from unnamed sources, saying the crypto exchange may file for bankruptcy.
The Wall Street Journal also reported that a person familiar with the FTX matter claimed the government is investigating the crypto exchange.
How Is The Crypto Market Faring?
The FTX liquidity crunch has left a cascade effect on the crypto market. The market is currently in shambles with massive losses all over. Most cryptocurrency prices, including Bitcoin, are at their all-time lows as investors worry about the industry’s fate.

Reports claim the problem started with Alameda’s leaked balance sheet showing its overexposure to FTT. This led investors to begin withdrawing their holdings from the digital asset exchange.
Although the reports are negative for digital assets, some community members are bullish on the future of Bitcoin. According to crypto analyst Michael van de Poppe, things will take a positive turn later.
While citing Terra, FTX, and Mt. Gox, the crypto analyst said mistakes must be corrected to improve the system. However, he ended his statement by saying, “Bitcoin and other digital assets are here to stay.”
Bitcoin price gains momentum l BTCUSDT on Tradingview.com
Featured image from Pixabay, chart from TradingView.com

Coinbase CEO Says Uncertain Regulations Previously Impacted 95% Of Trading

According to reports, the CEO of Coinbase, Brian Armstrong, expressed dissatisfaction over the recent actions from the regulators.
The US Securities and Exchange Commission (SEC) has created massive quakes regarding crypto regulations. As a result, the crypto space has experienced strict regulatory rules and enforcement actions from the watchdog. Also, its lawsuit with Ripple XRP remained a historical battle in the industry.

With the recent collapse of the crypto exchange FTX, the US regulators have taken a more controlling stance over several other exchanges within its jurisdiction. The regulators have started an investigation round on FTX.US, Coinbase, and Binance. The US.

Coinbase CEO: US Regulators Make Unclear Regulations For Crypto Firms
Armstrong stated that the regulators are using enforcement action on US-based firms unjustly. He mentioned the new move was due to irregularities in offshore companies outside the US jurisdictions. Hence, it could be senseless for the regulators to act on such issues.
The reaction from Coinbase’s CEO was in response to the aggressive enforcement call of Senator Elizabeth Warren due to the FTX crisis. Armstrong pointed accusing fingers at the SEC’s regulatory unclarity in the US.
This has pushed over 95% of American investors (and trading activities) offshores. So for him, it makes no sense to initiate punishments for US-based companies in the name of investigations and regulations.
On his part, the CEO of Ripple, Brad Garlinghouse, gave an example of Singapore. He noted that firms operating in the US lack complete guidance on compliance steps and processes. However, the case is different in Singapore, as the country provides a clear licensing framework and tax economy. So, it’s straightforward for firms to comply.
Ripple grows on the candle l XRPUSDT on Tradingview.com
Collapse Of FTX Spikes US Regulatory Investigation
The collapse of the FTX, the global third-largest crypto exchange, remains a surprising outturn of events. The company had millions of users from different parts of the world.
FTX’s performance in the past indicated a robust and stable firm. As a result, the exchange was not overly affected throughout the crypto winter and the following crypto contagion. It even carried out some bail-out actions for some struggling lending firms. Also, FTX has completed several funding rounds, and the last one took place in January this year.
The deal for Binance to acquire FTX lost its hold after 48 hours after the announcement. FTX token (FTT) has continued to fall following the firm’s collapse. Several reactions have erupted within and outside the crypto industry following the FTX crisis.
The US regulators have sprung up due to the ongoing crisis. A report revealed that the US Department of Justice (DoJ) and the SEC investigate the FTX US subsidiary.

The regulators are probing the exchange to determine if some FTX crypto lending products are within the securities classification. Also, they intend to uncover its ties with the parent company headquartered in the Bahamas.
featured Image From Pixabay, Charts From Tradingview.com

CTO Of Ledger Hardware Wallet Claims The Platform Faces Scalability Issues Amid FTX Bloodbath

The FTX crash has become the hottest crypto space news in the last few days. After rumors of the FTX insolvency issue, FTT experienced massive withdrawals that led to a price decline of nearly 80%.
The FTX chief, Bankman-Fried, said the exchange was experiencing overwhelming withdrawal requests and called for assistance from Binance.

As the withdrawal hurdle continued, reports revealed that Ledger, a hardware-based crypto wallet provider, got affected. The firm’s platform experienced glitches due to crypto exchanges’ overwhelming outflow of FTT.
Details Of Ledger Hardware Wallet Issue Amid FTX Crises
The Chief Tech Officer of Ledger, Charles Guillemet, reported via Twitter that their platforms experienced some scalability issues. The executive highlighted the cause of the challenges as the ongoing financial crisis of the crypto exchange FTX.
Guillemet said many crypto holders are offloading their assets from crypto exchanges to Ledger security and self-governed solutions.
The wallet provider reported this issue around 11:00 pm on November 9. In the official announcement, Ledger said its hardware wallet application, Ledger Live, had poor server performance.
Ledger tweeted that user assets are safe. However, individual issues may range from connectivity problems with the My Ledger tab and running a Genuine Check.
Ledger later tweeted that it had resolved the server outage issue within 1 hour of detection. The firm added that all systems are optimally operational. As part of the strategy to curb the FTT withdrawal frenzy, Ledger Support announced a temporary suspension of FTX and FTX.US swaps, launched in July, on Ledger Live.

According to Ledger’s announcement, the downgrade prevented some users from sending and receiving transactions to Ledger Live.
Ledger’s Announcement Draws Criticism
Meanwhile, the crypto community reacted to the announcement differently. Some criticized Ledger for not communicating the information appropriately to their customers, considering the ongoing issue with FTX.
Ledger’s words that assets are safe triggered some sensitive spots in the people. Those were the words Sam Bankman-Fried uttered a day before the FTX crash. The statement appeared unclear whether there was a hidden meaning or if it was the first time such a glitch had occurred. However, Ledger has not responded to requests to clear the air.

The concept of hardware or cold storage became popular with occurrences like the FTX crisis. Users move their assets from exchanges to hardware wallets to protect them when a crisis like this occurs.
FTT price grows on the chart l FTTUSDT on Tradingview.com
Hardware wallets have become more prevalent in 2022 because centralized exchanges often restrict user access to funds during certain occurrences.
Considering the rate investors are moving their funds to hardware wallets, one would think Ledger’s competitors are facing the same issues.
However, Trezor, a rival hardware wallet provider, has not recorded any problems due to the FTX crisis. Josef Tetek, CEO of Trezor, said the solution to the withdrawal blow-ups is to see self-custody as necessary.
Featured Image From Pixabay, Charts From Tradingview.com

U.S. Refines Imposed Sanctions On Tornado Cash To Tackle North Korean Hackers

Previously sanctioned Tornado Cash, an Ethereum-based crypto mixer that provides its community with identity secrecy in digital transactions via its open-source software is up again on the news cycle. The clash between regulators and the crypto sphere turns up a notch with legal actions, counter lawsuits, arrests, and foreign cybercriminals, all involved in the mix.
Initially, the American Department of the Treasury office targeted Tornado Cash in August. The agency put a blind ban on the app to keep cybercriminals at bay from using the privacy tool while moving funds illegally.

OFAC, the Department of the Treasury’s Office of Foreign Assets Control, alleged that Tornado Cash was a popular choice for North Korean hackers to use for their ill motive gains. The economic restrictions halted American individuals’ and businesses’ usage of Tornado Cash, the largest crypto mixer in the industry. 
U.S. Treasury Punches Tornado With More Refined Allegations
Despite the criticism from crypto enthusiasts and businesses in the crypto-verse that the U.S. watchdog’s action against Tornado Cash was more of a hit against the “services” it provides, the Treasury Department released a statement in defense with a more broadened justification for sanctions.
In its press release on Nov. 8, the U.S. watchdog noted that it has “delisted and at the same time redesignated” the mixer crypto tool under amended executive order 13722 and E.O. 13694. This time, OFAC has changed its narrative behind the hit from North Korean cyber-pirates using the services to a more general North Korean regime. 
The Office of Foreign Assets Control(OFAC) also noted that Tornado Cash allowed illegal cyber activities on its platform to facilitate the program of weapons of mass destruction(WMD) of North Korea. Tornado Cash was a huge help in implementing the proceeds of crypto’s largest heist of $455 million for the North Korean-supported Lazarus group.
Lazarus Group is banned under U.S. sanctions. The statement further revealed: 
This action is part of the United States’ ongoing efforts to limit the DPRK’s ability to advance its unlawful weapons of mass destruction (WMD) and ballistic missile programs that threaten regional stability and follows numerous recent DPRK ballistic missile launches, which are in clear violation of multiple United Nations (U.N.) Security Council resolutions.
In addition to this heist that took place in March, Tornado Cash was also helpful in laundering the stolen money from the Horizon Bridge hack in June, as well as August’s $190 million theft on crypto startup nomad, the treasury noted. Although multiple requests have been made to Tornado Cash to enforce required changes, the official said the criminal activity continued.
These statements enforce the U.S. and South Korea’s popular narrative that North Korea uses its army of cybercriminals to steal and use funds for its weapons development program. The Democratic People’s Republic of Korea refutes such allegations. 
The Treasury Department also announced sanctions on two of North Korea’s airline Air Koryo employees. 
Bitcoin price currently hovers above $17,500. | Source: BTCUSD price chart from TradingView.com
Crypto Enthusiasts Believe Otherwise
When the sanctions were first imposed on Aug. 8, there was strong criticism against the Treasury Department for sanctioning the Tornado Cash service in the country. Many enthusiasts believe that the action taken is quite controversial as Tornado Cash is more of a set of software than an organization. Six Tornado Cash’s believers, hailing from Texas, took to the court, stating that the officials had overstepped their mandate by restricting access to the computer code. The lawsuit reads: 
Tornado Cash is not a person, entity, or organization. It is a decentralized, open-source software project that restores some privacy for Ethereum users.
Coinbase, a renowned crypto trading platform, also announced its financial support for a lawsuit against Treasury. In a blog post, the U.S.-based trading platform argued that the Treasury officials had gone too far by imposing a ban on an entire technology in place of specific individuals. 

Besides, Coinbase, the Treasury Department also faces a lawsuit from a non-profitable research firm Coin Center. Coin Center believes that the U.S. watchdog is unfair towards the constitutional rights of Tornado Cash enthusiasts who use it to protect their identity. 
Featured image from Pixabay and chart from TradingView.com

DeFi TVL Tanks 20% Following Crypto Market Woes

Decentralized finance (DeFi) has felt the impact of the market crash that happened on Wednesday. The space which had already been struggling due to low interest had seen its total value locked (TVL) tank by more than $10 billion in a three-day period.
TVL Falls To $44 Billion
For the last couple of weeks, the DeFi TVL had been trending just above $55 billion. This was when Ethereum had staged a recovery above $1,500 and other DeFi tokens had rallied along with it. However, just when it looked like the market was beginning to settle into a growth trend, the FTX insolvency hit the crypto market.

Coming out of the weekend, the DeFi TVL was sitting at a total o $55.87 billion. Now, in the span of four days, it has fallen by more than 20% to be sitting at a 19-month low of $44.44 billion. It is down more than 9% in the last 24 hours with the majority of DeFi protocols seeing a similar decline in the same time frame. 
The biggest losers during this time have been the Solana ecosystem users. The price of the digital asset had tanked more than 50% in the 4-day period and the TVL had followed suit. In the last 24 hours, Solana DeFi TVL is down by 31.69%. This puts it at a TVL of $427.98 million compared to $1 billion at the start of the week.

TVL falls 20% in 4 days | Source: DeFiLlama
As for Ethereum, its current $25 billion TVL puts it close to near two-year lows. The last time the TVL had been this low had been back in February of 2021 when ‘DeFi Summer’ was just starting. The TVL was sitting at $32 billion at the start of the week, a 22% decline in four days.
DeFi Tokens Suffer Losses
The decline in the crypto market has wreaked havoc on DeFi tokens. Some of these tokens had been holding up nicely through the bear market but with bitcoin falling to new cycle lows, it brought the entirety of the crypto market down with it.

DeFi token market cap at $36 billion | Source: Crypto Total DeFi Market Cap on TradingView.com
Tokens such as AXAX, LINK, and AAVE have all seen double-digit losses in the last seven days with declines of 24%, 15%, and 25% respectively. As mentioned above, SOL is down more than 50% in this time frame, making it one of the tokens with the most losses through the decline.
Related Reading: CZ’s Advice To Crypto Companies Point Out What Went Wrong With FTX
Nevertheless, there are others that have been able to maintain a good portion of their value. Leading the list of best performers in DeFi is Polygon with only 4% losses in the 7-day period and is now one of the 10 largest cryptocurrencies by market cap. Looping (LRC) is up 9.84% in the last 24 hours, while DAI has been able to maintain its dollar peg through all of the market uncertainty.
Featured image from CryptoSlate, chart from TradingView.com
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After Breaking Up With EA, FIFA Has Announced 4 New Blockchain Games

Following the company’s split with EA, FIFA has announced four new blockchain-based Web 3.0 games as the World Cup 2022 approaches.
FIFA Has Revealed 4 New Blockchain Games In Buildup To Qatar World Cup
As per an announcement on the organization’s website, FIFA is aiming to entertain and engage a wider group of fans ahead of the upcoming World Cup with the help of these new Web 3.0 games.
FIFA is the main governing body of international soccer, and is responsible for holding the most popular sporting tournament in the globe, the World Cup.
The World Cup is held every four years, the previous edition of which took place in 2018. This year’s 2022 World Cup is being hosted by Qatar, and is set to kickoff in ten days.
In the gaming space, developer Electronic Arts (EA) has been using the soccer organization’s license for producing its annually releasing “FIFA” games, a series that has always been one of the best sellers on the market.
However, the 30-year long partnership came to an end earlier in the year, as the two companies couldn’t reach an agreement for a new deal. This year’s FIFA 23 was the last collaboration between the firms.

Following the breakup, FIFA had hinted that they would continue to produce games separately from EA. And now, the organization has finally unveiled some plans for the post-EA era: four new blockchain titles based around the approaching World Cup.

FIFA’s new blockchain-based experiences | Source: FIFA
“The new gaming integrations, all of which are designed with web 3.0 and the future of digital engagement in mind, are playable around the tournament and each have a unique twist on the globe’s biggest football tournament,” read the announcement.
The first of the blockchain experiences is “AI League,” a 4vs4 soccer game where players manage their team of AI characters and use them for playing matches between each other.

“Matchday” is the second, a social prediction game based on soccer cards where players compete with friends to get their predictions right.
Fan engagement mobile app “Phygtl” is “an immersive experience fans join forces on with the mission to co-create the global first fan generate digital reward.”
And finally, there is the integration with the popular blockchain-based metaverse Upland, where fans can now collect official FIFA World Cup digital assets.
BTC Price
At the time of writing, Bitcoin’s price floats around $16.5k, down 18% in the last week. Over the past month, the crypto has lost 15% in value.

The price of the coin has crashed down over the last couple of days | Source: BTCUSD on TradingView
Featured image from Fauzan Saari on Unsplash.com, chart from TradingView.com

FTX Re-Open Withdrawals? Users Report Successful Transactions

Crypto exchange FTX has begun processing withdrawals, according to reports from users and the crypto community. A few minutes ago, the crypto trading venue CEO, Sam Bankman-Fried,

Data from Arkam Intelligence indicates that at least $2,6 million left the platform in the past hour. There is much uncertainty around the crypto trading venue after Bankman-Fried confirmed a “liquidity crunch” that forced them to halt operations.

FTX appears to be processing withdrawals – in a limited capacity as of right now
$2.61 million in $ETH transferred out in the last 10 minutes🚨🚨 pic.twitter.com/yJHlO3UqKP
— Arkham | Crypto Intelligence (@ArkhamIntel) November 10, 2022 
FTX Re-Opens Transactions, But For How Long?
As Bitcoinist reported, institutions and big players have funds stuck on FTX. The collapse of the crypto exchange took the crypto industry by surprise.
Until now, FTX was one of the most respectable brands in the nascent industry. Sam Bankman-Fried had a relationship with U.S. regulators, politicians, celebrities, and other high-profile individuals.
Over the past week, the exchange faced a bank run that emptied over $5 billion in funds. In addition, several reports claim the company lent billion to its trading arm Alameda Research. These funds allegedly belonged to its users and were misappropriated by the exchange.

10 fucking yards !!!!!Not even Credit Suisse is that bad at finance. pic.twitter.com/ogiFNUsfmD
— Arthur Hayes (@CryptoHayes) November 10, 2022 
Additional reports from Nansen indicate that big money is pulling out of FTX as withdrawals re-open. Millions of dollars are being moved out of the crypto trading venue.

Over the past hour folks have managed to get $6.7 million off of FTX pic.twitter.com/bV0FLCf3gw
— Andrew T (@Blockanalia) November 10, 2022 
In addition to Ethereum, users can withdraw TRON, Bitcoin, Solana, Gala, stablecoins, and others. Again, there is much speculation about whether FTX can process transactions much longer and how much it can give back to its users.
FTT’s price trends to the downside on the daily chart. Source: FTTUSDT Tradingview

A pseudonym trader stated the following about the situation with FTX and current withdrawals, users are advised to take out their funds and take advantage of the opportunity:
Last breath from whatever’s salvageable before winding down? Hope someone extended some form of a lifeline, though find it hard to believe it would happen so quickly, especially in light of all the recent revelations.