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Ethereum: Hotel California for the rich and horror flick – Charles Hoskinson

Courtesy of Charles Hoskinson’s TwitterCharles Hoskinson has thrown shade on Ethereum, a project he co-founded before moving to Cardano.Going by data from, 62 percent of all blocks added to the Ethereum blockchain in the last 30 days have enforced OFAC compliance.Charles Hoskinson, the founder of the Cardano blockchain, has continued aiming barbs at the Ethereum blockchain, comparing it to a horror movie. Hoskinson, in response to a graphic depicting the number of blocks produced by the Ethereum blockchain that are compliant with the U.S. Treasury’s Office of Foreign Assets Control (OFAC) since the Merge stated that Ethereum is now comparable to both Hotel California and the Shining. Ethereum now has a two for one: Hotel California and the Shining— Charles Hoskinson (@IOHK_Charles) November 11, 2022The Shining is a popular horror movie released in 1980 based on a Stephen King novel. The movie has been interpreted to have consistent themes of subjugation and putting American imperialism in focus. Hoskinson explains the pop culture reference to stem from the fact that with the Ethereum blockchain adhering to censoring transactions based on OFAC recommendations, the U.S. government decides who gets to use the network.  Follow us for the latest crypto news!“Means that blocks are OFAC compliant. So the US government gets to decide who uses Ethereum,” he wrote in a follow-up tweet. The trend of OFAC-compliant blocks being the majority of blocks added by Ethereum validators has been a long-standing issue on the Ethereum network. It comes from miners, and now validators, using mev-boost—a service that allows outsourcing of block production to increase APR. Going by data from, 62 percent of all blocks added to the Ethereum blockchain in the last 30 days have enforced OFAC compliance. However, the developers of Ethereum have disclosed plans to correct the issue. In a recent update to Ethereum’s development roadmap disclosed by Vitalik Buterin, co-founder of the blockchain, a new milestone of development called “the Scourge” was added to the document that will focus on ensuring that MEV (or Miner Extractable Value) is phased out from the network. Hoskinson creating tense relationships with other blockchain projectsThe latest tirade is not the first time Hoskinson has pointed out flaws in Ethereum, which is a co-founder of, and wither blockchain networks. Shortly after Ethereum completed the move to being a proof-of-stake (PoS) network with the Merge upgrade, Hoskinson called out Ethereum devs for ignoring Cardano’s Ouroboros PoS implementation. He has also criticized networks like Ethereum Classic, calling it a dead project. He also recently described Dogecoin as a centralized project. This has earned him a controversial status in the crypto space even as Cardano also continues to receive its fair share of criticisms for moving too slowly with development. 

Inery Token $INR Goes Live on BitMart Exchange

Singapore, Singapore, 11th November, 2022, Chainwire$INR is live on BitMart Exchange after several strategic partnerships and a successful listing on Huobi Global. The deposit feature opened on November 9, and the trading feature is set to open on November 11. The BitMart listing comes after the community’s request and voting to list the $INR token on the exchange.Inery is a proprietary layer-1 blockchain specifically designed to address database management to fuel a paradigm shift in how data is handled. Inery’s native token, $INR, is to be listed on one of the leading and most trusted cryptocurrency exchanges in the world, BitMart, which serves over 9 million users in 180+ nations and supports 800+ crypto trading pairs and over 750 high-quality cryptocurrencies. This opens up an opportunity for Inery to spread its offerings to a wider audience and change the perception and approach to data management while providing value to the everyday user. Ambitions to Decentralize DataThe way the Inery ecosystem is structured is in a way that breaks entry barriers to Web3. It combines the best of both worlds, the conventional and Web3 spaces, by integrating blockchain functionalities and distributed database properties; and provides an easy-to-use interface to enable the everyday user to easily communicate with the blockchain using layman-level language. Its high-performant, security, and scalability gives Inery different use cases in diverse sectors, including real estate, gaming, finance, governments, healthcare, etc.Inery also aims to provide interoperability between chains, among other industries, without compromising on performance, scalability, and security. Built atop the proprietary layer 1 blockchain running on memory nodes, its decentralized database management solution (DBMS) enables users to perform CRUD operations as well as have complete ownership and control over their data, such that only users with predefined permissions can access it. This is essential in the technological era where user-generated content and big data are streaming in, and the physical world migrates to the virtual realms but is exposed to big tech manipulation, breaches, losses, etc. The $INR token is essential in securing and powering the ecosystem and as a unit of exchange for accessing the decentralized storage of Inery DBMS. MilestonesFollow us for the latest crypto news!This subsequent listing comes barely over a month since the INR token was successfully listed on Huobi, where it was well received. Prior to that, Inery had launched its first public testnet and launched a set of activities where users are rewarded for completing sets of tasks. The second set of activities is currently ongoing, where the testnet has already registered 2000+ master and lite nodes from over 10 countries worldwide.Inery has also carried out successful VC rounds, seeing firms like Metavest invest at a valuation of $128 million and Global Emerging Markets (GEM) commit $50 million. Other VC investors include Nebulous Holdings AG, Menas Global, Cap Lion Point, Truth Ventures, and Zazen. It has also strategically partnered with firms like NexBloc and EDDAVerse, and recently inked an MoU with Bharat Electronics Limited (BEL), a Navratna’s PSU that handles the entire Indian PSUs’ technical parts. The project has also been recognized as the “Best Emerging Blockchain Solution” at the Leaders in Fintech 2022 Awards. Listing ScheduleInery is scheduled to be listed on BitMart on November 11, with the trading pair: INR/USDT. Deposits started on 09/11/2022 at 3 PM (UTC)Trading starts on 11/11/2022 at 3 PM (UTC)About Inery Inery is a layer-1 blockchain solution designed to open the doorway to Web3 by enabling interoperability among blockchains and a streamlined transition from Web2 to decentralization. Inery’s simple-to-use GUI breaks entry barriers to the blockchain, enabling layman-level communication between end-users and the blockchain, while maintaining high throughput, unparalleled security, privacy, data sovereignty, etc.ContactDirector of Marketing & PRTijana D GertnerINERY PTE. [email protected]

BREAKING: Dogechain to move to PoS – Will DOGE hit $0.50 after Twitter integration?

Dogecoin’s Layer-2 scalability solution Dogechain is undergoing transition to PoS.Dogechain will introduce a staking and minting facility for its native token DC with some exciting rewards.The Dogecoin ecosystem has seen some fresh developments taking place recently. In a recent development, Dogechain, the Layer-2 smart contracts platform announced a major network upgrade earlier today.Earlier today, the Dogechain team announced that the Layer-2 scaling solutions for Dogecoin will undergo a transition to the Proof-of-Stake consensus mechanism. The latest development comes just three months after the launch of the Dogechain smart contracts platform.The team disclosed this announcement earlier today on its Twitter handle. The tentative for the network upgrade to PoS consensus is set for the next week on November 14. To execute the upgrade successfully, the team will also be halting the on-chain activities for a period of 12 hours.Thus, the downtime for the Dogechain network will start at 3 AM (UTC) on November 14, as the system undergoes the upgrade. This means that all deposits, withdrawals, and transactions will be suspended at this time. The announcement notes:During the downtime, deposits, withdrawals, and transactions will be unavailable.  Please note that this core PoS upgrade cannot be implemented while the chain is running. No need to be alarmed, however, as grand things are coming! Follow us for the latest crypto news!A major improvement coming along with the Dogechain upgrade will be in its infrastructure which will boost the on-chain performance.Dogechain to introduce PoS stakingDogechain said that the PoS upgrade will enable the minting and locking of veDC tokens. It will allow users to lock-up their native Dogechain (DC) tokens and get rewarded 1:1 in veDC. The transition to the Proof-of-Stake mechanism will introduce a PoS staking facility for users.As a result, users can stake their Dogechain (DC) tokens directly or assign them to validators. Additionally, they will also be able to stake the $veDC received from the DC lockup. The Dogechain team has disclosed details about the staking model that they would employ. Here’s how the lockup and staking exercise would work.To receive rewards in veDC, users will be able to lock up their Dogechain tokens.Users will receive the veDC rewards in a 1:1 ratio to the DC tokens. The longer the time duration of DC tokens lockup, the higher the veDC rewards.Users can further delegate these veDC received to validators and receive rewards in DC.This staking facility will only be available to DC tokens on the Dogechain network. Thus, DC tokens on other networks such as Ethereum can’t be used for staking purposes. Thus, users holding the DC tokens on Ethereum are advised to bridge their tokens to the Dogechain network.With Elon Musk acquiring Twitter recently, all eyes are currently on the development of the Dogechain ecosystem. A lot of players, including Cardano’s Charles Hoskinson, have shown in getting new innovations and features to Dogecoin. The Dogecoin (DOGE) price witnessed a massive rally the week the Twitter deal got finalized.

Peter Schiff: Sell your Bitcoin now – Onchain data signals warning for BTC

Peter Schiff tells followers to sell BTC ahead of a future bearish season.Mid-term BTC Holders push crypto exchange inflow to over 5000 BTC.Popular American broker Peter Schiff believes now is the time for investors to sell BTC in their portfolio. This came amid various unpleasant happenings in the crypto space, like a recent announcement from BlockFi on the inability to function business “as usual”, FTX liquidity crisis, and so on. Already, the price of Bitcoin has plunged greatly and has continued to decline in value. For a coin with an ATH of around $60,000, Bitcoin currently trades at $17,408.74. What a fall! BlockFi tied its current condition to FTX, which is actively seeking funds to remain solvent. Additionally, BlockFi blames its predicament on FTX.US and Alameda. According to BlockFi, the platform’s activity will be limited, including an impaired withdrawal option. The crypto lender aims to protect its users from the ongoing chaos, promising them frequent updates. Until there is further clarity, we are limiting platform activity, including pausing client withdrawals as allowed under our Terms… We request that clients should not deposit to BlockFi Wallet or Interest Accounts at this time.BlockFi’s tweet received several reactions from the Twitter community, including Peter Schiff. He said:This doesn’t look good, but it’s to be expected. Lots more to come. Sell your #Bitcoin if you can, as many people who would like to sell can’t.Follow us for the latest crypto news!Aside BlockFi and FTX.Us withdrawal issues, another implication of the FTX-Alameda crisis has been exposed by on-chain data analysis. The report shows that many mid-term BTC holders are sending their assets to crypto exchanges. Over the past 24 hours, crypto exchange inflow peaked at about 5000 BTC. On the other end, BTC spent output has reached a total of 5,133.49 BTC with two major weekly spikes.Financial analysis shows that the increased sending of BTC to crypto exchanges by mid-term holders will make the market bearish. This analysis complements Peter Schiff’s advice to his followers. The fundamental effect of this spiked crypto exchange inflow will take effect in the next few days. Why is Peter Schiff campaigning for a BTC Sell?For a while now, BTC has been struggling under $20k and Peter Schiff believes there are more events to occur in the future regarding BTC. Analysts believe BTC will plummet below its estimated production cost of $15k. Also, more think crypto bears will send the world’s biggest cryptocurrency by market cap to graves below the $10k mark.Another major concern for Peter Schiff about BTC is the most recent CPI data release. The consumer price index for October was 7.7 percent, with inflation falling to a 9-month low. Though the price of BTC skyrocketed after the CPI release, Schiff argued that it should not be considered as fuel for BTC or the general cryptocurrency market. In fact, the low trading volumes of BTC show the price can fall soon. 

Big for Stellar Lumens: ZUSD launches on Stellar network in billion dollar market

Following the announcement, the price of XLM has gained 6.72 percent in the last 24 hours to currently be trading at $0.096.The Stellar Development Foundation (SDF), is a non-profit organization supporting the development and growth of the open-source Stellar network.Stellar Lumens (XLM), the native cryptocurrency of the Stellar blockchain, is set to see a big boost with the integration of two reputable stablecoins on the blockchain-based payments network. The Stellar Development Foundation (SDF), a non-profit organization supporting the development and growth of the open-source Stellar network, said in a press release that it has launched the GYEN and ZUSD stablecoins on the Stellar network in partnership with Trust Company. The New York-based company is a regulated subsidiary of the Japanese internet conglomerate GMO Internet Group which is the issuer of the stablecoins. GYEN is the world’s first regulated Japanese yen (“JPY”) stablecoin, while ZUSD is a U.S. dollar-pegged stablecoin. CEO and executive director of SDF, Denelle Dixon, said in a statement that the foundation is excited to work with GMO Trust to bring the stablecoins to the Stellar network. He wrote;This integration will merge the speed, scale, and affordability of Stellar with the global utility of the world’s first regulated JPY-pegged stablecoin, a significant milestone on our path to improving interoperability between global payment systems,For his part, Ken Nakamura, CEO of Trust Company said that the integration will connect traditional fiat rails with blockchain-based rails. He further noted that launching on Stellar will benefit clients seeking a “much faster, cheaper, and more scalable solution when compared to Ethereum.”Follow us for the latest crypto news!The release states that both stablecoins are fully backed by 1:1 with fiat reserves of JPY and USD respectively, with the reserves publicly audited monthly by an independent accredited accounting firm. GMO Trust is also offering a no-cost swap between the Ethereum and Stellar versions of the stablecoins. Customers including dApps, exchanges, and payment firms will be able to leverage GMO Trust’s APIs. XLM price staging recoveryMeanwhile, GYEN and ZUSD are not the first stablecoins on the Stellar network. The payment network saw the integration of the Circle-issued USDC stablecoin as a native asset last year. This has seen adoption by protocols building on the network including Wirex, a UK-based digital payment platform. Following the announcement, the price of XLM has gained a 6.72% in the last 24 hours to currently be trading at $0.096 per CoinMarketCap data. The rally comes after the token fell to a two-year price of $0.0815. The price drop has been linked to the FTX liquidity crunch-induced market contagion. 

Ripple: Investors more confident of victory despite 2 new supporters for SEC in the lawsuit

There have been inflows to XRP investment products for the third successive week, hinting that investors are more confident of Ripple’s victory.Another independent firm throws support for SEC in its court battle with Ripple.According to investment data from James Butterfill, a top-level executive with Coinshares, there have recently been massive inflows into XRP-related investment products. He suggests that the inflows might be due to recent developments in the Ripple-SEC case.The Coinshares chief wrote in the latest issue of the digital asset fund flows that institutions’ investments in XRP-related products have reached $1.1 million following the third successive week of inflows. Butterfill believes that investors’ confidence must have been bolstered by the recent events in the Ripple vs. SEC saga.According to him, notable crypto firms such as the blockchain association and Coinbase are among the contributors to these massive inflows. Last week, Stuart Alderoty, Ripple’s General Counsel, tweeted that more than 12 entities are offering help in this matter. They all agree that the SEC was wrong in its allegations against Ripple.Besides the XRP community, some notable names supporting Ripple include the crypto council for innovation, SpendTheBits (a mobile app for crypto), and the investor choice advocates network (a not-for-profit firm).Nevertheless, Ripple CEO Brad Garlinghouse remarked that the court could still take months to give a summary judgment despite the overwhelming support for Ripple. The Ripple CEO predicted that a final verdict on the case could happen by June 2023.However, there could still be a twist to this case following the recent victory by the US financial watchdog against LBRY (a blockchain-built payment and file-sharing network). Earlier in the week, a partner at leading law firm, Hogan & Hogan, tweeted that it won’t be surprising if the SEC includes the judgment from the LBRY case in its final briefing for the Ripple case.LBRY fought the good fight but lost at summary judgment.The Judge hung his hat largely on the fact that there was essentially no use for the tokens at the time of the sales.Follow us for the latest crypto news!I would expect this case to make its way into the SEC’s final brief in the Ripple case.— Jeremy Hogan (@attorneyjeremy1) November 7, 2022The lawyer commenced LBRY for their brave fight even though they eventually lost at the summary judgment. Meanwhile, Attorney John Deaton remains confident that Ripple would win this case. On Tuesday, he tweeted that his confidence in Ripple’s win possibility remains strong despite the latest ruling.A new entity supports SEC’s Ripple allegationsIn a related development, the new sports economy institute (NSEI) has filed an amicus brief at the court to support the US financial regulator’s allegations against the blockchain firm. In its argument, the NSEI claims that Ripple’s native token is a speculative tool whose basis lies in the greater fool theory.The institute further argues that Ripple is overly critical and keeps misinterpreting the relevant parts of the Howey test. The NSEI claims that the speculative intent for holding XRP tokens far exceeds the consumptive intent. It explained that most XRP holders bought the tokens because they saw many others doing the same.The institute further argued that a brief overview of XRP discussion on various forums indicates that most token holders don’t have any “consumptive aim” of holding the token. Instead, they hold it for speculative reasons. The NSEI also said crypto exchanges are taking advantage of this speculative intent to manipulate XRP’s price.

Bitcoin and Ethereum price get boost, but be aware of further downside movement

Source: Wit Olszweski – ShutterstockSince testing new 2022 lows, Bitcoin and Ethereum have rebounded but analysts are warning that there could be further pain down the road. According to a CNBC report, the crypto market price rally began around the time the U.S. released its October consumer price index (CPI) data showing a smaller-than-expected rise. The price of the top two market-leading cryptocurrencies, Bitcoin (BTC) and Ether (ETH) has been staging a comeback in the past few hours after a two-day trend of sell-offs triggered by revelations of financial troubles at the FTX exchange. BTC is trading at around $17,300, up 6.76 percent on the day, while ETH is trading around $1,200, up 8.78 percent per CoinMarketCap (CMC) data. According to a CNBC report, the crypto market price rally began around the time the U.S. released its October consumer price index (CPI) data showing a smaller-than-expected rise. The CPI data has triggered speculation that the Federal Reserve Bank might slow down on rate hikes which have so far been hitting both the stock and crypto market hard. Regardless, analysts have warned that the crypto market may not be completely out of the bushes as the FTX saga has not completely played out. In an interview, Steve McClurg, chief investment officer at Valkyrie, told CNBC that the asset manager is still bullish for the long term. However, in the short term, Valkyrie is bearish as there may still be some leverage to be unwound in the market especially as many asset managers have funds stuck at FTX. “We still think there is some leverage to be unwound… so not short-term bullish. Many asset managers have funds stuck at FTX. There will likely be a wave of redemptions on this news, causing a third wave of selling pressure. Long term, we are bullish and believe we are close to the bottom,” he said. Follow us for the latest crypto news!FTX is yet to find funding to fill the $8 billion liquidity shortfallMcClurg’s comment comes amid updates from FTX that shows that it is yet to find investors willing to backstop its liquidity troubles. Sam Bankman-Fried—CEO and Co-founder of FTX—has recently broken his silence on the situation with an apology to investors via Twitter promising to use any raised funds to first “do right by customers.” Meanwhile, even more funds, asset managers, and investors have been likely to run into trouble as a result of their funds being trapped on FTX and Alameda. Crypto lender BlockFi has announced that it is pausing withdrawals. The firm stated that it could no longer conduct its business as normal due to a lack of clarity on the situation with FTX. BlockFi previously reached a deal with that would have seen it receive a $400 million line of credit with the option for the exchange to fully acquire it. Similarly, Sequoia and Paradigm have marked down their investments in FTX to now be worth $0 according to a Forbes report. 

How IOTA can support the climate and financial system change worldwide

Source: Morrowind – ShutterstockIOTA and Dell will work to address the trust issues revolving around data transparency in climate control.As part of Project Alvarium, they built integrated digital measurement, reporting, and verification (MRV).The IOTA network is one of the leading blockchain platforms when it comes to green climate contribution. Its DAG-based distributed ledger ensures very low energy consumption with very high transaction throughput.In the latest development, IOTA has partnered with Dell Technologies to track carbon footprints in real time. This partnership aims at combating climate change and building a data-driven ecosystem to track carbon footprints. Along with Dell, the two other partners in this initiative are ClimateCHECK, and BioE.The energy needed to heat one liter of water from 20 to 100 degrees is equivalent to 50.000.000 transactions via the Shimmer net (50mps)That is roughly equivalent to the daily Paypal transactions [email protected] – Just Imagine -This is insane!#IOTA #Shimmer— DeVille (@DeVille_379) November 3, 2022Dubbed Project Alvarium, it will seek to build trust issues in climate control based on data-driven decisions. With this partnership, Dell Technologies also plans to further its Data Confidence Fabric technology first conceptualized three years back in 2019. Speaking on the development, Steve Todd, Fellow at Dell Technologies said:The importance of data transparency is integral to how organizations in every industry move forward. Data confidence is needed to manage data at scale, creating systems of trust in this data, so users at all levels understand the terms of use. Project Alvarium will create this transparency. The more companies that integrate it into their processes and systems, the closer we’ll come to a future without data ambiguity.Follow us for the latest crypto news!IOTA’s involvement as the provider of distributed ledger technologies in different use cases has been significant. As data loads increase, the IOTA blockchain facilitates blockchain-based automated decision-making while establishing the trustworthiness of the recorded data regarding climate change.More about project AlvariumProject Alvarium seeks to create a measurable way of evaluating the reliability of data by using the power of blockchain. The system will log every step in the journey of each data point from an edge, or IoT device sensor, to a router, to an edge server, and to the cloud. As per the industry-specific requirements, each interaction will get a trust-rating score.To ensure integrity and prevent any kind of data tampering, these cores will be logged onto IOTA’s native Tangle technology. Mathew Yarger, Head of Smart Mobility explained that the existing workplaces have turned inefficient in incentivizing carbon exchanges. As a result, several companies also misreport their emissions. Explaining further, Yarger said:We’ve seen it in energy production facilities, where they’ll say, “Oh, we’ve reduced our emissions output by this much. But once you can actually go through an audit that process, you figure out those numbers are about 50% off.This happens pretty commonly in the industry, and it’s been a hard problem to address. But by having a high level of data transparency, you can start to have a compliance-as-a-service mechanism to ensure that what’s being reported is actually factual,Addressing data transparency issues with Project AlvariumAll four companies involved in Project Alvarium have built integrated digital measurement, reporting, and verification (MRV). This digital MRV will pick up data from sensors and other manual inputs.IOTA believes that similar technology could be applicable to a wide range of use cases. Recently Japanese multinational Toshiba shared an idea of P2P energy trading over the IOTA blockchain.

Cardano to scale to 1,000,000 tps with Hydra for micropayments on ADA blockchain  

Cardano introduces Hydra for Payments, improving blockchain’s scalability A demo version of Hydra for Payments will be open to a selected set of people and testers will enjoy faster and cheaper transactions.Cardano introduces Hydra, a payment developer tool on its blockchain. The team has implemented the tool to help solve scalability issues on the blockchain. ADA blockchain is expected to carry out over 1,000,000 transactions without any significant increase in fees and processing time. The processing power of the main chain (layer 1) will be improved.In addition to that, Cardano will make an additional upgrade to the processing time of the off-main blockchain (layer 2). The two upgrades will foster network performance, higher throughput, and low transaction processing costs. Hydra will serve as a platform where users can access micropayment on the Cardano ecosystem.Cardano Introduces Hydra for paymentsIt will serve as a light wallet for developers to continuously build products that can benefit users. Hydra will reduce operating costs and increase the throughput of the Cardano network. Cardano will accommodate various sets of wallet providers, ensuring that onboarding developers experience a familiar setup. In the future, Hydra will integrate a basic back-office interface that would provide access for light wallet providers. These providers are required to maintain their own Hydra Head service, inspect their node infrastructure, and scale operations. They can also offer such a service to other providers. The @obsidian_llc Hydra team introduces Hydra for Payments – an open-source toolkit for the lightweight deployment of payment channels.— Input Output (@InputOutputHK) November 10, 2022Follow us for the latest crypto news!Hydra will possess amazing payment features, which would be highly beneficial in the Cardano space. The platform will be open-source and easily accessible. As earlier stated, the payment interface will be familiar to developers without any required technique. Hydra will be extremely fast and straightforward to use. It also has a re-designed isomorphic design. Currently, Hydra for Payments toolkit is under development, of which two perspectives will co-exist. The technical fundamentals will maintain the trust, security, and correctness of the Hydra Head protocol. In parallel to this, there will be a feature that would improve light wallet developers’ operating costs, ability to monitor their infrastructure, and enhance their users’ experience.When will Cardano’s new payments tool be? There is no announcement regarding the release of Hydra for Payments on the Cardano blockchain. Cardano promised to add specialized features that would cater to specific micropayment use cases before the platform’s launch. According to Cardano, Hydra for Payment will roll out gradually. The payment interface is undergoing important enhancement in Q4 2022, thereby hindering the immediate implementation of the platform. A selected group of people will gain access to the demo version of Hydra for Payments. These early testers will use the Head protocol to transfer assets at unmatched speed and cost. Cardano hopes to implement more enhancements to the protocols in 2023. The team might switch to its initial implementation using a Star-Shaped Head Network topology if validation of new features persists. Cardano is open to feedback, discussion, and contributions from the community regarding the Hydra toolkit.

BREAKING: FTX gets rescued by Justin Sun and OKX in billion dollar deal – BlockFi hires bankruptcy counsel

FTX chief SBF is looking to raise $1 billion each from Tron’s founder Justin Sun, rival OKX, and stablecoin issuer Tether.BlockFi halted withdrawals on its platform citing concerns about the FTX crisis and sources say BlockFi gave loans to FTX’s sister concern Alameda Research.Sam Bankman-Fried is facing a major crisis surrounding his own exchange FTX as a major liquidity crunch unraveled over the last week. Initially, Binance stepped in to acquire the assets of, however, after due corporate diligence they decided to back out citing reasons of “mishandling of customer’s funds and US agency investigations”.Now reports have emerged that SBF has approached Tron’s Justin Sun to help him bail out of the current crisis. In a desperate attempt to save the FTX exchange facing a liquidity crisis, Sam Bankman-Fried is looking to raise a staggering $9.4 billion. As per the sources familiar with the matter. SBF is looking to raise $1 billion each from Tron’s founder Justin Sun, rival OKX, and stablecoin issuer Tether.At the same time, Justin has been hinting at the possibility of acquiring FTX. On Thursday, November 10, Sun wrote that his team has been working with FTX to bring a solution to the current situation. “My team has been working around the clock to avert further deterioration. I have faith that the situation is manageable following the holistic approach together with our partners. Stay tuned,” he said.Justin Sun on saving FTXDuring his recent interview with Bloomberg, Justin Sun was asked whether he would be providing enough liquidity to FTX. He said that they are still conducting comprehensive diligence on whether they could bail out FTX. He also added that they would take care of their customers first and later see what needs to be done.However, Sun added that letting FTX collapse would be a significant blow to the entire crypto space. In another development, FTX reached out to a deal with Tron to let its users swap some assets. In an announcement on Thursday, the crypto exchange stated:We are pleased to announce that we have reached an agreement with Tron to establish a special facility to allow holders of TRX, BTT, JST, SUN, and HT to swap assets from FTX 1:1 to external wallets.Later on Thursday, SBF also put out a series of tweets noting: “Right now, my #1 priority–by far–is doing right by users. And I’m going to do everything I can to do that. To take responsibility, and do what I can”. He also stated that he would be putting all effort this week to raise liquidity.Follow us for the latest crypto news!Some sources also said that FTX has been in talks with Daniel Loeb’s hedge fund Third Point.Crypto Lender BlockFi halts withdrawalsEarlier today, crypto lender BlockFi announced that they have halted withdrawals citing a “lack of clarity” over the current crisis surrounding FTX US,, and sister trading house Alameda Research. As a result, the crypto lender has asked customers to refrain from depositing funds into their BlockFi wallets or interest accounts.In its report for the second quarter, BlockFi said that total deployable clients’ assets amounted to $3.9 billion. Amid the severe market crash this year, crypto lending platforms have been facing huge challenges. Earlier this year with the collapse of Three Arrows Capital, BlockFi took an $80 million hit from bad debt.A source familiar with the matter said that BlockFi was in the process of moving its assets to FTX for custody. However, a majority of their assets have still not been moved. The person familiar with the matter said that the crypto lender has given loans to Alameda Research, but did;t speak on the amount. The person also said:The loans are over-collateralized with liquid assets — including Robinhood Inc. shares — but BlockFi is no longer certain about where the funding for its credit line with FTX US and the collateral for the Alameda loans came from.This has sparked the concern that BlockFi might have used customer funds to offer loans to Alameda Research.