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😥 Focus Turns to Alameda as Investors Fear Binance Deal Not the Answer for Stricken FTX

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FTX Crisis
DeFi Explainers
Trending in The Defiant
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FTX Crisis

😥 Focus Turns to Alameda as Investors Fear Binance Deal Not the Answer for Stricken FTX

Evidence Emerges FTX Used FTT Token for $4B Bailout of Alameda in September

By Samuel Haig

FALLOUT As cryptocurrency investors and users reckon with the fallout from Binance’s shocking takeover of FTX, one thing is clear: the episode is a disaster for the burgeoning industry.

COLLAPSES “These events quickly sent the broader market into a tailspin, heaping more pressure on the prices of crypto,” Bobby Ong, the co-founder of CoinGecko, told The Defiant. “Collapses such as these only serve to erode the confidence of users and the general public towards the industry, and could become a hindrance to growing adoption.”

QUESTIONS The questions now are how bad is it, and how long will it last? 


FTX Crisis

😬 Solana Supporters Buck Up Network As FTX Contagion Takes Toll

Alameda and FTX Have Extensive Links with Layer 1 Blockchain Network

By Owen Fernau

CONTAGION It’s safe to say that last week few Solana fans were worried about contagion from a centralized derivatives exchange that focused on putting its name on sports arenas and not DeFi.

TORQUE Yet the rapid unraveling of confidence in FTX, the mammoth crypto derivatives exchange, and its sister firm, Alameda Research, has swept up Solana and whipsawed its tokenholders with unforeseen torque. 


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🤯 Binance to Take Over FTX After Insolvency Concerns Spark Market Rout

Binance Agrees to Bail Out Rival After FTT Token Collapses

By Aleksandar Gilbert

CRISIS Binance, the world’s largest crypto exchange, plans to execute an emergency takeover of FTX, the crypto derivatives platform that has been hit with a crisis of confidence as its FTT token lost more than a quarter of its value on Monday, Changpeng Zhao, Binance’s CEO, said in a Twitter thread Tuesday.


Market Action

📉 Crypto Markets Whipsawed After Binance’s Deal To Acquire FTX Fuels Short-Lived Rally

Solana Ecosystem Battered as FTT Crashes 85%

By yyctrader

WORST DAY Crypto markets are on track for their worst day since June as investors are choosing to stay on the sidelines of the nascent industry while yet another centralized crypto player finds itself on the ropes.



🔥 Ether Turns Net Deflationary Post-Merge

Spike In Network Activity Sees Nearly 3,000 ETH Burned in the Past Day

By yyctrader

ULTRA-SOUND Ether is finally ultra-sound money. The largest smart contract platform by market capitalization has hit the much-anticipated milestone of zero net issuance, 54 days after it the network transitioned to proof-of-stake consensus.



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The Tube

📺 Daily Defiant: Feds Seize $3.36 Billion Crypto Linked to Silk Road

Podcast Video

📺🎙 How Arbitrum Became The Number 1 Layer 2

DeFi Explainers

🤔 What is zkSync?

A Step-by-Step Guide to the High-Capacity Blockchain Network

By Rahul Nambiampurath

CONGESTED Every computer network is limited by its throughput capacity. How much data can it handle before becoming too congested? This problem is especially acute with a specific type of computer network: blockchains.



🔗 US Treasury Adds to Tornado Cash Sanctions With North Korea WMD Allegations: CoinDesk

The U.S. Treasury Department is “redesignating” Tornado Cash as a sanctioned entity, overtly alleging that North Korea has used the crypto mixing service to support its weapons of mass destruction (WMD) program.

🔗 Twitter Won’t Go Web3 ‘Anytime Soon’: Aave CEO Stani Kulechov: Decrypt

Despite Elon Musk’s recent takeover of Twitter, Aave co-founder and CEO Stani Kulechov believes the microblogging platform won’t be on the blockchain anytime soon. 

Trending in The Defiant

🧑‍💻 ✍️ Stories in The Defiant are written by Owen Fernau, Aleksandar Gilbert, Samuel Haig, and yyctrader, and edited by Edward Robinson, yyctrader and Camila Russo. Videos were produced by Alp Gasimov. Podcast was led by Camila, edited by Alp.

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