Posted November 14, 2022
By Matt Insley
Crypto Buzz: FTX Damage Report, What the Future Holds, and a Brand New Metaverse
It’s been a wild week in the Crypto World. The damage is still being assessed following the almost overnight collapse of one of the biggest names in the business, and experts are wondering what it means for the future of crypto.
Let’s dive in.
#1 FTX Gets Hacked
The FTX collapse went from bad to worse, then somehow from worse to even worse.
The exchange (or what remains of it) is removing trading and withdrawal functionality from its platform following “unauthorized transactions” that stole almost half a billion dollars from FTX wallets.
The hack happened shortly after FTX filed for Chapter 11 bankruptcy protection.
To see the full extent of the hack and who was affected, you can read more here.
#2 SBF Under “Supervision”
Sam Bankman-Fried, FTX’s founder and former CEO, is currently under supervision by authorities in the Bahamas, along with two other former FTX executives. It is rumored that the trio was looking to flee to Dubai.
#3 What Happens Next?
2022 has seen many big names in crypto collapse; with Three Arrows Capital, Luna, Celsius all going down and doing significant damage to the crypto market.
FTX is the most recent and also the most high profile of these failures, which has turned up the volume on talk of regulation and speculation of what the future of crypto holds.
Learn more about the impact of FTX’s bankruptcy and what lies ahead for your crypto.
#4 Major Exchanges Show Proof-of-Reserves
With consumer confidence shaken by the fallout of FTX’s shaky bookkeeping, other major crypto exchanges have shown proof that customer funds are backed by real-life assets.
Check here to see who has (and who hasn’t) offered their proof-of-reserves so far.
#5 A New Big-Name Metaverse
Apple appears to be ready to throw their hat into the metaverse ring. While the term “metaverse” is likely to be avoided due to the well-publicized struggles of Facebook’s parent company, Meta, Apple is developing a virtual reality headset and hiring engineers for a “3D mixed-reality world”.
For more details and how Apple’s metaverse will differ from Meta, click here.
That’s all for this week,
Publisher, Daily Crypto Hunter