SBF Says He Wants to Raise Liquidity and Restart Business

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Utoday: Founder of now-bankrupt exchange wants to start things from scratch, here's how community reacted

Sam Bankman-Fried, who co-founded major exchange FTX which he recently declared insolvent, has taken to Twitter to tell the community that he would like to start his business all over again.

He plans to compensate losses to customers first and, after that, to take care of investors.

Two major figures in the crypto industry responded to his shoutout — Kim Dotcom and the Dogecoin co-creator — but their reaction was totally different.

14) My goal:

a) Clean up and focus on transparency
b) Make customers whole

— SBF (@SBF_FTX) November 15, 2022

List of SBF's goals as he says he wants fresh start

Former billionaire and investor Sam Bankman-Fried tweeted that his goal, above all others, is to reimburse FTX customers, who lost their funds. To do that, he tweeted, he is meeting with regulators and "working with teams to do what we can for customers."

Then, according to another tweet in the thread, SBF wants to "clean up and focus on transparency." He reminded the audience that as early as just a few weeks ago, his exchange demonstrated roughly $10 billion of trading volume per day and handled billions of transactions.

The main problem, according to him, was "too much leverage" — a lot more than he realized there was.

"Raise liquidity, make customers whole, and restart"

What Bankman-Fried wants to try and do now is restart his business after raising liquidity and reimbursing customers for their losses. Despite his recent failure, he tweeted that he feels that he "might get somewhere."

Kim Dotcom and DOGE co-founder respond

Prominent entrepreneur and hacker Kim Dotcom, along with DOGE creator Billy Markus, responded to that thread by Bankman-Fried.

Dotcom, it seems, wants SBF to try and earn his second chance from the crypto community. He suggested that SBF take part in his online event that he referred to as "our FTX space," which will take place seven hours from now and answer questions of, perhaps, him and his audience from the crypto community.

Kim Dotcom stated that if he wants a second chance, SBF should compensate customers and be honest with the crypto community. In that case, they might be willing to start trusting him again.

Read more on U.Today https://u.today/sbf-says-he-wants-to-raise-liquidity-and-restart-business-heres-whats-happening

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Binance Is Selling All FTX (FTT) Tokens

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Utoday: Binance CEO Changpeng Zhao has confirmed rumors about the company’s decision to liquidate its FTT holdings amid speculation about Alameda’s financial health.

Binance CEO Changpeng Zhao recently took to Twitter to announce that the company had decided to sell all of its FTX (FTT) tokens due to “recent revelations that came to light.” 

The announcement confirms the rumors that started circulating earlier today.  Zhao says that the sale will take a few months due to limited liquidity, claiming that Binance will attempt to minimize the market impact. 

The Binance boss has stressed that it is not a move against its main competitor. The exchange received $2.1 billion worth of Binance USD (BUSD) and FTT after selling its stake in rival FTX last year.

The announcement comes a few days after rumors about Alameda Research’s financial troubles. The trading firm, which has very close ties to FTX, has immense exposure to the FTT token, according to a recent report by a cryptocurrency media outlet.

Alameda Research CEO Caroline Ellison claims that FTX has an additional $10 billion of assets that are not listed.

Moreover, she claims Alameda Research has paid off its loans since July.

In a follow-up tweet, Ellison claims that Alameda will “happily buy” Binance’s FTT tokens at $22 if the exchange wants to minimize the market impact.

The FTT price collapsed more than 11% following Zhao’s announcement, but it then managed to pare its losses in less than an hour.

As reported by U.Today, Sam Trabucco stepped down as co-CEO of Alameda in late August, with Ellison becoming the firm’s sole CEO.

Read more on U.Today https://u.today/binance-is-selling-all-ftx-ftt-tokens-heres-why

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AAVE Now Listed by Robinhood

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According to an announcement on the Robinhood Twitter handle, DeFi token AAVE has been listed by the stock brokerage giant. A cryptocurrency listing bot indicates the listing of AAVE, which was done alongside that of Tezos (XTZ). Both coins now show up on the official Robinhood website.

AAVE @AaveAave and XTZ @tezos are now on Robinhood #CryptoListinghttps://t.co/QtzBwskSdo

— Robinhood (@RobinhoodApp) October 24, 2022

AAVE is the native asset of Aave, a decentralized finance protocol that allows people to lend and borrow crypto. Aave's price is up 5% on the news. At the time of publication, AAVE is changing hands at $86.59, up 10.57% in the past seven days.

Last month, Robinhood announced the listing of the second largest stablecoin by market capitalization, USD Coin (USDC). Robinhood supports 19 cryptocurrencies in total — this list includes Bitcoin, Ethereum, Litecoin, ADA, Dogecoin, USDC and Solana, with USDC being the first stablecoin listed by the stock brokerage app.

Robinhood added the meme cryptocurrency, Shiba Inu (SHIB), in April, after a petition to list the token surpassed half a million signatures. The stock brokerage giant also enabled support for Polygon (MATIC), Solana (SOL) and Compound (COMP) that month.

In late June, Robinhood listed Chainlink (LINK), a decentralized blockchain oracle network built on Ethereum, subsequently listing Stellar (XLM), Avalanche (AVAX) and Uniswap (UNI).

Read more on U.Today https://u.today/aave-aave-now-listed-by-stock-brokerage-giant-robinhood

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Japan Reveals Plans to Accelerate NFT, Metaverse Investments

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The Prime Minister of Japan, Fumio Kishida, has reiterated his government's plans to invest in Web 3.0 technology. In his "State of the Union" address this week before Japan's National Diet, Kishida stated that expanding the use of Web 3.0 services that utilize metaverse and non-fungible token (NFT) innovations is part of the government's digital transformation plans.

The prime minister also highlighted in the policy speech that Japan is already implementing several initiatives in this direction — including issuing NFTs to local authorities that are using digital technology to solve challenges in their jurisdictions. He said: 

We will focus on supporting the social implementation of digital technology. We will also promote efforts to expand the use of Web 3.0 services that utilize Metaverse and NFT.

The Japanese government took its first steps to promote Web 3.0 technology back in July when it established the Web 3.0 Policy Office under the Ministry of Economy Trade and Industry (METI) minister's secretariat. The office will bring together all government departments responsible for making and enforcing policies related to the nascent metaverse technology.

Read more on U.Today https://u.today/breaking-japan-reveals-plans-to-accelerate-nft-metaverse-investments

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Utoday: EthereumPoW (ETHW) Community Targeted by Twitter Scam

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EthereumPoW (ETHW) is the most popular of the post-Merge Ethereum (ETH) hard forks running on the proof-of-work (PoW) consensus. Now scammers are trying to benefit from its increasing popularity.

Fake EthereumPoW (ETHW) accounts flooded Twitter

According to a statement shared on EthereumPoW (ETHW) social media, a number of fake accounts and websites are impersonating the largest PoW hard fork of Ethereum (ETH).

Another fake account, running some scam giveaway, please help report the account, and report abuse to google form. Stay safe guys!! pic.twitter.com/KY4OdcTVCb

— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) September 17, 2022

Typically, such accounts are designed to promote fake giveaways of ETH or ETHW tokens. To take part in these "airdrops," Ethereans should submit their data via Google Forms.

All accounts also invite gullible investors to share the information about the "giveaways" with friends and followers by tagging them on Twitter.

It is highly likely that there are dozens of fake EthereumPoW (ETHW) accounts up and running right now. Some of them were created in the last days while others are older.

Here's how to protect your holdings

Scammers also hacked a number of popular Twitter accounts to promote ETHW airdrops and ETH/ETHW exchange operations.

At the same time, EthereumPoW (ETHW) contributors do not plan to launch additional token distributions. The only legitimate ETHW drop took place Sept. 16; the majority of Ethereum (ETH) holders were automatically enlisted to the distribution.

To avoid falling victim to such blatant scam campaigns, crypto holders should not expect "free" token giveaways and avoid sharing personal or wallet data (in particular, seed phrases) with anyone.

Read more on U.Today https://u.today/scam-alert-ethereumpow-ethw-community-targeted-by-twitter-scam-campaign

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PwC Account Hacked to Promote XRP Scam

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The official Twitter account of PricewaterhouseCoopers (PwC) Venezuela has been hacked in order to promote an XRP scam.

Image by @PwC_Venezuela

It is advertising “a big event” with Ripple CEO Brad Garlinghouse that is supposed to take place an hour from now. Its tweet encloses a link that is supposed to bait potential victims into sending their crypto.

Prior to that, other verified accounts with significant following were compromised in order to promote the same scam.

XRP giveaway scams have been popping up on social media for years. In April 2020, Ripple went as far as filing a lawsuit against video hosting giant YouTube for failing to prevent and take down such scams. The company claimed that YouTube’s failure to crack down on fraudulent XRP videos damaged its reputation. 

Last September, YouTube reached a settlement agreement with Ripple last September. The two parties vowed to work together in order to crack down on cryptocurrency scams.

Last May, XRP scammers managed to hack the official account of Spain's oldest law enforcement agency.

Social media are still teeming with cryptocurrency scams after all these years. Scammers typically target verified accounts in order to give credence to their fraudulent offerings.    

Read more on U.Today https://u.today/pwc-account-hacked-to-promote-xrp-scam

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Stablecoin Fei (FEI) Might Be Shut Down Soon

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Ethereum (ETH) veteran Joey Santoro, founder of Fei Labs, published a proposal to redeem FEI tokens to DAI and to distribute protocol controlled value (PCV) between TRIBE holders.

Fei (FEI) stablecoin project closing; Fei Labs leaves DAO

Mr. Santoro has taken to Twitter to announce that the Fei (FEI) architecture will be shutting down due to "technical, financial and potential future regulatory risks."

The past months have been difficult for the Tribe DAO. These challenges and outcomes were not what anyone hoped for.

After deep consideration, Fei Labs is proposing the following after considering all stakeholders. We believe this is the responsible path forward. pic.twitter.com/TbzWeCdhEr

— Joey 💚’s ERC-4626 (@joey__santoro) August 19, 2022

He released a proposal to redeem the existing circulating supply of FEI to Dai (DAI), the largest algorithmic stablecoin. Should this proposal pass, remaining PCV reserves will be distributed between the holders of the TRIBE token, which used to act as a balance instrument to keep a 1:1 peg between FEI and USD.

Exhaustive aftermath of a devastating attack on Fuse-based liquidity pools associated with Fei Labs and its partners from Rari Capital is another reason behind the upcoming discontinuing operations.

Decentralized finance (DeFi) researcher Ignas, who goes by @DefiIgnas on Twitter, adds that the vulnerability of Fei's (FEI) protocol controlled value (PCV) itself is the real reason that makes the FEI team close the project:

Read more on U.Today https://u.today/top-decentralized-stablecoin-fei-fei-might-be-shut-down-soon

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