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More rumors, speculation, and news flow out about SBF/FTX, but nothing material enough to move markets. Ethereum is up a touch to $1285 while Bitcoin is up +1% to trade back at $17k. Gate_io’s Proof of Reserves audit has been released by Armamino, and the criticisms are already flying. Namely, the audit only covers ETH and BTC reserves, but doesn’t touch on stables or other tokens — it’d be easy to spoof everything into ETH and BTC for the audit and unwind back. This level of scrutiny is to be expected following the blow-up of FTX; expect more exchanges to go through similar checks.

NFT volumes rise to $16M on the day as ETH-NFTs post $14M and Solana-NFTs have $2M. Bored Apes and Mutant Apes take the top slots as more loans go south on BendDAO and Franklin (CT famous NFT trader) comes in to place low bids to win auctioned-off NFTs. The floor price of BAYC broke 50 ETH at one point in the day, trading as low as 48 ETH. It currently sits at 53 ETH on the best bid at OpenSea. Mutant Apes didn’t deviate much, with the best bid at 9.5 ETH.

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