gm - November 9th, 2022

gm 👋

News reports circulating of Binance looking to step out of the deal to acquire FTX amidst digging into the finances (only 24hrs of DD?!). Most of FTX’s compliance and legal staff have quit according to insider rumors. Everyone is scrambling to figure out what the contagion is for the near future. The knock-on effect from FTT dropping has vast ramifications for many loans, namely one between Alameda <> FTX. SOL is starting to see headaches as roughly $1B worth will unstake tomorrow, representing 13% of the circulating supply. US regulators are probing into FTX’s handling of client funds, according to Bloomberg. The apparent leak of Alameda and FTX’s balance sheet is here.

Click on the link above to see Alameda+FTX balance sheet (UNCONFIRMED IF OFFICIAL)

Other exchanges are seeing all sorts of tokens/assets being moved out, including large positions of stables out of Huobi, Bitmex, OKX, et. al. so stay safe and move out any assets into personal wallets or cold storage if possible. FTX really is the Lehman shock of crypto, or even more fitting, the LTCM of the modern day.

Additionally, in the real economy, Meta announced it is laying off 11k people, roughly 12% of the firm's workforce. Some fresh air comes from Twitter, as it has filed paperwork to get into the payments business.

$16M of NFT volumes go through in the past 24hrs despite the chaos ensuing. ETH-NFTs at $12.7M, Solana-NFTs at $2.3M, and ImmutableX at almost $1M. BAYC stays on top with $2.1M of volume on 22 trades — seems weird it's here again. CryptoPunks is in second with $1.2M while MAYC is next with $1M of turnover. DeGods has interest with $900k, though tomorrow may be tough given the looming unwinds of SOL.

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NFT headlines:

Binance Is Strongly Leaning Toward Scrapping FTX Rescue Takeover After First Glance at Books: Source

Bank of Russia Suggests NFT, Smart Contract Regulation

What Happens to FTX’s Gaming and NFT Biz If Binance Deal Goes Through?

How UMG Is Building Out Its Bored Ape Metaverse Band, Kingship

Artists Adapt as NFT Resale Royalties Trend Optional

We Need to Talk About OpenSea and Creator Royalties