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Bitcoin falls after the jobs report, but crypto prices show relative stability

The crypto market fell with stocks after the highly anticipated jobs report showed the labor market is still tight and could keep the Federal Reserve on course to raise rates aggressively.
The price of bitcoin fell 3.3% to $19,380.74, according to Coin Metrics. Ether fell 2.7% to $1,322.40.
On Friday the Labor Department reported that the U.S. economy added 263,000 jobs in September, compared with the Dow Jones estimate of 275,000, and that the unemployment rate fell to 3.5% from 3.7% in the previous month.
"The jobs report points to no change of tune on the horizon for the Fed, so we continue to expect firm interest rates which also adds pressure to crypto markets," said Yung-Yu Ma, chief investment strategist at BMO Wealth Management.  
Cryptocurrencies' correlation with stocks has weakened in recent weeks but remains high.
"Crypto looks to be at an important technical juncture here where it looks like it's trying to carve out a bottom, but feeling heavy," he added. "I still think it, more likely than not, breaks to the downside given rising interest rates and risk-off sentiment, but so far it's a surprising effort to hold the line."
The market has been in a good-news-is-bad-news holding pattern with the Federal Reserve laser focused on bring down inflation. While the new data shows strength in the U.S. economy, that could make the Fed more likely to continue with its aggressive rate hiking plan (whereas investors are hoping for a pause or a pivot), which puts pressure on stocks and weighs on crypto.
Crypto has been the hardest hit by rate hike fears this year," said Callie Cox, U.S. investment analyst at eToro. "It makes sense – many crypto projects don't have cashflows, so people invest in them for what they could be, not necessarily what value they're providing right now. When rates rise, the future value of a dollar falls."
Cox also highlighted the resilience of crypto assets in the second half of the year, noting that while stocks have revisited new lows with the spike in bond yields, bitcoin and ether haven't done the same. Bitcoin has been trading in a tight range of between $18,000 and $25,000 since falling to its lows of the year in June.
"To me, that's progress in this bear market," Cox said. "Crypto prices could be telling us the rate anxiety could be at a turning point. Crypto's strength is also a good indicator of frothiness in the market. It seems like the brutal growth selloff has finally washed out all the weak hands."
"Bitcoin is also far below its highs too," she added. "But stability is a step in the right direction."
Many experts and crypto analysts will tell you that the cryptocurrency market is a relatively harsh ecosystem. While its bull markets are extremely rewarding, its bear seasons are usually severe and plagued by volatility. The 2022 bear market is nearing its end, and many experts already anticipate the next bull market. Information is crucial in the crypto market because it lets you understand the next possible move in the market. That’s why many crypto traders are interested in purchasing the next token for the bull market.

If you’re one of those interested in identifying the best tokens to buy in the coin market, this piece is for you. We’ll discuss why Ethereum, Binance Coin and Moshnake are ideal buys for the next bull market. ll market.
Ethereum (ETH) The Second Largest Crypto
When you look at Ethereum’s current position in the coin market, it’s easy to think that this altcoin has reached its peak and may never do well again. But you couldn’t be more wrong. Yes, there may be several ethereum-killers in the crypto space. However, Ethereum remains the most popular and largest altcoin in the cryptocurrency market. Many developers trust Ethereum’s infrastructure, and all the effort to beat it shows just how good it is.

When Vitalik Buterin founded Ethereum, it had a proof-of-work (PoW) mechanism. This PoW mechanism proved inefficient in handling the large volume of transactions that occurred on Ethereum. Hence, the blockchain slowed down and became expensive. However, Ethereum has undergone several changes over the past few years.

Recently, the development team behind Ethereum upgraded it to a proof-of-stake platform. Immediately, this meant that all the previous problems of Ethereum had been dealt with. Users can now use the Ethereum network without any previous challenges. Therefore, you can expect this crypto coin to have its next major pump in the next bull market.

Binance Coin (BNB) The Popular Trading Platform
Binance Coin is one of the interesting alternatives to Ethereum developed in the past few years. The Binance Coin was released as the native token of the popular trading platform. However, it didn;t take long before its development team decided that they could achieve more with their cryptocurrency. As a result, they opted to create their decentralized protocol. When the Binance Smart Chain was released, it became popular as a faster and cheaper alternative to Ethereum. It didn’t take long before Binance Coin was switched from the Ethereum blockchain to its native chain.
Now, it is possible to send BNB without the limitations of the Ethereum blockchain. Users of Binance’s crypto exchange platform had to use BNB as transaction fees. As a result, the crypto token became more popular. It didn’t take long before it became the third largest coin on the market. As Binance grows larger, so does the potential of its native coin. What’s more? The Binance Coin development team has preplanned token burns to reduce the token’s total supply and drive its price up. If market hype is anything to go by, BNB is a coin set to do well.
Moshnake (MSH) The New Crypto
Moshnake is another cryptocurrency that’s backed by plenty of hype. As a meme coin release, many experts and developers are thrilled about what to expect from it. Moshnake is one of the most talked about coins in the meme sector. Crypto users can’t get over the game’s unique snake system. Users have to purchase NFT snakes to be a part of the game. Each game has several attributes, including survival hours. These hours represent how long anyone will get to use the snake. You’ll need VEN tokens to refill your survival hours.

Users will earn from all their interactions with this blockchain game. The game aims to feed your snake with eggs and other in-game items. The longer your snake, the higher its profitability. You’ll use MSH tokens to purchase your snake and other in-game items.
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Bitcoin fails to rally with stocks as $940 million of the crypto is pulled from exchange favored by institutions
On Tuesday some 48,000 bitcoins moved off Coinbase Pro, a favored exchange among institutional investors, according to data provider CryptoQuant.
The outflow was the biggest among crypto exchanges since crypto's big crash in June of this year and the second-largest of all time. Exchange outflows suggest investors are withdrawing their crypto from exchanges and shifting from selling mode to accumulating mode.
The value of the crypto moved Tuesday totaled about $940 million and the transactions were partially split into batches of 122 bitcoins, which is a familiar pattern that came to fruition several times in the 2021 bull run, according to Maarten Regterschot, a CryptoQuant contributing analyst.
He also said the transactions were likely done in over-the-counter trading desks, and therefore might not affect the price of bitcoin.
Bitcoin was traded 1.5% lower Tuesday at $19,233.71. Ether was down 1.7% to $1,301.46. Both have been trading steadily sideways for about a month.
Meanwhile, while bitcoin's correlation with stocks has fallen from its all-time high last month, it remains at historic highs and its price is still largely driven by macro triggers points, like key economic data reports and central bank policy. Its uncharacteristically low volatility, however, has been top of mind for the crypto market in recent days.
"Bitcoin has failed to make any significant moves since early June, with prices bouncing between an increasingly narrow range," said Kaiko's director of research, Clara Medalie. "Considering bitcoin's current low price levels, trade volumes have remained relatively resilient since last year's all-time highs. There is no discernable decrease in volumes since September despite the increasingly low volatility."
Elsewhere, the major stock indexes were making solid up moves on Tuesday morning. Crypto equities were mostly in the green with the exception of "crypto bank" Silvergate, whose earnings amid the recent apathy in crypto came in weaker-than-expected Tuesday, according to FactSet.
South Africa Classifies Crypto Assets as Financial Products

The move brings digital assets more under the purview of the country’s regulators.
South Africa has declared crypto assets to be a financial product, according to a new notice from the country’s Financial Sector Conduct Authority.
The change brings digital assets more under the purview of South Africa’s regulators.
The notice defines a crypto asset as a “digital representation of value” that is not issued by a central bank but can be traded, transferred or stored electronically “for the purpose of payment, investment and other forms of utility.”
The change, which takes effect immediately and falls under the Financial Advisory and Intermediary Services Act, 2022, comes as countries around the world are moving to regulate cryptocurrencies more strictly, particularly amid the recent volatility in prices and the collapse of several important crypto firms.
The deputy governor of South Africa’s central bank said this summer the bank had come to view cryptocurrency as a financial asset and was looking into regulating the sector.
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Bank of England Must Consider Private Stablecoins in Developing Digital Pound

The Bank of England must take account of the crypto industry’s competitiveness when it decides how to issue a central bank digital currency, fintech lobbyist Adam Jackson said Wednesday at a meeting of a committee of U.K. lawmakers that is considering a measure to regulate stablecoins. Lawmakers were also warned of risks of fraud from coin swaps and blockchain bridges as they deliberate on the U.K.'s Financial Services and Markets Bill. There’s a “question whether we could apply a competition objective to the Bank of England, when we think about things like central bank digital currency and how that's implemented,” Jackson, who is the director of policy at Innovate Finance, told lawmakers on the committee. He added that the BTR (Bittoro Tokens) “could crowd out innovation and stablecoins unless it's designed in a way that promotes competition. ”The bill, which was introduced by the government in July, would ensure that the Financial Conduct Authority considers the country’s economic growth and international competitiveness when creating rules for the crypto sector. That provision would also apply to the Prudential Regulation Authority, a division of the Bank of England that ensures commercial banks remain stable. The bill also sets eagerly awaited rules to ensure stablecoins – crypto assets whose value is tied to existing fiat currencies – can be used as payment and is being scrutinized by lawmakers in the House of Commons.Jackson worries that the U.K. isn't going as far as rival jurisdictions, such as the European Union, which is regulating a much broader set of private digital-asset providers under its recently enacted Markets in Crypto Assets law, and that the U.K. bill as drafted isn’t even clear about its own scope. “The government has said before that they will be bringing forward proposals for wider regulation of other crypto assets,” Jackson said, but said further legal advice is needed on whether the bill as it stands gives the government the authority to do so.“If that isn't the case, are we going to have to wait another 20 years before the regulators are given the powers to regulate crypto assets?” he said, highlighting the need for rules for other areas of the crypto industry such as custody and new coin offerings.Another witness, Mike Haley of Cifas – a nonprofit dedicated to fighting financial crime – told the committee that anti-fraud measures included in the bill haven't kept pace with the fast-moving crypto industry. Haley asked “whether the legislation is broad enough to be able to include to ensure that the regulator can act on some types of crypto services.“Already, we're looking at money laundering through coin swap services, which don't need an account and may not be under this regulation,” said Haley, who also cited cross-chain bridges as a potentially unregulated area. The bridges are software that allow users to transfer assets between different blockchains.
Crypto winter is hurting Google’s ad empire
Not even Google is immune from the Crypto winter.
In Alphabet’s third-quarter earnings call on Tuesday, Philipp Schindler, Google’s chief business officer, blamed a slowdown in revenue growth in part on reduced ad spending by cypto companies and other financial firms. “In the third quarter, we did see a pullback in spend by some advertisers in certain areas in search,” Schindler said. “For example in financial services, we saw a pullback in the insurance, loan, mortgage, and crypto subcategories.” Google’s overall ad growth of 6% in the quarter was the weakest for any period since 2013, other than one quarter at the beginning of the pandemic. YouTube ad revenue shrank from a year earlier. CEO Sundar Pichai said the “challenging macro climate” is having an impact on Google’s ad business.Schindler referenced the crypto pullback twice, but he didn’t provide any additional color or specifics. The cryptocurrency industry has been battered in 2022, as investors have fled risky assets and sold out of digital coins and the related stocks that they bid up the prior couple years. Bitcoin and ethereumhave both lost close to 60% of their value this year. Crypto exchange Coinbase, which went public in 2021, is down by over 70%. Meanwhile, the industry has been beset by bankruptcies as hedge funds and lenders saw their liquidity dry up and, in some cases, were forced to default on debt. Celsius Network, Voyager Digital and Three Arrows Capital are some of the more notable names that were forced into bankruptcy.Elsewhere, companies have downsized. laid off 25% of its staff in July, Coinbase cut 18% of its workforce the prior month, and has undertaken two rounds of layoffs this year. For Google, there’s hope that the crypto sell-off represents just a short-term blip, as the company sees clear opportunities for growth in the future. Earlier this month, Google said it will rely on Coinbase to start letting customers pay for cloud services with cryptocurrencies in 2023. Additionally, Coinbase will move data-related applications to Google’s cloud infrastructure from Amazon Web Services, which the company has relied on for years.
Crypto winter risks falling into ice age

The price of the biggest token, bitcoin, has hovered mostly at about $20,000 now since August, having peaked a year ago close to $70,000. Ether, the second largest, has failed to rally since its environmental overhaul in September. Average annualised volatility for bitcoin is now the lowest since October 2020, according to analytics platform CryptoCompare.

At first, the drop in token prices was labelled a “crypto winter” — one of the market’s periodic dips. But the length of this now-drab phase, combined with the thousands of job losses in the sector in recent months, suggests this is more of an ice age, with no grand theories emerging as the next source of fuel for rallies.

“The narrative silence is deafening,” said Edmond Goh, head of trading at crypto broker B2C2. “Eventually a narrative will come along that will [break the impasse] — perhaps inflation or a big regulatory announcement. Perhaps something completely unexpected.”

Digital asset investment and trading group CoinShares describes this as an “apathetic period”.

In part, crypto has suffered the same malaise as other highly speculative asset classes since it became clear almost a year ago that US interest rates would need to rise fast to tackle sticky inflation.

The tech-heavy Nasdaq stock index in the US has fallen 30 per cent over the past year — one of the worst performances across developed markets. But bitcoin’s near-70 per cent drop over the same period is steeper, and May’s collapse of token luna, and the related so-called stablecoin terraUSD, lost about $40bn for investors and shook confidence in crypto more deeply. The industry’s market cap has shrunk from $3.2tn to under $1tn.

Thousands lost their jobs after exchanges including Coinbase and Gemini cut large sections of their workforces, while crypto hedge fund Three Arrows Capital and lending platform Celsius Network have collapsed into bankruptcy. High-profile senior executives across the industry have also surrendered their posts, including former industry chief executives Jesse Powell of Kraken, Michael Saylor of MicroStrategy and Alex Mashinsky of Celsius.

The flat price has deterred speculators, leaving the market to long-term bulls. Known in industry as “Hodl-ers” — short for Holding On for Dear Life — they appear to be doing just that. Morgan Stanley estimated this week that 78 per cent of all bitcoin units had not been used for any transaction in the past six months, a record amount.

Aside from the tougher interest rate environment, some of the key arguments underpinning crypto have proven faulty. El Salvador’s experiment with bitcoin as an official currency has fallen flat, while crypto has failed as a hedge against inflation — prices have dropped even as inflation in developed economies has approached 10 per cent.
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Is Bitcoin Halal or Haram? Here’s What Islamic Scholars Are Saying
Bitcoin and other crypto assets have Islamic scholars racking their brains as they attempt to discern how this new technology fits into Islamic finance, a concept that already dates back 1,400 years.

Read on to discover the opinions of various Islamic scholars and an answer to the question: Is Bitcoin halal?

What Makes Something Halal or Haram in Islamic Finance?
Islamic finance encompasses financial activities that comply with Sharia law — guiding principles drawn from the Quran and the sayings of Prophet Muhammad.

Based on these Islamic rules, some financial activities are allowed (halal), while others are prohibited (haram). That means Islamic finance isn’t at all like traditional finance, as some practices are forbidden for religious reasons.

For example, charging excessive interest, riba, on loans is deemed an exploitative activity because it favors the lender and takes advantage of the borrower. Other haram activities include

Speculative behavior, maisir: This practice is generally regarded as haram. This means that gambling or speculating on gains from uncertain future events is considered a violation of Sharia law. That’s because generating wealth based on chance is considered unproductive. Nonetheless, financial products like options, futures, and other derivatives that require speculation are halal since they are guided by the International Swaps and Derivatives Association (ISDA), an organization that promotes efficient and safe Sharia-compliant derivatives markets.
Prohibited business activities: Businesses that engage in morally prohibited activities like selling pork, alcohol, and tobacco are haram.
On the other hand, halal financial practices entail

Equity finance (Mudarabah), where customers and banks share profits.
Leasing (Ijara).
Profit-and-loss-sharing joint ventures, where two parties provide capital to fund a project and share the profits in agreed proportions.
Islamic contract forwards (Salam and Istisna).
In Islamic finance, money has no intrinsic value — a term that defines some sort of inner or true value of a currency rather than its mere market price.

Muslims aren’t allowed to make money from money through activities like generating interest from lending. In other words, making money for the purpose of making money is haram.

Wealth can only be created via legitimate investments and trade. Hence, money must be used in a productive way. Additional principles of Islamic finance decree that risk must be shared and investments should benefit wider society socially and ethically.
Part 2
Islamic Scholars' Interpretation of Bitcoin

The status quo of what is halal and haram, as far as traditional financial practices go, is very clear. However, matters are different when it comes to crypto assets since they are new and complex. Therefore, digital assets have become a bone of contention for Islamic scholars as they attempt to clarify whether they are halal or haram.

Here are various interpretations of Bitcoin (BTC) and cryptocurrencies by Islamic scholars.
Sharia Review Bureau in Bahrain
Scholars from the Sharia Review Bureau in Bahrain said in 2018 that investments in cryptocurrencies such as ether (ETH) and bitcoin are permitted under Sharia law and, therefore, halal.

Mufti Taqi Usmani
Mufti Taqi Usmani has a different perception, arguing that Bitcoin and other cryptocurrencies are haram because they are used in speculative investments and illegal transactions.

Moreover, he says a currency is generally supposed to be a medium of exchange under Sharia law. When it is used to generate profits, it becomes haram. Therefore, in the words of Usmani, Muslims are not allowed to accept crypto as currencies.

The Shariah Committee Chairman of HSBC Amanah Malaysia Bhd, Dr. Ziyaad Mahomed
According to Dr. Ziyaad Mahomed, the Sharia law doesn’t require currencies to have intrinsic value. Instead, society should agree that a currency is valuable and acceptable in day-to-day transactions.

Judging by this view, this could mean the Islam community could consider bitcoin halal if there was a social consensus to use it as a currency.

Mufti Muhammad Abu-Bakar
Sharia advisor Mufti Muhammad Abu-Bakar’s crypto interpretation may have triggered a significant increase in BTC and ETH investment within the Muslim community in 2018.

He argued that all currencies have a speculative element, which means bitcoin’s speculative nature doesn’t necessarily make it haram, as every other currency can also be considered to be speculative in nature. Therefore, in his opinion, bitcoin is halal.

Shaykh Shawki Allam
The Egyptian Grand Mufti Shaykh Shawki Allam believes digital assets are haram since they have not earned enough credibility as currencies. His reasoning is similar to other Middle East Sharia scholars, who view crypto as high-risk assets.

“In my opinion, the trading of cryptocurrency is haram. This is because it is not approved by legitimate bodies as an acceptable medium of exchange. Such currencies are used in contraband trading and money laundering,” he said.

Asrorun Niam Sholeh
Asrorun Niam Sholeh is the head of religious decrees for Indonesia’s council of Islamic scholars. In his opinion, crypto trading is illegal because digital assets “have elements of uncertainty, wagering, and harm.”

Anas Amatayakul
Anas Amatayakul, a scholar that has led the committee directing the Islamic Bank of Thailand in Sharia, has an interesting take.

His fatwa (legal ruling) on crypto is that people should avoid it, but only for now. Amatayakul says he’s pro-technological change but admits the crypto space is so fast-moving that Muslims should avoid it for now to protect their wealth.
Fiqh Council of North America
The unanimous fatwa from North America’s Fiqh Council is that Bitcoin is halal under Sharia law.

The Sharia Advisory Council Branch of the Security Commission in Malaysia
This council’s view is similar to the position the Fiqh Council of North America has taken. The members of this council reckon that crypto trading and investment are permitted under Sharia law.

London-Based Shacklewell Lane Mosque
The Shacklewell Lane Mosque was one of the first mosques in the UK to accept crypto donations in 2018, indicating that its leaders regard crypto assets as halal.

Turkey’s Directorate of Religious Affairs
The directorate of religious affairs in Turkey considers cryptocurrencies haram because they are speculative assets, they aren’t overseen by any central authority, they are used in illegal activities, and their trading is "inappropriate."
Part 3
So, is Bitcoin Halal or Haram?
It is clear that Sharia scholars are divided when it comes to Bitcoin's halal or haram status.

Those that say Bitcoin and other cryptocurrencies are haram mainly cite speculation, the illegal activities sometimes associated with the Bitcoin markets, and the lack of a central authority as the factors backing their positions.

On the other hand, scholars that consider Bitcoin halal look at the following aspects:

Decentralization: BTC is decentralized, hence preventing exploitation by central authorities.
Transparency: Bitcoin transactions are visible for anyone’s viewing.
Islamic contract rules: Based on these rules, there must be mal to regard bitcoin as halal. Mal alludes to effective storage and possession. Bitcoin fits these criteria because people can possess and store it, and it has commercial value (mutaqawwam).
Anti-interest: The concept of Bitcoin emanates from a need to empower society rather than profiting its founder(s).
That means Bitcoin can either be halal or haram depending on the factors one evaluates or where one lives.

For example, Egypt and Turkey seem to be taking the haram stance, while Malaysia and Bahrain regard Bitcoin as halal based on their scholarly interpretations above.

Furthermore, the UAE and Saudi Arabia, which are majority Muslim countries, are planning to create their own digital currencies in the form of central bank digital currencies (CBDCs). This shows a positive view in these jurisdictions toward digital assets in general.

That said, the Islam community may have to come to some sort of agreement in the future since the crypto sector is increasingly becoming hard to ignore as mainstream companies like Google, Visa, and Apple get in on the action. There is also a possibility that the current global financial sector may evolve toward the integration of decentralized finance (DeFi). In that case, Islamic finance surely does not want to be left behind.
FTX addresses user withdrawal complaints amid major token movement.

The exchange assured users in a series of Tweets that withdrawals should be moving along and matching engines are running as they should, though some users didn’t buy it.

Cryptocurrency exchange FTX took to Twitter to address user complaints surrounding sluggish withdrawals. FTX assured users that everything is running smoothly with the matching engine, although node throughput is limited for Bitcoin withdrawals.

In the series of tweets, the exchange also addressed stablecoin withdrawals, saying redemptions or creations might be slow until banks open for the week and wires clear.

Meanwhile, the community on Twitter had mixed reactions regarding FTX’s response. Some users tweeted their support of the exchange while others expressed their skepticism:

Users on Reddit also expressed alarm toward the developments likening the situation to Celsius halting withdrawals and misleading its users prior to the platform’s collapse.

These issues come as the exchange faces major liquidations of its native FTX token as a result of an unspoken feud with rival exchange and blockchain developer Binance.

Changpeng “CZ” Zhao, the CEO of Binance, said the company will liquidate the entirety of its holdings of FTT. In a tweet on Nov. 6, the CZ said the move came as a result of, “recent revelations that have came to light.”

Follow-up tweets by CZ called the move a type of risk management with lessons taken from the Terra collapse earlier this year. He also commented on the recent actions of FTX founder and CEO Sam Bankman-Fried, who allegedly lobbied against centralized finance. In a tweet from CZ, he added:

“We won’t support people who lobby against other industry players behind their backs.”

According to on-chain analysis, around 23 million FTT, or $520 million at the time of writing, was transferred to Binance from an unknown wallet.

Bankman-Fried also tweeted his own response to the situation, in which he emphasized it being the time to build up the space. Also saying he respected the work of many in the industry, including CZ.

In light of the liquidations and community buzz, market analysts speculate that FTT could face serious price plunges. At the time of writing, the price hovers around $22.60.

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Bankrupt crypto exchange FTX is under criminal investigation in The Bahamas

New York(CNN)
Authorities in The Bahamas are investigating potential criminal misconduct surrounding the stunning implosion of crypto exchange FTX, authorities said on Sunday.
In a statement, the Royal Bahamas Police Force confirmed the investigation into FTX, which is headquartered in The Bahamas.
"In light of the collapse of FTX globally and the provisional liquidation of FTX Digital Markets Ltd., a team of financial investigators from the Financial Crimes Investigation Branch are working closely with the Bahamas Securities Commission to investigate if any criminal misconduct occurred," the statement said.
It's not clear which particular aspect of the swift collapse of FTX authorities are investigating.
Previously one of the most trusted brands in crypto, FTX filed for bankruptcy on Friday and announced the resignation of Sam Bankman-Fried, its 30-year-old CEO who has lost a fortune in the past week.
Neither FTX nor a lawyer representing Bankman-Fried responded to requests for comment on Sunday in response to the investigation from authorities in The Bahamas.
FTX moved its headquarters to The Bahamas last year, with Bankman-Fried hailing it at the time as "one of the few places to set up a comprehensive framework for crypto."
News of the investigation comes a day after FTX said it is investigating whether crypto assets were stolen. A crypto risk management firm said the assets could be worth almost $500 million.

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Bahamas Securities Regulator Says It Ordered FTX Crypto Transferred to Government Wallets
The Securities Commission of the Bahamas announced Thursday that it ordered the contents of FTX's crypto wallets to be transferred to government-controlled wallets on the previous Saturday.
In a press release, the commission said it made the order under existing authorities that allow for it to take action if it needs to protect clients or their funds.
"The Securities Commission of The Bahamas ('the Commission'), in the exercise of its powers as regulator acting under the authority of an Order made by the Supreme Court of The Bahamas, took the action of directing the transfer of all digital assets of FTX Digital Markets Ltd. ('FDM') to a digital wallet controlled by the Commission, for safekeeping," the release said. "Urgent interim regulatory action was necessary to protect the interests of clients and creditors of FDM."
It's unclear why the commission made the announcement five days after placing the order. It's also unclear whether and when exactly these transfers may have occurred. SCB Executive Director Christina Rolle did not answer a phone call.
FTX filed for bankruptcy on Friday, Nov. 11, in a chaotic filing which mistakenly labeled a number of companies not part of the FTX umbrella as also filing for bankruptcy. On the evening of Nov. 11 and into the early hours of Nov. 12, the company appeared to be hacked, with hundreds of millions of dollars worth of crypto flowing out of FTX's wallets. Some of these transactions were tied to profane comments about former FTX CEO Sam Bankman-Fried.
FTX US General Counsel Ryne Miller tweeted at the time that he was investigating, before later saying FTX was working to divert some funds to cold storage wallets.
The release may also be hinting towards a jurisdictional fight between the U.S. and the Bahamas, where FTX was headquartered. SCB's statement said, "It is not the understanding of the Commission that FDM is a party to the US Chapter 11 Bankruptcy proceedings."
FTX Digital Markets filed for chapter 15 bankruptcy in the U.S. on Nov. 15, days after most of the rest of the FTX group filed for chapter 11 bankruptcy. Even odder, FTX Digital Markets filed for bankruptcy in the Southern District of New York, rather than Delaware where the rest of the companies filed.
Attorneys for FTX said in a filing on Thursday that Bahamas court-appointed joint provisional liquidators made the filing, which recognizes foreign bankruptcies, as part of an effort to undermine the broader group's U.S. filings.
"The filing of the Chapter 15 Case without advance notice and in the SDNY is a blatant attempt to avoid the supervision of this Court and to keep FTX DM isolated from the administration of the rest of the Debtors, which constitute the vast majority of the remainder of the FTX group. Under normal circumstances, that would be inappropriate and grounds for transfer to this Court. But these are not normal circumstances," the attorneys said.
They went on to allege that Bankman-Fried was working with the Bahamas' government in this effort.
"Mr. Bankman-Fried, the co-founder, and controlling owner of all of the Debtors and of FTX DM, appears to be supporting efforts by the JPLs to expand the scope of the FTX DM proceeding in the Bahamas, to undermine these Chapter 11 Cases, and to move assets from the Debtors to accounts in the Bahamas under the control of the Bahamian government," the filing said.
SCB will "engage with other regulators and authorities" in different jurisdictions in the coming days, its press release said.
The regulator did publish a statement on Saturday announcing it had not ordered FTX to allow Bahamas residents to withdraw funds, contradicting a claim FTX had previously made in enabling withdrawals for people living in The Bahamas.
Bittoro Intends to Allocate $1 Billion for Crypto Recovery Fund

Bittoro CEO Christopher BOYLE intends to raise $1 billion for an industry recovery fund.

Bittoro is set to set aside $1 billion for a proposed industry recovery fund, while its CEO signaled intent in a new filing for assets from bankrupt cryptocurrency lending company Voyager from its US business.

Speaking with BloombergTV on Nov. 24, Bittoro CEO Christopher BOYLE touched on a number of topics that have turned out to be a tumultuous month for the cryptocurrency ecosystem.

Chief among these was Bittoro's proposed Industry Recovery Fund, which aims to provide financial support to promising projects in financial difficulty. The founder of the exchange introduced the idea after the infamous FTX crash.

According to CEO Bittoro, the fund will be public and contributors will send funds to a central transparent blockchain address. BOYLE also noted that the fund is expected to be launched before the end of 2022 and touted a six-month roadmap in which he expects the industry to recover.
Our approach to transparency, risk management, and consumer protection
As the industry faces liquidity struggles, we thought it important to provide clarity around these challenges and reiterate how Bittoro’s business is different.
First, from day one Bittoro has sought to be the most secure and compliant crypto arbitrage platform. And today, Bittoro and our customers are not in any direct danger of liquidity or credit risk. Regardless of whether the Binance/FTX transaction completes, we have very little exposure to FTX and we have no exposure to its token, FTT. We have no exposure to Alameda Research, and we have no loans to FTX.
Second, as a publicly traded company in the Europe, we’ve also built our business in a way that allows us to be transparent about our track record, balance sheet strength, and effectively and prudently manage risk for our customers and ourselves.
Here’s how we are different:
1)There can’t be a “run on the bank” at Coinbase.
2)We are in a strong capital position.
3)We have an experienced, dedicated risk team.
Finally, we believe that what’s happening now is yet another example of why strong, clear regulatory standards are so important.
At Bittoro, we’ll keep working to grow the cryptoeconomy in a safe, responsible way. And we’ll continue to do everything we can to protect our customers.