FTX Firms Had $6.8B Hole in Balance Sheet at Time of Bankruptcy
The group of companies had debts of about $11.6 billion against $4.8 billion in assets, according to a presentation filed by its advisers.
Finance
Coinbase Is Weighing Setting Up Non-U.S. Trading Platform: Bloomberg
U.S.-based crypto exchange Coinbase is considering setting up a crypto-trading platform overseas and is discussing the move with institutional clients, Bloomberg reported, citing people familiar with the plans.
FTX Paid Around $2.2B to Sam Bankman-Fried, New Management Says
The failed crypto exchange made a total of $3.2 billion in payments to Bankman-Fried and other key employees.
KuCoin Has Closed a $10M Funding Round Into CNHC. But Is the Offshore Yuan Right for a Stablecoin?
Circle Ventures, the venture arm of the USDC-issuer, and IDG Capital also joined the round.
Coinbase Files Amicus Brief in Insider Trading Case: ‘We Need Rulemaking’
The exchange denies that any of the tokens former Coinbase manager Ishan Wahi inside-traded with associates were securities because Coinbase doesn’t list securities – but it would like to if the SEC gave it proper rules and guidance.
Signature Bank’s Signet Platform Still Works, But Some Clients Have Moved On
A source told CoinDesk the real-time payments platform, popular with crypto businesses, will continue to be offered under the newly established Signature Bridge Bank entity.
Euler DeFi Protocol Exploited for Nearly $185M
The losses occurred over four transactions in dai (DAI), wrapped bitcoin (WBTC), staked ether (sETH) and USDC.
OKX-Affiliated OKCoin Pauses USD On-Ramp Due to Signature Bank’s Collapse
OkCoin CEO Hong Fang tweeted that customer deposits are safe and USD withdrawals are not affected.
Smart Money Staying Put as USDC Remains Off-Peg
Data from Nansen shows that the total amount held by smart money wallets, and active addresses, are at multi-month lows.
Circle to ‘Cover Any Shortfall’ in USDC Reserves, Sparking Stablecoin Rally
The company plans to use corporate resources to fill the gap, including external capital.