“FTX Drainer” Dumps ETH for BTC – November 21

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $16,053

Bitcoin price is currently sitting on support at $16,000, as the markets teeter on FTX contagion.

Top-20 altcoins are down over the last 24 hours, as Ethereum drops 5%, BNB also falls 5% and Tron is the only gainer with a rise of less than 1%.

Top Stories for November 21, 2022 πŸ”₯

πŸ‘‰ “FTX Drainer” Dumps ETH for BTC – Not The Bahamian Govt After All?

A wallet address possessing FTX’s drained funds has begun to launder the funds – leading to conclusions that it may not belong to the Bahamian government after all.

Rather than moving assets to cold storage or the custodian Fireblocks (as legal documents claim), the address has been selling its Ether (ETH) for renBTC in an effort to obscure their ownership of the funds.

If the address is not controlled by the Bahamas, it would imply that the larger of the two wallets actually belongs to a suspected black-hat hacker – the opposite scenario of what was previously believed.

πŸ‘‰ Grayscale Refuses To Share Proof Of Reserves Citing Security Concerns

Investment firm Grayscale is refusing to show proof of reserves for the assets backing their investment products, citing “security concerns.”

The company’s Grayscale Bitcoin Trust (GBTC) and ETHE product each hit record-lows last week, trading at significant discounts. Concerns have mounted over the potential insolvency of related company, Genesis global Capital, which is owned by the same parent company.

πŸ‘‰ FTX Owes Top 50 Creditors Around 3.1 Billion Dollars

Documents show that FTX’s largest 50 creditors are owed a total of around $3.1 billion, with its largest creditor being owed $226 million. More than 1 million creditors are listed in the documents.

The exchange is working with bankruptcy lawyers Sullivan & Cromwell as well as Landis Rath & Cobb. The former is known for working with Eastman Kodak and Nortel Networks.