FTX cryptocurrency exchange, which has filed for bankruptcy, is reportedly transferring funds from its hot wallets to cold wallets as a precautionary step.
In a tweet, FTX US general counsel Ryne Miller said that FTX US and FTX.com initiated precautionary steps to move all digital assets to cold storage.
He added, "The process was expedited this evening to mitigate damage upon observing unauthorized transactions.”
FTX, one of the world’s largest crypto exchanges, has filed for Chapter 11 bankruptcy.
FTX Hackers Cash Out
Some $12 million Chainlink (LINK) tokens were illegally swapped in two transactions shortly after reports of the FTX breach. However, the wallets could recover some losses.
TrueFi Cashed Out Of FTX
TrueFi, a decentralised lending protocol founded by Justin Sun, founder of the Tron network, shifted $6.1 million stablecoins from the FTX platform.
On Thursday, Sun completed the withdrawal in four transactions—$2.4 million USDT, 2.1 million USDC, $1 million TUSD, and $673,000 BUSD.
Genesis Gets Bailout
Genesis Trading, a trading firm that connects institutional investors to digital assets, announced that its parent, Digital Currency Group, will provide $140 million to "strengthen its balance sheet" and reinforce its position in crypto markets.
Genesis Trading's derivatives company had also reportedly stashed away $175 million in an FTX account. Genesis told its clients that despite FTX's "liquidity crunch" and bankruptcy, its market-making operations would not be impacted.
Climate Chain Coalition’s Climate Report
On November 11, 2022, the Climate Chain Coalition (CCC), a network of organisations dedicated to promoting blockchain technology for climate action, presented its stock-taking report at the 27th United Nations Climate Change Conference (COP 27) in Sharm El-Sheikh, Egypt.
The coalition, established five years ago and headed by chairman and founding member Tom Baumann, has been working on projects involving the consumption accounting system and greenhouse gas emissions accounting. The network has grown from 12 founding members to over 360 organisations in 69 countries.
