As FTX-rescued BlockFi Flails, Voyager Digital Finds a White Knight ♘

The former crypto wunderkind and CEO of bankrupt FTX was either 'venting' or showing his true colors.  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Market Activity Total Market Cap $822.41B (-0.74%) 24 Hour Volume $52.69B (-17.07%) Notable Movers (HNT) $2.48 (+5.00%) Notable Movers (DeFi) (YFII) $2,435.99 (+2.43%) Bitcoin Dominance 38,53%(+0,23%) Bitcoin Price (BTC) $16,513.54 (-0.14%) Ethereum Price (ETH) $1,192.15 -1.63%) Cardano Price (ADA) $0,3215 (-2.03%) Editor's Note Are NFTs Too Centralized? This is the question put forth in a recent article about what will happen to some valuable NFT collections that may be stuck on the FTX NFT marketplace indefinitely. We all know what an NFT is — it's a non-fungible token, often associated with a digital piece of art (like a monkey, for example). NFTs can also be used for other purposes as long as the object that they are representing is non-fungible — like concert tickets, membership in a club, etc. However, as this latest crypto meltdown has shown us, NFTs that rely on the alluring quality of their artwork have a problem if the marketplace that they were sold on…disappears. As the article writes — even users who transferred their NFTs off of FTX's NFT marketplace to their own self-custody wallets now cannot see the artwork because the FTX server is down. The answer to everything that is happening in crypto cannot just be — self-custody your assets, and you are then in charge of your own crypto destiny. This NFT edge case shows that a belated move to hold your own keys might still end up locking you out of what you owned on a centralized server. What is the answer then? That's up for the Web3 world to figure out as they try to rebuild some of the basic concepts of how to interact in the crypto space again. CMC-Community Spotlight of the Day Impossible Standards: One Metaverse Group Is Chasing the Purest Form of Interoperability Enjin dives into the possibilities of collaboration between different metaverses in today's CMC Community Spotlight. Read More Today's Top Stories Check out CoinMarketCap Alexandria for tech deep dives, analysis, daily news and easy-to-understand guides on how crypto works! Sam Bankman-Fried Trashes Regulators, Ethics, and the Last Shreds of His Reputation In a Twitter DM interview he claims he thought was off the record, the former crypto wunderkind and CEO of bankrupt FTX, FTX US and Alameda Research was either 'venting' or showing his true colors. After saying "yeah" to a question asking if comments he made over the last couple of years about "the ethics stuff [was] mostly a front" SBF typed in a "hehe" before saying he had to be good at talking about ethics. Then he dropped an F bomb on regulators. Which he then tried to walk back on his own increasingly strange Twitter thread. Less Than Three Weeks Later, Elon Musk's Seeks a Twitter CEO The Tesla and SpaceX CEO told a court "I expect to reduce my time at Twitter and find somebody else to run Twitter over time." That was two days after saying he had "too much on his plate" and three weeks into a chaotic and flailing restructuring that has seen the social media site's workforce cut in half and spooked advertisers into heading for the hills. Meanwhile, the Twitter Blue debacle has pushed issued like increasing crypto payments far into the future. The Crypto Bros' Dumpster Fire Goes to Washington, D.C. The collapse of the giant FTX exchange has changed how Congress views crypto. "There's no sugar coating it. The collapse has been a dumpster fire," said GOP Rep. Patrick McHenry. FTX's collapse makes Sam Bankman-Fried the poster child of the "crypto billionaire bros" who are desperate "for the patina of regulation," said Rep. Brad Sherman, a Democrat and opponent of legal crypto ownership. And Republican Sen. John Kennedy said, "Somebody needs to go to jail." As FTX-rescued BlockFi Flails, Voyager Digital Finds a White Knight Binance and several other crypto industry firms are looking to bid once again for bankrupt crypto lender Voyager Digital's assets. That could provide a path out of bankruptcy that could let customers regain as much as 72% of their assets. providing a path out of bankruptcy. But BlockFi, which avoided bankruptcy, thanks to a bail-out by now-bankrupt FTX, appears to be headed back into Chapter 11. The news came as both Binance and competitor OKX announced industry recovery funds to help stem a liquidity crisis brought on by the collapse of FTX and sister company, Alameda Research. Thanks for reading! Have a great day — more news tomorrow! Written by Molly Zuckerman and Connor Sephton Was this email forwarded to you? Sign up here. WANT MORE CRYPTO BITES? Sign up here for Daily Newsletters, Promotions and Events and Prices ADVERTISE  |  CAREERS  |  FAQ © 2022 CoinMarketCap Unsubscribe CoinMarketCap OpCo LLC, 8 The Green, STE 6703, Dover, Delaware 19901, United States