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<h2 id="header-0">1.    The number of FTX creditors could <a href="https://decrypt.co/114648/over-1-million-creditors-could-have-claims-ftx-bankruptcy" rel="noopener noreferrer nofollow">surpass 1 million</a>. Its promoters are sued</h2><p>Most of them are facing severe problems.</p><ul><li>BlockFi, a crypto lending company, is getting ready to file for bankruptcy. Voyager, another crypto lender, is now looking for a different buyer.</li><li>Celebrities (Tom Brady, Gisele Bundchen, Shaquille O’Neal, Naomi Osaka, and others) are being sued for promoting FTX.</li><li>Crypto holders will hardly be able to get their assets back, the Bloomberg research suggests.</li><li>Solana Foundation is facing the biggest challenge. FTX was one of its earliest backers. In a week, SOL has dropped by over 57%. In just four days, the total value locked in DeFi platforms on Solana has plummeted by nearly 67%.</li></ul><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/48313e26f8534e958b6ca59aef6aca3d.png" /></p><h2 id="header-1">2.    Genesis <a href="https://cointelegraph.com/news/breaking-crypto-lender-genesis-global-halts-withdrawals" rel="noopener noreferrer nofollow">suspends</a> redemptions &amp; new loan originations</h2><p>It was announced amid market turmoil and the FTX fall, which caused the number of withdrawals to skyrocket. The firm has received $140 million from its parent company, but it’s not enough to cover the demand.</p><h2 id="header-2">3.    Chainalysis: The FTX collapse hasn’t shaken up the crypto market fundamentals</h2><p>The researchers point out that the issue is all about fraud and not blockchain or crypto itself. They saw spikes in assets sent to personal <a href="https://oneart.digital/en/blog/crypto-wallets-for-beginners" rel="noopener noreferrer nofollow">crypto wallets</a> and DeFi protocols. Also, flows from CeFi to DeFi have increased. As for DEX inflows, other smart contracts and <a href="https://www.forbes.com/sites/jeffkauflin/2022/10/11/the-secretive-world-of-mev-where-crypto-bots-scalp-investors-for-big-profits/" rel="noopener noreferrer nofollow">MEV bots</a> account for about 90%.</p><p>The crypto-for-USD trades spike has faded away. Now, the withdrawals are roughly at same rates as before the collapse.</p><h2 id="header-3">4.    Coinbase suggests that FTX’s crisis will make the <a href="https://www.coinbase.com/institutional/research-insights/research/monthly-outlook/the-long-winter-gets-longer-november-2022" rel="noopener noreferrer nofollow">crypto winter longer</a></h2><p>It’s not as optimistic as Chainalysis:</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/3b1e1c8c867a4256b4ee560e22b8de08.png" /></p><h2 id="header-4">5.    Binance launches a crypto recovery fund</h2><p>It will help projects that are strong but face a liquidity crisis. CZ also welcomed other crypto sphere players to support the fund. More details about the initiative will be coming soon.</p><h2 id="header-5">6.    Top 10 NFT collections <a href="https://dappradar.com/blog/nft-sales-spike-as-blue-chip-floor-prices-drop-25" rel="noopener noreferrer nofollow">sales skyrocket</a> as prices plummet by ¼</h2><p>According to DappRadar, blue-chip NFT collections prices dropped 25% on average due to the FTX bankruptcy. It caused an impressive spike in sales. For example, BAYC went up by over 200%, and MAYC — by more than 100%.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/40e0a1a7805e44a682c36f68f8c2790f.png" /></p><h2 id="header-6">7.    Circle adds support for crypto payments <a href="https://www.circle.com/blog/apple-pay-is-now-available-on-circle" rel="noopener noreferrer nofollow">with Apple Pay</a></h2><p>Businesses building with Circle can open free accounts and connect to the service via API. The issuer of USDC said payments with crypto like ETH and BTC would also be added in the future.</p><h2 id="header-7">8.    Nike launches <a href="https://www.swoosh.nike/en-US" rel="noopener noreferrer nofollow">.Swoosh</a>, a Web3 platform</h2><p>Users will be able to buy, show off, trade, and co-create items, as well as unlock access to some events. A 1st digital collection is coming in January. Polygon-powered NFTs will start at less than $50.</p><h2 id="header-8">Why do we care?</h2><p>FTX’s fuckup points to the <a href="https://www.bloomberg.com/news/newsletters/2022-11-17/ftx-s-failures-are-crypto-s-too" rel="noopener noreferrer nofollow">whole industry’s issues</a> &amp; venture capitalist Tim Draper says the crisis was predictable as FTX was centralized.</p><h3 id="follow-official-oneart-channels-to-find-the-latest-info-and-updates">Follow official OneArt channels to find the latest info and updates:</h3><ul><li><a href="https://twitter.com/art_wallet" rel="noopener noreferrer nofollow">Twitter</a></li><li><a href="https://t.me/art_wallet" rel="noopener noreferrer nofollow">Telegram Group</a></li><li><a href="https://t.me/artwallet_official" rel="noopener noreferrer nofollow">Telegram Announcements</a></li><li><a href="https://coinmarketcap.com/community/profile/OneArt" rel="noopener noreferrer nofollow">CoinMarketCap Community</a></li><li><a href="https://www.linkedin.com/company/oneart/" rel="noopener noreferrer nofollow">LinkedIn</a></li></ul>

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