Daily Digest - 21 November 2022

Headlines

▌U.S. President Joe Biden Calls for Stricter Global Cryptocurrency Regulation

Following the FTX crash, global regulators are negotiating to implement global cryptocurrency regulation. In order to prevent the recurrence of incidents like FTX and protect investors and other entities, President Biden of the United States has expressed his views on the field of cryptocurrencies. “It is critical to build public awareness of risks, strengthen regulatory outcomes and support a level playing field, while taking advantage of the benefits of innovation,” the statement said.

Policy

▌Vitalik: Singapore's Well-Intentioned Attempts at Cryptocurrency Regulation May Not Work

Ethereum founder Vitalik Buterin said in an interview recently that Singapore's well-intentioned attempts at cryptocurrency regulation may not work because Singaporean regulators try to combine "blockchain use" and "cryptocurrency". "If there is no cryptocurrency, then you have a fake blockchain, and no one will care about these blockchains". In addition, Vitalik Buterin said that it is difficult for regulators to strike a balance between supporting new technologies and cracking down on bad actors, but he also said that Singapore has long positioned itself as a cryptocurrency-friendly judiciary Jurisdictions, which have only begun to tighten in recent months, though, regulators are only trying to “stop cryptocurrency speculation” rather than outright banning cryptocurrencies.

Blockchain Application

▌COP27 Announced the Launch Of "Ethereum Climate Platform", Founding Members Include Microsoft, Polygon, ConsenSys

The 27^th Conference of the Parties (COP27) of the United Nations Convention on Climate Change announced the launch of the "Ethereum Climate Platform" Ethereum Climate Platform (ECP). Blockchain software technology ConsenSys and enterprise software developer Allinfra convened numerous companies becoming founding members, including: Microsoft, Polygon, AAVE, Art Blocks, Celo, CodeGreen.Org, Enterprise Ethereum Alliance, ERM, Filecoin Green, Gitcoin, Global Blockchain Business Council, Huobi Global, Laser Digital, The Climate Collective, UPC Capital Ventures and W3bcloud etc.

Cryptocurrency

▌FTX Businesses Owe More Than $3bn to Largest Creditors

Sam Bankman-Fried’s business owes more than $3 billion to its largest creditors, according to court filings, as the cryptocurrency group’s massive bankruptcy process begins. Cryptocurrency exchange FTX and associated companies founded by SBF provided a list of its 50 largest creditors on Sunday, all of whom are clients with more than $20 million, two of which are owed more than $200 million. The companies’ total liabilities are estimated at more than $10 billion, according to past filings, and they may have more than 1 million creditors.

▌FTX Exploiter Converts Millions in Ether to Alameda-Linked Ren Bitcoin Tokens

Whoever was behind the $600 million exploit of crypto exchange FTX started exchanging millions of dollars worth of ether to Ren Bitcoin (renBTC), a token that represents bitcoin on other blockchains, early on Sunday. Funds stolen from FTX were steadily converted to ether over the past week, making the exploiter one of the largest holders of the token.

At 7:27 UTC Sunday, the hacker moved over 5,000 ether to a new wallet, blockchain data shows. An additional 35,000 ether was then moved to that wallet over three separate transactions.

▌Altcoin SNM's 4,000% Price Surge in 24 Hours Fuels Pump and Dump Claims

The trading price of the altcoin SNM suddenly rose by over 4,000% to $10.91 on Nov. 20, 5:30 a.m. (ET), while the coin’s 24-hour trade volume stood at just over $720 million. The altcoin’s abrupt price surge has fueled speculation that the altcoin is being targeted by a pump-and-dump group.