Miami Mayor Francis Suarez said he is still getting paid in bitcoin and added that he continues to buy the first cryptocurrency. He noted that being mayor is not his only source of income, as he also works as a lawyer and in private equity.
“Web3 and cryptocurrency aren’t going anywhere. Sometimes we just have to breathe, right? We have to remember that this technology is new. Not every iteration will be successful. Not every company will succeed,” he added.
Suarez called for proactive regulation that could protect people from fraudulent schemes but would not hurt the industry.
“If the leaders who came out of this winter come together and help lawmakers find the right regulatory guidelines to make sure this technology helps people, increases democratizing opportunities for investment and wealth creation, and doesn’t hurt people or rob them of their labor and savings. We have a lot to learn,” he said.
He also emphasized that the city did not hold any funds on FTX.
Solana-based decentralized exchange Serum announced it was shutting down due to the collapse of FTX.
“Since the authority to update is in the hands of FTX, security is in jeopardy. This entails the loss of protocols such as Jupiter Aggregator and Raydium moving away from Serum. There is hope, however. Led by Mango’s Max, community efforts to create a Serum fork are gaining momentum. Openbook is currently running on Solana’s core network with over $1 million in daily volume. Further efforts are underway to expand this project and its liquidity. Unfortunately, with the advent of Openbook, Serum’s volume and liquidity have fallen to near zero. It is safer for users and protocols to use an alternative fork like Openbook, after security threats were discovered in the old Serum code,” the developers stated.
The project team also said that the future of the SRM token is very unclear. Some community members suggested using it for discounts, while others advised against using the token at all because of the impact factor from FTX and Alameda.
Solana-based cryptocurrency wallet Phantom will now support Ethereum and Polygon blockchains.
The beta version of the updated wallet will be launched within a few weeks.
In the future, Phantom will also consider expanding the wallet’s compatibility with other blockchains.
Compound will introduce credit limits on 10 coins at the end of November: COMP, WBTC, UNI, SUSHI, AAVE, MKR, BAT, LINK, ZRX and YFI.
The decision was made by a vote offered by the Gauntlet site in the Compound DAO. According to Gauntlet, the move would adjust the risk parameters in Compound v2 and help avoid bad debt, as was the case with Aave.
Aave had previously incurred $1.6 million in bad debt due to a large short position on the CurveDAO token (CRV), which was facilitated by low liquidity on CRV.
The Commonwealth of Dominica government will partner with the Huobi exchange to issue Dominica Coin (DMC) and Digital Identity Documents (DID) for DMC holders to gain digital citizenship in the country.
DMCs and DIDs will work on the TRON network and will be issued on Huobi Prime. They will serve as credentials for Dominica’s future meta-universe platform.
The island nation is one of the first Caribbean countries to adopt an investment-based citizenship program. Dominica’s passports allow travel to over 130 countries, including mainland China, Hong Kong, the European Union, Switzerland, the United Kingdom and Singapore.
The government is eager to explore meta-universe and Web3 technology to encourage its development and attract talent from the cryptocurrency and blockchain ecosystem.
BlockFi Inc. owes more than $1 billion to its three largest creditors, including $30 million to the U.S. Securities and Exchange Commission (SEC) in a settlement of the litigation.
In total, BlockFi owes its 50 largest creditors $1.3 billion.
The bankruptcy filing says the total amount owed to all creditors is between $1 billion and $10 billion.
The company’s largest creditors were Ankura Trust Company, $729 million; FTX US parent company West Realm Shires Inc, $275 million and an anonymous platform customer, $49 million.
Along with BlockFi, its subsidiaries BlockFi Services, BlockFi International Ltd, BlockFi Wallet, BlockFi Ventures, BlockFi Trading, BlockFi Lending, BlockFi Lending II and BlockFi Investment Products declared bankruptcy.
Ukraine’s Ministry of Digital Transformation has paused plans to integrate Binance into the Diya application.
This was due to the protest of local cryptocompanies Kuna, WhiteBit and Trustee Plus, which filed a petition to the president.
The claims against Binance are based on the fact that the exchange continues to do business with Russia, which attacked Ukraine. According to WhiteBIT head Mikhail Chobanyan, parties that have not decided on a position should not be allowed into state systems.
As a protest, companies also blocked the trading of the BNB token on their platforms.
National Bank of Ukraine (NBU) has presented a draft concept of digital hryvnia, designed to perform all the functions of money and complement their cash and non-cash form.
At the moment the NBU is working on the draft concept with the participants of the payment market, participants of the market of virtual assets and state authorities.
According to the bank, the e- hryvnia will be programmed with smart contracts and used in cross-border payments.
Based on the results of the processing, the regulator will develop the final concept of the e-hryvnia.
Fidelity has officially launched a digital asset trading service for retail customers. After opening an account, Fidelity customers will be able to trade bitcoin and Ethereum without fees.
On the platform, the company also warns users about the high risks of investing in digital assets.
Cryptolending site BlockFi has filed for bankruptcy protection due to the collapse of FTX.
Earlier this year, the company received a $400 million line of credit from FTX, with the possibility of an eventual takeover by FTX US.
After FTX went bankrupt, BlockFi suspended withdrawals. Prior to that, the company faced a liquidity crisis due to the liquidation of one of its largest clients. That client was presumably the hedge fund Three Arrows Capital.