Canaan's Q3 Net Income Drops 88% Due To A Slump In Bitcoin Mining

Canaan, a producer of Bitcoin mining hardware, revealed that its third-quarter net income decreased 88% from the same time a year earlier to 61.1 million yuan ($8.6 million) due to a decline in the price of Bitcoin. In a statement released on Monday, the Beijing-based company said that its income declined 26% to 978.2 million yuan and that the overall processing power sold fell 48.5% to 3.5 million terahashes per second. For several mining enterprises, the past few months have been challenging. A provider of data centres named Compute North filed for bankruptcy in September. Full story here.

Eth Co-founder Vitalik Buterin Planning To Come Up With A Proof of Reserves Protocol: Changpeng Zhao

Binance CEO Changpeng Zhao on Monday said Ethereum co-founder Vitalik Buterin is planning to come up with a protocol for exchanges to automatically disclose their proof of reserves to users. Asked if exchanges are sending funds to each other to fudge their proof of reserves, amid the FTX fiasco which unravelled last week, Zhao said he does not know what other exchanges are doing but Binance certainly does not do that. Asked by a user if he thought it was fair to sell FTT tokens in Binance’s kitty and rake in the profits while average users were left with losses and that if he felt obligated to return that money back to the FTX users, Zhao said trying to solve every problem plaguing the crypto industry will make Binance bankrupt. Read more.

US-Based Crypto Exchange Kraken Freezes FTX And Alameda-Related Accounts

United States based cryptocurrency exchange Kraken has frozen accounts connected to the FTX Group, Alameda Research, and their executives on its platform, after having a dialogue with authorities. The crypto exchange states that these accounts have been frozen to protect FTX creditors while it maintains full reserves and that other users funds remain unaffected. “Kraken has spoken with law enforcement regarding a handful of accounts owned by the bankrupt FTX Group, Alameda Research and their executives. Those accounts have been frozen to protect their creditors. Other Kraken clients are not affected. Kraken maintains full reserves,” Kraken stated. Details here.

FTX Founder Sam Bankman’s House Up For Grabs In The Bahamas

In an apparent desperate bid to raise funds after his networth plunged from $16 billion to $0 in a matter of days after the collapse of his exchange, FTX Founder Sam Bankman-Fried has listed his penthouse in the Bahamas for sale for around $40 million. The 12,000 square foot, five-bedroom penthouse in the opulent Albany resort was listed for sale last week, according to a real estate broker, who declined to identify the owner of the house. The ownership of the penthouse has been confirmed by people close to current and past FTX employees who have been at there. Full story here.

Blockchain Data Reveals That Alameda Accumulated Tokens Prior To FTX Listings

Bankrupt cryptocurrency trading firm FTX’s sister firm Alameda Research accumulated large amounts of tokens over the course of a year before associated crypto exchange FTX announced it would list them, according to an investigation of open blockchain data by analytics company Argus. Blockchain data analysis has revealed that Alameda held roughly $60 million worth of tokens across 18 listings of coins connected to the Ethereum blockchain on the days that FTX said it would be listing tokens between the beginning of 2021 and March of this year, The Wall Street Journal reported. More here.

Visa ends its partnership with FTX and will discontinue its debit cards

Visa has terminated its relationship with the defunct cryptocurrency exchange FTX, the payments industry giant has announced. FTX-branded Visa debit cards will no longer be available as the much-heralded collaboration, which was expanded last month, comes to an end. As part of a long-term global partnership announced by the two companies in early October, the cards were scheduled to be distributed to 40 new countries in addition to the U.S., where they had previously been available to FTX account holders. At the time, Cuy Sheffield, head of crypto at Visa, stated that the payments company would bring more flexibility and ease-of-use to the way people use their crypto by collaborating with leading crypto exchanges like FTX. Full story here.

Bitcoin’s $15k nightmare comes true as largest digital currency continues downfall

Bitcoin continued its downward trajectory as jittery investors continued to sell the world’s largest digital currency by market capitalization. After briefly making a low of $15,906, Bitcoin’s price rebounded to $16,300 levels, yet trading around 1% lower over the last 24 hours. World’s second largest digital currency Ethereum was trading down around 1% as well, around $1220 levels. It briefly broke the $1220 mark and made a low of $1180 earlier. Other major cryptocurrencies like Binance and Cardano traded down 1% and 3% respectively, while Ripple, Polygon, and Solana traded up, 10%, 1%, 33%, and 1%, respectively.