Headlines

▌Genesis Has Disclosed a Total Debt of 1.8 Billion US Dollars, or Will Continue to Grow

According to sources, in addition to the previous debt of $900 million to Gemini, the cryptocurrency brokerage company Genesis has another group of creditors represented by the law firm Proskauer Rose, with a total debt of $900 million, bringing its current disclosed total debt to $1.8 billion, a figure that may continue to grow. As previously reported, Genesis and its parent company Digital Currency Group (DCG) owe Gemini $900 million in debt. Gemini has formed a committee of creditors to recover funds from Genesis and its parent company DCG.

Policy

▌The Hong Kong Polytechnic University Opens Applications for the Master of Science in Blockchain Technology in 2023

According to the official announcement, the Hong Kong Polytechnic University is applying for a Master of Science in Blockchain Technology for September 2023 admission. This is the first Master of Science in Blockchain Technology in Hong Kong, involving blockchain-based financial applications. The topics of program design, development and security require computer, mathematics, engineering or related professional background, and the tuition fee is about 300,000 Hong Kong dollars.

Cryptocurrency

▌Vitalik Buterin Called on People to Focus on Technology Rather Than Currency Prices

Futures trader and cryptocurrency investor CoinMamba said on Twitter, "After 9 years of working in the encryption field, I am a bit tired. I want to move on and do something different. I am tired of all the scammers here and fraudsters.” In this regard, Ethereum founder Vitalik Buterin commented, “I suggest you distance yourself from the trading/investment circle and get closer to the technology and application ecosystem. Learn about ZK-SNARKs technology and visit Latin American gatherings. Listen to all the core developer conference calls, read the notes until you memorize all the EIP codes." He also said, "Relative to (coin price) changes, the technology involved is already an important and positive culture.”

▌Data: StarkNet Bridge Storage TVL Exceeded 6,000 ETH, an Increase of Over 20% in the Past 7 Days

According to the latest data from Dune Analytics, the total value of StarkNet cross-chain bridging storage value of Ethereum Layer 2 expansion solution has exceeded 6,000 ETH, reaching 6,119 ETH at the time of writing, which is more than 7.8 million US dollars based on the current price, participating in bridging transactions. The number of users in is 79,842. Historical data shows that the total value of StarkNet cross-chain bridge storage exceeded 5,000 ETH on November 28, which means that this indicator has increased by more than 20% in the past 7 days; in terms of other L2 cross-chain bridges, the current total value of Arbitrum cross-chain bridge storage. The value is 2,035,835 ETH, Optimism is 445,407 ETH, and zkSync is 190,185 ETH.

▌Users Beat AAX Exchange Staff

Atom Asset Exchange (AAX) a global fintech company, on Saturday, November 12, 2022, announced it would be suspending crypto withdrawals over massive withdrawals. Some of its customers in Nigeria who have invested millions did not take the news lightly as it was further revealed that it is very unlikely for the exchange to open again. In a desperate search for their funds, Nigerian customers stormed the AAX Lagos offices, demanding their money while beating up the staff available.

▌Binance Backed BinaryX (BNX) Token Price Dumps -50% In A Day, Rumors of BinaryX Team Selling Treasury Tokens

The BinaryX BNX token has fallen by over 50% in the last 24 hours following rumors of its developers selling treasury tokens. Rumors surfaced earlier today that 4 million BNX was being dumped per hour on Binance alone. A crypto trader also asked the BinaryX team to answer questions concerning certain transactions. All this generated panic within the BinaryX community as many speculated that the sellers were the token developers.

▌Bybit to Lay Off 30% of Workforce Amid Colder Crypto Winter

The overall cryptocurrency landscape is significantly different than what it was a year ago when prices were riding high, and there were new ATHs charted frequently. Now, though, the so-called crypto winter is in full force, following adverse macroeconomic events as well as several loud industry-related collapses, such as Terra and FTX. Somewhat expectedly, the general investor sentiment has changed completely, which is evident from the declining trading volumes, Google searches, etc. Crypto exchanges are among those suffering the most. Bybit has joined the bandwagon as its CEO Ben Zhou confirmed to Bloomberg that the company plans to lay off 30% of its workforce.