FTX Reports MORE Losses

GM Readers!📪 It's BitDegree Insider, and it's time to eat your web3 veggies.

⭐️Today's selection:

• 🗣FTX Losses + SBF Speaks Out. Again
• 📁Decentralized File Storage
• 💭Wednesday's Bubbles
• 👌Selected Meme of The Day
• 📰Bite-Sized News

FTX REPORTS LOSSES, SBF TWEETS STUFF

SBF is like a shadow. It always follows you.

And we, at BitDegree Insider, have to face the fact that SBF is just unavoidable these days. He makes a move - we write about it. Because SBF can shake the market.

So, FTX recently released a report to creditors that revealed new and staggering amounts of losses. No one's surprised at this point.

But the company has lost around $415 million in cryptocurrencies since bankruptcy proceedings began. Talk about crashing after the crash.

$323 million was stolen by an "unauthorized third party" in a cyber attack that occurred immediately after the company's bankruptcy was announced.

An additional $90 million was withdrawn from the American platform, FTX US, which the company only recently reported. What is going on.

This represents half of all assets on the FTX US platform and the report refers to this as an "unauthorized transfer." The company also reported the theft of $2 million from Alameda Research.

But in order to understand the scale of the mess that SBF and his donations have created, it's worth considering this. 

It's being reported that 196 newly elected senators (out of 365) have received money from SBF. Getting that money back will be a hassle. 

Yet SBF doesn't remain silent. He just published an article called "FTX Pre-Mortem Overview" in which he tries to justify his actions and describes in detail the factors that led to the downfall of both companies.

But what's worth mentioning... SBF turned off the comments on this tweet. Because...

He knows what the community thinks of him.

TL;DR: Since the bankruptcy proceedings began, FTX has lost an additional $415 million in crypto assets. Reportedly, SBF has donated money to 196 newly elected senators. SBF returned to Twitter to share his newly-written article about the actual state FTX before its collapse.

FILECOIN FOUNDATION'S DECENTRALIZED FILE STORAGE

Blockchain is like a Swiss knife. New and new features and applications are being discovered for it everyday. File storage is one of them. 

The Filecoin Foundation, a decentralized storage network, and Lockheed Martin, the aerospace company, have announced a new joint project. And it's rather exciting.

It aims to launch and test a network storage solution based on the InterPlanetary File System (IPFS) protocol in space. 

Before we proceed let's define what's a decentralized storage network. 

It's like renting out the extra space on your computer to people who need it, and being paid in Filecoin for doing so. It aims to make storage cheaper and more secure by using a network of many individuals' computers, rather than relying on big centralized data centers.

This is not the first time the two companies have collaborated, as the Filecoin Foundation has previously provided services to the space industry for the development of file storage solutions.

The initial phase of this project will be a test phase, taking place on board the LM 400 satellite.

The main objective of this phase is to evaluate the feasibility of the project and determine the level of reliability of Earth-space communication through the IPFS protocol.

So yeah. This not only sounds cosmic, it literally is.

The IPFS protocol is a central component of the Filecoin ecosystem.

It is a peer-to-peer file sharing and storage network that utilizes unique identifiers for each piece of content.

This allows for faster and more reliable file exchange between nodes in the distributed system.

The question remains... Why do such things... in space?

The Filecoin Foundation believes that this will not only significantly expand the network but also potentially increase the speed of data transfer over long distances.

It should be noted that the launch date for this mission is currently unknown. The Filecoin Foundation plans to conduct it as early as this year.

And as a reminder, Filecoin is among the "Knights of the Web 3", which also includes ICP Internet Computer Protocol, which we analysed in depth in this video)

TL;DR: Filecoin Foundation plans launching a network storage solution based on the InterPlanetary File System (IPFS) protocol in space. 

WEDNESDAY'S BUBBLES

Today's bubbles require some extra context. Because some weird, interesting, or even suspicious stuff has happened. 

For starters, Rocket Pool (RPL), a native token by a liquid staking platform, has been listed on Binance. And this made its value jump. But...

A user earned more than $55,000 by buying an RPL token 10 minutes before the listing was announced on Binance.

Another user bought the token 30 seconds before the announcement, earning $15,000. Makes you wonder... Did they something? Kinda sus, ngl.

Other news comes from MATIC. Polygon successfully underwent a hardfork aimed at optimizing the chains and eliminating commission spikes. Thus, the price increase.

More news come from Polkadot, the technology that helps different blockchain networks work together.

Their lates update was implemented yesterday.

It's called XCM version 3, and makes their functionality even smoother by introducing more connections and flexibility between different networks. 

Optimism is also optimistic. The number of transactions in the Optimism network reached 600 thousand. Since the beginning of the month, this value has increased by 60%.

And FTT... It's a mystery, yet we talked about it two days ago. Anyway, without any further ado, here are the bubbles.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• FTX Collapse Just the Beginning: O'Leary Predicts More Crypto "Meltdowns". Ups, downs, meltdowns.
• European Union is Once Again Delaying The Final Vote on The Legalization of MiCA. What does the EU say to MiCA? Not today.
• US SEC Accidentally Leaks Names and Email Addresses of Crypto Miners. Oops.