Weekly Rundown Is Here

GM Readers!📪It's BitDegree Insider, and here's a weekly recap.

⭐️Today's selection:

• ⌛Recap Of The Week
• 👌Selected Meme of The Day
• 📰Bite-Sized News

WHAT HAPPENED THIS WEEK

Sunday's here. Time to reload our memory cards. Here's a quick rundown on the last week in case you missed something.

So, the week began with fear over Crypto.com, the crypto exchange, making people worried over their reserves' situation. They were partly revealed and people got nervous.

20% of their entire token reserves consist of Shiba Inu Coin. Of the $2.88 billion in total assets, around $558 million, are in SHIB. Well, why worry?

If a crisis hit, this wouldn't create a simple liquidity crunch. This would be a speedrun towards insolvency. Because when people say 'give me my money back'...

They probably don't mean 'give me my money in the form of SHIB'. How did the market react?

Crypto.com's token Cronos (CRO) experienced a 60% price decline, falling from $0.178 to as low as $0.05. At the time of writing, the coin is worth around $0.07.

Gate.io Hacked by North Korea?

Gate.io, yet another crypto exchange, had a stressful week as well.

On-chain sleuth (a blockchain detective) @zachxbt shared some interesting findings.

According to him, the exchange was hacked by North Korean hackers on April 21 2018. They managed to get away with $230 million.

And... No one knew about it. Allegedly, Gate.io managed to prevent the news from breaking. They 'actively kept this hidden from customers/public', as the sleuth put it.

This implies that if there were more hacks like this, and if they happened consecutively...

Exchange's customers would have continued using its services without realising, that they're dealing with a de facto insolvent company.

Of course, this case was not like this. But this story illustrates that exchanges' reserves are far from untouchable and safe.

Genesis Felt The FTX Shock

This week, Genesis Trading, a digital currency trading and lending company, announced that FTX's collapse has affected them greatly.

As the result, Genesis' Crypto Lending Unit halter withdrawals on their platform..

After FTX fell, Genesis Trading revealed that they ended up with $175 million in locked funds on FTX. It's far from certain that they're getting it back. So... That's a hit.

People started withdrawing. And sudden, continuous withdrawals would have left them bare-footed on winter's ice. But that's not the only crypto entity that felt the FTX effect.

Gemini, the crypto exchange, has a partnership with Genesis. Even though they communicated that they're not affected... The very next day Gemini had a problem.

The number of ETH withdrawals from Gemini reached an all-time high. The panic spread. The fear was all over the place. They suffered almost $500 million rush of outflows.

Celebs Got Sued For FTX Ad.

First class-action lawsuit was registered against the star ambassadors of the FTX crypto exchange.

The list of "culprits" includes American football star, Tom Brady, his wife supermodel Gisele Bündchen, NBA players Stephen Curry and Shaquille O'Neal...

And, as the cherry on top, the man himself, Sam Bankman-Fried.

They are accused of "supporting the sale of unregistered securities to US citizens," is their crime.

And, in this case, we're talking about the so-called Yield Bearing Accounts, that is, FTX interest accounts.

This is a $11B lawsuit. Once it begins unfurling... Things might get noisy.

Solana Drama

Solana is having a really bad time.

Binance announced that they're suspending USDT and USDC deposits on Solana.

OKX is removing them from its listing entirely. Crypto.com, KuCoin, Bybit and BitMEX made similar decisions.

Crypto exchanges are probably hedging against the risks associated with the Solana project's liquidity crisis.

At its peak last November, DeFi-apps stored more than $10 billion in Solana's network.

The blockchain's popularity was fuelled by cryptocurrency industry's "stars," including Sam Bankman-Fried.

A year later, the total value of such funds dropped to $300 million. And Bankman-Fried's "crypto-death" led to a negative view of Solana.

The times are tough. But this crisis will define who's an industry-ready, and crisis-prepared player, and who's not. We'll see to which category Solana will fall.

So that's a wrap. A new week is almost here. See you tomorrow!

TODAY'S ISSUE IS BROUGHT TO YOU BY LEDGER

These past two weeks made it clear you better make sure that your money is safe. One way of doing so is not keeping your money in a crypto exchange. And using a Ledger Wallet instead.

Here's what you can do with it:

• Protect your crypto, NFTs, and tokens. Thanks to EAL5+ Certified Secure Chip, you can rest assured it's out of hackers' reach.
• Manage over 5,500 digital assets via 100 apps. At the same time. More memory. More possibilities.
• NFT transactions made easy. Full transparency and user-friendly interface in Ledger Live.

The thing is simple. Don't wait and choose your Ledger hardware wallet!

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• adidas Originals Introduces Its First NFT Wearables Collection "Virtual Gear". The new frontier.
• Emurgo to Launch Cardano-Based USDA in 2023. 2023 is right behind the corner, and so are a lot of updates.
• Bahamas Regulator Orders FTX to Move Its Digital Assets to Government Wallet. FTX's troubles are international.
• Jump Crypto Says It's Not Shutting Down. The ripple effects are not taking everyone down.