[Weekly News] the 4th week of Nov.

Hello! This is ReapChain. Let’s find out about the hottest bitcoin and cryptocurrency news for the 4th week of November!

Grayscale “Coinbase custody proof letter released… Wallet address cannot be disclosed.”
Grayscale Investments, the world’s largest cryptocurrency asset manager, recently released a letter of attestation from Coinbase Custody, which stores Grayscale’s digital assets, as a substitute for proof of holding cryptocurrency reserves through Twitter. “While we know our choices will disappoint some, we do not believe that measures such as Proof of Reserves and Open Wallets can replace the complex security measures that have kept our investors’ assets safe for years,” said Grayscale. Coinbase Custody frequently performs on-chain validation, but due to security concerns, it does not support proof of possession of cryptocurrency and disclosure of wallet addresses.”

U.S. Senator from Missouri “Investigating whether FTX Democratic Party donations had regulatory benefits.”
U.S. Republican Senator Josh Hawley from Missouri said, “Sam Bankman Fried (SBF), former CEO of FTX, donated more than $37 million to the U.S. Democratic Party. He is investigating whether any regulatory benefits have accrued to SBF and FTX related to those donations,” Bloomberg reported. Reportedly, Senator Howley said, “FTX has siphoned billions of dollars from investors and users and donated some of it to the Democratic Party. It is a situation in which a conflict of interest is suspected,” he explained. Bloomberg said, “The collapse of FTX, a cryptocurrency empire founded by SBF, a super-large donor in the U.S. political world, is spreading as a new political problem. Although the SBF is the second ‘largest’ of Democratic political funders, some Republican candidates have also received funding from FTX executives.”

Dr. Doom Roubini's “Grayscale GBTC discount rate can be bigger.”
Regarding the refusal of Grayscale Investments, the world’s largest cryptocurrency asset management company, to prove its cryptocurrency trust-related reserves and disclose its wallet address, Nouriel Roubini, a professor of economics at New York University, “Dr. The discount rate of GBTC could be even higher considering that the company did not prove the transaction and that its parent company Digital Currency Group (DCG) is exposed to Genesis and is at risk of bankruptcy. “Cryptocurrency is Houses of Card; It’s exploding now,” he said. Previously, Grayscale rejected these measures, saying that it did not believe that measures such as proof of reserves and disclosure of wallets could replace the complex security measures that have kept our investors’ assets safe for years.

Vitalik “Exchange Merkle Tree asset proof, zero-knowledge proof technology should be used”
ZK-SNARKs (zero-knowledge Proof technology) technology can be applied to strengthen and solidify privacy. He also revealed that user funds should be stored in a form such as Validium (a layer two solution that enhances the scalability of Ethereum through zero-knowledge proofs) smart contracts. In response, Changpeng Zhao, the founder of Binance, replied, “Binance will implement it and make it open source.”

About 5.4 trillion won net outflow from Binance, Gemini, and FTX on the 7th. Bybit net inflow of $330 million
According to Nansen, a blockchain data analysis company, over the past seven days, about $4 billion worth of assets have been net outflows from three exchanges, Binance, Gemini, and FTX. In addition, on the 7th, Binance, Coinbase, Kraken, Bitfinex, and Paxos each processed more than $1 billion in cryptocurrency deposits and withdrawals. The exchanges with the net inflow of assets are Bybit ($332 million), MEXC ($80 million), and Coinsquare ($28 million) in order. Conversely, the exchanges with net outflows were Binance (-2.3 billion dollars), Gemini (-679 million dollars), and FTX (-591 billion dollars), in that order. It also revealed that 1.1 million ETH had been withdrawn from exchanges since November 12. Currently, the exchange with the most ETH is Binance, with a balance of 5.12 million ETH.

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