Author：Lily

Editor：Colin Wu

1. HongKong & FTX’s weekly summary

1.1 HEX Trust reduces minimum residual exposure to FTX and Alameda to zero Link

Hong Kong-based institutional custodian HEX Trust sent an investor letter stating that Terra made an important choice after its collapse in April to move away from prioritizing revenue generation and market participation and instead minimize its exposure to the overall market, thus reducing its minimum residual exposure to FTX and Alameda to zero in the first week of November.

1.2 Genesis Block has suspended trading due to the widespread impact of the FTX bankruptcy Link

Genesis Block, a local cryptocurrency trading platform in Hong Kong, has suspended trading and shut down its OTC website on the 10th of next month due to the widespread impact of the FTX meltdown, according to a letter to its customers. Genesis Block personnel are suspected to have been directors of FTX’s Hong Kong subsidiary, and have acknowledged that a significant amount of funds are held at FTX and that trading funds come to some extent from Alameda.

2. Mainland China & FTX’s weekly summary

2.1 New Huo Tech (formerly Huobi Tech) Announces $18.1 Million in Cryptocurrency Unavailable for Withdrawal on FTX Link

New Huo Tech announced that $18.1 million of cryptocurrency is undrawable on FTX, of which $13.2 million is customer assets. Controlling shareholder Lin Li will provide additional unsecured financing in the amount of up to $14 million, which will be available to cover the liabilities of customer assets arising from this event, if needed.

2.2 The Securities Times notes that the FTX incident highlights the importance of China’s regulation of crypto assets Link

According to an article in the Securities Times, the FTX incident highlights that “Chinese regulators have taken a tough stance on virtual coins, avoiding a massive flow of resources into the sector and saving many people from losses,” and suggests that the FTX collapse will lead to increased regulation of virtual currencies globally and the disintegration of the idea that crypto assets are a necessity for financial institutions’ portfolios.

3. Taiwan & FTX’s weekly summary

3.1 Lawyers talk about the status of FTX victims in Taiwan Link

At the time of Lehman’s bankruptcy, the total number of victims in Taiwan was over 50,000 and the total amount was over $2 billion. Lawyers suspect that the number of victims in Taiwan may be even higher this time, and it is expected that it will take a similar three years for FTX to complete its bankruptcy and liquidation, with the goal of recovering 30% of the funds. Taiwanese users do not trust exchanges run by mainland Chinese and therefore use FTX. in addition, the high interest rate financial products offered by FTX are very popular in Taiwan.

3.2 Steaker has $10.67 million in assets on FTX, some users affected Link

Taiwan-based crypto platform steaker said it has $10.67 million in various types of tokens on FTX, and a total of eight financial solutions have been affected, and the team is currently consulting with lawyers to develop an emergency plan for the affected users.

4. Singapore & FTX’s weekly summary

4.1 Temasek decides to write down its entire investment in FTX Link

Temasek, Singapore’s state-owned investment arm, announced that it has decided to invest $210 million in a minority stake of approximately 1% in FTX International and $65 million in a minority stake of approximately 1.5% in FTX US in two funding rounds from October 2021 to January 2022, following an eight-month due diligence process. Given the financial condition of FTX, the decision was made to write down the entire investment in FTX, regardless of the outcome of FTX’s Chapter 11 filing. Temasek said it was clear from this investment that the judgment on SBF appeared to be wrong.

4.2 In wake of FTX collapse, Lawrence Wong says Singapore ‘not open to crypto speculation at all’ Link

When asked if the collapse of FTX was a necessary “shake-out” of the crypto industry and a sign of the sector maturing, Deputy Prime Minister Lawrence Wong said this was “partly” the case. “In the FTX case, there are very serious allegations that amount to potential fraud even,” he said, “we plan to tighten … We will review the rules that are necessary. But we will continue to embrace innovation around digital assets which we think has tremendous potential,” he said.

5. Crypto Fund Sino Global Had Deep Ties to FTX Beyond Equity Investment Link

Asian crypto investment firm Sino Global holds many of the tokens hit by the FTX bankruptcy outside of its equity investments. Previously, FTX was described by Sino as a “partner” in fundraising campaigns; Sino has detailed a list of approximately $129 million in “mark-to-market investments” to attract investors, including Solana’s native SOL token as well as Serum (SRM), Maps (MAPS), Oxygen (OXY) and Jet Protocol (JET).

6. Mining Industry’s weekly summary

6.1 Canaan Inc. reports unaudited third quarter 2022 financial results Link

Canaan Inc., a China-based leading high-performance computing solutions provider, announced its unaudited financial results for the three months ended September 30, 2022. Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, “We have expanded our mining business by tapping into the U.S. to optimize the allocation of our mining machines. Amidst the bearish market, we continue to grow the scale of our mining operation. With increased computing power online for mining, we generated mining revenue of RMB 62 million for the quarter.”

6.2 BITMAIN officially released the price of the new generation CKB mining machine ANTMINER K7 Link

BITMAIN officially released the price of the new generation CKB mining machine ANTMINER K7, which is 3999 US dollars/set: computing power 63.5T, power consumption 3080W, and energy efficiency ratio 48.5J/T. CKB prices have fallen 88% in the last year.

7. Binance secures Abu Dhabi regulator’s approval for crypto custody services Link

Binance has received a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM). The FSP will enable Binance to provide custody to professional clients, provided they meet the conditions of the FSP as outlined by FSRA. In April 2022, Binance received its In-Principle Approval (IPA) from the ADGM regulator to operate as a broker-dealer in virtual assets.

8. Huobi released an internal letter to adjust the company organization Link

Huobi released an internal letter to adjust the company’s organization, establishing the Spot & Platform Division, Contracts & Derivatives Division, Access & Payments Division, Asset Division, Decentralized Business Center, NFT Center, Liquidity Center, Brand PR Department, Finance, Security, Risk Control, Audit, International Expansion/Legal Compliance, Procurement/GR/Domestic Legal, Corporate Information Department, and Human Resources Administration Department, and appointing the heads of 17 departments to report to the Global Advisory Board, some of whom are former members of Sun Yuchen’s team.

9. The famous singer JJ Lin has changed his Twitter profile to jjlin.eth Link

The famous singer JJ Lin has changed his Twitter profile to jjlin.eth, which was minted by 0x28…b7f5 on April 21, 2021 and sold to 0x75…677a for 0.0121 ETH on the same day, then transferred three times on February 27, 2022. It was sold on the same day for 0.0121 ETH to 0x75…677a and then after three transfers on February 27, 2022 to 0x92…c301 and bound to it. The current well-known collections of jjlin.eth include BAYC 3914, CryptoPunk 8601, Azuki 3478, Clone X 8814, NFTiff 14, etc. jjlin.eth is widely known in the community for having purchased 3 virtual plots in Decentraland, floating at a loss of over 85%.

10. Shangrao Public Security Police technically return 109,458 USDT to victims of coin theft Link

According to the Public of Guangxin District People’s Court in Shangrao, China, in March and April 2018, the defendant Li Moumou stole 383.6722 ETH from his clients by planting a Trojan horse in their servers and later exchanged them for 109,458 USDT. the court sentenced him to ten years and six months of imprisonment and a fine of RMB 200,000, and the public security police returned the 109. 458 USDT to the victims through technical means, the public security police returned 109,458 USDT to the victim through technical means.

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