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Good Tuesday morning. This is Billy Bambrough, here with what's driving the day in the world of bitcoin and crypto.

🚨🚨 Austrian Programmer And Ex Crypto CEO Likely Stole $11 Billion Of Ether

📧 Thank you for reading CryptoCodex! I’d love to hear your feedback, ideas and tips. Email me directly at billy@billybambrough.com.
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24-hour crypto market snapshot
Bitcoin (-1%) $37,504
Ethereum (-2%) $2,583
XRP (-9%) $0.701
Luna (+3%) $51.79
The ravages of war 🪖
The drums of war are beating in Eastern Europe and the reverberations are making investors around the world nervous. The combined crypto market has lost around $400 billion over the last week as traders bail out of high-risk assets and into old faithful—gold. Read the full story on Forbes.

The bitcoin price is now more-or-less flat on this time yesterday after falling as low as $36,300 per bitcoin overnight. Ethereum and other major cryptocurrencies are faring worse, with Ripple's XRP leading the crypto top ten lower, down almost 10%. Terra's luna is again breaking the mold, up 3%.

Now read this: Bitcoin could be laid low by miners' malady
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Crypto's derivatives offensive ⚔️
In 2017, the Cboe Global Markets exchange in Chicago became the first in the US to begin trading bitcoin futures
In 2017, the Cboe Global Markets exchange in Chicago became the first in the US to begin trading bitcoin futures Getty Images
On thin ice: Cryptocurrency companies are pushing into the highly regulated US derivatives market, according to a report in the Financial Times, as they hope crypto buyers turn to betting amid a price downturn and shore up revenues at a time when a new crypto winter threatens to put the flow of new money entering the market on ice.

Desperate times, desperate measures: When crypto prices begin to fall, those who bought at market highs take increasingly desperate steps to get their portfolio back into positive territory. Many that bought at the 2017 peak already took such risks—often with disastrous results.

By the numbers: Crypto derivatives volumes soared to almost $3 trillion last month, accounting for more than 60% of trading in cryptocurrencies, according to data provider CryptoCompare.

Can't beat 'em, buy 'em: "In the U.S., the crypto exchanges can’t offer leverage on spot crypto without being a regulated futures commission merchant,” Rosario Ingargiola, founder and chief executive of Bosonic, a crypto settlement service for institutional investors, told the FT. "It’s a big part of why you see larger crypto exchanges buying [Commodity Futures Trading Commission]-regulated platforms that allow offering of derivatives like options and futures to retail clients, because there is huge demand for leveraged products in the retail client segment." Just last month, major U.S. exchange Coinbase bought FairX, a small Chicago futures exchange, which it said would make the derivatives market "more approachable" through its "easy-to-use" app. Last year, Crypto.com dropped $216 million on two retail businesses from the U.K.'s IG Index; CBOE bought ErisX, a digital assets trading business; and FTX US bought derivatives platform LedgerX.

The bottom line: Crypto markets have always been closely linked with gambling culture, sharing terms and phrases (such as "whales" and "stack"), but the consumerization of the derivatives industry via crypto trading is likely to bring the two even closer together as new entrants to the crypto market try to maintain the giddy excitement of 2021's bull market.

Good to know: Crypto scammers' new target—Dating apps
Playing FTX's game 🎮
👾 Crypto exchange FTX, led by the billionaire Sam Bankman-Fried (SBF) is launching its own gaming unit to coax more game publishers to embrace cryptocurrencies, blockchain networks and non-fungible tokens (NFTs), it was first reported by Bloomberg.
- ICYMI: SBF explains how he built a $32 billion crypto exchange in just three years

🗣️ "We are launching FTX Gaming because we see games as an exciting use case for crypto," an FTX spokesperson told Bloomberg via email. "There are 2 billion+ gamers in the world who have played with and collected digital items, and can now also own them."

🤔 NFTs and cryptocurrencies have been considered by a number of gaming companies as a potentially lucrative new revenue stream but various games have been forced to cancel proposed NFT projects after fan backlash in recent months.

Good to know: Crypto companies are building a lobbying army to influence New York's rules
hello world
Billy Bambrough
Forbes Senior Contributor
I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.
Follow me on Twitter or email me.
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