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The entire crypto market bled with multiple losses and asset devaluation after the collapse of Sam Bankman-Fried’s crypto exchange FTX. In addition, crypto firms exposed to FTX got a fair share of the bitter pill. Investigations have been ongoing to determine the location of the $8 billion hole in FTX’s balance sheet, which caused the liquidity crunch. Related Reading: Bitcoin Could Usher In December Near $18,000 If It Moves Past This Resistance The deficit in FTX’s balance sheet kept growing. The firm initially declared only $2 billion and later said it was $5 billion. The hole has now grown to over $8 billion. In a recent Bloomberg interview, Sam Bankman-Fried (SBF), FTX former CEO, revealed the whereabouts of the funds. SBF said he showed investors a separate balance sheet at an emergency bailout. According to the report, SBF listed $8.9 billion in debt, $9 billion in liquid assets, and $15.4 billion in less liquid assets. The report also mentioned $3.2 billion in illiquid assets. Sam Bankman-Fried Reveals Conflicting Balance Sheets He revealed another balance sheet showing the actual situation at the time of the bailout meeting. The balance sheet bears similar numbers but $8 billion less liquid assets. SBF said he misquoted the numbers. He added that customers were transferring money to Alameda Research instead of sending it directly to FTX. According to his statement, FTX’s internal audit system double-counted the amount and credited it to both firms. Following SBF’s statement, FTX and Alameda Research had the highest cash flow, but Binance, a rival, became the highest expense. He paid a net amount of $2.5 billion to buy out Binance’s investments. SBF also revealed that he spent $250 million on real estate and about $1.5 billion on other expenses. Some $4 billion and $1.5 billion went into venture capital investments to acquire other firms, while they counted $1 billion by mistake. Related Reading: Bitcoin Hits $17,000, But Is It Too Early To Call The All Clear On The Bear Market? The report also stated that SBF and the remaining employees spent the previous weekend attempting to raise funds. The funds are to fill the $8 billion hole in FTX’s balance sheet and repay customers. Cause of FTX Collapse: Fraud Or Mismanagement? Meanwhile, most people in the crypto space say the FTX crisis is a fraud and not an accident. On Wednesday, during his first public appearance after the collapse of FTX, Bankman-Fried insisted that he did not commit fraud. He claimed that he was unaware of the extent of damage and what was going on with FTX. In an interview with The New York Times, SBF blamed the collapse of the $32 billion FTX exchange on poor accounting and management failures. This comment triggered civil and criminal investigations. The investigation aims to determine whether FTX committed a crime by lending customers’ funds to Alameda Research. However, FTX’s new CEO, John Ray III, in charge of the firm’s bankruptcy proceeding, expressed disgust at the situation. In his words, Ray said he had never seen such a complete failure of corporate control, condemning SBF for unacceptable management practices. Featured image from Texas Tribune, chart from TradingView.com

With the implosion of the LUNA coin, the Terra ecosystem was devastatingly hit within a few days in May 2022. The successor, Luna Classic (LUNC), currently once again surged in price. LUNC briefly rose to $0.00019439, registering a 20% price increase. At press time, the LUNC price showed a correction. However, LUNC was still at $0.00018 and showed a price increase of 11% over the last 24 hours. The background for the sudden pump was the fact that Binance destroyed more than 6 billion LUNC in the sixth batch of the Terra Classic token burn on Thursday. Binance sent $1 million worth of LUNC tokens to a dead address, wiping out 12.77 million LUNC. With the current token burn, Binance has now destroyed nearly 20 billion LUNC tokens. 🔥 Burn alert! 6,389,199,628 #LUNC ($1,038,309) burned to Luna Burn Wallet! https://t.co/Z6PZLanME4 #LunaBurn #BurnLuna — LunaBurnTracker (@LunaBurnTracker) December 1, 2022 The leading crypto exchange introduced the Terra Classic (LUNC) burn mechanism for trading fees in September this year. It was a response to a LUNC community proposal. All trading fees for LUNC spot and margin trading pairs are burned by Binance by sending them to the LUNC burn address. The specific amount of LUNC burned and the on-chain transaction ID are published each month. Related Reading: Will Bitcoin (BTC) See A Christmas Rally? Here’s What To Watch With the token burn, the LUNC community aims to make the token deflationary by destroying tokens and thus reducing the overall supply. According to the supply/demand theory, an increase in value occurs when the supply decreases and the tokens become rarer. For the moment, this seems to work quite well as LUNC has seen green daily candles on most occasions when the burn took place. Terra Co-Founder Facing Arrest In South Korea? In other Terra ecosystem news, Terraform Labs Pte. Ltd. co-founder Shin Hyun-Seung, also known as Daniel Shin, and seven other Terra employees are facing a court hearing in South Korea today. The hearing from South Korean prosecutors is for the issuance of an arrest warrant for the eight individuals. To that end, hearings began today for Shin and the other Terra employees. According to the Korea Times, Shin is accused of making illicit profits of over 140 billion Korean won, the equivalent of about $107 million, from the cryptocurrency LUNA. He is accused of promoting the Terra stablecoin as a payment method despite multiple warnings from regulators and misusing the private data of Chai Corporation users to promote Terra Luna. South Korean prosecutors accuse Shin and his partners of violating the Capital Markets Act and the Electronic Financial Transactions Act, as well as dereliction of duty. Related Reading: Bitcoin Price Starts Technical Correction, Here’s Key Support To Watch Shin denies the charges, claiming that he sold over 70% of his LUNA holdings before the price spike. Also, he’s claiming that he still held a significant amount of LUNA during the May collapse. A decision is expected either in the late Friday evening hours in South Korea or on Saturday. Remarkably, Terra CEO, Kwon Do-hyung, better known as Do Kwon, is still on the run. South Korean authorities issued an arrest warrant for Do Kwon in September. In October, his passport was declared invalid by South Korean authorities. Rumors have it that Do Kwon was in Singapore, Dubai and Europe in the meantime.

The use of the native token of Chainlink is seeing a decent rise. Today alone, the price of LINK has increased by 2.0% in the last 24 hours, as measured by statistics from CoinGecko. Though not a big deal in terms of massive increases, it pumps up the bulls. In the weekly and bi-weekly timescale, the token shot up to 11.6% and 22.4% respectively. Meanwhile, let’s take a quick look at how the token has been performing: The Proof-of-Reserve mechanism used by Chainlink is open and trustworthy, which encourages investment CoinGecko has observed a surge in price, an indication of rising investor interest Negative confirmation delays any decline, while positive indicators and investor optimism ease the breach at $7.808 barrier Related Reading: Tron Adds 1.75 Million New Addresses In Last 7 Days As TRX Regains Previous Losses This price movement made by LINK is just after BTC’s pullback. Not to mention that Chainlink’s official Twitter released its own version of a Proof-of-Reserve system. According to the Tweet, this transparent system will satisfy the demands of consumers, especially after FTX’s mismanagement of user funds that resulted in the downfall of the crypto exchange. Investor Confidence Needs Boost? With investor confidence low, the price increase can be explained by the recent rise in BTC and the introduction of Chainlink’s POR system. As of this writing, the correlation between Bitcoin and LINK is 0.82. However, the token’s price may experience a period of correction if the trust boost that prompted the recent price surge is reversed. Chart: TradingView As the time of writing, the current market pullback experienced rejection at the $7.80 level, but investor confidence must be high as CryptoQuant noted a decrease in exchange reserves.  Messari demonstrates that LINK’s indicators reflect an upward price trend. Sharpe’s ratio is 0.68, suggesting that the asset is lucrative despite its inherent risk. LINK is currently trading at $7.60, up 11.4 percent in the last seven days, data from Coingecko show. But can LINK maintain its current momentum? It appears that it can. Daily RSI values are increasing, indicating a protracted and sustained bullish trend in the intermediate and long-term. The middle Bollinger band confirms this momentum, as it supports the price movement. Connecting The Dots However, CMF is currently -0.13, indicating that the market mood is still pessimistic. Previous price fluctuations also signal a demand block that might support a more robust bull run. In the next days or weeks, the price of the Chainlink token is expected to rise. Chainlink is seen making a 25% rally this week, as Bulls work to recover the token’s recent losses. If the ascending triangle reinforces the rejection at $7.808, bulls can attempt to retarget this level from the current rally’s support level of $6.709. Once a breakthrough occurs on the rejection, it will be easier to target LINK’s price prior to the FTX crash. Related Reading: Tron Adds 1.75 Million New Addresses In Last 7 Days As TRX Regains Previous Losses LINK total market cap at $3.86 billion on the daily chart | Featured image from Mapping it Out, Chart: TradingView.com

TRON (TRX) took a heavy hit during the first half of November following unfortunate events such as the implosion of FTX, an exchange that was once considered the third largest in the world. According to data provided by Coingecko, from its $0.064 price on November 6, TRX went on a steady decline until it plummeted to $0.046 on November 14. After that, the cryptocurrency managed to stage a rebound and continues to do a relatively good job at recovering its losses. In fact, at the time of this writing, TRON has managed to tally a 19% jump from its November low, trading at $0.054. Over the last two weeks, the digital asset seems to have found its groove as it continues to shake off the negative effects of both the crypto winter and the FTX collapse. Related Reading: Bitcoin Could Usher In December Near $18,000 If It Moves Past This Resistance Tron Report Reveals Project Capable of Attracting More Users As another week came to a close, Tron blockchain, via Twitter, shared some important data pertaining to its performance for its community. According to TRON DAO’s post, the project managed to add 1.75 million new addresses within the last seven days, pushing its total tally to 123.3 million accounts. 📢#TRON Weekly Report 11.21 – 11.27 ✅#TRON blockchain height exceeded 46.23 million. ✅The total number of accounts on #TRON reached 123,377,790. ✅The total number of transactions on #TRON reached 4.28 billion. ✅The #TVL on #TRON reached $9.4 billion.https://t.co/29s3o8NKuH — TRON DAO (@trondao) November 30, 2022 Also, during the same period, the total number of transactions facilitated on the blockchain network reached 4.28 billion. In terms of total value locked (TVL), from November 21 to 27, the project was able to hit the $9.4 billion mark after registering an increase of roughly $400 million. Meanwhile, the Tron blockchain height surpassed 46.23 million during the same timeframe. The data, according to Tron, seems to prove that given the right conditions, the project is capable of enticing millions of new users to join its ecosystem. It also indicates there are still many individuals that believe in the blockchain’s potential. 3 Main Problems TRX Is Facing Although it is hovering around the $0.054 at the moment, TRON is not yet out of the woods as there are still challenges that could cause it to plummet once again. According to some experts, the cryptocurrency is left to deal with the fact that many people lost their faith in the digital asset class following the collapse of the FTX exchange platform which filed for Chapter 11 Bankruptcy on November 11. TRX is also facing fierce competition from projects such as BitGert (BRISE) and Centrex (CENX) which are, according to experts, having better adoption numbers when compared to the Tron token. Finally, within the last few weeks, there has been an apparent instability within Tron network as investors panicked when USDD (the project’s algorithmic stablecoin) lost its peg to the US dollar. These could trigger another price dump for the crypto asset, therefore investors and prospective buyers are advised to keep an eye on these to help them with their decision making. Related Reading: Huobi Token Breaches $7 Marker Following Update On This Planned Coin Unveiling TRX total market cap at $5 billion on the daily chart | Featured image from Car and Driver, Chart: TradingView.com

Huobi Token (HT), a cryptocurrency trading exchange asset with an overall valuation of $868 million, recorded a significant uptick in its price after an announcement made by Justin Sun, the founder of the Tron blokchain. According to data from Coingecko, on November 29, the asset went up by 13% and peaked at $7.22 before entering a correction phase that made it return to the $6 territory. At the time of this writing, tracking from the online crypto information provider indicates the token is changing hands at $6.63, declining by 2.9% during the previous 24 hours. Still, the altcoin is sitting on a 20% gain over the last seven days and has tallied an impressive 44.3% jump for the past two weeks. This momentary surge of the Huobi Token might have been triggered by news of plans to launch a new crypto project. Related Reading: Litecoin (LTC) Continues To Impress With 25% Rally In Last Seven Days Sun Teases Debut Of Dominica Currency (DMC) Using his Twitter account, Sun – who was recently appointed by Huobi to be a member of a new global advisory board – announced the launch of the Dominica coin. The exchange platform confirmed this development with an official statement, saying that the soon-to-be-released digital asset, which will be called Dominica Currency (DMC), will be introduced to the public via the Huobi Prime – the company’s only platform for token offerings. There was no definite timeline mentioned as to when the new crypto will be available but the Bitcoin exchange said it will be airdropped to their users. Along this line, Huobi also said that their users can use their Dominica digital identification documents (DID) to confirm their identities in preparation for the airdrop. This is not the first time that the Commonwealth of Dominica, an island country in the Caribbean, advanced its crypto adoption programs as it has already made TRON and its associated native tokens legal tender within its jurisdictions. As Island Nation Anticipates, Interest For Upcoming Project Grows Although there is no clear timetable for the expected airdrop of Dominica Currency, the excitement for it is undeniable as it comes with a utility feature that is sorely lacking for many cryptocurrencies out there right now. For its part, the Huobi Token is expected to play a vital role for the good performance and overall success of the DMC that is pivotal in giving holders greater chances for higher return on their investments. With this development, HT managed to surge in value. Moreover, its technical indicators are pointing at a further climb, although the volatility of the market can once again obliterate all its recent gains. Related Reading: Bitcoin Could Usher In December Near $18,000 If It Moves Past This Resistance Crypto total market cap at $808 billion on the daily chart | Featured image from Crypto News, Chart: TradingView.com