FTX’s [decline](/news/article/ftx-bankrupt-who-to-blame) has rattled the crypto market. Digital asset lending firms and exchanges are at the receiving end and falling like houses of cards. The [Gemini crypto exchange](https://www.gemini.com/) of the Winklevoss twins has also become one of the victims of FTX contagion. 

On 16 November, Gemini's Earn product experienced delays in withdrawals due to an outage. Curiously, the outage occurred just after its partner, [Genesis Global](https://genesis.global/), suspended withdrawals on its platform. Genesis took the step in the wake of the fall of the [Sam Bankman-Fried](/news/article/sam-bankman-fried-lost-billions) corporation.  

Earlier, the firm acknowledged its partner’s suspension of withdrawals in a [Twitter thread](https://twitter.com/Gemini/status/1592873279232278532). It also announced that its team is working with the crypto lender to ensure quick recovery of funds of the Earn program. 

It assured its clients that these events would not affect the activities on the [Gemini](/news/article/gemini-crypto-review) platform. However, a couple of hours later, it experienced an outage that shook investors' trust.

## Gemini crypto exchange outage caused $485m outflows

The server outage on the platform halted the operations affecting the withdrawals and deposits. However, it has only been down for about an hour. Per its official statement on Twitter, the disruption occurred at its primary databases due to the Amazon Web Services EBS.

The exchange's team swiftly recovered it and announced it was "fully back online".

![gemini exchange tweet](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/geminitweet_50471f672f.webp)
 
Moreover, it reassured its users about the safety of their funds. Nonetheless, the disruption created panic among the users, which resulted in mass outflows. 

According to [Nansen](https://www.nansen.ai/), the blockchain insights firm, more than $485 million has been withdrawn from the exchange in the past 24 hours. This is the highest outflow for any exchange in the same period. On the other hand, the inflows for the platform were only $78 million.  

## The unstoppable FTX contagion

Gemini and Genesis Global are just some digital asset service providers that suffered after the FTX collapse. Various other firms are moving towards insolvency. Crypto lenders [BlockFi](/news/article/ftx-collapse-blockfi-suspend-withdrawals) and SALT are recognised names among them. This collapse may affect many other significant firms in the future as investors' confidence seems to be shaken.


Gemini crypto exchange falls prey to FTX contagion

The [Solana Doodle Apes](https://magiceden.io/marketplace/solana_doodle_apes) project is a collection of community-driven non-fungible tokens. If you are into NFTs, you must be familiar with the [Bored Ape Yacht Club](https://boredapeyachtclub.com/) collection, which introduced funky ape avatars. The Doodle Apes are inspired by this project and introduce similar kinds of collectables on the [Solana blockchain](/news/article/solana-price-gbp). 

But this project is not just a rip-off of [Bored Ape](/news/article/bored-ape-nft) Yacht NFTs. It introduces a more adorable, colourful, and cute version of the apes. Let's dive deeper into the project to learn whether it is worth your investment.

## What are Solana Doodle Apes?

Doodle Apes is an SOL-based collection of digital assets. Launched on 7 January, 2022 and introducing 3,333 collectables on [Magic Eden](/news/article/magic-eden-expands), these collectables are ape avatars with distinctive characteristics. The project draws inspiration from a popular Ethereum-based NFT collection by Yuga Labs.

The developers allocate 50% of trading fees royalties for the holders at least once each month. Another 5% of the royalties go to the community fund, which is consumed for marketing, community development, and maintenance.

If you are an NFT holder, you can vote to decide how the platform should spend the fund. Holding these NFTs will also allow you to generate a passive income.  

## Characteristics of Doodle Apes

The team behind this collection describes these doodled apes as intelligent and fast creatures. They like to swim, climb trees, and do high jumps. You can also find these new ape species in the South American jungles.

Each of the ape NFTs has unique attributes like different coloured backdrop, clothing, facial features, hats, and skin tone.

## Where to buy these NFTs

This collection of NFTs is available on some of the best Solana NFT marketplaces, including Magic Eden and SolSea. You can also find them on top-ranked marketplaces like OpenSea and Rarible. Moreover, its roadmap indicates that it may soon be launched on other platforms like Digital Eyes, SolanArt, and others. 

## What’s the floor price of these collectables?

As per the data by Magic Eden, the total volume of these collectables is 8,138.37. The total number of holders is 2,247, and the floor price of each NFT is 0.067 SOL. However, there are a few NFTs whose prices are up to [1049882.4 SOL](/news/article/solana-nft-marketplace).

## Is Solana Doodle Apes NFT legit?

To gauge the legitimacy of any project, its website and socials are important. Currently, the project's website [https://solanadoodleapes.com](https://solanadoodleapes.com/) is not accessible, and it isn’t available on Twitter either. It is pretty concerning; that’s why Magic Eden has also flagged the collection. 

Nonetheless, it is listed on various other [marketplaces](/news/article/solana-nft) like SolSea, OpenSea, and Rarible. It also proposed an exciting roadmap. So, if the project progresses, we might see more activity within the community. If you are considering investing in this collection, it is advisable to conduct your research.



Solana Doodle Apes Explained

Rishi Sunak is a crypto advocate who has taken several initiatives to promote digital assets in the country.

When Sunak assumed the [position of United Kingdom](https://www.cbsnews.com/news/rishi-sunak-appointed-prime-minister-of-the-united-kingdom/) Prime Minister, he had become the wealthiest, youngest, and the first British Asian PM in the country's history. Sunak's rivals withdrew themselves from the race for Conservative Party leadership. This left him as the only candidate for the post. It is the third change in UK's premiership in the last two months.

Nonetheless, the blockchain industry and cryptocurrency investors are hailing the new PM because they see the Rishi Sunak crypto stance being positive.
Interestingly, he has replaced [Liz Truss](/news/article/liz-truss-prime-minister), who was pro-crypto. She had to resign after 44 days of her premiership. Unprecedented economic turmoil in the UK and the criticism from the masses forced her to step down.

## What's the Rishi Sunak crypto stance?

Truss was his predecessor and rival in the previous Conservative party elections. She was also a FinTech and digital asset supporter who backed the movement for welcoming cryptocurrencies. She also shared anti-regulatory views.

Unlike Truss, Sunak supports a regulated market. Also, he is ambitious to transform Great Britain into a global hub for cryptocurrencies and FinTech.
The newly appointed PM previously served as Finance Minister under then PM Boris Johnson. He assumed the office in 2019 and is known for his role in crisis management during COVID-19. He also took various formidable initiatives during this period to promote cryptocurrencies.  

## Initiatives for promoting blockchain and cryptocurrency

A significant step has been the advancement of fiat currency-pegged digital tokens, known as stablecoins. The Rishi Sunak crypto stance advocated using stablecoins as a legit means of payment in the country. 

Moreover, he also developed an FMI Sandbox (regulatory sandbox for financial market infrastructures). It aimed to bring forth innovation in the FinTech industry and was expected to be operational by next year.

He also expressed interest in launching the Bank of England's central bank digital currency (CBDC). He stated that a CBDC could act as a new means of payment. The swift introduction of a [CBDC in England](/news/article/cbdc-bank-of-england) seems quite unlikely. But a crypto believer's government might boost the chances.  

## Rishi Sunak's resolve to make the UK a global crypto hub

Apart from that, what defines Rishi Sunak as a crypto enthusiast is his resolve to transform the UK into a [global cryptoasset technology hub](/news/article/cryptocurrency-investment-uk). While sharing his views on regulatory reforms and the introduction of stablecoins, he stated it was his ambition to turn the country into a "global hub for cryptoasset technology".

It was a clear statement that could define the future of blockchain technology and digital assets. As per this stance, we might see regulatory changes in Britain’s policies promoting cryptocurrencies. Also, investors might expect the introduction of digital tokens as a recognised means of transaction.

However, the youngest PM of the UK in the modern era has stepped in during a period when the UK is facing economic headwinds. Amid this scenario, the tall claims might fall flat.



Rishi Sunak, crypto believer, becomes UK PM

The crypto lending firm, [BlockFi](https://blockfi.com/), certainly finds itself in hot waters after the [FTX collapse](/news/article/ftx-collapse-blockfi-suspend-withdrawals). Recently, it suspended withdrawals from client wallets and interest accounts. It is also facing a severe liquidity crisis as the [FTX exchange](/news/article/ftx-exchange-under-investigation) crashed. There are reports suggesting that the firm plans to lay off its workforce. So, is BlockFi bankrupt?

## Is BlockFi bankrupt?

Earlier, the firm denied having a line of credit of around $400 million from FTX. However, later it accepted its affiliation with the crashed exchange. The [Sam Bankman-Fried](/news/article/sam-bankman-fried) owned exchange provided this fund to BlockFi to bail it out in July. As the business has collapsed, it has again created financial problems for the crypto lender. 

Rumours suggest that the crypto lender is pondering filing for insolvency amid this situation. Other than that, it may even sack some of its employees to cut down its expenses. 

Moreover, it has already restricted activities on the platform, suspending withdrawals for its clients. These moves indicate that the firm might have to move towards complete closure. 

## Impact of FTX crash on other crypto firms

FTX collapse has rattled the entire crypto market. BlockFi is not the only platform that is facing issues after the decline of Sam Bankman-Fried’s exchange. Another digital asset lending platform, SALT, has also paused deposits and withdrawals. It has notified its users that “in light of recent industry events”, the firm has taken this step.

![blockfi.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/blockfi_d647bef6a0.png)
 
Furthermore, [SALT](https://saltlending.com/) has admitted that the fall of [SBF companies](/news/article/sam-bankman-fried-lost-billions) has also affected its business. Therefore, it is taking this step as a precautionary measure. However, the platform’s CEO, Shawn Owen, has clarified that it is [not going bust](https://twitter.com/Shawn_OwenJ/status/1592586857509896192). This is a temporary measure. It is to examine how much the events have affected the platform. Nonetheless, it will be effective immediately to limit potential risks.



Layoffs, & paused withdrawal: Is BlockFi bankrupt?

If you are looking to buy Metaverse land, here we have laid out a straightforward procedure.

Humanity is stepping into an entirely new digital world with Web3. Our reality is now digitised, and we are moving towards virtual reality. Along with that, the [Metaverse](/news/article/web3-games-raised-millions) is taking shape quickly. 

Paradoxically, buying a virtual real estate property has become quite common. This demand is also evident from the soaring prices of [virtual lands](/news/article/nft-land). 

The following five steps will assist you in becoming a [property owner](/news/article/the-crypto-house) in a digital environment.

## 1.	Decide which Metaverse platform to use

Currently, many brands and companies are working on their own digital presence. The first step to buying land in the digital world is to decide on an appropriate and trusted platform. 

Your intention behind purchasing the land will decide which platform is ideal for you. It could be for a business, [play-to-earn](/news/article/play-to-earn) gaming, or an investment. The top names that cover all these needs include [Decentraland](https://decentraland.org/), [The Sandbox](https://www.sandbox.game/en/), [Axie Infinity](https://axieinfinity.com/), [Cryptovoxels](https://play.google.com/store/apps/details?id=com.cryptovoxels.mobile&hl=en&gl=US), and others.    

## 2.	Create a crypto wallet

A crypto wallet is a prerequisite for [investing in Metaverse](/news/article/how-to-invest-in-metaverse). If you do not own one, you need to set it up. It is advisable to look at its features and security before choosing one. More liquidity, better asset management power, and a variety of cryptocurrencies are the critical features for gauging a wallet.

It should be compatible with the cryptocurrency that the platform allows. Some of the best crypto wallets include [MetaMask](https://metamask.io/), [Coinbase](https://www.coinbase.com/), and Trust.

## 3.	Integrate your wallet into the platform

The next step is integrating your wallet address into the platform. Most platforms recommend MetaMask. Therefore, here’s a generalised procedure for [MetaMask](/news/article/what-is-metamask) [wallet integration](/news/article/best-ethereum-wallet).

Firstly, set up your MetaMask and install its [extension](https://chrome.google.com/webstore/detail/metamask/nkbihfbeogaeaoehlefnkodbefgpgknn?hl=en) on your browser. Then go to the platform’s website and log in with your MetaMask. It will ask you about signing a signature request. Then you can use your email to create an account on the platform. After that, your MetaMask is connected to your Metaverse account.

## 4.	Purchase crypto

Once you have set up the Metaverse account and integrated an e-wallet into it, you will need to purchase crypto. MANA, SAND, and [ETH](/coins/eth) are the most common options. Select one per the platform's requirements and buy it from a secure exchange. After that, transfer the purchased amount to your own address. 

## 5.	Buy Metaverse land

Finally, you will be all set to buy your virtual real estate. On The Sandbox, you can purchase LAND from its official sales or marketplaces like Rarible or OpenSea. [Decentraland](/news/article/decentraland-crypto) allows land purchasing through its marketplace. Pick a property of your choice and buy it.

## Final thoughts

Metaverse lands are becoming quite a popular investment. They can also be valuable digital assets in the future as we move towards a Web3-based virtual world.



How to Buy Metaverse Land

Cyberpunk is one of the new trends to make it big in the NFT space.

The non-fungible token market has come a long way. It started in the early years of the last decade with the mere introduction of coloured coins. Then, [Ethereum emerged](/news/article/eth-to-gbp) and provided a platform where they flourished. Post-2018, NFTs have become a buzzword in the industry, with even memes being minted as NFTs.

But 2021 was the real game changer for these tokens. The year saw a record [$17 billion worth of NFT sales](https://www.cnbc.com/2022/03/10/trading-in-nfts-spiked-21000percent-to-top-17-billion-in-2021-report.html) and was dubbed "the year of NFT". Today, you see brands, celebrities, and artists promoting them.

Along with the tremendous market growth, it has also transformed digital art. Now, various genres have emerged in digital collectables. One of them is cyberpunk NFT. 

## What is a cyberpunk NFT?

Neon lights, smoke, femmes fatale, a person standing at the fringes of the city, late nights, and tall buildings - these best define cyberpunk. It is a distinctive subgenre of sci-fi. It has gained popularity in the non-fungible token market, notably among Gen-Z, who love to collect digital art pieces.

## The main themes you can observe in this new genre of NFTs are; 

•	Quantum computing.

•	AI (Artificial intelligence).

•	Technologies beyond AI.

## The rise of cyberpunk NFT genre

[Web3-based games](/news/article/web3-games) and the emergence of [Metaverse](/news/article/farming-games-in-metaverse) are the two reasons behind the skyrocketing popularity of this genre. In the last couple of years, various RPG titles have surfaced that share cyberpunk themes. 

Among them, [Cyberpunk2077](https://www.cyberpunk.net/us/en/) is one name that triumphed. It introduces a world that shows the concepts of the sci-fi subgenre, like dystopian cities, technology, and aggressive capitalism. The game's sequel will likely have NFTs. The dark fantasy game [DRKVRS](https://alephzero.org/blog/drkvrs-dark-metaverse-aleph-zero/) is also working on launching NFTs for their community. 

Other notable names include Ghostrunner, [Citizen Sleeper](https://www.fellowtraveller.games/citizen-sleeper), Deus Ex: Mankind Divided, and [The Ascent](https://store.steampowered.com/app/979690/The_Ascent/). These games have directly and indirectly promoted the new genre of NFTs.

## Popular cyberpunk NFT projects

Recently, many NFT projects that share the characteristics of this new genre have entered the marketplaces. [CryptoPunk](https://larvalabs.com/cryptopunks) is one of the oldest ones among them. Though these pixelated NFTs might not look similar to the more recent projects of this genre, the project's fundamentals align. It is a collection of pixelated avatars that could become your identity in the digital world.

[Cyberpunk by Yagatoshi](https://opensea.io/collection/cyberpunk) is another fine example. It introduces excellent art pieces depicting all the features of futurism and advanced tech. You can also check [Blockrunrs](https://opensea.io/collection/blockrunrsnft), which introduces avatars with anime aesthetics. Other noteworthy names include [Cyberpunk Ape Executives GENESIS](https://opensea.io/collection/cyberpunk-apes), Loot, [Cyberpunkz Official](https://opensea.io/collection/fandom-central), and others.

## Closing thoughts

Cyberpunk has recently emerged as a new genre in digital art. The futuristic themes and the AI are the main characteristics of these NFTs. The popularity of sci-fi games and the rising use of advanced computer technology have significantly encouraged this genre. With the increasing popularity, we may experience a rise in cyberpunk NFT projects in the future.


Cyberpunk NFT: A New Genre

The entire crypto market is reeling from the [crash](/news/article/ftx-collapse-blockfi-suspend-withdrawals) of the FTX exchange. Amid this, the price of all the major cryptocurrencies, including [Bitcoin](/coins/btc), [Ethereum](/coins/eth), and others, have plunged. On the other hand, NFTs have also felt some impact from this crash. But one of the collections that suffered the most is the [Bored Ape Yacht Club](https://boredapeyachtclub.com/) (BAYC) NFT collection.

The data from several sources suggest that the price of NFTs for this project is continually decreasing. One of the primary reasons behind it is the tumbling value of Ether. This has forced the holders to panic sell their digital art collectables. 

## The plunging value of the BAYC NFT collection

The data from [NFT Price Floor](https://nftpricefloor.com/) indicates that the CryptoPunks collection has replaced Bored Ape collectables. The floor price of CryptoPunks is 66.49 ETH, whereas the value for the [Bored Ape Yacht](/news/article/bored-ape-nft) collection is only 52.00 ETH. 

Besides, the data aggregator for collectables, [CryptoSlam](https://cryptoslam.io/bored-ape-yacht-club/sales/summary), further shows that the sales of NFTs have decreased over the past month. Last month, the total traded volume was $31,275,729.82. However, in November, till now it was $26,838,932.67.

## Why is the price falling for the BAYC NFT project? 

It is one of the most popular projects in the digital art market. The falling costs of these NFTs are quite alarming for the collectors. Though there are numerous factors for the decline in its value, [FTX collapse](/news/article/ftx-bankrupt-who-to-blame) is a major one. 

According to Wu Blockchain, the creators of BAYC, Yuga Labs, had stored around 18,000 ETH on the FTX’s Blockfolio for royalties.

![bayc.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/bayc_7a1534ef34.png)
 
Because of this, its collectables have experienced a more than 10% decline in value. Moreover, the project lost its first position due to the drop in market capitalisation. The collectors are now inclined towards owning a [CryptoPunks](/news/article/jay-z-cryptopunks-nft) collectable instead of this project’s NFTs.


Why BAYC NFTs Suffered Most from the FTX Crash

One exciting Solana project is [Okay Bears NFT](https://www.okaybears.com/). Launched on 26 May and quickly gaining popularity, the project has introduced 10,000 NFTs. At the time of the launch, each Bear NFT cost was around 1.5 SOL (approximately $150). However, now its floor price has reached 49.99 SOL.

[Solana](https://solana.com/) is becoming a famous ecosystem for digital art collectors and artists. Also, recently, its [mints reached all-time high](/news/article/solana-nfts), and new projects are continuously entering the marketplaces. This signifies the potential of [SOL-based non-fungible tokens](/news/article/solana-nft-marketplace). 

## The idea behind Okay Bears 

The project is led by an anonymous team of 12. Its co-founders identify themselves as [Suby](https://twitter.com/suby_sol) and [Kais](https://twitter.com/powerofpixel). They have built it around the idea of shaping a vibrant community that preaches acceptance and spreads positivity. 

Its community is quite active in organising [charity events](/news/article/web3-games), particularly for promoting basketball. For this reason, they have collaborated with several organisations like HEIR and Lonzo Ball.  

## Bear NFT Blueprint

1. Bear Market
It might resonate with the crypto [bear market](/news/tag/bear-market). However, it's the platform's own marketplace. Here the members get access to Web3 marketplaces, Web2 online stores, and physical pop-up stores. 

2. The Park
The Park is the Discord group of the platform. It represents a safe space for everyone. All community members are equal, and there are designated roles for anyone.

3. Platform
All events, meetups, and conferences are planned on the platform. It helps connect the Solana industry leaders to shape the fraternity. Okay Bears might also launch an incubator through the platform.

4. Gallery
Here the entire collection of NFTs is showcased. Moreover, there are also plans for fan art and IRL pop-up exhibitions.

5. Workshop
All the labour for public awareness and community engagement campaigns is done in the workshop. There is also a focus on CSR, for which its team collaborates with several brands.

## Final take

This is an ideal project if you want to be part of charity campaigns. It focuses on spreading positivity and only good vibes. Its vibrant community promotes acceptance and equality to bring positive societal change. Besides, it also has collections that include rare [Solana-based NFTs](/news/article/solana-nft) that can be rewarding.



Okay Bears NFT Explained

[Bytecoin](https://bytecoin.org/), or Bytes crypto, was launched in 2012, promising complete decentralisation and privacy. It offered an open-source code through which anyone could contribute to the network. Besides, it allowed users to enjoy higher efficiency at a nominal cost.  

The network’s untraceability is one of the standout points. It can be ideal for users who want to remain anonymous while making trades. Though it is an old and promising network, its Bytecoin has not progressed in the market. 

In this article, we will investigate [Bytes crypto (BCN)](https://www.coinbase.com/price/bytecoin-bcn) and its future as an investment.

## Bytes crypto network explained

Nicolas van Saberhagen introduced the BCN blockchain intending to solve some significant problems with existing blockchains. A key feature of most cryptocurrencies is their transparency. However, this results in making the users’ data public. This is where the BCN network comes in. 

It eliminated this issue with the use of CryptoNote technology and ring signatures. This allowed the platform to make transactions untraceable. Besides, it also adds to the unlinkability by offering users a different address for each transaction. 
Apart from that, it does not compromise on decentralisation and efficiency either. Its flexible mechanism allows readjustment of block difficulty. It is the reason the network needs only 120 seconds to generate a new block. 

On the other hand, its ecosystem involves several other blockchain companies. These include [reputed exchanges](/news/article/best-exchanges-for-crypto-uk), [mining pools](/news/article/crypto-mining-farms), [multi-wallets](/news/article/cryptocurrency-hardware-wallet), news agencies, merchants, and other tools. With all these attributes, it is a pretty handy platform for users who want to keep their anonymity and enjoy a standard platform’s features.   

## Features

Bytecoin is the native token of the platform. It is used for network maintenance and governance. Here are some prominent features of the token:

1.	Decentralisation
Bytes crypto offers complete decentralisation. It is a network spreading all over the globe with a large number of nodes, and all its users share governance rights, which are facilitated by Bytecoin.

2.	Untraceable and unlinkable transactions
Transactions in Bytes crypto are untraceable and unlinkable, keeping the users anonymous. It leverages the CryptoNight mining algorithm, which allows it to maintain secrecy. Ring signatures for verifying transactions ensure that the sender's identity remains hidden. 

Meanwhile, one-time addresses eliminate the risk of linking users to the transaction. That’s why the users who prioritise their privacy can choose this network.

3.	Adaptive parameters and scalability
Adaptive parameters are another feature that differentiates this BCN from the likes of [Bitcoin](/news/article/bitcoin-price-uk). Its code is not rigid and can be adjusted as per the requirements. So, if there is a change in hash rates, it can modify the block-generating difficulty. 

4.	Efficiency and lower cost
The coin not only allows decentralisation and untraceability but can also give you impeccable efficiency. Because of the CryptoNote technology and ring signatures, it can instantly process transactions. Moreover, it only takes around two minutes to add a block. The costs are also minimal in comparison to most cryptocurrencies.

## Is Bytecoin a good investment?

It is a privacy-oriented platform that offers various use cases. Atypical of the earliest cryptocurrency projects, it was among the first to introduce untraceability. However, with time, many other similar projects like Monero took shape. Bytecoin was left behind because of a lack of innovation. 

That’s why this coin is not a likeable choice for investors. Its current value is only $0.000024, with a market cap of $4,402,170. [CoinMarketCap](https://coinmarketcap.com/currencies/bytecoin-bcn/) shows quite a low ROI, which is down by 63.79%. There is also not much activity on the network since 2019. This does not play well for its position in the market. Therefore, it might not appear to be an ideal investment option. 



Bytes Crypto: Is it a good investment? 

A leading crypto lending firm, [BlockFi](https://blockfi.com/), has enforced the suspension of withdrawals for its clients. The firm has taken the step after the sudden collapse of [FTX](/news/article/ftx-vs-binance-liquidate-funds) that affected the entire market. 

Regarding this issue, the firm has put out a statement on Twitter to give clarity to its customers. It has announced that "we aren't able to operate business as usual".

The cryptocurrency lender has cited a need for more clarity by FTX.com, FTX US, and Alameda on this issue. It has further notified that it has to pause withdrawals until these platforms provide more clarity. Moreover, it has requested its clients not to deposit funds in its interest accounts and wallets.

![Picture1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Picture1_938e08c10e.png)

## Earlier statement of BlockFi’s founder and COO

Paradoxically, this statement came just a few days after the COO and founder of BlockFi gave assurances about its operationality. On 8 November, Flori Marquez posted a long [thread](https://twitter.com/FounderFlori/status/1590030309076058112) to assure the clients that it was completely operational.

Marquez’s statement for the market downturn was that BlockFi could handle such situations. Moreover, he mentioned that the company runs independently and will remain the same till July 2023. 

Furthermore, he maintained that the company has access to 400 million USD through a line of credit from FTXUS. He also assured customers that the business was processing all client withdrawals in accordance with the Terms of Service.

However, today's announcement has refuted all these assurances. Clients cannot withdraw funds from their BlockFi wallets for an unknown period.  

## What happened to Sam Bankman-Fried’s exchange?

Sam Bankman-Fried has recently lost over [$14.6 billion](/news/article/sam-bankman-fried-lost-billions), which has removed him from Bloomberg’s list of billionaires. The reason for this is his company’s potential insolvency. Meanwhile, there’s also no lack of certainty whether Changpeng Zhao, [Binance’s](/news/article/guide-to-binance-uk) CEO, will assist the firm or not. 

Earlier, the FTT token also crashed, and Zhao announced to sell off all of its FTT holdings. Currently, both firms are in a clash, which could be one of the reasons the crypto market is tumbling.



FTX collapse prompts BlockFi to suspend withdrawals

The non-fungible token market has, in recent years, made tremendous progress. Novel [NFT projects](/news/article/how-to-create-an-nft) are entering the marketplaces, left and right. Recently, one project dubbed a masterpiece is [the Merge NFT](https://opensea.io/collection/m) by Pak, which has made it to our list of “top five [most expensive NFTs](/news/article/most-expensive-nft sold”). 

The project made record sales of [more than $91.8 million](https://www.barrons.com/articles/paks-nft-artwork-the-merge-sells-for-91-8-million-01638918205) by selling 312,686 units to 28,983 collectors within two days. But what makes it unique is that these are interactive and dynamic NFTs. They have an unconventional smart contract that gives them the merging power. 

We understand that it can be quite a puzzling mechanism. Therefore, this article will explore the curious case of the Merge NFT.

## What is the Merge NFT?

It is one of the projects of a highly acclaimed pseudo-anonymous digital art creator [Pak](https://twitter.com/muratpak). It is a collection of interactive NFTs launched in December 2021 with an open edition sale containing bizarre circle-shaped NFTs representing mass units.

However, these NFTs are unconventional as they can be combined as one. They are programmed so that one [wallet](/news/article/best-crypto-wallet) address can only have one Merge at a time. 

To break it down, if you already own an m(1) and go to buy m(2), both these mass units will be fused into one, making m(3). Their masses will add up, and the circle will expand.

m(1) + m(2) = m(3)

In essence, all the units of this collection are one. So, scarcity increases as tokens are fused into one. 

## How does ‘the merging’ mechanism work?

The mechanism is quite similar to the burning mechanism. When two masses are merged, the previous one is burned, and a new and bigger unit emerges. 

Its mechanism works in two parts. Firstly, when these NFTs are being transferred from one wallet to another, it identifies whether the recipient address has a token or not. If yes, it proceeds with merging the smaller unit into the larger one. Essentially, the smaller token is burnt in this process. Meanwhile, at the back end, it tracks the number of merges.  

The second part is for the shape of the new circle. An SVG generator is simply applied to create a circle based on accumulated masses. 

## What makes this NFT distinctive?

The Merge NFT project is distinctive in various ways. For one, it can be regarded as a single token as all of them can be fused if stored in one wallet. Secondly, it creates scarcity uniquely, that is, the 'true burn' process.

Unlike the usual burning, where 0xdead is used, NFTs are transferred to 0x0 to eliminate them from the smart contract.

The introduced [smart contract](/news/article/smart-contracts-blockchain) may have various use cases. For example, [play-to-earn games](/news/article/farming-games-in-metaverse) can use the mechanism to upgrade the players’ avatars, weapons, etc. Additionally, it can be used in credit cards to accumulate credit scores.  

## Bottom line

Though this NFT project may look bizarre, it is fascinating because of its innovative scarcity through which NFTs can be eliminated entirely. The possibility of one collector owning all the tokens as one is quite compelling. And this mechanism has several other use cases as well.



The Merge NFT Explained

Japanese mobile operator [NTT Docomo](https://www.docomo.ne.jp/english/) is one of the leading names with the largest market share in the country. It has decided to work with the multi-chain [smart contract](/news/article/smart-contracts-blockchain), Astar Network. The partnership is likely to help establish a Japan [web3](/news/article/web3-games-raised-millions) consortium. 

This initiative aims to provide crypto users with an opportunity to use tokens for governance and will promote the adoption of web3 infrastructures.

## Transforming Japan's web3 ecosystem

The joint forces of NTT Docomo and [Astar Network](https://astar.network/) will focus on solving societal problems, especially environmental ones. Implementing a Decentralised Autonomous Organisation ([DAO](/news/article/daomaker-guide)) will be the primary goal.
 
These firms will use this iteration of web technology to bring forth solutions for environmental problems and regional development. They plan to analyse the available case studies in this area and formulate a roadmap to enhance technology use further. 

Docomo brings an in-depth knowledge of societal problems. On the other hand, Astar's platform has the developing next iteration of the internet's infrastructure that can be deployed for transformational blockchain projects. It will help fill the educational gap for the usage of cryptocurrencies and promote web3 adoption. 

## Views of Astar's CEO

Sota Watanabe, the CEO of Astar, believes that in the context of web3 adoption, more projects introducing infrastructures with better user experience and accessibility are essential. Moreover, he also maintained that this technology should not only be for professionals and developers. Instead, the general public should be able to benefit from it. 

Japan is currently focusing on the promotion of digital assets in the country. The Ministry of Economy, Trade, and Industry (METI) is working to strengthen the industry. For this reason, they also introduced [tax reforms](/news/article/crypto-tax-japan-reforms) for crypto users. With the establishment of a web3 consortium, the country will be moving further towards mainstream adoption of crypto assets. 




NTT Docomo to establish Japan’s web3 consortium

Crypto is a bewildering world. New tokens and projects emerge daily, which makes [spotting the right ones](/news/article/congress-crypto-protection) more difficult. Besides, with new projects, new [crypto scams](/news/article/crypto-hacks-peaking-october) and rug pull incidents are also emerging. This further adds to the difficulties of the investors.

In the notorious rug pull scam, fraudsters portray the project to have a high potential and then vanish after taking investors’ funds. Disguising as a lucrative DeFi or DEX is the most common strategy for this scam. 

Here we have discussed rug pulling with some tips on detecting one to avoid it.

## What does ‘pull the rug’ mean?

The phrase 'pull the rug' literally means to draw out the floor under someone's feet so they fall. But, figuratively, it means leaving someone defenceless by deception.

In finance, it is a common terminology that refers to a company's stocks that promise a lot to gain investment. Then the company shuts down, selling its shares at a high price, leaving investors with valueless shares. 

## Rug pulling in crypto

The same goes for the crypto world too. Here, tricksters use [DeFi projects](/news/article/globex-crypto-scam) to target investors in an organised way. They propose a strong roadmap, alluring investors and pumping up the price of their tokens. Once the token’s price starts gaining momentum, they dump the project, taking all the funds.

Based on its nature, a rug pull can be of three types:

1.	Stealing liquidity.

2.	Limitations on sell orders.

3.	Pumping and dumping.

## Five ways to detect rug pulling schemes

Here's how you can detect one to protect yourself.

1.	Background of project developers
The background of the founding members of a project can reveal a lot about it. That’s why you must check the track record of developers and founding members in the crypto industry. 

The anonymity of the developers often turns out to be a strategy to hide their illegal doings. A similar kind of scam happened with [Wonderland TIME](https://wonderland.money/), where the CFO was a [convicted felon](/news/article/wonderland-time-crypto) who allegedly exited with a rug pull. 

2.	Sell order limits
Another red flag indicating the potential rug pull attempt is the limitation on sales. The scammers write a code that restricts the token holders from selling it. This can be one of the most prominent signs of a scam. That’s why you must diligently review the code before investing.  

3.	Total locked liquidity
Locked liquidity endorses the project’s security. However, when the founders intend to rob the investors, they often do not lock liquidity in smart contracts. It allows them to swindle out all the liquidity from a DeFi. 

Also, checking the project's total value locked (TVL) is advisable. Ideally, the TVL should at least be 80%.

4.	Pumping and shilling
Fake hype for any financial product is one of the easiest ways scammers trick investors. Through paid campaigns on social media, the founding team of a blockchain creates buzz around a cryptocurrency. Though it’s not illegal to advertise a coin, propagating false news about it is unethical. 

After gaining popularity, the criminals dump these projects, leaving investors clueless. That’s why you should avoid investing in shiny-looking tokens. 

5.	No third-party code audits
Third-party code audits are another way of gauging the authenticity of a cryptocurrency. Since developers can easily exploit the code, validation from an external source becomes necessary. Also, an audit from a trusted firm like [Hacken](https://hacken.io/) or [Certick](https://www.certik.com/) is a mandatory procedure to assure the audience about their funds’ security.

However, fraudulent cryptocurrencies often evade third-party audits. Therefore, it is one of the ways to detect a shady token. 

## Bottom line

Rug pull is a prevalent [scamming strategy](/news/article/bitcoin-doubler-scam) in the crypto world. In this, the criminals strategically create false hype for a cryptocurrency to lure investors. They pump its price by generating fake positive news. As its price goes suspiciously high, they pull the rug on investors by taking all the liquidity and shutting the project.

Therefore, it is advisable to know the indicators that allow you to detect rug-pulling ventures. For this, the founders’ background, locked liquidity, advertisement campaigns, and code — require careful research.


Rug Pull: What Is It?

[Dex Labs](https://www.dexlab.space/) is one inventive decentralised exchange built on the [Solana network](/news/article/solana-price-gbp). The company is based in Korea and launched in May 2021.

It is a unique platform as it offers an infrastructure that allows token minting on Solana. It has an easy-to-navigate interface which makes token launching seamless. Because of this, users on the network have easy access to new tokens.

Furthermore, the exchange offers a cross-chain swapping feature and allows instant transactions. With its native token, you can also earn yields by staking them.  

## Dexlab offerings

This platform is inspired by the Project Serum on the SOL blockchain. This project itself has many parallels with [Uniswap](https://uniswap.org/). Like both these platforms, Dex Labs offers swift and efficient transactions. It also allows swapping and supports stablecoins and [wrapped tokens](/news/article/weth-vs-eth). 

With all these features, Dex Labs offers various products. These products facilitate trading and allow secure storage of your assets. Let's explore some of its offerings.

1.	Trading and swapping

Dexlab is a complete platform for trading or swapping assets. It provides users with market analytics leveraging Serum technology. It also presents data in visuals which assist you in reading it with ease. 

2.	Wallet

You can not only trade on the platform but can also keep your assets on it. It offers a secure wallet with a multi-chain feature. Therefore, you won’t have to use third-party wallets while making trades.

3.	MintingLab

One of the best features of the platform is its minting capability. On its MintingLab, you can issue Solana-based tokens. Meanwhile, its user-friendly interface makes listing and management relatively straightforward.

4.	IDOs

As new projects can be launched on the platform, users enjoy initial decentralised exchange offerings. That’s why it can be a great way to explore or acquire nascent coins on the blockchain.

5.	Staking

[Staking](/news/article/what-is-staking-crypto) is a popular way among investors to generate good yields. And this platform has a high-yielding staking program. You can use your DXL tokens to receive weekly incentives. Besides, you can also avail of the airdrops and participate in the liquidity pool.

## What is Dex Lab's launchpad?

Dexlab is architectured on Solana and introduces a minting platform for new tokens. It has an intuitive interface that allows a smooth user experience. Also, it enables you to integrate the Solana CLI with it.

This eases the coding process for you. On this platform, you can also mint tokens and [mint NFTs](/news/article/solana-nft-marketplace) (non-fungible tokens). 

## DXL tokenomics

DXL is the native token that fuels the platform. It is used for Dex labs’ governance and facilitates all transactions. There are 1 billion DXLs with a current market cap of [$3,957,867](https://coinmarketcap.com/currencies/dexlab/). 

The tokens are allocated for several purposes. Among them, the highest part (19.5%) goes to the mining pool reserve. 

![dex labs.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/dex_labs_c91fa275c4.png)
 
[Source](https://docs.dexlab.space/dxl-token)

## Bottom line

DexLabs is an entirely decentralised exchange in the Solana ecosystem. The platform is not only beneficial for crypto investors but is handy for issuers, too. Along with the trading analytics and swapping features, it also introduces its own [wallet](/news/article/best-crypto-wallet). Meanwhile, its IDOs and staking program allow high yields.



Solana Dex Labs Explained

Financial Action Task Force ([FATF](https://www.fatf-gafi.org/)) is a global financial policy-making body founded to combat money laundering and terrorism financing.

It provides guidelines for anti-money laundering ([AML](/news/article/crypto-aml)) and counter-terrorist financing (CTF) laws. In 2014, it expanded its mandate to digital assets, too. It was to prevent the misuse of funds for illegal activities.

Now, to ensure the FATF [crypto regulations](/news/tag/regulation), the organisation is planning to grey list the countries that fail to comply with its laws. According to an [Al Jazeera report,](https://www.aljazeera.com/economy/2022/11/7/countries-to-face-grey-list-for-shunning-crypto-guidelines) the financial watchdog will conduct annual surveys for each country’s performance. It will examine the countries’ measures to ensure FATF crypto regulations.  

## Annual reviews for FATF crypto laws compliance

The organisation has opted for annual reviewing instead of evaluations on 5-year cycles. This move reduces the time window for countries to impose terrorist financing and anti-money laundering regulations. Moreover, there will be the added pressure of greylisting. It will force them to bring virtual asset service providers and users within the country under regulations. 

The automatic greylisting of countries may affect their overall ratings. This may also result in being blacklisted by the organisation if no significant changes are evident in the country. 

## Response from the crypto industry

The industry leaders have responded to this move from the financial watchdog. They may reveal a plan of action in the Summit of G20 Leaders, which is scheduled this month. It is likely to highlight the difficulties cryptocurrency investors, exchanges, and other stakeholders face due to harsh regulatory measures.

Al Jazeera reported that Ron Tucker, the co-founder of the International Digital Asset Exchange Association (IDAXA), is of the view that it may cause trouble for the end user. The reason is that the greylisting fear will force “countries to unbank crypto exchanges.”

Ron Tucker also indicated risks to financial inclusion. He mentioned that the users of this asset class in developing countries would be affected. 
 



Defiance of FATF crypto laws may lead to countries greylisting

What is 'market cap in cryptocurrency? [Market](/news/tag/market) cap, or capitalisation, is a crucial metric for evaluating cryptocurrency. It is similar to stocks, where a company's total publicly traded common shares are counted.

However, there is one key difference between digital currencies and stocks. It is the ownership. Because, unlike stocks, cryptocurrencies do not indicate the possession of company shares. 

So, what is market cap cryptocurrency? Let’s take a deeper look at it and discuss why it is a crucial indicator for a digital token!

## Understanding market capitalisation in crypto

'What is market cap cryptocurrency?' is a frequently Googled query. It is one of the most asked questions by crypto newbies. But, it can be fairly easy to understand if you know how it is calculated and what it represents. 

It is a value determined by multiplying a token's price by the circulating supply. This value denotes the worth of a cryptocurrency in the marketplace. It is an indicator through which you can track the dominance of cryptocurrencies. [CoinMarketCap](https://coinmarketcap.com/), which is the most authentic crypto indexing site, also uses capitalisation to rank cryptocurrencies.

For instance, you can determine the Bitcoin market cap by multiplying its current price ([$19,131.50](https://coinmarketcap.com/currencies/bitcoin/)) by its circulating supply (19,180,081.00). This will give you the amount of around $366.94 billion, which is the [BTC](/coins/btc) capitalisation. 

This value can also help you make investment decisions regarding an asset. A digital token with a higher capitalisation is often perceived as a secure investment. 

However, it is noteworthy that capitalisation is a fluctuating value. Primarily, this amount is dependent on two factors; one is the change in supply circulation, and the other one is buying or selling pressure. 

## Why is market cap important in crypto?

It serves as one of the significant indicators for gauging a coin’s popularity and worth. A digital token’s market capitalisation can give you insights into its size. Also, it reflects on the profit ratio of the token. By comparing the values of two cryptocurrencies, you can evaluate which performs better.

In addition, these values of cryptocurrencies may also give an idea about whether they are over or undervalued. That's why it becomes a key consideration for your investment decisions in crypto.

However, it is not the only indicator you look at; several other factors must be part of your research about a project.

## How does market cap affect the crypto price?

It does not necessarily affect the crypto price. But it determines the rank of a digital asset in crypto trading. That’s why it becomes a crucial indicator, sometimes even more important than the price. 

For instance, if a token’s price is higher, its total value can still be lower because of the circulating supply. Similarly, a token with a lower price might have a better total value because of a higher circulating supply. This can be indicated through market capitalisation and helps determine a digital asset’s rank. 

## Final thoughts

Market capitalisation is one of the most significant scales for gauging the potential of a digital asset. It is the total value of an asset, which gives you an idea about its rank among the cryptocurrencies. 

You can easily determine this value by multiplying the price of a token by its circulating supply. Through this, you will get the worth of a cryptocurrency in the marketplace. 

Therefore, it becomes a key consideration when making an investment decision. Nevertheless, it is not the only yardstick for gauging the performance of a token. It is advisable to analyse several other aspects of a project to make an informed decision. 


What is market cap in cryptocurrency?

The credit card giant [Mastercard](/news/article/crypto-trading-services-mastercard) has been running an accelerator program for startups since 2014. It has recently announced that this year, applications from 7 FinTech startups have been accepted for [Mastercard Start Path](https://startpath.mastercard.com/spglobal/home.html). The firm intends to promote innovation in blockchain, FinTech, and the web3 space with this move.

The upcoming cohort of firms that have joined the program is quite diversified. They are from four countries: the United States, Singapore, United Arab Emirates, and Colombia.  

## Blockchain companies accepted in Mastercard Start Path

There are a few known names among the companies that will be joining the program. One of them is Abu Dhabi-based [Fasset](https://fasset.com/), which is a digital asset gateway service provider. 

The credit card company, previously, has also worked with it to provide digital solutions in Indonesia. Another firm from the UAE is Take Back the Mic ([TBTM Studios](https://tbtm.app/)). It allows entertainment platforms to leverage blockchain technology.

There are three companies from the US: [Loot Bolt](https://lootbolt.com/), [Uptop](https://www.uptop.xyz/), and Quadrata. Loot Bolt provides services related to web3-based payment systems. Uptop offers a platform for brands to manage their customer relations, and [Quadrata](https://quadrata.com/) allows blockchain-based solutions for preserving privacy.

From Singapore, the [Digital Treasures Center (DTC)](https://dtcpayment.com/) will be part of the program. And from Colombia, [Stable](https://www.stable-app.com/), a stablecoin startup, is accepted. 

## What’s the goal of Start Path?

Start Path was launched in 2014 to help startups get the initial funds and expand. It is a yearly program that lasts for six months. So far, this initiative has boosted the performance of over 350 firms, some of which have also reached unicorn status. 

Last year, Mastercard decided to launch a crypto division for this program. It was to support web3 and [crypto projects](/news/article/crypto-app-mastercard-nft) by investing in them. It helps companies build a community of developers and bring more innovation to the industry. 

However, this credit card corporation is not the first to take such an initiative. Many corporations like [Binance](/news/article/guide-to-binance-uk), [Disney](/news/article/matic-disney-collab), and others also run accelerator programs. 




7 FinTech startups joined Mastercard Start Path

Crypto [Hong Kong regulations](/news/article/is-crypto-legal-in-hong-kong) are likely to see new laws for virtual asset investment. The Securities and Futures Commission (SFC) intends to introduce a consultation paper with the suggested regulations for cryptocurrencies. The regulatory body is also planning to launch cryptocurrency exchange-traded funds ([ETFs](/news/article/crypto-etfs)).

This step will likely give easy access to institutional and retail investors in the country. At the initial stage, only [BTC](/coins/btc) and [ETH](/coins/eth) will be available for futures trading on the Chicago Mercantile Exchange.

On 31 October 2022, the government released a [policy statement](https://www.info.gov.hk/gia/general/202210/31/P2022103000454.htm) about crypto Hong Kong regulations. It shared the government’s vision about the future of virtual assets in the country. Also, it discussed the regulatory approach and the anti-money laundering laws. Along with that, it also discussed cryptocurrency ETF. 

The Financial Services and the Treasury Bureau believe that using cryptocurrencies as a medium of investment by individuals and institutions is growing. That’s why they are introducing ETFs to facilitate investors. 

The bureau expects that launching such products will engage digital asset investors with financial institutions. This will allow them to avail of the products through a secure channel. Also, it will play a significant part in promoting digital assets in the market.

## Crypto Hong Kong policies for ETF service providers

[SFC](https://www.sfc.hk/en/) has also mentioned details about service providers who can operate in the market. According to SFC, only the firms with a “good track record of regulatory compliance” and dealing with [ETFs](/news/article/crypto-etf-uk) for a minimum of three years will be given the approval.

Moreover, these finance management firms would be required to maintain active management strategies. The strategy should be flexible for portfolio management and disruptive market events. All in all, Hong Kong has so far been eminent in drafting policies that aim to promote cryptocurrency adoption. 





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Author: Wasay Ali

Author: Wasay Ali | Page 4

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