WhiteboardCrypto Newsletter - Sept 16

Welcome back to this week's edition of our WhiteboardCrypto Newsletter!

Fun Fact: This week passed one year since Ethereum’s Merge!

Security Reminder: X (formerly Twitter), and other social media platforms, can use your phone number as a recovery method, and there are at least two places you need to change the settings so they don’t have your number. Vitalik learned this the hard way this week when his account was hacked and the scammers posted a fake link which stole over $700k. Never use your phone number as a recovery method! Use Google Auth or Yubikeys or some other more secure 2FA and/or recovery method.

Binance.US CEO quit

Not only did the CEO of Binance’s US arm leave the company, they’ve also laid off 1/3 of their work force. While this is supposedly not something to be concerned about, at least according to the founder CZ, the community is not so sure. Why would the largest exchange in the world need to lose so many people? Some claim it is the regulatory issues they are facing and that they will likely withdraw from the US, but this is all speculation still. And yet, at the same time, Binance (international) is airdropping $3m to earthquake victims in Morocco, so this employee change may not be as concerning as it looks.

Learn more here.

FTX will sell crypto

As part of their bankruptcy filings, the FTX exchange will be selling $3.4 billion worth of crypto assets. This is so they can give their customers’ money back in USD rather than crypto, which is considered more appropriate according to the bankruptcy proceedings, especially considering the fluctuating value. In an attempt to make sure the selling doesn’t move the overall crypto markets too much, they are limited to $200 million per week. Considering that the daily volume of crypto trades averaged $34.3 billion this week, $200m is not likely to make a huge impact. The primary assets to be sold will be Solana, bitcoin and ether.

Learn more here.

Thanks for reading and I hope you learned something!

- Theodore