FTX vs ByBit: Billion-Dollar Battle

⚖️ FTX Estate Sues ByBit Exchange

FTX's Legal Action Against ByBit: FTX, led by CEO John J. Ray III, sued ByBit and its investment arm Mirana to recover nearly $1 billion in assets. ByBit allegedly used its VIP status to withdraw funds before FTX's collapse.

Token Swap Controversy: In 2021, ByBit exchanged 100 million BIT for 3.4 million FTT tokens with FTX's Alameda Research. In 2023, ByBit proposed reversing the swap, but after FTX's refusal, ByBit rebranded BitDAO as Mantle and restricted token conversions.

Seeking Damages: The lawsuit demands actual and punitive damages from ByBit for manipulating token conversions and withholding over $125 million in assets from FTX. ByBit hasn't responded to these allegations​​​​. Read more.

☕️ On today's Top Picks:

  1. 🤦 WSJ publishes another misinformation article regarding Hamas cryptocurrency funding.
  2. 🚀 Former FTX general counsel launching cryptocurrency exchange.
  3. 🛡️ AAVE V2 and V3 markets unpaused.
  4. 💰 ApeCoin unlock worth ~$22.47M set for Nov 16th.

Read time: ⏰ 6 minutes

📰 Crypto News

• ⭐️ FTX sues ByBit alleging that ByBit used its status to recover its funds before everyday customers and also accuses ByBit of secretly controlling BitDAO/Mantle.

• ⭐️ The Wall Street Journal (WSJ) publishes alleged misinformation article alleging Hamas raised ~$140M in cryptocurrency. Chainalyis debunked a previous article from WSJ also regarding Hamas cryptocurrency funding.

Terraform Labs acquires Pulsar Finance as it pursues plans post Do Kwon fallout.

• ⭐️ Can Sun, former FTX general counsel; is launching Backpack cryptocurrency exchange and plans to raise funds at a $100 million valuation.

Bithumb cryptocurrency exchange planning for an initial public offering (IPO) in Korea with Samsung Securities as its underwriter.

Lens Protocol V2 migration completes. The upgrade aims to improve the protocol design, as well as introduce some new features.

EtherFi $eETH is live on mainnet. Only whitelisted users can mint $eETH, but more users will be whitelisted over the upcoming days.

Pika Protocol to retire $PIKA token citing failed aspirations for growth. Current $PIKA holders can redeem for ETH at a fixedPika Protocol will continue to build

Devconnect, a week-long gathering of independent Ethereum events; begins today from Istanbul, Turkey.

Gitcoin Grants 19, last day to vote on collection curators.


Dan Romero releases Zora x Warpcast NFT which can only be minted via Warpcast with Warps.

Dune Zorbs NFT, 3 days left to mint the commemorative NFT.

Gitcoin Grants 19 is beginning soon, refresh your Gitcoin Passport as a minimum score of 15 is needed to be eligible for donation matching.

🪂 Airdrops

Jupiter announces major updates will be coming soon regarding the first round of community airdrops and other key “Grow The Pie” initiatives.

LayerGG posts X thread on Helio Protocol, a tokenless LSDfi protocol backed by Binance.

Layer3 launches Ambient Finance quest. Ambient Finance is a tokenless DEX with ~$6.5M in funding.

📰 Finance News

US Consumer price index (CPI) data for October to be released tomorrow.

Moody’s Investors Service downgrades US credit outlook from stable to negative citing deficits and political polarization.

🛡 Security and Exploits

SlowMist releases weekly security report highlighting 9 security incidents valuing a total loss of ~$138M.

• ⭐️ AAVE V2 and V3 markets unpaused as previously reported security vulnerability is patched.

Coin Cloud, a bankrupt Bitcoin ATM firm; is compromised claims hacking group. The group claims to have stolen customer selfies and sensitive personal data.

ZachXBT reports X influencer PROFIT BLUE was SIM swapped. The attacker leaked PROFIT BLUE DM's revealing that the influencer scammed their followers.

ZachXBT discovers a victim who had $27M USDT stolen from them and notes the victims' address is connected to the Binance deployer.

Token Unlocks

• CyberConnect / 1.26M $CYBER / ~$9.11M / 14 NOV
• Flow / 2.6M $FLOW / ~$1.73M / 15 NOV
• ⭐️ ApeCoin / 15.6M $APE / ~$22.47M / 16 NOV
• Oasis Network / 196M $ROSE / ~$13.92M / 18 NOV

💰 Funding

Block Scholes, a crypto analytics firm; raises $3.3M in investment funding.

Glacier Network, a layer 2 data rollup network; raises $2.9M in seed funding.

Napier Labs, a liquidity hub for yield trading; raises $1M in pre-seed funding.

🌾 The Degen Farmer

Top stablecoin yield farms of the day, more than $3,000,000 in TVL. DYOR and beat the fed!

PancakeSwap AMM V3 logoPancakeSwap AMM V3TUSDUSDTBSC$3.99M36.59%
Velodrome V2 logoVelodrome V2USDCMAIOptimism$3.84M30.98%
Merkl logoMerklSTEURUSDCArbitrum$4.26M28.85%
Aura logoAuraDOLAUSDCEthereum$6.31M25.13%
NAVI Protocol logoNAVI ProtocolUSDCSui$29.68M22.06%
Morpho Aave logoMorpho AaveUSDTEthereum$8.81M21.24%
Angle logoAngleAGEURUSDCLPEthereum$4.12M18.04%
Thorchain logoThorchainUSDTEthereum$4.22M17.75%
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That's it for today's dose! See you soon.

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