Since the past year, the entire crypto space is getting hit by consecutive events, starting from the LUNA crash which bankrupted CEX lending platforms and now we are experiencing the FTX saga, probably the worst of the events we have seen in the past year. Here in this new series, I will try to bring the most important and probably not very highlighted news in the crypto space which surely will help you to learn more about the current happenings in the crypto space. Hope you enjoy this series, let me know in the comments.

1) FTT Token Suspiously Increased In Supply 

Total supply and the circulating supply of token plays important role in tokenomics and it affects the investment strategies of various investors. It is supposed to be pre-planned and it is not supposed to be changing for any reason. But in the recent snapshot of the FTT token deployer, we can clearly see there is a huge number of FTT tokens brought into the circulating supply, which are not supposed to be in circulation. From the picture, we can see that there are 196 Million additional FTT tokens currently in circulation, which is completely illegal, and if shady things are found in an investigation then FTX and SBF can get into serious trouble.

But before that beware while logging into your FTX wallet and even visiting it over the website (I suggest don't even try to use the FTX app or website for some time), things are looking really messy for now so be safe!

Check It Yourself - Ethereum Transaction Hash (Txhash | FTT) Details | Etherscan 

2) CZ Tweeted About Being More Vocal To Issues In Crypto Space

CZ, the CEO, and co-founder of the world's largest centralized crypto exchange Binance has recently tweeted about being more vocal about the issues in the crypto space. People have already lost their trust in the centralized crypto exchanges and CZ has addressed that thing in his previous tweets as well he has also talked about how centralized exchanges can start periodic auditing and presenting proof-of-reserves in order to increase the trust in the people.  

In the recent tweet, CZ mentioned breaking the policy and speaking openly about the issues in the crypto space, which I personally think is a good thing for the entire industry. It will help in healthy discussions over the issue and can lead to solutions as well. I think he should have adopted that thing before all this mess but I think sooner or later it is a good thing if all the industry leaders adopt the same thing and speak about issues in the crypto space more openly in order to grow as an industry. Share your views about this initiative in the comment section.

3) Kucoin Present Their Proof-Of-Reserve

Because of the ongoing mess of FTX, many people are moving to the decentralized ecosystem because of the lack of confidence and many exchanges are trying hard to retain their users by providing proof of reserves. In the same efforts, one of the largest altcoin exchanges, Kucoin has released a partial proof-of-reserves, showing the number of cryptocurrencies Kucoin is holding. This report mainly consists of blue-label cryptocurrencies like Bitcoin, Ethereum, Solana, and a few others. They have provided the addresses as well so that an individual can check assets on-chain as well.

Kucoin has mentioned that the exchange is under audit by Armanino LLP, which is a reputed third-party auditor. And the complete Proof-of-Reserve report will be up in early December. 

Report By Kucoin - Transparency and Trust| KuCoin

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