First Mover Americas: FTX Faces Whopping Claims, Ackman's Hot for Helium

The latest price moves in crypto markets in context for Nov. 21, 2022.

AccessTimeIconNov 21, 2022 at 1:42 p.m. UTC
Updated Mar 3, 2023 at 6:59 p.m. UTC
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This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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Top Stories

Bankrupt crypto exchange FTX owes its largest creditor $226 million, recently filed court documents show. The second-largest claim is for $203 million. The identities of the creditors weren’t named in the report, but collectively, the claims of the top 50 creditors are worth $3.1 billion.

TradFi investor Bill Ackman, a billionaire who founded hedge fund Pershing Square Capital Management, said he likes Helium, a decentralized network that allows users to set up their own wireless network for low-power internet-of-things devices. Helium has been accused of using fraudulent endorsements from tech giants like Salesforce and mobility company Lime to give its network legitimacy, while also reportedly exaggerating its relationship with Dish Network, which it claimed would grant it access to Dish's 5G spectrum. HNT is down nearly 95% during the last year according to CoinGecko data and was recently trading at $2.23.

FTX’s Japanese arm is preparing to resume customer withdrawals by the end of the year, according to a report by broadcaster NHK. An unnamed executive of the exchange said in an interview that withdrawals cannot be resumed immediately because FTX Japan uses the same payment system as its parent company, and that system is now suspended.

Chart of the Day

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  • The chart tweeted by pseudonymous crypto analyst @GameofTrades_ shows bitcoin recently fell to a two-year low with record trading volume.
  • Historically, big spikes in trading volume have marked a significant turning point for bitcoin.
  • The analysis is performed on spot bitcoin (Coinbase) on the weekly chart.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.


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