First Mover Americas: Bahamas on Defense After FTX's Collapse

The latest price moves in crypto markets in context for Nov. 28, 2022.

AccessTimeIconNov 28, 2022 at 1:22 p.m. UTC
Updated Mar 3, 2023 at 7:00 p.m. UTC

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.

Latest Prices

−21.3 2.5%
−367.8 2.2%
−46.1 3.8%
S&P 500 futures
−29.8 0.7%
FTSE 100
−23.0 0.3%
Treasury Yield 10 Years
BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)

Top Stories

The Bahamas' attorney general defended the country’s regulatory regime amid crypto exchange FTX’s “debacle.” The Bahamas "is a nation of laws," Ryan Pinder said in support of the island's actions in the wake of the exchange's collapse. During a 23-minute taped speech, Pinder summarized FTX's downfall and alluded to the Bahamas' government's actions, while also seeking to reassure investors and tourists that the country is a safe place to visit and operate a business.

Cryptocurrency fraud has climbed in the United Kingdom by a third, according to data from the U.K. police unit Action Fraud. Crypto fraud in the nation has risen by 32% to 226 million pounds ($273 million) in one year.

U.S. state regulators are investigating crypto trading firm Genesis Global Capital for possibly violating securities laws, according to a report from Barron’s. The report said Alabama Securities Commission Director Joseph Borg indicated that his agency and several other states are involved in the investigations, which focus on whether Genesis and other companies persuaded residents of their states to invest in crypto securities without having the proper registrations. Genesis is owned by CoinDesk’s parent company, Digital Currency Group.

Chart of the Day

Chart of the Day 11/28/22
  • The chart shows a record outflow of BTC from centralized exchanges last week.
  • Investors' rush to take direct custody of coins represents dwindling confidence in centralized trading platforms in the wake of FTX's bankruptcy.
  • Early this month, Binance CEO Changpeng Zhao, called on members of the crypto community to take personal control of their digital assets.

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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.