Cryptocurrency exchange Binance is forming an industry recovery fund to “reduce further cascading negative effects of FTX,” said CEO Changpeng Zhao (CZ). “As an industry, we need to increase transparency,” the executive stressed. “We need to work very closely with regulators all around the world to make this industry more robust.”

<b>Bankrupt crypto exchange FTX</b> faces a criminal investigation in the Bahamas following its dramatic collapse last week. Authorities in the Caribbean country where FTX has its headquarters are investigating whether any criminal misconduct occurred in the exchange’s decline and bankruptcy. Sam Bankman-Fried’s crypto exchange went from being one of the world’s largest to filing for bankruptcy in barely a week, after a CoinDesk article&nbsp;raised questions about the financial stability of its sister company Alameda Research.

As the FTX saga drags into its second week, details of alleged mismanagement are starting to flood in — with more than a billion dollars in customer funds reportedly going missing even before the recent hack.

There has been a clear weakening of the correlation between the S&amp;P 500 equity index and bitcoin (BTC) as crypto markets suffer after the FTX and Alameda collapse, Citi (C) said in a research report last week.

A rundown of major FTX events since Binance pulled out of its proposed buyout deal, leading to Bankman-Fried’s exchange going bankrupt

Hbit Limited, a fully owned subsidiary of New Huo Technology, has approximately $18.1 million worth of assets stuck on FTX, which filed for bankruptcy last week, according to Nov. 14 press release.

Former Microstrategy CEO and Bitcoin bull Michael Saylor believes the fallout of FTX could actually benefit Bitcoin and spark further growth in the crypto industry.

By early November, it was estimated that $200 million worth of cryptocurrencies had been donated to Ukraine through FTX.

Huobi announced that it is also a victim of the FTX scandal. It revealed in a notice that it was unable to withdraw $18.1 million from the now-bankrupt exchange. Of this, $13.2 million belongs to customers, with the remaining $5 million belonging to subsidiary Hbit.

<b>FTX Japan released a breakdown of user assets on the exchange, asserting that its reserves are larger than user deposits.</b>

Huobi Global’s ex-CEO Leon Li has reached a US$14 million loan agreement with New Huo Technology Holdings, in which he is the majority shareholder, after New Huo revealed one of its subsidiaries has US$18 million of cryptocurrency locked in the bankrupt FTX exchange, according to an <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/1114/2022111400129.pdf" target="_blank">announcement</a> on Monday.

The cryptocurrency market continues to bleed out and in the past 24 hours, its total capitalization shed another $20 billion.

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) investors are withdrawing funds from exchanges at a rate not seen since April 2021 with nearly $3 billion in Bitcoin withdrawn over the past seven days.

“Right now three of them, Sam, Gary, and Nishad are under supervision in the Bahamas. Which means it will be hard for them to leave,” a source familiar with the matter told Cointelegraph. The source said they also understand that the three, as well as Alameda Research CEO Caroline Ellison, are looking for ways to flee to Dubai, which doesn’t have any extradition treaty. The source has also revealed that Ellison is currently in Hong Kong, “so she might be able to get to Dubai.”

FTX founder Sam Bankman-Fried has denied speculation that he’s fled to Argentina as the saga surrounding his collapsed cryptocurrency exchange continued to unfold in near-real time on Twitter.&nbsp;

Sam Bankman-Fried built a "backdoor" to his FTX exchange in an effort to change financial records and move funds without alerting others, according to a report by Reuters citing two people with knowledge of the matter.

Over $12 million in chainlink (LINK) tokens were sold in early Asian hours across two transactions, shortly after reports of a hack at FTX.&nbsp;

Over 593.92 Billion Shiba Inu (SHIB) moved out of FTX US and FTX Exchange to the mysterious wallet as FTX filed for Chapter 11 bankruptcy.

Farewell to FTX, Twitter registers as payments biz, crypto price action, NTT to invest $4 billion in Web 3.0

Solana-based gaming metaverse Star Atlas saw its cash runway cut in half after the collapse of crypto exchange FTX, its CEO said on&nbsp;<a target="_blank" href="https://twitter.com/at_mwagner/status/1591178746085527552">Twitter</a>.