Market Watch | Bitcoin | $13,767 | 7 day: +0.7% | | Ethereum | $384 | 7 day: -5% | | All crypto | $396b | 7 day: -2.3% | | Bitcoin dominance | 64.2% | 7 day: +1.9% | Prices as of 3:45 p.m. EST
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Plaintiffs accuse BitMEX co-founders of stealing at least $440m after learning about imminent lawsuits. We covered BitMEX's multibillion-dollar lawsuit and indictment in detail here and here. - A court filing signed by plaintiffs' counsel on Oct. 30 alleges that former BitMEX co-founders Arthur Hayes, Ben Delo, and Samuel Reed personally looted at least $440m from BitMEX's parent company.
- A judge has released Reed on a $5m appearance bond.
- Plaintiffs BMA LLC, Yaroslav Kolchin, and Vitaly Dubinin further allege that the defendants hid these proceedings from the exchange's net profit and financial reports, making recovery impossible.
- On Oct. 1, the U.S. Commodities Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) charged BitMEX and its three top executives for operating an unlicensed crypto derivatives trading platform and failing to follow Anti-Money Laundering (AML) and Bank Secrecy Act laws.
- The plaintiffs claim that Hayes, Delo, and Reed continued to withdraw funds after they learned about the government's investigation. They had also received a draft complaint of the lawsuit prior to making the withdrawals.
- Plaintiffs also name their associate, Sean O'Sullivan Ventures (SOSV), as a recipient of funds in fear of an imminent indictment from the CTFC and DoJ.
- The document tabulates the distribution of funds, according to which the defendants received $139.4m each.
The Block Crypto 
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 Hong Kong Hong Kong's securities watchdog will regulate all cryptocurrency trading platforms in the city. - The leader of the Hong Kong Securities and Futures Commission (SFC), Ashley Alder, spoke about new cryptocurrency exchange regulatory requirements on Nov. 3, during Fintech Week.
- While Alder was speaking about regulations being essential for all exchanges in the city, which is home to many cryptocurrency exchanges, bitcoin prices slid 3% intraday.
- In 2019, the SFC welcomed crypto exchanges to Hong Kong and offered world-leading regulatory frameworks for security token trading.
- During her speech, Alder said that SFC's previous framework followed an "opt-in" based approach ⏤ consequently allowing cryptocurrency exchanges to evade regulations.
- The city serves as an operation base for many cryptocurrency exchanges including BitMEX, as well as Chinese giants Huobi and OKEx.
- Earlier this year, China's parliament passed legislation allowing the extradition of Hong Kong residents to mainland China for prosecution, the country's most important national security legislation in 23 years.
Reuters
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 Dhaka, Bangladesh The Bangladesh-based arm of HSBC bank completed a letter-of-credit transaction between Bangladesh and Singapore using blockchain technology. - One of the world's largest banks, HSBC (NYSE:HSBC), shared in a press release dated Oct. 30 that its Bangladesh-based arm has completed the country's first cross-border transaction based on blockchain technology.
- The digitized letter-of-credit (LC) transaction between Bangladesh and Singapore, which usually takes ten days, was settled in under 24 hours.
- The LC transaction facilitated the import of 20,000 tonnes of oil to fuel a power station run by United Mymensingh Power Ltd in Bangladesh.
- The transaction settled on a platform called Contour using R3's Corda Enterprise blockchain.
- The Bangladesh HSBC transaction is the second digitized cross-border transaction completed using Contour's trade finance network.
- In May, the first LC transaction occurred through Standard Chartered, between Australian mining company Rio Tinto and Chinese iron and steel company Baosteel.
Coindesk
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Ripple (XRP) joined a voting non-profit one day before the election. Ripple announced its membership into the 993-member Civic Alliance yesterday. - Ripple endorsed "safe and accessible voting" for U.S. residents, per a tweet dated Nov. 3.
- Microsoft, Twitter, Delloite, Facebook, and PayPal were already a part of the alliance.
- The timing of the announcement was curious: one day before the U.S. presidential election.
Ripple
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 Melbourne, Australia Australia continues to research a potential central bank digital currency (CBDC). - On Nov. 2, the Reserve Bank of Australia announced a partnership between Commonwealth Bank, National Australia Bank, Perpetual and Joe Lubin's ConsenSys to research a wholesale form of CBDC.
- The unnamed project is developing a proof-of-concept for the issuance of a CBDC marketplace wherein wholesale market participants can test it for the funding, settlement, and repayment of tokenized loan syndicates.
- The research is focused on a permissioned, Ethereum-based platform.
- Researchers are analyzing the implications of "atomic" delivery, versus traditional settlement. They are also researching the resilience of various distributed ledger technologies and other features for a CBDC.
- The bank expects to complete a phase of its research by the end of 2020.
The Block Crypto
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- Amsterdam-based crypto derivatives platform Opium Protocol raised about $3.25m through a recent funding round joined by Galaxy Digital, Alameda Research, CMS Holdings, and Hashkey Group.
- Lightning Labs launched Lightning Pool, a crypto marketplace developed for node operators to purchase the liquidity required to run on Lightning Network. Find our coverage of Lightning Network here.
- Paxful announced a collaboration with fintech blockchain platform Ternio to launch a crypto debit card for U.S. residents.
- Venezuela plans to include bitcoin and litecoin wallets in Patria's upcoming update for its Cryptocurrency Remittance Platform, as per an announcement from Patria's blog dated Oct. 28.
- Xend Finance, a DeFi platform built on Binance Smart Chain (BSC) for credit and cooperative credit unions, announced the public launch of their DeFi platform on Nov. 2, along with the beginning of a $1.5m funding round.
- KuChain, a branded blockchain by cryptocurrency exchange KuCoin, announced a partnership to encourage Cosmos (ATOM) development.
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 |  | Written and curated by wide-eyed bitcoin watcher since $1, Aaron Wise. Streaming headline junkie, Associated Press fanboy, eye-strained news terminal watcher, 2017 founder of Cryptocurrency Newsfeed. Temporarily based in Florida while awaiting the construction of cryptopia. |  | | Editor | Edited by Eduardo Garcia in New York. Eduardo is writing an illustrated book about climate change that will be published by Ten Speed Press, an imprint of Penguin Random House. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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