ChainCatcher news, according to Cointelegraph, FTX seeks to dismiss investor claims regarding the so-called "Sam Coins," arguing that the value of these claims should be zero in the ongoing bankruptcy case. FTX's lawyer Brian Glueckstein stated that claims from clients regarding the native tokens of the travel platform Maps (MAPS), the DeFi brokerage Oxygen (OXY), the decentralized exchange Serum (SERUM), and Boba (BOBA) should be significantly discounted or reduced to zero. Glueckstein explained that experts have carefully analyzed the value of the assets as of the filing date to determine a reasonable value discount, asserting that the valuation of these digital asset claims by clients is based on a market that never existed and will never exist.FTX's valuation expert Sabrina Howell believes that since the company holds over 95% of OXY and MAP tokens (which were closely linked to SBF), it would take decades to liquidate them. According to their analysis, FTX claims that the debts associated with MAPS and OXY tokens (valued at over $600 million at current exchange rates) should be considered worthless. Meanwhile, the debts associated with SERUM tokens (valued at $509 million) should be discounted by about 58%.However, FTX clients still holding these "Sam Coins" are demanding to overturn the FTX lawyer's valuation. These clients assert that the total value of these four digital assets still exceeds $1.1 billion. Judge Dorsey stated that it is difficult to formally quantify the value of cryptocurrencies, describing digital assets as having "no intrinsic value." "The only value comes from the trading itself. As far as I know, cryptocurrency trading relies on sentiment, not anything else." He also indicated that he would carefully consider the matter before making a ruling on how to estimate the value of these disputed crypto assets.

ChainCatcher news, based on the Solana DeFi project Serum, stated: "With the collapse of Alameda and FTX, the Serum program on the mainnet has become ineffective. Since FTX had upgrade permissions, security is at risk, leading to protocols like Jupiter Aggregator and Raydium being removed from Serum; however, there is still hope. Under the leadership of Mango Max, the entire community is working hard to fork Serum."Serum also stated: "The community-led fork of the Serum V3 program, OpenBook, is currently live on the Solana mainnet, with a daily trading volume exceeding $1 million, and further efforts are underway to expand the project and its liquidity. This means that with the existence of OpenBook, Serum's trading volume and liquidity have dropped to nearly zero. After discovering security risks in the old Serum code, users and protocols can safely use alternative forked versions, such as OpenBook." (source link)

ChainCatcher news, according to Blockworks, Electric Capital executives told their limited partners on Thursday that Electri was minimally affected by the FTX collapse, with limited exposure to FTX, thanks to Electric's identification of "yellow flags" during due diligence.Electric had questioned the tokenomics of Serum's token SRM, which had a circulating supply of about 10% at the time of issuance. All presale, team, and contributor tokens will be unlocked over the next one to seven years. Electric believed that SRM lacked liquidity, and low circulation would limit supply, thereby driving up prices. As a result, Electric abandoned its investment in SRM and later decided not to invest in FTT.According to Electric, the company has no equity in FTX and has not engaged with FTT, SRM, or Solana's SOL tokens. Electric has never had any business dealings with Bankman-Fried's Alameda Research. Currently, the company has 8 bitcoins held by FTX. One of the venture funds invested by Electric Capital has FTX assets from two unnamed startups, with a risk exposure of about $700,000. (Blockworks)

ChainCatcher news, the Solana ecosystem decentralized exchange platform Raydium announced on social media that to limit risks to third-party protocols, Raydium has suspended market making for Serum and will not share liquidity with Serum. Currently, 100% of the AMM liquidity is in Raydium's own pools. Trading in Raydium's liquidity pools is unaffected. The platform will suspend the ability to place orders on the Serum platform on November 21. (source link)

ChainCatcher news, according to Bloomberg citing informed sources, based on the balance sheet data from the day before SBF filed for bankruptcy protection, FTX had nearly $9 billion in liabilities, as well as $900 million in liquid assets, $5.5 billion in "illiquid" assets, and $3.2 billion in "non-liquid" assets. Since then, most assets (including Serum, Solana, and FTT) have depreciated.Informed sources also indicated that the balance sheet provided by FTX is incomplete and not detailed, and after reviewing the "limited version information," it was found that FTX customers have little chance of recovering most of their deposits. (Bloomberg)

ChainCatcher news, South Korean cryptocurrency exchange Upbit announced that due to increased price volatility of Serum (SRM) and discrepancies in market prices with other exchanges, it will temporarily suspend support for SRM deposit services.It is reported that on November 10, Upbit issued a notice regarding the restriction of cryptocurrency withdrawals to the FTX exchange. Upbit stated that due to internal circumstances at the FTX exchange, it has suspended user withdrawals to FTX. (source link)

Chain Catcher news, Solana developers may fork Serum as it could have been compromised in the FTX hack. Solana founder Anatoly Yakovenko pointed out that developers are eager to fork the Serum code today and restore the protocol without FTX's involvement. Developers need another version of Serum because the original version can only be updated through private keys controlled by FTX rather than Serum DAO. (Source link)

ChainCatcher news, according to cryptocurrency and financial researcher FatMan's tweet, in May of this year, an employee from Jump Crypto, the crypto trading division of Jump Capital, revealed that Alameda and Jump were collaborating to fraudulently inflate the fully diluted valuation (FDV) of the decentralized exchange Serum on Solana beyond its actual value.Shortly after that tweet was posted, SBF blocked FatMan. FatMan stated that a thorough investigation is needed into Jump's role in facilitating the FTX collateral fraud. (source link)

ChainCatcher news, according to The Block, the cryptocurrency lending platform Celsius reported risks related to FTX and Alameda Research, stating that it holds 3.5 million Serum tokens on FTX (most of which are locked) and had previously provided a $13 million loan to Alameda Research.Previously, ChainCatcher reported that Celsius filed for Chapter 11 bankruptcy protection on July 14. On November 10, Celsius requested an extension from the U.S. court for the time needed to propose a reorganization plan. (source link)

ChainCatcher message, the development team of Solana and Serum, TDM Blockchain, has initiated a proposal to change the governance structure of Serum, which will create a new governance token gSRM, obtained by locking the original governance token SRM 1:1. Unlocking and locking require a 7-day period, which can be adjusted by DAO proposals. (Source link)

ChainCatcher news, DeFi trading acceleration tool bloXroute announced the launch of its first service, the Serum API, for the Solana network. This API is designed for the Serum DEX, offering advantages such as fast transmission, reduced entry costs, and improved performance.It is reported that bloXroute is a blockchain infrastructure provider dedicated to solving scalability "bottlenecks," serving DeFi traders on public chains such as Ethereum, Polygon, and BNB Chain. Its provided mempool and transaction/block infrastructure products have improved trading profitability for DeFi traders. In April of this year, bloXroute completed a $70 million Series B funding round, led by SoftBank Vision. (source link)

Chain Catcher news, the on-chain data analysis website DefiLlama has launched a token price API, which is now live and fully open. This API aims to price as many tokens as possible, including exotic tokens that are not directly traded and cannot be priced through the market.The API works in the following ways: 1. It obtains prices from CoinGecko as a baseline. 2. It looks for all bridged assets and prices them as the original asset. 3. It prices various LPs through the underlying. 4. For missing tokens, it uses DEX markets from Uniswap, Curve, and Serum to price them. It provides a confidence score based on the liquidity of each market, allowing API consumers to filter out prices with low confidence scores. (Source link)