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🆘 Over $3.7B Lost in 303 Blockchain Security Attacks in 2022: SlowMist
2022 was indeed a challenging year for the crypto industry, marked by significant declines in the value of major assets, liquidity issues for many firms, and an unfortunate number of bankruptcy filings. The industry also faced substantial security threats as hackers stole billions of dollars from users and DeFi protocols.
According to the document, 303 blockchain-related security incidents happened last year, resulting in losses of an estimated $3.7 billion (calculated at the market price at the time of the exploit). The report revealed that about 255 security incidents affected various ecosystems, including DeFi, cross-chain bridges, and non-fungible tokens (NFTs). Additionally, there were ten security incidents involving crypto exchanges, 11 attacking public chains, six exploiting wallets, and 21 of other types.
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🆘 SEC charges Gemini and Genesis with unregistered securities offering
The Securities and Exchange Commission charged Genesis Global Capital LLC and Gemini Trust Company LLC for the unregistered offer and sale of securities to retail investors through a Gemini crypto lending program. The program has been the subject of a public fight between the two erstwhile corporate partners.
In February 2021, Genesis and Gemini began offering the Gemini Earn program to retail investors, whereby Gemini Earn investors tendered their crypto to Genesis, with Gemini acting as the agent to facilitate the transaction, the SEC alleged. Gemini also deducted an agent fee, sometimes as high as 4.29%, from the returns Genesis paid to Gemini Earn investors. As alleged in the complaint, Genesis then exercised its discretion in how to use investors’ crypto assets to generate revenue and pay interest to Gemini Earn investors.
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🟠 Binance CEO outlines ambitions to grow headcount by up to 30% in 2023
Binance CEO Changpeng Zhao said the crypto exchange giant will continue to scale in 2023, with headcount growth goals of between 15% and 30%. The exchange group grew from 3,000 to 8,000 people in 2022 he added, speaking at a conference in St. Moritz, Switzerland.
Plans for the year ahead include improving technology and making the expansive crypto exchange-operator more efficient, as well as investing in customer support. “We have one business that is pretty big, pretty profitable but it is not going to last forever… we don’t want to become the Kodak," he said. "We want to disrupt ourselves rather than other people disrupting us.”. there will be a decentralized exchange that is bigger than Binance.
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📶 Ethereum Staking Tokens Rally as Shanghai Upgrade Nears
As the withdrawal date for unstaking Ethereum closes in, tokens powering various liquid staking protocols are enjoying a hefty rally. Lido Finance (LDO) and Rocket Pool (RPL), for example, have already posted significant gains over the past 24 hours, according to data from CoinGecko.
LDO, the governance token powering Lido Finance, Ethereum’s largest liquid-staking protocol, gained over 17.2% in the last 24 hours and trades at around $1.88. Intense trading for the liquid-staking derivative crypto pumped its daily volumes across multiple exchanges to $276 million, a 436% jump over the previous day. With a market capitalization slightly above $1.5 billion, LDO is now the 33th-largest cryptocurrency, per data from CoinGecko.
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⚪️ Huobi Has Around 60 Million USD Withdrawn In The Last 24 Hours
According to Nansen, more than $60 million has left the Huobi market in the last 24 hours. Tokens have been withdrawn mostly from the Ethereum, Avalanche, BNB Chain, Fantom, and Polygon chains in the previous 24 hours.
Money flow out of Huobi exchange has increased significantly, with more than $60 million withdrawn in the last 24 hours, out of a total of $94.2 million withdrawn in the previous week. The tokens withdrawn in the last 24 hours are mostly from the Ethereum, Avalanche, BNB Chain, Fantom, and Polygon chains. The spike in outflows raises concerns among consumers regarding Huobi’s financial soundness.
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🇮🇳 $3.8 Billion Was Transferred Out Of India Crypto Market Due To The Harsh Tax Regime
India crypto market were transferred more than $3.8 billion in trading cryptocurrency from domestic to international exchanges between February and October 2022. Money is leaving the Indian crypto market since the country implemented a severe tax regime on crypto transactions.
Indian crypto traders may have lost interest and are progressively exiting the game due to income tax responsibilities of up to 30% and 1% tax on crypto transactions (TDS). Binance had 429,000 downloads as of September, three times more than CoinDCX exchange, since the tax was established in July 2022. Domestic markets lost 81% of trade volume following four months of contentious tax legislation.According to an Esya Center analysis, between February and October 2022.
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📣 3AC co-founder claims DCG and FTX colluded to attack Terra LUNA, stETH
Bankrupt firm Three Arrows Capital’s co-founder Zhu Su alleged that Digital Currency Group (DCG) and FTX conspired to attack Terra LUNA and staked Ethereum (stETH) in a Jan. 3 Twitter thread.Zhu added that DCG took substantial losses from the bankruptcy of firms involved in its Grayscale’s Bitcoin Trust (GBTC).
The hedge fund co-founder said this was possible because of the close relationship between Sam Bankman-Fried and DCG CEO Barry Silbert. According to Zhu Su, SBF was on the board of embattled DCG’s subsidiary, Genesis, which later granted the first FTT-backed loan. Genesis received billions of FTT tokens from Alameda Research and FTX, both of which have collapsed.The bankrupt hedge fund co-founder said, “DCG value is 0.”
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🥇 Bitcoin Is Being Optimistic The Author Of “Rich Dad, Poor Dad”
Robert Kiyosaki, the best-selling author of Rich Dad Poor Dad, has revealed why he is buying more bitcoin. He warned that Securities and Exchange Commission (SEC) restrictions would “destroy” the majority of other cryptocurrencies.
Robert Kiyosaki, the author of Rich Dad Poor Dad, has disclosed the main reason he is investing in bitcoin. The acclaimed author predicted that the Securities and Exchange Commission’s (SEC) laws will “destroy” most other crypto coins. that “SEC laws will kill most of them.” He concluded his message by saying he is purchasing more bitcoin.
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🏦 Cathie Wood's Ark Invest Buys the Dip, Scoops Up $5.5M in Coinbase Stock
The purchase is worth almost $5.5 million based on COIN’s price of $34.78 at the closing bell. According to Ark’s daily trade information newsletter reviewed by Decrypt, the entire purchase was allocated to the ARK Fintech Innovation ETF (ARKF), which invests in equity securities for companies in the fintech space.
There’s no stopping Ark Invest, the investment house led by Wall Street veteran Cathie Wood, from pursuing its long-time dip-buying strategy as the firm snapped up another 158,116 shares of Coinbase shares (COIN) on Thursday. The move comes shortly after shares of America's leading cryptocurrency exchange fell to a new all-time low of $31.86 per share on December 28 before rebounding almost 7% on Thursday.
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🇺🇸 US authorities are investigating the FTX hack: Bloomberg
The U.S. Department of Justice launched an investigation into a hack of FTX. The FTX hacking incident first became public knowledge in November when the exchange’s official Telegram admins reported that there had been “unauthorized access.”
The Justice Department is now investigating the case to uncover who was responsible for the breach. It is said to be separate from the fraud case against FTX co-founder Sam Bankman-Fried, Bloomberg first reported, citing a source familiar with the matter. It is unclear at this time if any suspects have yet been identified. FTX hack and another transfer of $400 million in crypto assets from the exchange.
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🇯🇵 Japan Will Lift Ban On Foreign Stablecoin Distribution In Japan In 2023
Early next year, Japan will lift ban on the distribution of foreign-issued stablecoins in the country. This decision is intended to be linked to legal currencies such as the US dollar.Japan will lift ban on overseas-issued stablecoins in Japan in 2023.
The processing is allowed with the condition of preserving the assets with the deposit and the highest remittance limit. If stablecoin payments spread, international money transfers could become faster and cheaper. The plan will be put in place by the Financial Services Authority along with the latest “Fund Settlement Law” which will be implemented in 2023 after revising relevant guidelines.
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🇺🇸 SEC Heightens Probe Into Auditors Servicing Crypto Exchanges
According to the U.S. Securities and Exchange Commission’s Paul Munter, the agency’s acting chief accountant, the U.S. regulator is monitoring proof-of-reserves (POR) more closely. “We’re warning investors to be very wary of some of the claims that are being made by crypto companies,”.
U.S. regulators, and more specifically the Securities and Exchange Commission (SEC), are looking more closely at proof-of-reserves (POR) these days following the collapse of FTX. Speaking with the WSJ on Thursday, SEC’s acting chief accountant, Paul Munter, explained that investors should not put much faith in POR audits and claims. SEC is concerned that investors.
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💰 Bankman-Fried in FBI custody, Ellison, Wang plead guilty and are cooperating
Former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang have pleaded guilty to criminal charges, U.S. Attorney for the Southern District of New York Damian Williams announced. The pair also face civil charges from the Securities and Exchange Commission.
Williams added that both Ellison and Wang are cooperating with prosecutors, and that he anticipates bringing more charges against other individuals. But he also urged others involved in the collapsed crypto firm to come forward before charges might be brought, warning, “our patience is not eternal.”.Sam Bankman-Fried is also now in FBI custody, the U.S. attorney said.
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📣 BlockFi confirms move to allow BlockFi wallet users access to funds
BlockFi released a statement on Dec. 20 confirming a motion filed in relation to BlockFi wallet users accessing funds. The company is most well known for its yield-bearing service, BlockFi Interest Accounts.
BlockFi ecosystem was a custodial crypto wallet. The wallet was not subject to lending services and thus BlockFi argued that ” it is our belief that clients unambiguously own these assets.” The statement comes hours after news broke through a leaked email that customers may soon be able to access funds.Further information can be found on the BlockFi blog.
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🪙 Crypto Wallets Users Grew by Over 6% in 2022: Huobi
New Huobi research has revealed that the number of crypto wallet users worldwide grew by 6.3% to 85 million as of November 2022. It noted that these wallets could do this because they have simplified the onboarding process and the complexity attached to the crypto industry.
Huobi wrote that wallets have become “a must-have for new users to enter the crypto world.” According to the firm, it is one of the most critical infrastructures in the blockchain ecosystem. Meanwhile, crypto wallets generated total revenue of $1.398 billion in 2022. The earnings are expected to cross $3 billion within the next decade.
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📣 Société Générale Makes Its First DeFi Transaction With $7 Million DAI Stablecoin
Société Générale – Forge, the French bank’s strong arm in the cryptocurrency sector, used its vault on MakerDAO to borrow $7 million in DAI stablecoin. This is a great first for decentralized finance (DeFi). The company borrowed money from a lending vault on Maker using $40 million worth.
It is true that an entity from the traditional banking world that appropriates the innovations of DeFi, two worlds supposed to operate independently, may seem paradoxical. However, Société Générale – Forge has carried out its first DeFi transaction via MakerDAO. In return, the guarantee is provided by OHFs, tokenized on the Ethereum (ETH) blockchain. These are covered bonds worth $40 million, backed by real estate loans in France and benefiting from a AAA rating, the maximum rating.
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🪙 AVAX Soared 28% After Avalanche Joins With Amazon Web Services
Avalanche recently announced a partnership with Amazon Web Services, the cloud computing platform. Immediately after announcing the partnership, AVAX soared 28% immediately after the announcement. Avalanche and aims to give the network more power and flexibility for developers.
According to the announcement posted by the two parties on the evening of January 11, the Amazon Web Services cloud computing platform officially joined hands with Ava Labs – the organization behind Avalanche, to popularize and scale the application of blockchain technology in businesses, organizations, and governments. The partnership aims to make it easier for individuals to launch and manage nodes on Avalanche.
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🆘 Core Scientific Was Investigated For Securities Fraud Causing Stock Prices Free To Be Dumped
Despite declaring bankruptcy, Bitcoin mining company Core Scientific is still facing financial and legal difficulties. An allegation of the company’s “securities fraud” is under investigation.The company charged the mining company with overselling its hosting services as well as its mining platforms in 2021.
New York-based law firm Pomerantz LLP says it has begun investigating whether Bitcoin mining firm Core Scientific the company’s management has the ability to engage in securities fraud and other illegal business activities that cause the stock price to be free to be dumped. The investigation was prompted by a report from Culper Research in 2022, which alleged that Core Scientific had “wildly oversold” the company’s dedicated servers and mining equipment by 2021.
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🇸🇬 Singapore Crypto Group Speaks Out Against MAS Token Lending Ban
The principal cryptocurrency lobbying association in Singapore has been critical of the central bank’s crypto proposals, calling them “overly restrictive.”.They would also prohibit firms from lending or staking their coins to generate yields.
The Monetary Authority of Singapore recently proposed a range of measures restricting retail customer access to cryptocurrencies. These measures would prevent investors from borrowing to fund their token purchases. They warned that such measures would merely force those interested to to seek out unregulated offshore alternatives.Blockchain Association of Singapore issued an 11-page feedback, speaking out against such a blanket ban.
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⚪️ Nexo says Vauld CEO doesn't have 'best interest' of creditors in mind
Vauld and its committee of creditors (COC) had a rejected "final" takeover proposal from Nexo because of concerns about its financial health and others issues, Nexo responded by saying that Vauld CEO Darshan Bathija doesn't have the best interest of its creditors in mind.
Vauld has been planning to pursue a fund management option for restructuring, given that it is not keen on the potential Nexo deal, and it has identified six potential candidates. Nexo's Final Proposal is the best possible path forward and is the only path forward – we are not sugar-coating the situation, Darshan Bathija's management of Vauld has been devastating," the company said.
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🪙 Sam Bankman-Fried Pleads Not Guilty To Fraud Charges Tied To FTX Crisis
Sam Bankman-Fried, the disgraced cryptocurrency executive, returned to New York and pleaded not guilty on Tuesday to charges that he engaged in widespread fraud and other crimes, nearly two weeks after he was released by a Manhattan judge on a $250 million bond and ordered to stay with his parents in Palo Alto, California.
The cryptocurrency exchange he started, FTX, collapsed as a result of BankmanFried’s -fraud, according to allegations made against him in Federal District Court, where he is currently being tried for his role in the massive losses suffered by his clients. The former crypto billionaire was charged with conspiracy to commit wire fraud and securities fraud, as well as separate counts of securities fraud and wire fraud.
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🪙 Sam Bankman-Fried’s Alameda Research troubles predate FTX
SBF had claimed that the operations of FTX and Alameda were independent, but the recent lawsuit has revealed that both firms worked in conjecture from day one. New reports into Sam Bankman-Fried and his collapsed exchanges revealed that Alameda Research, the now-bankrupt crypto trading firm.
A report published in The Wall Street Journal citing former employees revealed that Alameda incurred heavy losses from its trading algorithm. The algorithm was designed to make a large number of automated and fast trades. However, the firm was losing money by guessing the wrong way about price movements. SBF used the event to get in touch with investors to get funding for his failing trading firm.
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📣 BlackRock Is The Largest Creditors Of Bankrupt Bitcoin Miner Core Scientific
BlackRock is one of the creditors that lent money to Bitcoin miner Core Scientific so it could continue to run while it was filing for bankruptcy. Core Scientific has no intention of selling any equipment or working space.
According to a filing submitted to the U.S. Securities and Exchange Commission on Thursday, its subsidiaries contributed $17 million of the new $75 million loan the miner received from convertible notes stockholders as part of its planned bankruptcy arrangement. the miner went public in a deal with a SPAC, with BlackRock acting as the deal’s anchor investor.
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💰 Solana slides again – token down 96% from ATHs
Solana took another sharp fall today, sinking below $10 for the first time since February 2021. As of press time, SOL was hovering close to the psychological $10 level once more, at $10.02 after dipping below $10 for a second time hours before.
Since the FTX collapse, Solana has been under pressure due to the project’s close ties with the disgraced exchange.Over the last 24 hours, Solana dropped as much as 13%. The fall comes amid wider market sell-offs, with only LUNC, LDO, and XCN down to a greater extent in percentage terms.Solana, being heavily backed by former FTX CEO Sam Bankman-Fried, has suffered worse than others.
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🪙 Waves Founder Releases Waves 2.0 Plan With New Stablecoin
Waves is going through a liquidity crisis amid the still lingering crypto winter. Therefore, for a potential new step, Waves 2.0 will be planned to solve this problem.Waves Association DAO and the donation of $10 million in governance tokens currently held by the team.
Waves founder Sasha Ivanov released the Waves 2.0 plan, which includes achieving 1,000+ tx per second on L1 using a probabilistic consensus PoS mechanism and keeping decentralization, multi-chain EVM L2 fully, connecting to different L1’s, not only Waves.Next, Ivanov introduced the Power DAO platform, SafeFib – DeFi models based on predictable behavior and wind/return rates.
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⚡️ dApp Industry Thrives Despite Crypto Winter: DappRadar
The crypto winter has not harmed at least one industry niche. The cryptocurrency market is facing one of its most brutal crypto winters, marked by a sustained drop in digital asset prices and the failure of major crypto companies, as well as high-profile cases.
Nonetheless, a recent report from blockchain data and analytics firm DappRadar suggests that the industry may not be in such a gloomy state, as it has shown remarkable resilience and maturity amid the crypto winter. According to DappRadar’s 2022 Industry Report, decentralized applications (dApps) usage has skyrocketed despite the bearish market conditions.
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💰 Polygon hits 200 million addresses milestone despite challenging 2022
As the cryptocurrency market seems to be stuck in the game of tug-of-war between bears and bulls, Polygon (MATIC) is no exception, recording modest daily gains but trading largely in a sideways pattern for the major part of the week.
Polygon in other areas, such as the number of unique addresses on its network, which has recently surpassed 200 million, as per PolygonScan data retrieved on December 23. Polygon chain became richer by 4,592,125 unique addresses, which means that an average of 208,737 new addresses.
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🪙 Exclusive interview: Algorand interim CEO Sean Ford says “Our time is now”
Taking place in Dubai, the industry’s newly-adopted “crypto-friendly” hub, we discussed Algorand’s technology and achievements, its plans in the middle east, the state of the market in the wake of recent events, and Algorand’s place in it all.
Pleasant-natured yet direct, Sean doesn’t mince his words. During his earlier keynote speech, he addressed the elephant in the room. Despite the evident excitement and numerous developments from the Algorand community, no blockchain ecosystem exists in a vacuum. After an annus horribilis for the crypto industry with the collapse of Terra/LUNA.
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⚡️ Ousted Bitmex CEO sues former employer for wrongful termination
Alexander Höptner, the recently ousted CEO of crypto exchange operator Bitmex, filed a $3.4 million claim against his former employer over wrongful termination and breach of agreement. Höptner’s filing to Singapore's High Court today alleges Bitmex carried out a “baseless”.
Höptner’s lawyers call the company's accusations “entirely without basis” and say he is owed $3.4 million by Bitmex, plus damages. That figure is comprised of a $2.4 million “second anniversary bonus,” wages, and housing and education allowances. The claim was filed by Kelvin Chia Partnership, Höptner’s legal representatives, in the General Division of the High Court of the Republic of Singapore.
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🆘 Community Fears DCG is Selling as Altcoins Values Tank Massively
The crypto market experienced a massive sell-off in the last 24 hours. Several assets related to Digital Currency Group (DCG) Grayscale’s investment products, like NEAR, Filecoin, Ethereum Classic, etc., shed an average of over 10%, prompting fears that the firm was selling.
According to Coingecko, the crypto market fell by 5.4% over the reporting to $838 billion. Data from Coinglass showed that $237.86 million was liquidated from the industry. Bitcoin declined by 4.3% to $16,710, while Ethereum saw 7.6% losses to trade at $1,180 as of press time. SBF was later denied bail because he was considered a flight risk.
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