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📉 Crypto derivatives platform Paradigm cuts salaries by 15%
Paradigm, the crypto derivatives trading platform, cut salaries company-wide by 15 percent.The OTC firm — not to be confused with the crypto investment firm with the same name — blamed the pay reduction on contagion stemming from the collapse of crypto exchange FTX in a tweet.
Paradigm also claimed that salary cuts "reduce the need for layoffs seen across the ecosystem" and will impact the organization's momentum less. Layoffs have hit the wider industry hard in recent months. In December, Fintech firm Plaid laid off roughly 260 employees. The month prior, crypto exchange Kraken reduced its headcount by 1,100, or 30 percent of its workforce. Paradigm raised $35 million in Dec. 2021 in a round co-led by Alameda Research.
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🪙 FTX CEO Ray details firm’s lack of controls, sophistication under SBF in testimony to Congress
FTX CEO John Ray refuted Sam Bankman-Fried's contention that FTX US has enough segregated funds on hand to re-open user withdrawals. John Ray’s testimony will precede Bankman-Fried’s before the House Financial Services Committee on Tuesday.
The CEO laid out the core structural flaws that led to the collapse of the multi-billion dollar empire early last month in a written statement ahead of his appearance tomorrow before the House Financial Services Committee. “Customer assets from FTX.com were commingled with assets from the Alameda trading platform,” he said, also noting that senior management faced no controls on access to private keys.
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💰 Talks of Issuing a New FTT Token Fuel Coin’s Price Despite FTT's Broken Tokenomics Scheme
Roughly 29 days ago FTX filed for bankruptcy, and the crypto ecosystem has been dealing with a rollercoaster ride of market fluctuations and community drama ever since then. Moreover, the now-bankrupt crypto trading platform’s exchange token FTT .
For some odd reason, the digital asset ftx token (FTT) is still holding value and on Dec. 10, 2022, it’s been trading for prices between $1.58 to $1.82 over the last 24 hours. FTT is an exchange token associated with FTX from the very beginning, and it was launched more than three years ago in 2019.
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💰 Taylor Swift was in talks to sign a $100 million deal with crypto’s latest anti-hero: FT
Turns out FTX's list of celebrity sponsors had a blank space, following a courtship of pop darling Taylor Swift's team. Bankrupt crypto exchange FTX reached the late stages of a sponsorship deal with the superstar, according to a report from the Financial Times.
The deal was reportedly worth more than $100 million, with talks ending in the spring. The report also cites sources that refute the claims that Swift would have signed an endorsement deal with the exchange. The discussion was around a potential tour sponsorship that did not happen," a source told the FT.
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💰 SBF says he 'can only speculate' about where wired Alameda funds ended up: WSJ
FTX founder and former CEO Sam Bankman-Fried "can only speculate" about what happened to billions in funds after FTX customers wired them to its sister trading firm Alameda Research, he told the Wall Street Journal.
FTX is under scrutiny for its handling of client funds and its financial relationship with entities including Alameda. Just two days after FTX and more than 100 affiliated entities filed for Chapter 11 bankruptcy protection on Nov. 11, Reuters reported that at least $1 billion in customer funds had "vanished" from the crypto exchange, with FTX transferring billions in customer funds to Alameda.
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💸 Ngrave looks to raise $15 million Series A at $60 million pre-money valuation
Ngrave, a crypto hardware wallet manufacturer, is aiming to raise $15 million in a Series A funding round, according to a pitch deck obtained by The Block. Ngrave declined to comment to The Block about the pitch deck, round and valuation.
Belgium-based Ngrave sells crypto hardware wallets that compete with those made by rivals Ledger and Trezor. Ngrave's flagship product, called zero, bills itself as "the coldest wallet" and features an operating system the company says has "the world's highest security certification." Zero has been sold in 90 countries to date with total cumulative sales of $2.2 million, according to the pitch deck.
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📣 Framework Ventures and Chapter One back web3 software solution Daylight: Exclusive
Daylight, a software solution for aggregating web3 perks, raised $3 million in a seed round co-led by Framework Ventures and Chapter One. Investors in the round include Framework Ventures, Chapter One, 6th Man Ventures and OpenSea.
Other backers in the round include 6th Man Ventures, Spice Capital and OpenSea, as well as several angel investors such as Syndicate’s Will Papper and Friends With Benefits’ Alex Zhang, according to an announcement. Founded in April this year, Daylight provides an API that aggregates all web3 perks that users can qualify for based on their wallet address. The API can be integrated into crypto applications and wallets.
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🇩🇪 Germany has the second highest concentration of ETH nodes in the world
Germany operates one of the world’s largest networks of Ethereum validators, according to the 2022 German Blockchain report published by CV VC Labs. The report which offers a structural overview of the country’s blockchain ecosystem, also indicated Germany.
According to the report, geographical decentralization means so much for a network’s overall decentralization. Furthermore, the risk of censoring or controlling transactions would be too high where only a few countries dominate validator nodes. Better yet, the numbers have been growing since last year. The percentage share of Ethereum validators in the U.S. was 36.92% in 2021, while Germany’s share stood at 21.16%.
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💰 XRP rallies 8% in 24 hours as Ripple records minor wins against SEC
XRP bulls are propelling the asset to embark on a new rally, even as the general cryptocurrency market sentiment remains uncertain. Indeed, XRP’s ongoing surge comes.At the same time, the XRP buyers have increased their stake in the asset.
XRP is trading at $0.41, representing gains of about 8% in the last 24 hours. The gains came after XRP’s ability to build momentum above $0.41 appeared threatened, with the asset hitting a weekly low of $0.34. At the same time, the XRP buyers have increased their stake in the asset, recording gains of $1.46 billion in 24 hours.
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💰 Tornado Cash developer Alexey Pertsev to be detained another three months in Amsterdam
Alexey Pertsev, the creator of the crypto mixer Tornado Cash, will be detained in a Dutch jail for another three months, Pertsev's wife Ksenia Malik confirmed. The Block reported Malik as saying. She had also previously confirmed that Tornado Cash’s developer is indeed Pertsev.
Dutch authorities arrested Pertsev in August after the U.S. sanctioned Tornado Cash’s alleged role in laundering money and use by North Korean hackers. Pertsev's September appeal was rejected and he was forced to remain in jail until Nov. 22. Now, he must remain incarcerated until at least February. Tornado Cash pools the funds of multiple users before redistributing, or mixing, them.
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💰 FTX Exploiter Converts Millions in Ether to Alameda-Linked Ren Bitcoin Tokens
Funds stolen from FTX were steadily converted to ether over the past week, making the exploiter one of the largest holders of the token, as CoinDesk previously reported. a token that represents bitcoin on other blockchains, early on Sunday.
The use of renBTC may surprise some in the crypto space: In 2021, Alameda Research – the Sam Bankman-Fried-owned trading arm at the center of a multibillion-dollar scandal – said Ren’s development team was “joining” Alameda and would work on expanding Ren’s usage to several blockchains.An additional 35,000 ether was then moved to that wallet over three separate transactions.
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💰 CFTC Suing Sam Bankman-Fried, FTX and Alameda for Violating Commodities Laws
The U.S. Commodity Futures Trading Commission (CFTC) today announced a lawsuit against crypto exchange FTX founder Sam Bankman-Fried over alleged violations of federal commodities laws.
Other defendants listed in the complaint are FTX and its affiliated company Alameda Research. The U.S. derivatives regulator alleges Bankman-Fried and other FTX executives took hundreds of millions of dollars in loans from Alameda, using the funds to buy real estate and make donations to politicians.
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🪙 SHIB adds over 600 new holders daily in December after November’s slump
Shiba Inu (SHIB) has traded sideways in recent weeks as the general market felt the effects of the FTX cryptocurrency exchange collapse. However, despite the inability to mount a significant rally.
In particular, as of December 11, SHIB had 1,258,320 holders, adding about 7,083 holders in December from 1,251,237 recorded at the start of the month. In this case, SHIB has added an average of 643 new holders daily in December, according to data provided by Etherscan. For instance, the asset lost almost 9,000 holders in the last week of November.
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🏦 FTX Drama Goes On: SBF and Zhu Su Trade Blows Over Alleged Media Control
SBF and Zhu Su trade blows over alleged media control. Zhu Su – one of the co-founders of the collapsed cryptocurrency hedge fund Three Arrows Capital – is firing shots at Sam Bankman-Fried over alleged media influence, control, and deflection of hard questions.
Zhu Su took it to Twitter earlier today to express some of his thoughts on why he chose to become more active on social media following the FTX meltdown and not before. There were a couple long-form articles in August that got squashed at major publications, bc editors feared reprisal/loss of access to SBF. There’s no evidence, because it didn’t happen. Please, please, focus on your own house.
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💰 Collapsed FTX Sought $100M Sponsorship Deal With Taylor Swift: Report
According to a Financial Times report citing people familiar with the matter, the abortive deal reportedly revolved around a potential tour sponsorship and included a ticketing arrangement with digital certificates in the form of non-fungible tokens (NFTs).
One former FTX employee reportedly said that the exchange had sought a “light degree of endorsement” from Swift on social media—though Swift herself, according to a person close to the discussions, never contemplated agreeing to endorse the exchange.worth more than $100 million with Taylor Swift.
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🇵🇾 Paraguay legislature strikes down crypto mining bill
Paraguay struck down a crypto bill that would cap electricity rates for mining operations. The bill was generally aimed at regulating the commercialization, intermediation, exchange, transfer, custody and administration of crypto assets, CoinDesk first reported.
Senator Fernando Silva Facetti at the time said that the president's decision ignored "the existence of this activity that today functions in regulatory shadows.".Speaking to the lower house of Paraguay’s legislature on Monday, Deputy Tito Damián Ibarrola said that the country had an abundance of renewable energy and would benefit from the taxes deriving from its sale to the bitcoin mining industry.
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🇺🇸 SBF Publicly Punts on U.S. House Hearing Invitation
Sam Bankman-Fried today replied to a Friday invitation from U.S. Rep. Maxine Waters on Twitter, saying he’s “not sure” he’ll be ready to participate in a scheduled Dec. 13 hearing in Washington, D.C.
Bankman-Fried was called to testify before the U.S. House of Representatives Financial Services Committee. The committee's ranking member, Representative Maxine Waters, tweeted to Bankman Fried that "we would welcome your participation in our hearing" on Capitol Hill.The invitation wasn’t a demand or subpoena.
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📶 Former SEC official slams Tether for running a Ponzi scheme, labels firm as a ‘house of cards’
According to Reed, who worked with SEC for almost two decades, Tether’s failure to disclose key information about its balance sheet might be a sign the firm is operating as a ‘house of cards’, Reed said in a tweet. alleged lack of transparency by USDT stablecoin provider Tether.
The former SEC official made the remarks in response to a December 2 CNBC interview where Tether co-founder Reeve Collins was tasked to explain the company’s lack of full disclosure, especially in the wake of the FTX cryptocurrency exchange collapse. Based on Collins’ response, Reed suggested that the company was running a Ponzi scheme. FTX alongside BlockFi’s bankruptcy filing.
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💰 Bitcoin’s 1.7% inflation rate performs better than the Fed’s 2% target
The Bitcoin inflation rate fell from 50% in 2011 to 4% in 2020 prior to the halving and now stands at 1.7%, a figure way below the U.S. Federal Reserve’s monetary inflation rate target of 2%. digital currency’s fundamentals have remained unaffected by 2022’s negative GDP growth.
According to reports, the US Federal Reserve ought to reconsider the 2% inflation rate target, given the rising interest hikes and the cost-benefit of a 4% monetary inflation rate. Some experts argue the benefit of increasing the rate would result in higher average nominal interest rates that would give enough room for implementing monetary policies.
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🪙 Huobi announces launch of world’s first national token, DMC
Huobi has said that it will be launching the world’s first national token called Dominica Coin (DMC) — endorsed by the Commonwealth of Dominica. As the world’s first national token, DMC will be issued on the Tron blockchain (TRC20) initially.
Furthermore, Huobi state that the DMC token will allow holders the opportunity to obtain passports issued by the Government of Dominica, enabling holders access to over 130 countries without a visa. The DMC token “is granted a statutory status as an authorized crypto in the Commonwealth of Dominica and can be circulated locally in Dominica as a means of payment.”
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🥭 Aave Feeling the Squeeze Even After Failed Attempt by Mango Hacker
The most interesting story in DeFi this week was the return of the “highly profitable trader” Avi Eisenberg. You might remember that Eisenberg attacked Solana-based Mango Markets last month, making off with more than $100 million. This week, he took on a much bigger project.
Over the course of ten days beginning on November 14, Eisenberg amassed a loan on Aave for 92 million in CRV, Curve’s governance token (roughly $39 million at the time), using $50 million in the stablecoin USDC as collateral. And like with his Mango attack, Eisenberg simply worked within the parameters of the project’s code. There was no fraud, hacks, backdoors, or tax loopholes.
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🥇 Analyst Confirms GBTC’s 633K Bitcoin Claim Despite Grayscale’s Reluctance to Share Proof of Reserves
Proof of Reserve has emerged as a popular way after the FTX implosion to reassure customers to verify a custodian’s assets via cryptographic techniques. According to the analyst, there could be two reasons explaining Grayscale’s reluctance. One, there could be a non-disclosure policy enforced by Coinbase Custody.
The reliability of centralized crypto exchanges to serve as stewards for customers’ assets has been questioned multiple times. But it was not until the spectacular collapse of FTX into bankruptcy that reinvigorated the discussion around a potential called – Proof of Reserves. An OXT Research analyst, who is pseudonymously known as Ergo, has confirmed the existence of Grayscale’s on-chain holdings with the help of on-chain forensics.
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🦊 ConsenSys updates policy to collect IP addresses from MetaMask
MetaMask developer ConsenSys updated its privacy policy on Nov. 24 to start tracking MetaMask users’ IP addresses and Ethereum addresses when they send a transaction. The update applies to users who use Infura as their Remote Procedure Call (RPC) provider in MetaMask.
Infura is an affiliate of ConsenSys and is set as the default RPC provider in all MetaMask wallets. The update also informs that if users change their RPCs from Infura to another provider, their data won’t be collected by ConsenSys. Still, they will be subject to whatever information collection policy is performed by the RPC provider of their choice.
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🚨 Hacker steals $42 million from Fenbushi Capital partner Bo Shen
Bo Shen, founding partner at Fenbushi capital, said his private crypto wallet was hacked in an incident on Nov. 10, which resulted in a $42 million loss of various crypto assets. The rest of the stolen assets included tether (USDT), uniswap (UNI), reputation (REP), and liquity (LQTY) tokens, on-chain data from the wallet shows.
A total of 42M worth of crypto assets, including 38M in USDC were stolen from my personal wallet ending in 894 in the early morning of November 10 EST,” Shen said in a tweet. Shen said he reported the exploit to relevant law enforcement agencies. He clarified the stolen assets were personal funds and were separate from Fenbushi and its related entities.
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🪙 Ethereum Plunges 7% As FTX Accounts Drainer Dumps ETH for Bitcoin
Ethereum has slipped over 7% on the day as the attacker who purportedly drained FTX wallets dumped a significant portion of their accumulated ETH and traded it for Bitcoin.According to data from Etherscan, the on-chain Ethereum holdings of the ‘FTX Accounts Drainer’ dropped 26%.
The resulting price pressure has seen Ethereum drop by over 7% in the past 24 hours, according to data from CoinGecko. On Sunday, Ethereum broke the $1,200 barrier, trading as low as $1118.64, a new weekly low for the cryptocurrency. At press time, ETH trades at around $1,117, with weekly losses of over 8%. Since the start of 2022, ETH has lost nearly 75% of its value.
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🟠 Binance Has No Big Plans for India Due to High Taxation, Says CZ
Binance CEO Changpeng Zhao (CZ) has all but given up on India. Pointing out the 1% transaction tax that came into force on 1 July 2022, CZ said it makes crypto trading unviable in India. Speaking at the TechCrunch Session: Crypto 2022 on November 17 in Miami, CZ further pointed out that Binance is engaged with blockchain associations and influential persons.
The 1% transaction tax on crypto activities became effective on 1 July 2022. And, Binance seems to be a major gainer as traders have deserted Indian exchanges for fear of tax reporting and compliance and thronged to foreign exchanges, including Binance, which is yet to take a call on compliance with new taxes. The Binance app witnessed 429,000 downloads in August in India, the highest for the year, and over three times more than the runner-up, CoinDCX, media reports said in early September.
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