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🚨 Alameda wallets seemingly being drained, according to on-chain data
FTX CEO Sam Bankman-Fried said earlier this week that Alameda would be wound down, following a stunning fall from grace for the once-mighty crypto exchange. Funds were seemingly being channelled out of Alameda wallets, with millions in tokens being redirected to one address this morning.
Transactions to the wallet included 9.8 million wrapped XRP (around $3.6 million), about 6.8 million in the Render network token (around $3.4 million), about 3.4 million in xSUSHI (about $5.3 million) and 100 million in BitDAO's token (around $30 million), according to logs on block explorer Etherscan, as of 5:45 a.m. ET. Data also showed 11 million in the stablecoin Tether moved from crypto exchange Kucoin.
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🚨 Kraken holds FTT tokens, but claims no exposure to Alameda
Cryptocurrency exchange Kraken said it has no exposure to Alameda Research, but that it holds around 9,000 FTT, the native token of embattled exchange FTX. "We have not listed the FTT token on our spot or futures exchanges and Kraken is not affected by the recent FTX news in any material way," said the company in a statement.
The statement comes amid rife speculation as to which companies might be affected by the stunning collapse of FTX — either by having lent it money, through equity investments, or because of money held on the exchange. On Nov. 8, FTX revealed that it had agreed to an acquisition by rival Binance. Yesterday, however, that acquisition fell through after Binance reviewed the FTX's financials.
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📉 Riot Blockchain third quarter revenue falls short of analyst estimates
Bitcoin mining company Riot Blockchain fell short in the third quarter, missing analyst targets for revenue. Riot posted a net loss of $36.6 million, or 24 cents a share, compared to $15.3 million, or 16 cents a share, from a year earlier, the company said. Revenue dipped 28% to $46.3 million, missing what Bloomberg said was a $54.2 million analyst expectation.
Despite the decreasing revenue, Riot is still in relatively strong shape compared to other mining firms. Iris Energy faces default claims, Core Scientific warned it might have trouble paying its debts and Argo said it was in a similar position. Over the past year, most bitcoin mining company stocks tracked by The Block fell as bitcoin traded down, lately falling to around $20,600.
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🚨 IRS is Building Hundreds of Crypto Tax Evasion Cases
The IRS is dealing with a much higher portion of crypto tax cases than in the past, as opposed to just money laundering crimes. According to division chief Jim Lee, many of these cases will be made public soon, of which are largely related to tax. Hundreds of crypto-related cases are piling up at the Internal Revenue Service.
As reported by Bloomberg Tax, some of his division’s most common cases are related to off-ramping (exchanging crypto for fiat currency) and non-reporting of crypto-based pay. Crypto has a strong reputation as a tool for criminal activity, such as scams and ransomware. However, money laundering has consistently comprised a smaller portion of crypto-based activity over time, as blockchain forensic firms like Chainalysis develop more sophisticated tools to track criminal transfers. According to Lee, the division has seized $7 billion of crypto in total since the start of fiscal 2022.
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🚨 Bankruptcy top of mind as miners confront market downturn
Bitcoin miners take center stage on the earnings calendar next week, but bankruptcy is what is weighing on the minds of investors and analysts alike. That’s what happens when one of the highest-profile companies in the space says it’s running out of money. Core Scientific, the biggest miner by computing power, warned last week that it may miss debt payments and take drastic steps to stay alive.
Many miners pursued lofty expansion plans during the headier days of the bull market, taking on large amounts of debt to finance machines and infrastructure to keep up with the global network growth. Then bitcoin prices plummeted from an all-time high last November, energy prices shot up and mining difficulty increased, pressuring margins and leading companies to the precipice. Compute North, meanwhile, beat them both in the race to the bottom and filed for bankruptcy last month.
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🚨 Crypto exchange Deribit loses $28 million in hack, halts withdrawals
Deribit, the largest bitcoin options exchange by market share, lost $28 million in a hack. The company also halted withdrawals. "Deribit hot wallet compromised, but client funds are safe and loss is covered by company reserves," Deribit tweeted. "Our hot wallet was hacked for USD 28m earlier this evening just before midnight UTC on 1 November 2022."
The hack is the latest blow for the exchange that recently took a hit from liquidating Three Arrows Capital’s (3AC’s) positions after the now-bankrupt crypto hedge fund failed to meet margin calls. It comes shortly after Deribit raised around $40 million from existing investors at a $400 million valuation, as The Block reported in late September. The company’s insurance fund will also be not impacted as the loss will be covered by its reserves, Deribit said.
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📣 Coinbase submits amicus brief in Ripple case
Crypto exchange Coinbase filed for permission to submit a brief in the ongoing case between the Securities and Exchange Commission and Ripple Labs, saying the lack of clarity in crypto enforcement actions is putting U.S. exchanges at a disadvantage.
The exchange filed a motion to submit an amicus curiae brief, and if approved, the accompanying document would be taken into account as the court weighs its decision. Both Ripple and the regulator recently moved for summary judgment, asking a judge to make a decision based on the agreed-upon facts rather than sending the case to trial. Coinbase has repeatedly called for specific SEC rulemaking for crypto.
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⚡️ Bank of America seeks crypto public policy expert to draft bills, spot 'key risks' to business
Bank of America is seeking a crypto policy expert to keep tabs on digital asset regulation and identify "key risks" fintech could pose to its business. The posting of the job ad for a public policy analysis and insights manager for crypto comes as large institutions and lawmakers take a more serious look at digital assets.
The candidate for Bank of America’s crypto job would be responsible for analyzing policy proposals, drafting legislation, developing advocacy strategies and building coalitions within the industry. The role would also entail writing bill amendments and comments to regulators, along with drafting testimony to present to lawmakers and regulators, among other tasks. The role would also involve identifying “key risks that emerging financial technologies.
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💰 FTX could launch its own stablecoin via a partnership, says Bankman-Fried
FTX is yet to decide its approach for a potential stablecoin launch, it won't be the first exchange to do so. Rival Binance launched its native stablecoin BUSD in September 2019 in partnership with Paxos. BUSD is currently the third-largest stablecoin in the market, after tether and USDC.
Last month, Binance started to prioritize BUSD over several others on its trading platform. The company announced a "BUSD Auto-Conversion" that converts users' existing balances and new deposits of USDC, USDP and TUSD stablecoins at a 1:1 ratio. Binance also ended trading pairs for the three stablecoins against BUSD and tether — as well as major cryptocurrencies like bitcoin and ether. The share of BUSD trading has increased on the platform, according to data compiled by The Block Research.
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🚨 Polychain-backed DFX Finance hacked for $7.5 million
DFX Finance, a decentralized exchange protocol for fiat-pegged stablecoins, reported that it was attacked at 2:21 pm ET. An unknown attacker siphoned approximately $7.5 million from DFX, according to estimates from security researchers at BlockSec.
The DFX Finance team acknowledged the security exploit and said it has paused all of its smart contracts to contain the issue. “We were notified of the suspicious activity within 20-30 mins of the first transaction and executed a pause on all DFX contracts within a few minutes after confirming the attack,” it said. The remaining portion of the stolen assets — about $3.2 million — was extracted by an MEV bot in a front-running transaction, also called a sandwich attack.
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⚡️ Crypto payments firm Ramp raises $70 million in 'more than 50% up round'
Crypto payments firm Ramp has raised $70 million in Series B funding as its valuation increases to at least $450 million. The equity round, which closed in early October, was co-led by the investment arm of Abu Dhabi-based sovereign wealth fund Mubadala Capital and venture firm Korelya Capital, according to Ramp.
Ramp's core product is its software development kit for on- and off-ramp payment features where users can buy cryptocurrencies via debit and credit cards, bank transfers and Apple Pay. One of its competitors, Wyre, was subject to a failed acquisition deal by fintech firm Bolt, which backed out of its $1.5 billion deal in September. Sypniewicz said Ramp wasn't interested in such a deal.
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🚨 Hacktober Finished With $657 Million Losses From Crypto Exploits
Hackers profited $657 million in 44 DeFi exploits last month after returning about $100 million to a few platforms. Last month was quite spooky for the crypto industry as it saw the highest number of DeFi hacks this year. While October was expected to be “Uptober,” it quickly turned to “Hacktober” as cyber criminals ransacked top crypto projects for hundreds of millions of dollars.
According to PeckShield, the biggest amount of funds was stolen from the BNB Chain exploit that saw hackers wipe a whopping $586 million from the blockchain network. It was followed by the Solana-based crypto lender, Mango Markets, which was exploited for $100 million. A recent tweet by the blockchain security company PeckShield pointed out that October was the biggest month for hacking activities this year. The DeFi market suffered from 44 exploits that impacted 53 protocols in the tenth month, with the hackers.
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📣 Mempool Studio launch presale for web3 yearbook, almanac
Mempool studio is immortalizing events in the web3 space with a limited edition of hardcovers and digital collectibles in a Web3 Yearbook 2022 that will be launched next year, according to a press statement shared with CryptoSlate. The yearbook is a 300-page document that examines the remarkable events that happened throughout the year from the perspective of industry insiders.
According to the press statement, the yearbook would include charts, data, exclusive insights, and interviews covering DeFi, Gaming, Metaverse, Infrastructure, Investment, and more. The web3 space has experienced one of its most significant years as the industry has had to deal with a record bear market and the implosion of several crypto firms. Despite this, the industry has enjoyed more institutional support in the current year than in the past.
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📣 Pudgy Penguins seeks $10 million from investors; CEO denies raising money
The project is in talks with investors about raising up to $10 million in a seed round, based on documents obtained by The Block that include outreach to prospective investors, excerpts from a pitch deck, and a term sheet. The documents indicate that the round, if closed, would give Pudgy Penguins a $50 million valuation.
Pudgy Penguins CEO Luca Netz strongly denied that the project is raising money, however. He described The Block’s reporting as “all wrong information,” and warned he would publicly brand any story on the subject “fake news.”. Netz took over as CEO of the project after acquiring it for $2.5 million in April. The Los Angeles-based entrepreneur previously ran a dropshipping business, according to CoinDesk. Upon taking the reins of Pudgy Penguins, he outlined plans to roll out a line of toys — and in August he tweeted an image of a prototype.
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1inch launches "Learn & Earn" course together with Revolut
1inch Network is pleased to announce the launch of the “Learn & Earn” crypto course as part of the Revolut educational program with various partners. This is the first step in partnership with a leading client-oriented platform that offers all the necessary tools for wealth management.
As a one-stop DeFi entry point, the 1inch Network provides an opportunity to create a clearly structured three-lesson course that covers the basics needed to get started with decentralized finance. For greater motivation, students will receive rewards in 1INCH tokens.
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💰 Hoskinson predicts more crypto adoption as sovereign currencies fail
Cardano (ADA) founder Charles Hoskinson has predicted that crypto will get more adoption as the national fiat currencies of several countries start to fail. According to Hoskinson, South American countries are experiencing a left-wing wave, which he believes will impact the region within the next decade.
Hoskinson made this prediction based on the recent victory of Lula Da Silva as Brazil’s new president. Da Silva previously served as Brazil’s President but was imprisoned in 2017 on corruption charges. A Supreme Court decision eventually released him. A recent Chainalysis report noted that crypto adoption in South America had grown by 40% within the last 12 months.According to the report, citizens in the region adopted crypto as an avenue to hedge against inflation.
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🇸🇻 El Salvador Opens a Bitcoin Embassy in Switzerland
The embassy is dedicated to encouraging more states and countries to adopt Bitcoin. El Salvador has signed a memorandum of understanding with the city of Lugano, Switzerland aimed at spreading Bitcoin adoption across the continent. The central American nation has also opened a “Bitcoin office” within Lugano, according to the country’s U.S. ambassador Milena Mayorga.
During Tether’s inaugural Plan B forum in Lugano on Friday, Mayorga said the office would be staffed by a new Honorary Consul devoted to advocating Bitcoin throughout Europe. El Salvador became the first country in the world to establish Bitcoin as a legal tender in September 2021. Despite the coin’s massive price retracement since that time, its President remains supportive of its use and has even bought more during the bear market. Tether on Friday applauded the partnership between El Salvador and Lugano.
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💸 Web3 is ripe for radical disruption, says Big Brain Capital's Kasey
Big Brain is rapidly gaining traction as one of the more active investment firms in the blockchain space, with more than $60 million deployed in more than 200 projects. All of this since last year, when early-stage investors and SolBigBrain started providing backing for protocols such as NEAR and Solana.
In addition, The Block Research showed Big Brain as one of the top 10 most active investors this year measured by deals, tied with Spartan and trailing closely behind Jump and Polygon Studios. Coinbase led in overall deals closed. Big Brain team members Kasey, who goes by one name, and Sam Kim provided insight into where the venture capital firm anticipates potential growth in the crypto industry and what they hope to see from regulators.
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