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📉 Analyzing the WBTC FUD after the FTX collapse and its depeg
Wrapped Bitcoin is the leading form of Bitcoin “wrapped” in a smart contract on the Ethereum network. This allows it to be used in Ethereum-based decentralized finance (DeFi) applications.
BitGo is the main WBTC issuer, meaning they are responsible for the BTC backing and custody. Alameda Research, Sam Bankman-Fried’s Prop Fund, was a WBTC top merchant, which means they would accept BTC from customers and send it to BitGo to mint WBTC. This article analyzes WBTC on-chain indicators and the FUD around the asset’s depeg.
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📣 Bybit introduces new KYC requirements for P2P trading, fiat deposits and NFT trades
Bybit will require updated Know-Your-Customer (KYC) verification checks for various products from Dec. 15. Bybit's one-click buys, fiat deposits and peer-to-peer trading will require individual KYC, as will NFT purchases and sales of more than $10,000 on the secondary marketplace, according to a new post in the exchange's help center.
NFT deposits, withdrawals and purchases from the primary marketplace will have compulsory KYC enforced from Dec. 30. Withdrawal limits for each KYC level will also change on Dec. 20, with non-KYC users able to withdraw a maximum of 20,000 USDT per day and 100,000 USDT per month. Crypto deposits and trading appear to be unaffected.
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💸 Jack Dorsey’s Block Co-Leads in $2M Seed Round in East African Bitcoin Miner
The latest capital infusion will be used to support the company’s expansion across East African markets. Gridless – a Kenyan-based Bitcoin mining company – has announced raising a $2 million seed investment round led by venture capital investor Stillmark and digital payments firm Block, Inc.
According to the official press release, Gridless harnesses small-scale renewable energy grids in rural Africa. The company has participated in five different project contract pilots in rural Kenya alongside an African hydroelectric company – HydroBox. Currently, three of these pilots are operational. While mining operations in some parts of the world still rely on fossil fuels to power their rigs, many are turning to sustainable ways forward.
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💰 1inch tokens worth over $100 million set to be unlocked by Dec. 30
1inch, a decentralized exchange aggregator, is about to experience a massive unlock that will see tokens currently worth $111 million released from their vesting schedule, according to data from TokenUnlocks.
The DEX aggregator launched its native token in December 2020. Only 6% of the total supply was released then, with the remaining tokens locked in a four-year vesting schedule ending in December 2024. Tokens were initially distributed among entities including the core team, investors, advisors and the community, as with other DeFi projects.
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⚡️Sales of Bitcoin Mining Rigs in Russia Surge in Q4: Report
Russian crypto miners are piling up ASIC crypto mining rigs, owing to cheaper electricity costs. A new report by Kommersant revealed that sales of Bitcoin mining machines in the country surged rapidly in the fourth quarter, a trend backed by a resurgence of demand, despite the chaotic price action of the crypto-asset.
Chilkoot, which happens to be one of the official distributors of crypto mining rigs in Russia, witnessed more sales during the first two months of Q4 compared to the entire Q3.The mining hardware reseller also noticed that their equipment purchases in one transaction increased by 30% compared to the beginning of the year.the company’s sales were recorded to be 65% higher than last year.
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💰 Bankman-Fried-backed bill to feature in Congress' first FTX hearing
The regulatory legislation supported by embattled former FTX CEO Sam Bankman-Fried will be back in the spotlight during the first congressional hearing on FTX’s collapse. The high-profile meltdown has attracted the attention of legislators who want to create new rules.
The bill, which was a major topic during Bankman-Fried’s numerous visits to Washington over the last several months, will be a major topic of conversation during today’s hearing, as its other major proponent — Commodity Futures Trading Commission Chair Rostin Behnam — testifies before the committee again on the topic. The agency head previewed a defense of the bill earlier this week during a public interview.
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💰 Aptos Labs partners with MoonPay for Petra wallet integration
Aptos, the Layer 1 blockchain, is partnering with web3 fintech firm MoonPay through an integration with Petra, the crypto wallet built by Aptos Labs. The partnership will make it easier for users to recruit into the Aptos ecosystem through MoonPay's offerings.
Aptos has been one of the buzziest projects in crypto this year. It was co-founded by Mo Shaikh and Avery Ching, both of whom previously worked on Meta’s Diem project. The chain uses Move, a programming language that builds on top of Rust — the language used on the Solana blockchain. Move was developed by Meta for the Diem project.
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💰 Bitcoin mining revenue lowest in two years, hash rate on the decline
The revenue earned by Bitcoin (BTC) miners fell to two-year lows owing to poor market performance and a heavier computational demand amid rising network difficulty. However, an ongoing downturn in the Bitcoin hash rate over the past month.
The total Bitcoin mining revenue — block rewards and transaction fees — in U.S. dollars fell down to $11.67 million, a number last seen on Nov. 2, 2020, when Bitcoin’s trading price was around $13,500. Adding to the above, the difficulty of mining a Bitcoin block has skyrocketed to an all-time high of almost 37 trillion — forcing Bitcoin miners to spend more energy and computational power to stay competitive.
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🪙 MakerDAO passes vote to close Alameda-linked renBTC as stablecoin collateral
Dai stablecoin issuer MakerDAO passed a governance proposal to remove renBTC from being used as collateral and reduce exposure to what’s deemed a risky asset by the DAO. RenBTC is a wrapped bitcoin asset developed.
Earlier this year, Alameda Research, the sister trading firm of FTX exchange, acquired the Ren project and funded its development each quarter. After Alameda and the FTX exchange filed for Chapter 11 bankruptcy protection, the Ren team said that its existing tokenized bitcoin offering, referred to as Ren 1.0, would be shut down and replaced by a new community-run Ren 2.0.
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🇳🇱 Netherlands man arrested for allegedly laundering money with bitcoin
A man in the Netherlands was arrested for allegedly laundering money using bitcoin. Prosecutors claim there were links to trading on the dark web. The 42-year-old man, from the municipality of Midden-Groningen, was arrested on Nov. 16, according to a statement from the Fiscal Information and Investigation Service.
The investigation was started after the man used Bitcoin ATMs a few times. An investigation found that the man had been making large volumes of bitcoin trades through exchanges for a long time and that he owned a lot more bitcoin than he could have bought with his current income. The man's house in Veendam was searched and his computer equipment and cash were seized.
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🇸🇬 Singapore’s attempt to separate blockchain usage and crypto will not work: Vitalik Buterin
Singapore’s well-meaning attempt at crypto regulation may not work out, given its skeptical approach to the asset class, Ethereum co-founder Vitalik Buterin said in an interview with The Straits Times on Nov. 20. Buterin said he appreciates the city-state’s willingness to be supportive, but it could all be for nothing.
Regulators worldwide want to be supportive of emerging technologies but also find cryptocurrencies “weird and scary” simultaneously, he said. The lack of understanding and fear of crypto makes regulators try and treat blockchain as a separate technology from crypto. where regulators attempt to distinguish between blockchain usage and cryptocurrency.
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💰 Genesis Block HK has more than $50 million stuck on FTX: Source
Genesis Block HK, a crypto over-the-counter (OTC) trading firm based in Hong Kong, has funds stuck in the now-bankrupt crypto exchange FTX, two people with knowledge of the matter told The Block. The exposure is worth more than $50 million, one of the sources said. The impact is significant enough that Genesis Block is shutting down its OTC business on Dec. 10.
Genesis Block was founded in 2012 by Wincent Hung and Clement Ip and served both individual and institutional clients. Its OTC trading desk required a minimum of about $20,000 of transaction value, according to its website. Genesis Block and FTX were related, Hong Kong-based news outlet HK01 reported on Thursday. Ip reportedly once served as a director at FTX Hong Kong and the two companies are said to have shared offices in Hong Kong. Ip did not respond to The Block's request for comment.
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1inch has released 1inch Router v5, which will reduce the cost of gas by at least 10%
The new version makes 1inch users’ swapping activity on the Ethereum network yet more profitable. In the 1inch Router v5, swaps will be roughly 5% more gas efficient than in the previous version and 10% more gas efficient, compared with the second best performing player in the DEX segment.
With the 1inch Router v5, a 100,000 USDC swap into USDT through a Uniswap v3 pool turned out to be 4% more gas efficient than with the 1inch Router v4, 8% more gas efficient than with the second best performing player in the DEX segment and 24% more efficient than other offerings.
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🇧🇸 Bahamas approves provisional liquidators for FTX assets
The Supreme Court of the Bahamas approved provisional liquidators to oversee FTX Digital Markets Ltd.'s assets, according to the Securities Commission of the Bahamas. Brian Simms has been approved as a court-supervised provisional liquidator, while PricewaterhouseCoopers' Kevin Cambridge and Peter Greaves were approved as joint provisional liquidators.
The multijurisdictional nature of the FTX situation — which involves FTX Digital Markets LTd., FTX Trading Ltd., Alameda Research Ltd., and others — was also noted in the release, where the Bahamian authorities share expectations "to engage with other supervisory authorities on a regulator-to-regulator basis.". The news follows Sunday's release from the Royal Bahamas Police Force, which shared that a team of financial investigators from its Financial Crimes Investigation Branch are investigating if any criminal misconduct occured.
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🇧🇷 Brazil Fan Token drops 50% fall in hours after the Croatia World Cup loss
Brazil National Fan Token is down 50% in a few hours and about 56% in 24 hours after losing against Croatia at the FIFA World Cup in penalty shootouts. Brazil’s government and football federation launched BFT on August 25, 2021.
BTF is trading at $0.091049103780 with a 24-hour trading volume of $252,882. The circulating supply of BFT coins is 30 million, and the total supply is 100 million. BTF reached its highest price (ATH) of $1.53 on September 29, 2022. However, following the team’s loss and no upcoming Brazil matches in the near term, investors appear to have lost hope in the token.
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🟠 Third party auditor confirms Binance Bitcoin reserve is over collateralized
Binance’s Bitcoin (BTC) reserves collateralization is in excess of 100% as of Nov. 22, when a snapshot of its total liabilities and reserves was taken, according to financial auditor Mazars.
To arrive at this result, the auditor considered in-scope assets lent through margin and loan service offerings that are collateralized by out-of-scope assets. The firm focused on Binance’s users’ Bitcoin holdings across several blockchains like the Bitcoin network, Ethereum (ETH), and Binance-backed blockchain networks (BNB Chain and Binance Smart Chain).
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🌍 Bitcoin Lightning company Strike enables payments to 3 African countries
Strike, a payments platform built on Bitcoin's Lightning network, enabled instant and low-cost payments to Nigeria, Kenya and Ghana for U.S. users through its "Send Globally" feature. partnership with African payments platform Bitnob, according to a press release.
High fees, slow settlement, and lack of innovation in cross-border payments have negatively impacted the developing world,” Strike founder and CEO Jack Mallers said. “With exorbitant fees to transfer funds in and out of Africa and incumbent providers halting services, payments companies are struggling to operate in Africa and people cannot send money home to their family members.
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💰 SBF Says FTX Customers Deposited Around $5B Into Alameda-Controlled Account
According to the Wall Street Journal report, SBF said he had no idea how Alameda Research worked despite owning 90% of the company. He revealed that he had little insight into how the trading firm worked. SBF added that customer funds deposited into FTX might have been lent to the crypto trading firm.
SBF revealed that FTX had a flawed internal system that made it difficult to know the extent of Alameda’s trades on the exchange. According to him, he was too busy with work at FTX and other projects to monitor Alameda operations.Reports had revealed that the exchange had no accounting department. Besides that, BeinCrypto reported that Alameda CEO Caroline Ellison and SBF had a relationship.
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📣 Court orders crypto fraudster 'Coin Signals' to pay $2.8 million after CFTC suit
The U. S. District Court for the Southern District of New York ordered a crypto fraudster "Coin Signals" to pay $2.8 million in restitution to victims of a fraudulent scheme. The U. S. District Court for the Southern District of New York ordered $2.8 million in restitution to victims of the fraudulent scheme.
The order resolves an action brought by the Commodity Futures Trading Commission against Jeremy Spence, who earlier this year pleaded guilty to running a Ponzi scheme in which he solicited individuals to invest in digital assets including bitcoin and ether from December 2017 through April 2019. Jeremy Spence had already been sentenced to 42 months of jailtime in May of this year.
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💰 Prosecutors seek arrest warrant for Terraform Labs' co-founder Daniel Shin: Yonhap
The Seoul Southern District Prosecutors Office said Wednesday that it is seeking the arrest warrant over Shin allegedly taking illegal profits from Terra, the blockchain ecosystem overseen by Terraform Labs.
The same authorities reportedly raided the offices of Chai Corporation, a payments technology company founded by Shin, earlier this month. Authorities in South Korea have previously issued a warrant for the arrest of Shin’s co-founder at Terraform Labs, its CEO Do Kwon, as well as asking Interpol to issue a red notice for Kwon’s arrest. That came despite Kwon’s claims that he is not on the run.
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💰 CFTC chair defends bill that FTX's Bankman-Fried also backed
Commodity Futures Trading Commission Chairman Rostin Behnam defended legislation backed by both himself and former FTX CEO Sam Bankman-Fried, arguing on Monday that if his agency gains authority over spot markets it will protect.
Behnam responded to a question on FTX and Bankman-Fried, who pushed for the same legislation Behnam supports to give the CFTC more power over crypto markets and exchanges. The regulator needs to know what is going on, whether it is people or a code that is operating an organization, and how trades with customers are being facilitated.
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🌍 Crypto Exchange Bitget Expands to Africa. Plans To Hire 400 New Workers
The cryptocurrency winter has been colder for some than others. While some cryptocurrency exchanges are forced to conduct massive employee layoffs to weather the bear market, others like Bitget continue to make massive hires to improve their services. Africa and Europe as strategic market regions.
On November 25, the cryptocurrency and crypto derivatives exchange Bitget announced its registration in the Seychelles, Africa, as a means to facilitate its global expansion. As reported by The Cryptonomist, Bitget plans to increase its workforce by 50%, going from 800 workers to 1200 during the first quarter of 2023. In addition, it is hiring engineers and marketing professionals to improve its users’ experience.
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🇪🇺 EU blockchain infrastructure plan proceeds as parliament passes digital policy
The European Parliament passed a vote on the Digital Decade policy program, which will help businesses and public services digitalize their work and promises support for a “pan-European blockchain-based infrastructure.".The plenary meeting vote passed by 529 to 22 on Thursda
The policy file sets ambitions for the European Union to achieve digitization goals for 2030. It outlines large-scale, so-called “multi-country projects” to achieve the targets covering topics such as building common data infrastructure, beefing up on high-performance computing, rolling out 5G internet corridors and investing in blockchain and web3 solutions.
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💰 Coinbase survey shows 62% of investors increased allocations over 12 months
A Coinbase survey found that crypto winter may not be as cold as expected. The 2022 Digital Assets Outlook Survey shows that 62% of investors who are currently invested in crypto increased their allocations in the past 12 months compared to 12% who decreased allocations.
The survey interviewed 140 institutional investors to get a read on current sentiment and outlook toward digital assets since the start of the current crypto winter. To be sure, the survey was conducted prior to the meltdown of Sam Bankman-Fried's FTX and Alameda. The firms—which jointly filed for bankruptcy protection—have sent a ripple effect across the entire market.
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💰 FTX Exploiter swaps 50K ETH to BTC swap sparking concern for Ethereum as ETH dips 3%
On Nov. 20, the FTX Exploiter account began to start shifting the stolen funds once again — totaling 50,000 Ethereum (ETH) valued at an estimated $60 million.Spread roughly across a four-hour window, the hacker first shifted 5000 ETH, then 10,000 ETH twice, and then finally a further 25,000 ETH to another wallet.
With $60 million in ETH on the new ‘0x866’ wallet, the FTX Exploiter then began bridging portions of the 50,000 ETH using RenBridge, the blockchain bridging platform backed by Alameda Research. The FTX Exploiter continued to swap the majority of the 50,000 ETH into renBTC and bridged a total of 692 renBTC. explained by the founder of YCC, Duo Nine.
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💰Bankman-Fried cashed out $300 million during FTX fundraise last year: WSJ
FTX founder Sam Bankman-Fried quietly cashed out $300 million in personal stakes in the midst of a $420 million fundraise in October 2021, the Wall Street Journal reported. The move was unusual in the world of startups, as founders don't typically see a profit prior to investors.
The stock sale in October 2021 came during a six-month fundraising effort that brought in $2 billion from investors like BlackRock, Sequoia Capital and Temasek and that valued FTX at $25 billion, the Journal said. For its FTX shares, Binance received $2.1 billion in the form of BUSD and FTT tokens. Those FTT tokens seemed to become the catalyst for a market tip-off that something was off.
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🏦 Gemini Dollar Lending Rates Spiked as High as 73% on Aave Amid Genesis Freeze
Gemini Dollar lending rates on decentralized finance (DeFi) lending protocol Aave soared as high as 73% on Wednesday after Gemini announced that withdrawals from its Earn product may be delayed due to Genesis' lending arm halting withdrawals outright. Genesis services the exchange's Earn product.
The first is that speculators are attempting to short the asset. Second, liquidity may be fleeing the pool and being converted to an alternative asset.Rates on platforms like this are a function of supply and demand; as supply shrinks or demand spikes, the rate to lend out the asset in question will rise to attract holders to deposit their funds. There are two likely reasons that these rates would spike above 50%.
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⚪️ Former Comptroller Otting joins Blockchain.com board
Blockchain.com is adding a banking expert to its board of directors, Joseph Otting, the former U.S. Comptroller of the Currency, the company said in a blog post. “I’m honored to join the board of Blockchain.com and help it navigate the regulatory landscape as one of the most established firms in its space,” Otting said in a statement.
Otting served as comptroller during the Trump administration, from 2017 to 2020. The comptroller oversees federally chartered banks, savings associations and federal branches of foreign banks that operate in the United States. Otting previously worked in the banking industry, serving as president of CIT Bank and OneWest Bank. Otting has also held roles at U.S. Bancorp, Union Bank of California and Bank of America. Obama-era White House deputy chief of staff, and former American Airlines CEO Tom Horton.
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🏦 Binance Shouldn’t be Responsible to Every User’s Loss in the Industry: CZ
CZ addressed many questions in the most recent Binance AMA, related to the exchange’s reserves, state of withdrawals, the FTX fallout, and more. Binance’s CEO, CZ, had an ask-me-anything (AMA) session on Twitter and answered community questions, mostly related to the FTX fallout and how he thinks the industry will move forward.
One of the more interesting questions was from a user who made an argument that Binance investing in FTX gave legitimacy to the now-bankrupt exchange, which led many people to use it. He asked if CZ will consider refunding those who lost money. Answering the above, CZ made it clear that there’s a fine line when it comes to responsibility and that, especially when it comes to FTX, it should be shared to some extent. he made sure to say that most of the blame should fall on SBF for his fraudulent.
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