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🪙 Ethereum, 200 days after The Merge: $4 billion in ether not added to supply
Exactly 200 days after Ethereum switched from the energy-intensive proof-of-work consensus mechanism to proof of stake, the impact of the network's tokenomics change have been made clear. When The Merge took place it lowered the amount of rewards given to those running the network. Combined with the previously introduced burning mechanism.
Since The Merge, the total supply of ether decreased by 75,000 ($134.5 million), representing an annual decrease of 0.114%. For comparison, were The Merge never to happen, the total supply of ether would have increased by 2.2 million — worth more than $4 billion at current prices. With The Merge, however, came the temporary inability to unstake staked ether — an action that will become available shortly when Ethereum's Shanghai upgrade is implemented on April 12. Shanghai will allow those who staked ether to withdraw their staked coins — but not all at once.
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📣 Bittrex Exchange In The US Was Shut Down After Trading Activity Dropped Below 1%
Bittrex has announced its intention to quit the United States, blaming regulation ambiguity. Due to the difficult legal and economic climate, cryptocurrency exchange Bittrex will shut its US platform on April 30 after 9 years of operation, according to information released on the company’s official website. Wake up in this room. Regulatory requirements are frequently ambiguous and enforced without adequate discussion.
In recent months, multiple US authorities have scrutinized platforms such as Coinbase, Kraken, and Binance. On Thursday, Galaxy Digital CEO Michael Novogratz stated that the crypto business is “under attack” from US authorities. According to The Block’s head of research, Steven Zheng, while recent legislative problems may have influenced the exchange’s choice to exit the nation, they are likely not the only cause. .”Their volume in the US is so low that it’s not worth the effort to stay afloat,” he said, citing Bittrex’s 24-hour bitcoin traffic of $4.5 million. However, this poses serious concerns about the suitability and feasibility of the US legal structure for the crypto sector.
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🪙 Circle’s USDC stablecoin sees market cap plunge $10 billion over past two weeks
Circle’s USDC continues to see redemptions en masse as the stablecoin's market cap fell to about $32.5 billion, a decline of roughly $10 billion over the last two weeks. "It appears that the events of early March have damaged the trust crypto investors and traders have in the reliability of the stablecoin, despite Circle offering full redemptions without delays for USDC," said Steven Zheng, director of research at The Block.
Net redemptions in the past 24 hours reached close to $463 million, with $487 million burned and just $24.1 million minted. USDC's market cap has gone from around $33.3 billion to $32.8 billion over the same period, according to data from The Block. Troubles with the stablecoin began in early March when news surfaced that Circle had $3.3 billion of reserve funds held in Silicon Valley Bank, which led to USDC de-pegging from the US dollar. After U.S. federal bank regulators guaranteed the full return of customer deposits from Silicon Valley Bank and Signature Bank.
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📣 Kraken to team with F1's Williams Racing as its first-ever crypto partner
Kraken, which earlier this month acknowledged a regulatory "weird place" amid the recent shuttering of its on-chain staking services for U.S. clients to settle charges brought by the U.S. Securities and Exchange Commission, said the partnership will connect racing fans around the world to the crypto community "on a quest for financial freedom."
The crypto exchange said it plans to give selected Kraken NFT holders a chance to see their digital collectibles displayed on the rear wing the Williams Racing car, which will also feature Kraken branding for the remainder of the 2023 FIA Formula One World Championship season. The exchange said it will to announce additional benefits including exclusive content, fan pop-ups and co-branded merchandise. While there has been a small drop in crypto-related Formula 1 sponsorship this year amid a broader challenges across the industry, the web3 sector is still "going strong" with new brands continuing to join the race.
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📣 Nasdaq says institutional appetite in crypto is steady as it plots push into custody, trading
Nasdaq is betting its established reputation will help it secure a strong place in the world of crypto. The 52–year-old exchange operator is waiting on approval from the New York Department of Financial Services by the end of June to begin offering custody to clients. Nasdaq announced its intention to move into crypto following the collapse of Three Arrows in July.
"Trust had started to break down a little bit and they really needed that trusted player to come in," Matt Savarese, Nasdaq's head of strategy for digital assets, told Frank Chaparro on The Scoop podcast, recorded in Paris. U.S. agencies have been consistently cracking down on crypto-related companies. Among some of the actions being taken, in February, the NYDFS ordered crypto infrastructure firm Paxos to stop issuing the stablecoin Binance USD. And last week, the U.S. Securities and Exchange Commission sent a Wells notice to Coinbase notifying the company of investigations into several offerings.
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🪙 Ethereum Shapella Upgrade: Bug Bounty Doubled to $500k
After deployment on Ethereum’s mainnet, Shapella will enable staked ETH withdrawals for the first time. With the much-anticipated Shapella upgrade just around the corner, the Ethereum Foundation has increased the bug bounty. In the 105th All Core Developers Consensus (ACDC) call, Security Researcher at the Ethereum Foundation – Fredrik Svantes.
The bug bounty program offers financial compensation to individuals or groups who find security flaws or vulnerabilities in an organization’s systems. In the case of Ethereum, the rewards depend on severity which is calculated according to the OWASP risk rating model based on impact on the network as well as likelihood. Its bug bounty program includes soundness of protocols (the blockchain consensus model, the wire and peer-to-peer protocols, proof of stake, etc.) and protocol/implementation compliance to network security and consensus integrity. It further includes classical client security and security of cryptographic primitives.
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🪙 QuickNode Empowers Blockchain Developers with Flow Integration to Accelerate Global Adoption
QuickNode, a leading blockchain infrastructure provider and end-to-end Web3 development platform, today announced its support for Flow, a permissionless public blockchain designed for mainstream adoption. Flow provides developers with a powerful, user-friendly platform built for usability. This integration further empowers developers to create scalable applications by leveraging Flow's unique multi-role architecture.
Trusted by world-class brands such as the NFL, NBA, Ticketmaster, and Mattel, Flow offers a mobile-ready infrastructure, user-centric account model, and frictionless onboarding — making it an ideal choice for developers seeking to create applications with a seamless user experience across platforms. QuickNode's support for Flow will empower developers to build innovative, beautiful dApps, taking advantage of Flow's features while benefiting from QuickNode's robust infrastructure. QuickNode's integration with Flow is a significant milestone for our blockchain infrastructure ecosystem.
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📣 Adult Crypto Payment Service SpankPay Closed Due To Lack Of Funding Problem
SpankPay, an adult-themed payment service, announced its closure after its upstream payment processor, Wyre Payments, canceled its arrangement with the firm. Wyre’s new payment processor, checkout dot com, does not accept payments from adult enterprises, according to the payment company. SpankPay was forced to stop operations in January 2023 after its long-time infrastructure partner, Wyre.
The period of normality was short-lived since SpankPay was shut down again in early February, but Wyre continued to function smoothly. Within 24 hours, Ameen Soleimani, the creator of SpankChain, got an email from a Wyre official announcing that Wyre was suspending its service due to breaches of network restrictions in its user agreement, despite earlier vowing to support the company. During the downtime, SpankPay was able to secure user assets and continue to allow user withdrawals. Wyre got additional cash a few days later, allowing SpankPay to resume operations.
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📣 Crypto Firms Are Retreating to Swiss Banks After Industry Meltdown
American crypto companies are quickly moving offshore to find reliable banking access. With the largest crypto-supportive banks in the U.S. crumbling at the seams, industry firms appear to be retreating to Switzerland for a financial lifeline. Crypto-focused banks in the region are reporting higher traffic after Silvergate, Signature Bank, and Silicon Valley Bank (SVB) all effectively failed over the past two weeks.
SEBA Bank managing director Yves Longchamp told Reuters via email that the bank has experienced a “pronounced uptick” in traffic from the United States, according to a report published Monday. Representatives from the bank’s Singapore, Hong Kong, Abu Dhabi, and Switzerland offices also noted more interest from American clients. Meanwhile, the country’s Arab Bank has seen increasing interest from crypto venture capital businesses since early March, when doubts around Silvergate’s finances began to circulate. Arab Bank’s head of treasury, Rani Jabban, said 80% of its prospective client increase came from former Silvergate customers.
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💰 Republic Capital Has Recently Transferred 24.5 Million MATIC To Coinbase
Republic Capital moved 24.5 million MATIC (about 27.2 million US dollars) to Coinbase on March 17, according to Spot On Chain monitoring. The price of MATIC when it was transferred to Coinbase was 1.11 US dollars. Republic Capital, which was one of the investors in Polygon’s US$450 million private placement fundraising earlier.
Republic Capital, a prominent US investment business, recently moved 24.5 million MATIC to Coinbase, one of the world’s major cryptocurrency exchanges. This significant purchase exemplifies the rising trend of institutional investors entering the cryptocurrency market and becoming more involved in the management of their digital assets. Republic Capital’s decision to invest in MATIC, a popular cryptocurrency noted for its rapid and low-cost transactions, indicates the firm’s belief in the cryptocurrency industry’s future growth.
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🪙 Biggest USDC burn on record just occurred, net redemptions since Friday reach $4.5 billion
Circle's stablecoin continues to struggle to win back confidence, and the biggest redemption on record just occurred as $723.5 million was sent to a null address and burnt, according to data via Arkham. More than $6.2 billion USDC has been redeemed since Friday, with around $1.66 billion minted — bringing net redemptions to a little over $4.5 billion.
U.S. federal bank regulators then guaranteed the full return of Silicon Valley and Signature Bank customer deposits, and Circle CEO Jeremy Allaire said operations would resume on Monday. They did, as did a steady stream of redemptions. "Despite Circle turning on redemptions and providing assurance that redemptions will be met with reserves, it seems like USDC holders are still nervous about the current environment," said Steven Zheng, director of research at The Block Research. Given Circle holds its cash reserves with many other banks.
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🆘 PeopleDAO hacked via Google Sheets, $120,000 worth of ether stolen
PeopleDAO, a group formed to buy a copy of the U.S. Constitution, has lost 76.5 ETH ($120,000) to a social engineering hack on March 6 that targeted the project’s monthly contributor payout form on Google Sheets. the accounting lead mistakenly shared a link to the payout form with edit access to a public channel on the project’s Discord Server.
The hacker was able to use this edit access on the form to insert their address and a 76.5 ETH payment. The hacker then made this row invisible on the form. This hidden row on the form escaped the team’s notice during rechecks. It also was not picked up by the multi-signature signers who executed the transfers after data from the form had been sent to the airdrop tool on Safe. As such, the attacker’s wallet received the 76.5 ETH payment. The hacker subsequently transferred the ether to two centralized exchanges — HitBTC and Binance.
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📣 Stablecoin issuers seek to diversify banking partners in the wake of Silicon Valley Bank's meltdown
The failure of California-based Silicon Valley Bank today leaves the crypto market with one fewer lending partner, adding further pressure on stablecoin issuer Circle to beef up its portfolio of bank partners. Silicon Valley Bank, which ranks many tech companies and startups among its clients, became the largest bank to fail since the 2008 financial crisis on Friday.
Silicon Valley Bank is one of six banking partners Circle uses for managing the ~25% portion of USDC reserves held in cash," Circle said in a tweet late Friday. "While we await clarity on how the FDIC receivership of SVB will impact its depositors, Circle & USDC continue to operate normally. That leaves Circle with two fewer banks to hold the cash tied to its USDC stablecoin. Circle is in the process of establishing new banking relationships, according to sources. The stablecoin issuer also banks with BNYMellon and Citizens Trust Bank.
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🏦 Coinbase Launches Wallet-as-a-Service APIs For Scalable And Secure Onchain Wallets
Coinbase, a leading cryptocurrency exchange, has recently announced its new Wallet-as-a-Service (WaaS) offering. This service allows any company to integrate a crypto wallet into its platform, providing users access to various digital assets. This new offering from Coinbase is aimed at businesses of all sizes, from startups to large enterprises.
According to Coinbase, WaaS eliminates the need for businesses to invest time and resources in developing their infrastructure for managing cryptocurrencies, which can be complex and time-consuming. The WaaS offering provides a simple and secure solution for businesses to offer their users crypto wallets and related services. Coinbase’s new WaaS offering is also designed to provide an additional layer of security for users’ crypto assets. The company utilizes its advanced security protocols to protect user funds from potential hacks or breaches.
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📣 Argo mined more bitcoins, increased revenue — despite network difficulty
The amount of bitcoin mined daily by Argo Blockchain and the mining company's revenue increased in February. Last month, the dual-listed blockchain technology company mined 162 bitcoins or equivalents, equating to 5.7 bitcoins per day — an increase of 7% over January's average — it reported in a statement.
Considering February's daily foreign exchange rates and crypto prices, Argo's mining revenue amounted to $3.76 million — an increase over January's $3.42 million. Argo's statement notes that it was able to see these increases despite a double-digit monthly rise in Bitcoin's average network difficulty. The company held 101 bitcoins or equivalents on Feb. 28, and its total hash rate capacity remains at 2.5 EH/s. The dual-listed blockchain technology company’s mining revenue amounted to $3.76 million. an increase of 7% over January's average — it reported in a statement.
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📣 Vitalik Buterin: zkEVM can solve verification problems in Ethereum
Ethereum, a smart contracting platform powering decentralized finance (DeFi), non-fungible tokens (NFTs) operations, and more, has a problem that cannot be solely solved by layer-2 scaling platforms, its co-founder Vitalik Buterin recently stated. Buterin said though the network is widely used and there are users, it is a challenge to verify mainnet transactions.
Challenges arising from this mean not many people can run their nodes and instead rely on trusted third parties, including light clients. Although lightweight clients are essential, the co-founder notes that verifying whether a particular Ethereum validator follows established protocol rules is challenging. In the first option, he suggests constraining the mainnet and forcing activity to layer-2. This would require reducing the mainnet gas-per-block target from 15 million to 1 million, with the only function of layer-1 being to verify layer-2 protocols. While this solution could work, there can be flaws.
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📣 Hydra Ventures DAO raises $10 million for fresh take on fund of funds
Decentralized autonomous organization Hydra Ventures is shaking up the world of fund-of-funds investing with a new model for the crypto industry. Hydra Ventures DAO is the brainchild of pseudonymous venture investor Pet3rpan, a partner at venture firm 1kx. The decentralized organization has raised $10 million from investors to build a DAO that will back other investment DAOs.
DAOs, collective organizations with no central authority that use blockchain technology for governance, are still relatively nascent. Data on DeepDAO show over 40 already exist. Pet3rpan helped pioneer one of the first investment DAOs, MetaCartel Ventures, which has 75 members and deployed over $13 million into more than 70 projects, including Gitcoin and Gnosis Safe. He initially viewed the fast deployment pace of investment DAOs as "more of a bug than a feature." Now he sees it as an advantage. Hydra Ventures will invest in between 30 to 40 DAOs — with a goal of investing up to 10% into the investment DAO itself.
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📣 Fidelity is building out a crypto and token research team
Asset management giant Fidelity is building out its crypto research chops, hiring for a lead for its crypto and token research development team. The newly created role would be a senior position that would join its existing quantitative research and investments technology team in its asset management business, as per a job advert posted to LinkedIn.
Fidelity is no stranger to the crypto market, having a stood up an institutional trading and execution services team since 2018. The firm also recently opened up bitcoin and ether trading to its retail brokerage clients. It plans to expand the offering by allowing clients to move coins on and off its platform. As for the new crypto research role, the position will report into the vice president of quant development and will "partner with other Fidelity business and technology leaders to identify and define strategic priorities based on an understanding of business value needs."
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🔵 Circle USDC Circulation Fell By $2.1 Billion In The Last Week
According to official data, from March 17 to March 24, Circle issued a total of USD 500 million USDC, redeemed USD 2.6 billion, and circulation declined by approximately USD 2.1 billion. As of March 17, the entire circulation of USDC was 34.6 billion US dollars, while the reserve was 34.6 billion US dollars, including 5.6 billion US dollars in cash and 29 billion US dollars in short-term US government bonds.
Circle’s problems began with the closure of SVB, where the stablecoin issuer stored US$3.3 billion of its assets. The money is designed to back USDC 1:1 with the dollar. USDC depegged for almost 36 hours, falling as low as 85 cents. This decline in circulation might be attributable to a variety of things, including a shift in market trends or a shift in customer tastes. Additionally, it may be worthwhile to investigate alternative solutions to this problem, such as expanded marketing efforts or collaborations with other firms, in order to drive up demand and enhance circulation.
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🟠 Binance Users Get Past KYC Controls With Help From ‘Angels’
A recent report by CNBC has revealed that some Binance employees and “volunteers” are helping users in China and other countries evade Binance’s Know Your Customer (KYC) controls. The report states that these individuals, who call themselves “Angels,” share a variety of techniques with other users on how to bypass these controls, including forging bank documents.
The revelation of these practices raises questions about the integrity of BNB’s operations and the extent to which it is willing to go to maintain its user base. The company has faced regulatory scrutiny in the past, and this latest report could further damage its reputation. This report highlights the challenges facing crypto companies operating in countries with restrictive regulations. It also underscores the importance of KYC controls and the need for companies to ensure that their employees and volunteers are adhering to local laws and regulations.
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🔵 Thief lays trap to claim 3 million ARB tokens in upcoming airdrop
The crypto criminal sent ether to around 2,400 wallets in order to approve a contract that allows recipients to claim the airdrop, which is set for Thursday. Normally this wouldn’t be a problem, but this person also appears to have access to the wallets' private keys. The approved contract will automatically claim the airdrop on behalf of the thief, bypassing any bots that might be set up to sweep funds that land in the wallets.
Word of the scheme was first brought to light by Arkham Intelligence and a post on GitHub. The ARB token will control the governance of the Arbitrum One and Nova networks through a DAO. Since the bad actor knows the private keys for the wallets, wallet owners can’t necessarily block them. What they can do is revoke the contract that has been set up — but even then they would still need to manually claim the airdrop before the hacker does. In a world often rife with exploits, this attempt to hijack an airdrop is unique. If successful, it means the thief would end up claiming 0.26% of the user airdrop by siphoning them from wallets.
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📣 Cosmos Largest DEX Osmosis Convert 10% Of Treasury Cash Into Bitcoin
As bitcoin records many positive signals for an uptrend, the co-founder of the Osmosis Foundation announced that he would convert 10% of his cash fund into Bitcoin. Osmosis is known to be the largest dex in the Cosmos ecosystem. Osmosis is open-source software built using the Cosmos Software Development Kit (SDK) under the Apache License 2.0. Unlike Bitcoin, Cosmos-based chains offer fast.
Osmosis is not only the leading decentralized exchange but also the leading application-specific chain on Cosmos by cross-chain transaction value. Previously, it mainly consisted of OSMO and USDC. The total amount of the treasury and the specific conversion rate to bitcoin are uncertain. The founder’s decision comes as the Bitcoin price shows a strong recovery. The cryptocurrency market is also offering many positive signs when the banking crisis in the US caused three central banks to close it also tends to spread to Europe when the large Swiss bank Credit Suisse was also acquired by USB group for $3.3 billion today.
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📣 Euler exploiter returns $5.4 million in ETH to DeFi protocol
The exploiter of Euler Finance returned 3,000 ether (ETH) worth about $5.4 million to the DeFi lending protocol on Saturday, according to tweets from on-chain sleuth ZachXBT. The return indicates the exploiter may have reached a deal with Euler Finance after stealing $197 million from the protocol on Monday. Euler Finance offered a 10% bounty ($19.7 million) to the attacker on Tuesday.
Euler lost the $197 million in a flash-loan attack. Flash loans allow DeFi users to borrow large amounts of funds against zero collateral, but the loans must be repaid before the transaction ends. The Euler attacker drained $136 million of staked ether (stETH), $34 million of USDC, $19 million of wrapped bitcoin (WBTC) and $8.7 million of DAI from the protocol. It remains to be seen whether the attacker returns the rest of the funds. "They stopped at 3k ETH so could be trolling again," tweeted ZachXBT. "They were [previously] trolling with that transaction to Lazarus.". Then they transferred 1,100 ETH ($1.8 million) to the cryptocurrency mixer Tornado Cash.
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🇺🇸 SEC, DOJ charge businessman connected to Steve Bannon with fraud involving crypto
Miles Guo, an exiled businessman, was arrested this morning in New York over a $1 billion fraud conspiracy involving cryptocurrency. Guo, who goes by multiple names, defrauded thousands of online followers and bought himself and people close to him “a 50,000 square-foot mansion, a $3.5 million Ferrari, and even two $36,000 mattresses,”.
Guo is also reportedly linked to Steve Bannon, former White House chief strategist to former President Donald Trump. In 2020 Bannon was charged with fraud and arrested on Guo's yacht, before Trump pardoned him as one of his last acts in office. The Securities and Exchange Commission also brought its own charges against the pair on Wednesday for raising more than $850 million in “unregistered and fraudulent offerings.” Guo was charged solely for raising hundreds of millions of dollars through the Himalaya Coin and the related stablecoin, the SEC said.
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📣 Some banks are still willing to play ball with crypto: CoinDesk
The high-profile failures of Silicon Valley Bank, Silvergate and Signature Bank have left something of a void for crypto firms needing banking partners — but certain banks remain open for business. Santander, HSBC, Deutsche Bank, BankProv, Bridge Bank, Mercury, Multis and Series Financial are among the banks still reportedly willing to work with crypto firms.
The list is based on messages — obtained by CoinDesk — exchanged between staff at the outlet's parent company Digital Currency Group, who had been discussing the pursuit of new banking partners for portfolio companies. DCG also contacted BlackRock, JPMorgan and Bank of America — as well as international banks Revolut, United Overseas Bank and Bank Leumi — according to CoinDesk. Even if some tradfi banks are still willing to play ball with crypto firms in the U.S., however, services may be restricted based on crypto exposure. crypto firms, based on messages exchanged by DCG.
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📣 Blockchain.Com Quits Asset Management After Less Than a Year: Report
The startup’s asset management division, BCAM, announced its plans to wind down due to market conditions. Following years of growth, the company decided that 2022 was the year they would expand into asset management services. Unfortunately, the years of experience did not save the firm from the bear market.
Blockchain.com, which was worth about $14 billion when BCAM was launched, created the asset management service in collaboration with Altis Partners. The service was geared towards high-net-worth individuals and institutional investors and upsold the idea of investing in cryptocurrency with less risk due to “algorithm-based risk-managed exposure” – a string of words that don’t mean much, considering all trades, crypto or not, are done using algorithms. Margin calls, for instance, are technically based on an algorithm that reduces the risk for the broker.
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🪙 Aave begins first phase of token recovery rescue mission
DeFi lending protocol Aave is set to rescue lost tokens for its users after the DAO voted unanimously in favor of commencing phase one of the asset recovery process. The first phase will focus on tokens mistakenly sent to smart contracts for AAVE, LEND, and staked AAVE tokens. These include tokens like AAVE, LEND, and stkAAVE, as well as UNI and USDT.
The value of rescued tokens is about $2.18 million, according to figures provided by Aave developer Bored Ghosts Developing Lab. AAVE tokens form the bulk of the recovery in this phase with more than 29,188 AAVE and 107 staked AAVE tokens worth a total of $2.16 million. The LEND tokens recovered will be transformed to AAVE at a ratio of 100 LEND to 1 AAVE token. The recovered tokens will be sent to a distributor smart contract. Users will then be able to retrieve their lost tokens from the contract. To do so, they will have to use the same wallet address from which they initially lost them. The team said that the recovery mission will help many affected users.
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🪙 TeraWulf’s Nuclear-Powered Bitcoin Mining at Nautilus Facility is Online
TeraWulf – which focuses on environmentally clean mining operations – has announced starting operations of Nautilus Cryptomine, the first nuclear-powered Bitcoin mining facility in the United States. The facility reportedly sources carbon-free and 24×7 baseload power from the 2.5 GW Susquehanna nuclear generation station located in Pennsylvania.
According to the official press release, the company has bought nearly 8,000 mining rigs online, representing a hash rate of nearly 1.0 exahash per second (EH/s). Another 8,000 mining rigs are expected to be energized over the next few weeks, which would catapult the capacity at the Nautilus facility to 50 MW and 1.9 EH/s by May. Besides boosting its 50-MW stake in the newest nuclear-powered Bitcoin miner, the company is also working on expanding bitcoin mining operations at its wholly-owned Lake Mariner facility in New York with the addition of Building 2. This is expected to increase the facility’s operational capacity from 60 MW to 110 MW.
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🆘 Block.One Founder Lost Over $70 Million Due To Holding Silvergate Stock
According to Protos reports, Brendan Blumer, the founder of EOS and Block.One, had previously spent more than $90 million to purchase about 9.27% of Silvergate’s stock. For regulatory purposes, Brendan Blumer had previously admitted that he was the owner of all 9.27 % of the stock benefits everyone, but as Silvergate’s stock price plummeted.
Dan Larimer, Brock Pierce, and Blumer established Block.One in 2017. At the height of the initial coin offering (ICO) boom, the firm raised a substantial sum of money. Blumer was mentioned as a passive investor in the newsletter Block.One and Blumer investments. Silvergate is well known as a key bank for FTX and Alameda Research. What’s special is that FTX filed for bankruptcy five days before Blumer’s investment. According to other data, as of November 16, 2022, Block.One owns approximately 7.5% of Silvergate, and he owned the 1.7% balance listed on the SEC filing. Block.One claimed to have sold over $4 billion in EOS tokens.
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