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22 ноября 2022 05:05

💰 South Korea and Singapore Hit Hardest by FTX Collapse: Report

The fallout from the FTX collapse will be measured for years to come. Geographically, three Asian countries have been impacted the most. The report is slightly misleading, however, as it ranked the top 30 countries by monthly users, not the amount lost by customers in each country.

The third largest user base was also an Asian country, with Japan accounting for 223,513 unique users on average visiting FTX.com monthly. Japanese investment giant, SoftBank, invested $100 million in FTX earlier this year, it reported. Taiwan and India were also in the top ten, and Asian countries in the top 15 accounted for more than 25% of the users of FTX. The details from the FTX bankruptcy filings were unveiled over the weekend.

Source

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20 ноября 2022 04:43

🇨🇦 Canada’s largest pension fund writes off $95M FTX investment

According to the pension fund, it made two investments in the embattled exchange between October 2021 and January 2022 through its Teachers’ Venture Growth (TVG) platform. Its first investment in Oct. 2021 was worth $75 million, while its second investment was $20 million.

Ontario Teachers revealed that it carried out a robust due diligence process that explored the exchange-provided materials and other research materials on commercial, regulatory, tax, financial, technical, and other matters. The pension fund said the financial loss from the FTX investment would have a minimal impact on its plan, given its size relative to its total net assets and strong financial position.

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18 ноября 2022 06:25

💰 FTX bankruptcy filings highlight 'complete failure of corporate controls'

Fresh FTX bankruptcy filings called out Sam Bankman-Fried and the rest of the failed crypto exchange's leadership for a "complete failure of corporate controls" and cited the former CEO's "incessant disruptive tweeting" since the exchange imploded. If granted, the move would help consolidate the myriad of bankruptcies into one U.S. court.

The company’s bankruptcy lawyers argue that Bankman-Fried is actively trying to disrupt the bankruptcy process for the myriad of corporate entities that fall under the FTX umbrella. The embattled crypto mogul has set up a fight against the lawyers and executive hired to shepherd the wind-down process, the new CEO and lead lawyer for FTX’s bankruptcy argue. The filing lays out FTX’s current assets and describes the case as “unprecedented”

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16 ноября 2022 03:50

💰 Solana Foundation reveals minimal exposure to FTX

According to the Foundation, it also had 3.43 million FTX tokens (FTT) and 134.54 million Serum (SRM) tokens on the exchange before it stopped processing withdrawals. Serum is a Solana-based decentralized exchange founded by Sam Bankman-Fried (SBF).

The Foundation continued that FTX and its sister company Alameda Research purchased 50.5 million units of Solana between August 2020 and January 2021. These tokens are valued at over $700 million based on the current value of SOL and are scheduled to unlock in 2028. Apart from that, Solana Labs said it sold over 7.56 million SOL ($106 million) to Alameda Research in 2021.

Source

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14 ноября 2022 03:23

🚨 Crypto Exchanges Gate.io and Crypto.com Appear to Be Faking Proof of Reserves

Crypto.com have replied the movement of funds, stating The ETH transfers were made over three weeks ago, on October 21st to Crypto.com whitelisted corporate account at Gate.io. Crypto.com proceeded to withdraw the funds back to its cold wallets over the following days.

Etherscan data, as cited by Conor, showed that Crypto.com sent the funds to Gate.io on Oct. 21 while Gate.io sent back 285k ETH within a week. He noted that both the sender and receiving addresses were connected to Crypto.com. However, the CEO of the exchange, Kris Marszalek, explained that the transfer was a mistake. He claimed they were supposed to be transferred to another cold wallet but instead sent to a whitelisted external wallet.

Source

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12 ноября 2022 04:35

📣 Centralized exchanges are scrambling in attempts to prove their reserves

Multiple centralized crypto exchanges have indicated over the last few days that they will be offering proofs of reserves, a system through which users will be able to check the amount of funds held on the platforms, though not necessarily their liabilities.

Trust has been plummeting for centralized exchanges over the collapse of FTX exchange, which most traders had considered to be trustworthy. Its CEO, Sam Bankman-Fried, never disclosed that it was loaning out customers' deposits for venture investment and lending activities. Much of the current distrust stems from FTX's mishandling of customer funds.

Source

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10 ноября 2022 08:30

🚨 Multicoin Capital hit by FTX collapse, with 10% of its fund's AUM stuck on the exchange

Multicoin Capital, one of the top crypto-focused venture capital firms, is significantly impacted by crypto exchange FTX's collapse, a letter obtained by The Block shows. The letter, sent Tuesday by Multicoin Capital managing partners Kyle Samani and Tushar Jain to partners of the firm's "Master Fund," shows that around 10% of the fund's.

Assets including BTC, ETH, and USD are pending withdrawal and represent approximately 15.6% of the assets in the Fund (excluding side pockets) and approximately 9.7% of total Fund AUM. Before FTX halted withdrawals on Tuesday, Multicoin Capital was able to withdraw around 24% of the fund’s assets that were held on the exchange, according to the letter. The letter does not mention dollar figures corresponding to the percentages.

Source

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08 ноября 2022 04:11

🚨 Investors Withdraw Millions From FTX as Binance Begins Liquidating FTT Token

Crypto exchange FTX is under the industry's microscope again. Hot on the heels of Binance CEO Changpeng “CZ” Zhao declaring that Binance is liquidating its stash of FTX’s native exchange token FTT, mass withdrawals from FTX have accelerated, with weekly stablecoin outflows from FTX reaching a whopping $451 million, according to Nansen data.

Conversely, Binance has seen net inflows of more than $411 million over the same period. Some of those stablecoin withdrawals, as highlighted by blockchain analysts at PeckShield, were executed by Jump Trading, which has transferred about $40.4 million worth of USDC stablecoin from FTX in the past 24 hours. The trading firm has since transferred $6.1 million in USDC back to FTX. Stablecoins haven’t been the only asset leaving FTX, either.

Source

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06 ноября 2022 05:19

🇺🇸 74 US Lawmakers Violated Insider Trading Laws but Won’t Face Charges as Ex-Coinbase Employee

US regulators have been complicit as belligerent lawmakers allegedly broke a law meant to prevent insider trading and conflict of interest. Some 74 members of Congress will likely go scot-free after they bought and sold millions of dollars in stocks that they failed to report.

US Securities and Exchange Commission (SEC), which oversees issues of market manipulation, clamped down on similar violations in crypto. The sector has always maintained a cynic detachment from any form of central control. Issues of insider trading in crypto might have festered for some time. But its characteristic distrust of centralized oversight could be justified after this apparent selective application of the law by the securities regulator, according to observers.

Source

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04 ноября 2022 09:22

💸 Crypto fund-of-funds Protocol Ventures is shutting down: Bloomberg

Bloomberg reported the news on Thursday, citing unnamed people familiar with the matter. The shuttering is expected by the end of this year or the first quarter of next year, per the report. Protocol Ventures reportedly sent notices to investors at the end of October about the move.

Protocol Ventures was founded in 2017 by serial entrepreneur and venture capitalist Rick Marini, reportedly as the first-ever fund-of-funds for cryptocurrencies. The fund had started with $1 million of Marini's own money and it had hoped to raise $100 million at the time. Investors in Protocol's fund-of-funds may have lost as much as 90% over the past year, according to the Bloomberg report.

Source

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02 ноября 2022 15:57

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01 ноября 2022 03:57

📉 Crypto Platform Hodlnaut Lost $190 Million From Terra’s Crash

The Singaporean cryptocurrency lending platform – Hodlnaut – reportedly lost approximately $190 million due to its exposure to Terra’s algorithmic stablecoin UST. The latter’s collapse in May has been one of the most notorious crypto events so far this year. Numerous sources revealed that the crash of the native token LUNA and the stablecoin UST caused crucial losses.

The Singaporean entity seems to have been hiding the facts for a while. Bloomberg’s data disclosed that Hodlnaut deleted over 1,000 “key” documents that could have shown the aforementioned exposure. As such, the judicial managers were unable to solve the issues between the company’s Hong Kong subsidiary and Hodlnaut Pte in Singapore. The former supposedly owes $58.3 million. Hodlnaut suspended withdrawals, deposits, and token swaps in August, citing “difficult market conditions.”.

Source

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30 октября 2022 06:54

🥇 Over 70% of Bitcoin millionaires were wiped over three quarters in 2022

Since the start of the year, the cryptocurrency market has lost almost $1 trillion in market cap due to the downward pressure imposed on it, culminating in a run of bankruptcies involving crypto hedge funds and lenders, including Celsius Network, Voyager Digital, and Three Arrows Capital, and the scaling back of operations at firms like Blockchain.com and Coinbase.

According to data compiled by Finbold, the number of Bitcoin millionaires fell by 70.23% in the first three quarters of 2022 due to the bear market, with the total number of Bitcoin millionaires as low as 29,497 as of September 28, 2022. an additional 4,102 of the addresses had a combined balance of approximately $10 million or more at the end of Q3.

Source

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28 октября 2022 05:49

💰 SushiSwap's new Head Chef describes himself as a 'wartime CEO'

Decentralized exchange SushiSwap Head Chef Jared Grey is certainly aware that he’s got a tough grind ahead. Amid these issues, SushiSwap has largely faded out of sight. While the exchange once nearly matched main competitor Uniswap’s volumes, last month it saw just 2.2% of the activity on Uniswap.

Grey, who took on the role three weeks ago — after a lengthy search and public hiring process — has joined a team marred by controversy and personal disputes. The role has been occupied by three individuals in the past, one who stole $16 million from the project’s treasury, one who was ousted by the team, and one who erupted on Twitter blaming everyone but himself. Yet Grey is optimistic that he can turn things around in the same way as a new CEO might revive a dying business.

Source

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21 ноября 2022 04:02

💰 FTX Launches Strategic Review of Assets as Hacker Dumps ETH

Bankrupt FTX has launched a strategic review of all its assets to see how they can be recovered for maximum value for its stakeholders’ benefit. A Nov. 19 press statement from the bankrupt crypto exchange said the strategic review would be for FTX Trading Ltd, known as FTX.com, and the over 100 companies affiliated with it.

According to the press release, many of the regulated and licensed subsidiaries of FTX, both inside and outside the US, like LedgerX LLC and Embed Clearing LLC, have “solvent balance sheets, responsible management, and valuable franchises.”. To go ahead with the assets review, the bankrupt exchange has submitted motions before the bankruptcy court. It is asking for an interim relief that will allow the operation of a global cash management system and allow the company to pay critical vendors.

Source

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19 ноября 2022 04:13

🏦 Bitstamp Follows Other Exchanges in Canceling Orders for FTX and Celsius Tokens

Bitstamp is set to disable new orders and cancel existing orders for all FTT and CEL trading pairs, it announced on Friday. FTT is the proprietary exchange token of FTX, which offered customers small discounts on trades for holding FTT before the firm’s high-profile slide into bankruptcy last week.

CEL offered users of the now defunct crypto lender Celsius a small increase in rewards on the platform before the lender shut down withdrawals in June. The move comes after many other exchanges in the crypto world have already started prohibiting users from trading FTT: Binance removed the FTT/BTC, FTT/BNB, FTT/ETH and FTT/USDT trading pairs from its platform earlier this week.

Source

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17 ноября 2022 04:24

📉 Temasek, Sequoia, SoftBank take more the $600 million in FTX write-downs: Bloomberg

FTX investors including Temasek, Sequoia Capital and SoftBank are writing off hundreds of millions of dollars they poured in the now-failed exchanged, Bloomberg reported, citing people familiar. The news comes days after FTX filed for bankruptcy protection and amid a series of cryptic tweets.

Singapore's Temasek International is writing off its up to $300 million FTX investment, while Sequoia Capital wrote down the full value of its $214 million bet on the exchange. SoftBank Group Corp. is expecting a loss of $100 million on its investment. The news comes days after FTX filed for bankruptcy protection and amid a series of cryptic tweets by former CEO Sam Bankman-Fried that he's trying to raise liquidity and make customers whole.

Source

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15 ноября 2022 03:37

📊 DeFi Weekly Exchange Volume Hits $32 Billion Amid FTX Collapse

The shockwaves from FTX’s historic collapse are still being felt across the industry today, but some industry segments, like DeFi, are actually doing better because of it. Trading volumes on decentralized exchanges (DEXs) hit a whopping $32 billion over the last seven days, according to data from Dune Analytics.

The lion’s share of the volume comes from Uniswap, which accounts for $20.9 billion of the trades made over the same period. On November 8, volumes on Uniswap more-than-tripled from the day before. That was the same day Binance announced it had signed a non-binding agreement to bail out FTX for an undisclosed amount. Many exchanges posted an overnight doubling of trade that day, including Curve, which went from $700 million to $1.3 billion.

Source

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13 ноября 2022 05:43

🚨 Binance CEO expects more regulatory scrutiny following FTX implosion

Binance CEO Changpeng Zhao said his firm backed out of the FTX deal because it did not make sense and the huge financial hole they would have had to cover. Speaking at the Indonesia Fintech Summit on Nov. 11, CZ said Binance already covers most of the markets that FTX.com operates in.

The Binance CEO also referenced the regulatory scrutiny FTX has drawn as one of the reasons it dropped the deal. Reports have revealed that US agencies were investigating FTX’s handling of customer funds and lending activities. CryptoSlate research revealed that FTX and Alameda Research had used Binance as an unsuspecting intermediary in siphoning funds from each other.

Source

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11 ноября 2022 06:39

⚡️Kraken CEO on FTX collapse: 'The damage here is huge’

The crypto industry needs to raise its standards in the wake of the implosion of Sam Bankman-Fried’s cryptocurrency exchange FTX. That’s according to fellow exchange Kraken's CEO and co-founder Jesse Powell, who hit out at “clowns” in the industry who sell out their customers.

Kraken is one of several companies with exposure to FTX. It holds about 9,000 FTT, the native token of FTX. Amber Group, Crypto.com, Galaxy Digital, Multicoin Capital, Selling Capital, Sequoia Capital and Wintermute have also released statements detailing their exposure to the company. FTX ran into trouble at the start of this month following reports that Sam Bankman-Fried’s trading firm held significant amounts of FTT.

Source

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09 ноября 2022 05:26

⚡️ Alameda provides proof it holds 100 million bit tokens after BitDAO query

Under pressure crypto trading firm Alameda Research provided proof it still holds 100 million bit tokens it received in a swap agreement with BitDAO after a request for clarification from the one of the world's largest investment DAOs. The tokens — worth about $39 million at current prices — have been moved to a designated wallet, BitDAO tweeted.

Alameda and FTX, a trading firm and crypto exchange both founded by Sam Bankman-Fried, have come under pressure this week after Binance CEO Changpeng Zhao tweeted that Binance would beginning selling its holdings of FTT, FTX's token. Zhao cited “recent revelations” for the decision — seemingly a reference to a CoinDesk report that revealed details of Alameda’s balance sheet. The swap agreement from 2021 saw BitDAO receive almost 3.4 million FTT in exchange.

Source

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07 ноября 2022 05:54

Layoffs sweep crypto as economic concerns mount; Dapper Labs, Bitmex among hardest hit

The industry faces not only an ongoing bear market marked by depressed digital asset prices, but also a tough macroeconomic environment where inflation and a series of U.S. interest rate hikes have intensified fears of a recession. Coinbase, which recently restructured its product team and laid off staff earlier this year, is one company worried that conditions might worsen.

GSR made layoffs equal to less than 10% of its staff in the third quarter. The market maker and liquidity provider made the cuts to focus on long-term growth, a GSR spokesperson said, adding that the company currently employs 300 people. Back in July 2021, GSR co-founder Rich Rosenblum said during The Scoop podcast that the company had plans to grow its staff from 25 to more than 200 in a year’s time. New York City-based Galaxy Digital has been eyeing staff cuts of 10-15%, Bloomberg reported.

Source

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05 ноября 2022 05:46

📉 Coinbase MTUs beat estimates, trading volumes miss

Coinbase's third quarter sales missed estimates while its Monthly Transacting Users (MTUs) topped expectations. Shares whipsawed in after-market trading. The cryptocurrency exchange said revenue for the third quarter was $590 million, coming in shy of the $641 million estimate of analysts surveyed by FactSet. MTUs came in at 8.5 million, above the 7.7 million estimate.

Coinbase also said next year would be difficult, noting that it was preparing "with a conservative bias and assuming that the current macroeconomic headwinds will persist and possibly intensify.". Shares in the exchange fluctuated after hours, first trading down around $53.40 before briefly trading above $60. Coinbase shares were trading at $57.50 after the market close, up from $55.80 at the close. MTUs were 9 million during the second quarter versus 9.2 million in the first quarter.

Source

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03 ноября 2022 06:14

📣 MetaMask partners with NFTBank for improved NFT price tracking

NFTBank, a firm building tools to improve NFT value and data visibility, has partnered with major web3 wallet provider MetaMask. Through this collaboration, MetaMask is launching a new NFT portfolio tool that informs users of the changing price value for their NFTs using NFTBank’s valuation engine.

The need for understanding the appropriate price of NFTs has become ever more clear with many learning the dramatic volatility of NFT markets the hard way, and simultaneously learning the potential of NFTs as a new digital asset class,” Daniel Kim, the CEO of NFTBank, said in a company statement. Two of the most popular NFT projects, Bored Ape Yacht Club and CryptoPunks, are both worth about 65 ETH, or $103,000, The Block’s Dashboard showed on Tuesday.

Source

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02 ноября 2022 04:37

📣 PieDAO proposes token buyback after ending liquidity mining program

DeFi yield platform PieDAO has filed a proposal to its community for a phased buyback of its tokens, after ending the protocol’s liquidity mining program in October. The goal is to prevent a further price decline — although the token is already down 98%.

PieDAO’s liquidity mining program incentivized those providing liquidity on the platform with tokens. Some of these tokens were liquid while the majority were subject to a one-year vesting schedule. Token emissions used to reward liquidity providers increase the number of the protocol’s tokens in circulation, hence why they often lead to a decline in price over time. In PieDAO’s case, the DOUGH price declined 98% during its liquidity mining program.

Source

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31 октября 2022 03:55

🪙 Dogecoin shoots by 115% in a week as bulls push DOGE to reclaim 5-month high

Meme cryptocurrency Dogecoin (DOGE) is recording significant gains in the wake of Twitter’s (NYSE: TWTR) acquisition by Tesla (NASDAQ: TSLA) CEO Elon Musk. The asset is also witnessing increased buying pressure, with investors hoping Musk’s takeover of the social media giant will likely give DOGE more utility.

In particular, by press time on October 29, Dogecoin was trading at $0.12, recording gains of 115.25% from the $0.05 value witnessed on October 23. Furthermore, the DOGE weekly chart shows the price peaked at $0.14 on October 23, representing a five-month high. At the same time, the asset is recording a spike in capital inflow. By press time, the token controlled a market cap of $16.86 billion, representing an additional $9.02 billion within a week.

Source

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29 октября 2022 04:36

📣 DeFi protocol deBridge to launch new standard for cross-chain transfers

DeFi protocol deBridge is set to launch DeSwap Liquidity Network (DLN), allowing users to complete cross-chain transfers without all the associated risks of using a bridge network, according to a press statement shared with CryptoSlate.

According to the press release, the DLN architecture enables limitless cross-chain value transfer with zero slippage and no need for assets to be locked in the ecosystem. According to the interoperability-focused company, it can achieve this with DLN thanks to its design. Instead of the locked liquidity of existing bridges, DLN design is based on liquidity on demand through a P2P liquidity marketplace.

Source

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