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📣 DeFi Will Drive The Next Crypto Bull Market, Says Pantera Capital In A Letter 2023
Pantera Capital, a crypto hedge fund, believes that decentralized finance (DeFi) which is one segment of the digital asset field will be the driving force behind the next bull market cycle. DeFi stayed to be totally intact in 2022, despite decreased rates for top protocols.
According to Pantera’s newest newsletter, CIO Joey Krug, decentralized finance (DeFi) will serve as the cornerstone for the next bull market. However, the CIO, who helps administer the $6.9 billion fund, claims that DeFi stayed to be totally intact in 2022, despite decreased rates for top protocols. Krug believes that 2022, with its numerous crypto blow-ups and falls, was the most turbulent year in crypto history. Krug claims that the code that regulates DeFi protocols has shown to be superior to humans who rely on arbitrary reasoning to persuade their users to trust them.
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📣 Securities and Exchange Commission’s ‘regulation by enforcement’ is stalling crypto, Grayscale CEO says in WSJ
Grayscale Investments CEO Michael Sonnenshein bashed the Securities and Exchange Commission’s “one-dimensional approach of regulation by enforcement” in a letter to The Wall Street Journal. The SEC’s inaction has prevented bitcoin’s advancement into the U.S. regulatory perimeter, often forcing U.S investors offshore.
The original WSJ opinion piece argued that securities regulators seem to be "more interested in protecting their turf than protecting investors.". Grayscale filed a lawsuit against the SEC in July after the commission rejected the firm’s application for a spot bitcoin ETF. Digital Currency Group is the parent company of Grayscale and Genesis, the troubled crypto lender that recently filed for bankruptcy protection. at the expense of U.S. investors,” Sonnenshein wrote.
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🏦 Coinbase Expands its Partnership With German Soccer Club Borussia Dortmund
Coinbase will serve as the Premium Partner of Borussia Dortmund until the end of June, 2023. The US-based cryptocurrency exchange – Coinbase – reportedly doubled down on its agreement with one of the most successful German soccer teams – Borussia Dortmund (BVB).
Coinbase started its partnership with Borussia Dortmund in July last year by running ads on the video screens in the club’s stadium. According to recent coverage, the two have expanded their collaboration. Following the new terms, Coinbase will serve as BVB’s Premium Partner, promote its products and services on Signal-Iduna-Park (the club’s home ground and Germany’s largest stadium), and provide crypto education programs for the team’s employees. The deal, which turned the platform into a Premium Partner of the Bundesliga club.
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📶 Ether Capital CEO: The ‘age of tokenization’ of real-world assets is coming
Regardless of setbacks, developers must deliver code when it is ready, not when investors demand it out of profit-driven motivations, Ether Capital CEO Brian Mossoff told The Block. real world assets begin to show up in markets like Uniswap, Mossoff said.
Mossoff says he is “bullish on Ethereum staking in 2023,” arguing that upgrades to the protocol — like the long-awaited switch to proof-of-stake and a soon-to-be-release update that will allow unstaking on the network — will potentially drive additional capital into ETH. Ether Capital recently upped its staked ETH balance by 7,488 ETH ($11.8 million). This brings the total amount staked by the company to 28,000 ETH ($44.2 million), or about 62% of its total ETH holdings.
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🏦 Coinbase halts operations in Japan citing 'market conditions'
Crypto exchange Coinbase has paused its business in Japan and has advised customers to withdraw their assets from the platform, the company announced on Wednesday. Coinbase blamed the current market conditions for the move.
The exchange stated that it would do a complete post-mortem of its operations in the country following the decision. Coinbase Japan customers have until Feb. 16 to withdraw their assets. Users can choose to withdraw their funds in either fiat or crypto, the announcement stated. Those who fail to do so after Feb. 17 will have to liaise with Japan’s Legal Affairs Bureau — the country’s civil administrative office.
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⚡️ Korbit’s Strengthen Account Monitoring, Report Request From Employees’ Family Accounts
Korbit, a South Korean crypto exchange, decided to monitor not only the employees but also the Korbit accounts of the employees and their families, according to the news site News1 Korea.Family members of the company executives and staff will now be required to report their accounts to Korbit.
According to the Enforcement Decree of the Specified Financial Information Act (Special Act), executives and employees of virtual asset exchanges cannot trade virtual assets on the exchange they are working for. However, the law does not apply to the family members of executives and employees. In addition, the exchange has strengthened overall internal control standards, such as the prohibition of unfair trade and conflicts of interest.
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📣 Société Générale Makes Its First DeFi Transaction With $7 Million DAI Stablecoin
Société Générale – Forge, the French bank’s strong arm in the cryptocurrency sector, used its vault on MakerDAO to borrow $7 million in DAI stablecoin. This is a great first for decentralized finance (DeFi). The company borrowed money from a lending vault on Maker using $40 million worth.
It is true that an entity from the traditional banking world that appropriates the innovations of DeFi, two worlds supposed to operate independently, may seem paradoxical. However, Société Générale – Forge has carried out its first DeFi transaction via MakerDAO. In return, the guarantee is provided by OHFs, tokenized on the Ethereum (ETH) blockchain. These are covered bonds worth $40 million, backed by real estate loans in France and benefiting from a AAA rating, the maximum rating.
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🪙 AVAX Soared 28% After Avalanche Joins With Amazon Web Services
Avalanche recently announced a partnership with Amazon Web Services, the cloud computing platform. Immediately after announcing the partnership, AVAX soared 28% immediately after the announcement. Avalanche and aims to give the network more power and flexibility for developers.
According to the announcement posted by the two parties on the evening of January 11, the Amazon Web Services cloud computing platform officially joined hands with Ava Labs – the organization behind Avalanche, to popularize and scale the application of blockchain technology in businesses, organizations, and governments. The partnership aims to make it easier for individuals to launch and manage nodes on Avalanche.
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🆘 Core Scientific Was Investigated For Securities Fraud Causing Stock Prices Free To Be Dumped
Despite declaring bankruptcy, Bitcoin mining company Core Scientific is still facing financial and legal difficulties. An allegation of the company’s “securities fraud” is under investigation.The company charged the mining company with overselling its hosting services as well as its mining platforms in 2021.
New York-based law firm Pomerantz LLP says it has begun investigating whether Bitcoin mining firm Core Scientific the company’s management has the ability to engage in securities fraud and other illegal business activities that cause the stock price to be free to be dumped. The investigation was prompted by a report from Culper Research in 2022, which alleged that Core Scientific had “wildly oversold” the company’s dedicated servers and mining equipment by 2021.
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🇸🇬 Singapore Crypto Group Speaks Out Against MAS Token Lending Ban
The principal cryptocurrency lobbying association in Singapore has been critical of the central bank’s crypto proposals, calling them “overly restrictive.”.They would also prohibit firms from lending or staking their coins to generate yields.
The Monetary Authority of Singapore recently proposed a range of measures restricting retail customer access to cryptocurrencies. These measures would prevent investors from borrowing to fund their token purchases. They warned that such measures would merely force those interested to to seek out unregulated offshore alternatives.Blockchain Association of Singapore issued an 11-page feedback, speaking out against such a blanket ban.
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⚪️ Nexo says Vauld CEO doesn't have 'best interest' of creditors in mind
Vauld and its committee of creditors (COC) had a rejected "final" takeover proposal from Nexo because of concerns about its financial health and others issues, Nexo responded by saying that Vauld CEO Darshan Bathija doesn't have the best interest of its creditors in mind.
Vauld has been planning to pursue a fund management option for restructuring, given that it is not keen on the potential Nexo deal, and it has identified six potential candidates. Nexo's Final Proposal is the best possible path forward and is the only path forward – we are not sugar-coating the situation, Darshan Bathija's management of Vauld has been devastating," the company said.
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🪙 Sam Bankman-Fried Pleads Not Guilty To Fraud Charges Tied To FTX Crisis
Sam Bankman-Fried, the disgraced cryptocurrency executive, returned to New York and pleaded not guilty on Tuesday to charges that he engaged in widespread fraud and other crimes, nearly two weeks after he was released by a Manhattan judge on a $250 million bond and ordered to stay with his parents in Palo Alto, California.
The cryptocurrency exchange he started, FTX, collapsed as a result of BankmanFried’s -fraud, according to allegations made against him in Federal District Court, where he is currently being tried for his role in the massive losses suffered by his clients. The former crypto billionaire was charged with conspiracy to commit wire fraud and securities fraud, as well as separate counts of securities fraud and wire fraud.
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🪙 Sam Bankman-Fried’s Alameda Research troubles predate FTX
SBF had claimed that the operations of FTX and Alameda were independent, but the recent lawsuit has revealed that both firms worked in conjecture from day one. New reports into Sam Bankman-Fried and his collapsed exchanges revealed that Alameda Research, the now-bankrupt crypto trading firm.
A report published in The Wall Street Journal citing former employees revealed that Alameda incurred heavy losses from its trading algorithm. The algorithm was designed to make a large number of automated and fast trades. However, the firm was losing money by guessing the wrong way about price movements. SBF used the event to get in touch with investors to get funding for his failing trading firm.
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📣 BlackRock Is The Largest Creditors Of Bankrupt Bitcoin Miner Core Scientific
BlackRock is one of the creditors that lent money to Bitcoin miner Core Scientific so it could continue to run while it was filing for bankruptcy. Core Scientific has no intention of selling any equipment or working space.
According to a filing submitted to the U.S. Securities and Exchange Commission on Thursday, its subsidiaries contributed $17 million of the new $75 million loan the miner received from convertible notes stockholders as part of its planned bankruptcy arrangement. the miner went public in a deal with a SPAC, with BlackRock acting as the deal’s anchor investor.
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💰 Solana slides again – token down 96% from ATHs
Solana took another sharp fall today, sinking below $10 for the first time since February 2021. As of press time, SOL was hovering close to the psychological $10 level once more, at $10.02 after dipping below $10 for a second time hours before.
Since the FTX collapse, Solana has been under pressure due to the project’s close ties with the disgraced exchange.Over the last 24 hours, Solana dropped as much as 13%. The fall comes amid wider market sell-offs, with only LUNC, LDO, and XCN down to a greater extent in percentage terms.Solana, being heavily backed by former FTX CEO Sam Bankman-Fried, has suffered worse than others.
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💰 MakerDAO community backs plan to deposit $100 million into Yearn Finance
Governance members of Dai stablecoin issuer MakerDAO have approved a preliminary proposal to deposit $100 million worth of the USDC stablecoin from its reserves into a special investment account known as a "vault" managed by Yearn Finance.
The partnership between MakerDAO and Yearn Finance, which was first suggested in November 2022 by Yearn, a yield aggregator, still needs final approval through an executive vote. Executive Votes are the final step in the Maker Governance process and are used to implement technical changes to the Maker Protocol. The vault has a limit of $100 million and is expected to earn an estimated yield of 2% per year for MakerDAO, worth $2 million.
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💰 Sushi DAO implements proposal to direct all trading fees to treasury
Sushi DAO is set to implement a governance action that will see all fees generated by the SushiSwap decentralized exchange diverted to the DAO’s treasury, following the results of its latest vote on Monday. unlike the previous one which was a tight contest.
Sushi’s new “Kanpai” ratio now goes into effect following the vote. Kanpai is SushiSwap’s fee-diversion protocol. It enables the DAO to determine how much of the exchange’s trading fees can be sent to the treasury. The default Kanpai ratio is 10% but this vote has now raised the figure to 100%. the Kanpai ratio should revert to its original form on Dec. 19, 2023, unless a new tokenomics model is adopted before then. Sushi token holders will not receive rewards from trading fees during this period.
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💸 Brett Harrison Raised $5 Million From Coinbase, Circle For New Crypto Company
Former FTX.US CEO Brett Harrison raised $5 million from well-known investors to create Architect, a new cryptocurrency firm. Architect will develop trading software to make both centralized and decentralized cryptocurrency markets more.
According to reports, Architect will serve institutional customers and provide them access to both the controlled and decentralized cryptocurrency markets. Harrison expressed his hope that Architect will help institutions restore their confidence in the cryptocurrency business in an interview with Bloomberg. Harrison has reportedly collected the fund from well-known industry investors, including Coinbase Ventures and Circle, according to a report from Bloomberg News.
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🆘 Raydium hacker funnels $2.7 million through Tornado Cash mixer
An Ethereum address connected with an exploit of Raydium laundered $2.7 million in ether (ETH) through Tornado Cash on Jan 19., security firm CertiK noted. In December Raydium, a decentralized exchange built on the Solana blockchain, was hacked for over $4.4 million in different assets.
The hacker was able to withdraw Raydium's liquidity pool (LP) tokens into their control after compromising the admin account keys powering Raydium's smart contracts. The hacker later moved the stolen funds to Ethereum. More than a month after the incident, an address labeled by Etherscan as the exploiter of Raydium, transferred $2.7 million in stolen assets to Tornado Cash. Hackers often funnel stolen assets to Tornado Cash because it allows them to obscure the transaction history.
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🪙 Filecoin Foundation set to test IPFS-based communication in space
Filecoin Foundation, the governance entity that controls the Filecoin network, is moving forward with its plan to launch a decentralized file system in space this year, the foundation announced on Tuesday. Filecoin itself, a decentralized storage network, uses IPFS for its protocol.
Filecoin Foundation will deploy the interplanetary file system (IPFS) in space aboard a Lockheed Martin satellite, the announcement stated. This follows on from an earlier partnership between Filecoin and the U.S. aerospace tech firm to design a decentralized file storage system for the space industry. A particular focus will be on the viability of space-to-ground communication using IPFS. Instead of referencing content by unique identifies, it references content by its location on a server.
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🆘 Over $3.7B Lost in 303 Blockchain Security Attacks in 2022: SlowMist
2022 was indeed a challenging year for the crypto industry, marked by significant declines in the value of major assets, liquidity issues for many firms, and an unfortunate number of bankruptcy filings. The industry also faced substantial security threats as hackers stole billions of dollars from users and DeFi protocols.
According to the document, 303 blockchain-related security incidents happened last year, resulting in losses of an estimated $3.7 billion (calculated at the market price at the time of the exploit). The report revealed that about 255 security incidents affected various ecosystems, including DeFi, cross-chain bridges, and non-fungible tokens (NFTs). Additionally, there were ten security incidents involving crypto exchanges, 11 attacking public chains, six exploiting wallets, and 21 of other types.
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🆘 SEC charges Gemini and Genesis with unregistered securities offering
The Securities and Exchange Commission charged Genesis Global Capital LLC and Gemini Trust Company LLC for the unregistered offer and sale of securities to retail investors through a Gemini crypto lending program. The program has been the subject of a public fight between the two erstwhile corporate partners.
In February 2021, Genesis and Gemini began offering the Gemini Earn program to retail investors, whereby Gemini Earn investors tendered their crypto to Genesis, with Gemini acting as the agent to facilitate the transaction, the SEC alleged. Gemini also deducted an agent fee, sometimes as high as 4.29%, from the returns Genesis paid to Gemini Earn investors. As alleged in the complaint, Genesis then exercised its discretion in how to use investors’ crypto assets to generate revenue and pay interest to Gemini Earn investors.
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🟠 Binance CEO outlines ambitions to grow headcount by up to 30% in 2023
Binance CEO Changpeng Zhao said the crypto exchange giant will continue to scale in 2023, with headcount growth goals of between 15% and 30%. The exchange group grew from 3,000 to 8,000 people in 2022 he added, speaking at a conference in St. Moritz, Switzerland.
Plans for the year ahead include improving technology and making the expansive crypto exchange-operator more efficient, as well as investing in customer support. “We have one business that is pretty big, pretty profitable but it is not going to last forever… we don’t want to become the Kodak," he said. "We want to disrupt ourselves rather than other people disrupting us.”. there will be a decentralized exchange that is bigger than Binance.
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📶 Ethereum Staking Tokens Rally as Shanghai Upgrade Nears
As the withdrawal date for unstaking Ethereum closes in, tokens powering various liquid staking protocols are enjoying a hefty rally. Lido Finance (LDO) and Rocket Pool (RPL), for example, have already posted significant gains over the past 24 hours, according to data from CoinGecko.
LDO, the governance token powering Lido Finance, Ethereum’s largest liquid-staking protocol, gained over 17.2% in the last 24 hours and trades at around $1.88. Intense trading for the liquid-staking derivative crypto pumped its daily volumes across multiple exchanges to $276 million, a 436% jump over the previous day. With a market capitalization slightly above $1.5 billion, LDO is now the 33th-largest cryptocurrency, per data from CoinGecko.
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⚪️ Huobi Has Around 60 Million USD Withdrawn In The Last 24 Hours
According to Nansen, more than $60 million has left the Huobi market in the last 24 hours. Tokens have been withdrawn mostly from the Ethereum, Avalanche, BNB Chain, Fantom, and Polygon chains in the previous 24 hours.
Money flow out of Huobi exchange has increased significantly, with more than $60 million withdrawn in the last 24 hours, out of a total of $94.2 million withdrawn in the previous week. The tokens withdrawn in the last 24 hours are mostly from the Ethereum, Avalanche, BNB Chain, Fantom, and Polygon chains. The spike in outflows raises concerns among consumers regarding Huobi’s financial soundness.
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🇮🇳 $3.8 Billion Was Transferred Out Of India Crypto Market Due To The Harsh Tax Regime
India crypto market were transferred more than $3.8 billion in trading cryptocurrency from domestic to international exchanges between February and October 2022. Money is leaving the Indian crypto market since the country implemented a severe tax regime on crypto transactions.
Indian crypto traders may have lost interest and are progressively exiting the game due to income tax responsibilities of up to 30% and 1% tax on crypto transactions (TDS). Binance had 429,000 downloads as of September, three times more than CoinDCX exchange, since the tax was established in July 2022. Domestic markets lost 81% of trade volume following four months of contentious tax legislation.According to an Esya Center analysis, between February and October 2022.
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📣 3AC co-founder claims DCG and FTX colluded to attack Terra LUNA, stETH
Bankrupt firm Three Arrows Capital’s co-founder Zhu Su alleged that Digital Currency Group (DCG) and FTX conspired to attack Terra LUNA and staked Ethereum (stETH) in a Jan. 3 Twitter thread.Zhu added that DCG took substantial losses from the bankruptcy of firms involved in its Grayscale’s Bitcoin Trust (GBTC).
The hedge fund co-founder said this was possible because of the close relationship between Sam Bankman-Fried and DCG CEO Barry Silbert. According to Zhu Su, SBF was on the board of embattled DCG’s subsidiary, Genesis, which later granted the first FTT-backed loan. Genesis received billions of FTT tokens from Alameda Research and FTX, both of which have collapsed.The bankrupt hedge fund co-founder said, “DCG value is 0.”
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🥇 Bitcoin Is Being Optimistic The Author Of “Rich Dad, Poor Dad”
Robert Kiyosaki, the best-selling author of Rich Dad Poor Dad, has revealed why he is buying more bitcoin. He warned that Securities and Exchange Commission (SEC) restrictions would “destroy” the majority of other cryptocurrencies.
Robert Kiyosaki, the author of Rich Dad Poor Dad, has disclosed the main reason he is investing in bitcoin. The acclaimed author predicted that the Securities and Exchange Commission’s (SEC) laws will “destroy” most other crypto coins. that “SEC laws will kill most of them.” He concluded his message by saying he is purchasing more bitcoin.
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🏦 Cathie Wood's Ark Invest Buys the Dip, Scoops Up $5.5M in Coinbase Stock
The purchase is worth almost $5.5 million based on COIN’s price of $34.78 at the closing bell. According to Ark’s daily trade information newsletter reviewed by Decrypt, the entire purchase was allocated to the ARK Fintech Innovation ETF (ARKF), which invests in equity securities for companies in the fintech space.
There’s no stopping Ark Invest, the investment house led by Wall Street veteran Cathie Wood, from pursuing its long-time dip-buying strategy as the firm snapped up another 158,116 shares of Coinbase shares (COIN) on Thursday. The move comes shortly after shares of America's leading cryptocurrency exchange fell to a new all-time low of $31.86 per share on December 28 before rebounding almost 7% on Thursday.
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🇺🇸 US authorities are investigating the FTX hack: Bloomberg
The U.S. Department of Justice launched an investigation into a hack of FTX. The FTX hacking incident first became public knowledge in November when the exchange’s official Telegram admins reported that there had been “unauthorized access.”
The Justice Department is now investigating the case to uncover who was responsible for the breach. It is said to be separate from the fraud case against FTX co-founder Sam Bankman-Fried, Bloomberg first reported, citing a source familiar with the matter. It is unclear at this time if any suspects have yet been identified. FTX hack and another transfer of $400 million in crypto assets from the exchange.
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