A collapse of FTX could set the industry back seven or eight years or even longer, according to 3AC founder Zhu Su.
https://www.bloomberg.com/news/articles/2022-11-22/fallen-hedge-fund-3ac-s-founder-says-ftx-set-crypto-back-years?utm_campaign=socialflow-organic&utm_medium=social&utm_source=twitter&utm_content=crypto
🔔 The ApeCoin DAO is considering whether to push back the launch of NFT and ApeCoin (APE) staking in order to allow for a bug bounty program.
◾️The bounty program would allocate 1 million APE ($4.5 million) to potential bounties.
◾️Holders of Bored Apes and Mutant Apes will be able to stake their NFTs and large amounts of ApeCoin in order to receive staking rewards.
◾️Over the next three years, 175 million ApeCoin ($794.5 million) will be distributed to stakers.
Tether has been ordered by a U.S. Judge in New York to produce financial records relating to the backing of USDT
The order relates to an ongoing lawsuit that alleges that unbacked USDT issuances have caused $1.4 trillion in damage to the market.
https://www.coindesk.com/markets/2022/09/21/stablecoin-issuer-tether-ordered-to-produce-documents-showing-backing-of-usdt/
Celsius Network said a freshly-found $70 million pile of cash would likely help the firm continue operating through the end of 2022.
Crypto lender Celsius Network, which is going through bankruptcy proceedings, said a freshly-found $70 million pile of cash would likely help the firm continue operating through the end of 2022.
According to a document, filed Thursday by the firm’s legal partner Kirkland & Ellis for a lackluster third bankruptcy hearing in the U.S. Bankruptcy Court for the Southern District of New York, Celsius expects “approximately $70 million of proceeds from the repayment of USD denominated loans.”
During the hearing, a Kirkland & Ellis lawyer said the loans were mistakenly believed to be in dollar-pegged stablecoins, which the lender would not have been able to use to finance its operations.
The extra money means a much-needed boost to Celsius’ scarce liquidity and will extend its runway to pay its business and restructuring costs as it seeks to find a more durable solution to its cash crunch problem. The firm’s costs far exceed its proceeds from its bitcoin mining operation, which is not yet profitable.
According to the Celsius’ provision, it expects to receive the majority of the repayment by October 7. The forecast shows that its disposable cash balance will stand at $42 million by the end of November. Extrapolating its weekly net cash flows, the cash pile will only barely last through the end of this year.
The company initially forecasted – without accounting for the loan repayments – that it would run out of cash by October. It later revised its forecast to say it would probably survive till the end of the year, citing $61 million in loans maturing. The document that contains the latest cash flow forecast declared a slightly greater figure than that, $70 million.
The troubled lender found itself in the middle of a recent insolvency crisis in the crypto industry. The firm filed for Chapter 11 bankruptcy protection in July and later revealed it was $2.8 billion short of crypto holdings that it owed to its customers.
Do Kwon has said South Korean investigators looking into the collapse of Terra have not reached out to him.
He says he “literally didn’t think about even for one second” what would happen if Terra collapsed.
https://www.theblock.co/post/163521/south-korean-investigators-havent-reached-out-about-terra-collapse-says-do-kwon?utm_source=telegram1&utm_medium=social
Real Madrid and Barcelona have filed for a joint metaverse-related trademark application.
The application covers virtual reality and augmented reality software and games as well as virtual reality clothing, footwear, headgear, sportswear, and more.
Voyager Digital reportedly had deep ties with SBF-owned Alameda Research.
Financial documents of Voyager revealed that they lent nearly $1.6 billion in crypto loans to an entity registered in the British Virgin Islands, the same place Alameda is registered.
🤔 Do Kwon -"Decentralized networks need decentralized money - obvious today more than ever"
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💥 Tether (USDT) launches on Cosmos Ecosystem, following its launch on the OKC blockchain.
◾This will significantly reduce the user's USDT deposit and withdrawal costs on the OKX platform and improve the on-chain transfer experience.
💥 Cardano developers will launch its first light wallet called ‘Lace’
◾This new wallet allows users to manage, control, and store all of their cryptocurrencies in one place.
https://news.coincu.com/101359-cardano-will-launch-first-light-wallet/
In the last 4 hours, $182 million was liquidated.
Additionally, in the past 24 hours, 79,210 traders were liquidated, resulting in $255.73 million in liquidations.
PayPal allows the transfer of crypto to external wallets
PayPal users will now be able to transfer cryptocurrency from their accounts to other wallets and exchanges.
https://www.theblockcrypto.com/linked/150437/paypal-adds-new-crypto-services-including-transfers-to-other-wallets?utm_source=telegram&utm_medium=social
Binance Labs invests in PancakeSwap
◾Binance Labs strategically invests in PancakeSwap’s utility and governance token, $CAKE.
◾The investment is part of Binance Labs’ mission to facilitate the next wave of global blockchain adoption by providing technology development, marketing and community support, and Web3 enterprise solutions.
◾Launched in September 2020, PancakeSwap has grown to be the biggest dApp on BNB Chain, with daily active users of over 400,000.
https://www.binance.com/en/blog/ecosystem/binance-labs-makes-strategic-investment-in-pancakeswap-421499824684903958
🚨 $40-Billion wipeout caused by just 7 'Whale' traders
In May, the overall cryptocurrency market saw an unprecedented meltdown as $40 billion got wiped out of investors’ holdings caused by the act of just seven ‘whale’ traders.
A research says that between May 7 and May 11, the referred seven whale accounts aggressively sold UST on crypto exchanges, as they appeared to have lost faith in UST.
When the Luna Foundation Guard failed to stabilize the UST price, even more holders began to sell to cut losses, and hence, the price fell lower than ever.
https://news.abplive.com/business/crypto/crypto-crash-usd-40-billion-wipeout-caused-by-7-whale-traders-wallets-nansen-research-details-address-1534969
Liquidity for stablecoin swaps on the Curve 3pool is now at its lowest level since the Luna collapse in May as traders continue to swap Tether’s USDT for other stablecoins
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Liquidations of the Solana whale account (3oS…RbE) have been occurring, the whale has 2.5M $SOL ( worth over $51M) in collateral and $44 Million USDC in debt.
Solana Whale is in liquidation and currently has 2,450,418.5 SOL (worth over $51 million) in collateral and 44,871,609.6 USDC in debt. However, Solana is currently facing congestion due to the update of the oracle.
September’s exchange trading volume jumped to $733 billion, or a 16% month-over-month increase.
It was the first notable jump in crypto exchange trading volume since April and May of this year.
https://www.theblock.co/post/174320/crypto-exchange-volumes-grew-16-in-september-after-a-3-month-lull?utm_source=telegram1&utm_medium=social
3AC withdraws $45 million from Curve and Convex
Troubled crypto hedge fund Three Arrows Capital (3AC) has reclaimed $45 million in deposits it had previously staked on two different decentralized exchanges: Curve and Convex Finance.
At 4:34 am ET on Tuesday, the firm withdrew 20,945 staked ether (stETH), worth $33.3 million, from Curve Finance, according to on-chain activity on an Ethereum address that Nansen has marked as belonging to 3AC. Staked ether is token offered by Lido Finance that allows staked ether (ETH) to be used in other trades in a process known as liquid staking.
On-chain data also shows the firm took out funds from Convex Finance, a yield optimizer for Curve. From Convex, it withdrew nearly $12 million worth of crypto, including 2,421 wrapped ether (3.98 million) 202.7 wrapped bitcoin ($4 million) and 4,051,367 USDT stablecoin.
The assets currently sit in the same wallet address used to transact with Curve. This address holds assets worth a total of $57.86 million. Crypto derivatives firm 21 Shares says that 3AC holds $86.8 million in tokens and NFTs holdings on Ethereum across several addresses tied to the firm.
Earlier this summer, the collapse of Three Arrows Capital sent the crypto space into chaos and caused many of its lenders to suffer heavy losses. The Block reported that the firm had owed creditors more than $3.5 billion. The fund filed Chapter 15 bankruptcy in New York on July 1.
While social media commentators have speculated that the firm may be looking to liquidate its holdings to pay off creditors, the purpose of today's withdrawals is unclear.
Samsung планирует запустить крипто-биржу в Южной Корее в 2023 году.
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Ethereum finally at $2000 + markets are showing bullish trend 😍🚀
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BabyDoge announced that the launch of its swap protocol would take place in a week.
The protocol will also include such features as farming and staking.
The team claims that it was the first swap to make it possible to swap tokens with zero fees.
https://u.today/testnet-of-babydoge-swap-to-go-live-next-week
GameStop Wallet version 0.6.9 adds ImmutableX Layer 2 support
This latest update, version 0.6.9, allows users to access their ImmutableX assets, send and receive goods, and connect to immutable-enabled dapps.
https://twitter.com/GameStopNFT/status/1556766458276974592?s=20&t=GhCvgLbsXNW9lt13le5ICQ
🚨 Binance will disable off-chain fund transfers between itself and WazirX on August 11.
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🔻Ethereum NFT trading volume declined 55% slipping from 1.3 million ETH to just 584M ETH
◾In terms of USD, there was a 70% drop from $2.6B to about $672M.
https://decrypt.co/104101/ethereum-nft-trading-volume-falls-by-70-in-june-but-number-of-sales-steady?utm_source=telegram&utm_medium=social&utm_campaign=smt
TIME partners with The Sandbox to build ‘TIME Square’ in the metaverse
TIME Square will be built on TIME’s land in The Sandbox as a destination for convening, art, and commerce, inspired by the visual spirit and energy of the iconic neighborhood in New York City.
In addition, it will provide virtual access to discussions, events, screenings of TIME Studios projects, and educational experiences for the TIME NFT community.
https://sandboxgame.medium.com/time-is-partering-with-the-sandbox-to-build-time-square-in-the-metaverse-6cd361e3e5f0
Bitmex Co-Founder Arthur Hayes: Altcoins may lose another 50% of their value in the upcoming weeks
https://u.today/altcoins-may-lose-another-50-of-their-value-in-upcoming-weeks-bitmex-co-founder-arthur-hayes
⚔️Duelist is the best upcoming RPG Game with awesome combat modes. ⚔️
The Duelist is an indie game in the mixed RPG genre. The unique game feature is two combat modes - the 1vs1 duel mode and the squad mode. The action takes place in medieval Europe of the XV-XVI centuries. The game tells the story of a former mercenary embroiled in a confrontation of City-States. The player will go from free mercenary to commander of his condottieri squad and play a prominent role in the fast-paced war
The Duelist is the first limited collection available to early backers of the project that will give definite bonuses to participate in the follow-up. The unique and rare avatars from the first collection will migrate in-game as your additional skins at the multiplayer game launch. The second collection will have a direct link with the multiplayer version of the game and will allow you to get unique skins for your character and squad.
▶️ https://youtu.be/akVsfk3vklc
📍Join http://discord.gg/duelistgame
Limited NFT сollection for early members, in discord ➡️http://discord.gg/duelistgame
😳 CryptoPunk #3825 and #2006 was bought for 0.1 ETH, $176 USD
On March 28th Cryptopunk #3825 was sold for $283,025 (80 ETH) and on Dec 2nd Punk #2006 was sold for $613,345 (135 ETH)
💥 Binance raises $500 million fund to invest in Web3 startups
◾Binance Labs launches a $500 million fund in partnership with global investors including DST Global Partners and Breyer Capital to drive innovation across the crypto, Web3 and blockchain landscape.
◾These funds will be allocated to projects across various stages — incubation, early-stage and late-stage growth.
◾The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and lead Web3 across Defi, NFTs, gaming, metaverse, social, and more.
