❌👀Crypto Lender BlockFi Filing for Bankruptcy and Conducting Major Layoffs
BlockFi will file for Chapter 11 bankruptcy protection later today, a source at the company tells Decrypt.
The crypto lender is also laying off a large portion of its staff, the source said.
BlockFi, which let users earn yield for depositing idle cryptocurrencies on the platform, first halted withdrawals on November 11, the same day FTX filed for bankruptcy. “We, like the rest of the world, found out about this situation through Twitter,” BlockFi wrote in a letter at that time. “We are shocked and dismayed by the news regarding FTX and Alameda.”
Nearly a week later, a source at the company told Decrypt that it was considering filing for bankruptcy, given its hefty exposure to FTX.
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BlockFi will file for Chapter 11 bankruptcy protection later today, a source at the company tells Decrypt.
The crypto lender is also laying off a large portion of its staff, the source said.
BlockFi, which let users earn yield for depositing idle cryptocurrencies on the platform, first halted withdrawals on November 11, the same day FTX filed for bankruptcy. “We, like the rest of the world, found out about this situation through Twitter,” BlockFi wrote in a letter at that time. “We are shocked and dismayed by the news regarding FTX and Alameda.”
Nearly a week later, a source at the company told Decrypt that it was considering filing for bankruptcy, given its hefty exposure to FTX.
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💥U.S. crypto exchange Bitfront shuts down
Bitfront, a U.S. crypto exchange backed by Japanese social media firm Line Corp, said it has suspended new sign-ups and credit card payments and will cease operations in a few months despite efforts to overcome challenges in the rapidly evolving industry.
Bitfront said the move is unrelated to recent issues among certain crypto exchanges accused of "misconduct."
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Bitfront, a U.S. crypto exchange backed by Japanese social media firm Line Corp, said it has suspended new sign-ups and credit card payments and will cease operations in a few months despite efforts to overcome challenges in the rapidly evolving industry.
Bitfront said the move is unrelated to recent issues among certain crypto exchanges accused of "misconduct."
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📊Global money supply shows signs of rebounding from the bottom
This pattern previously (in 2015 and 2019) led to a subsequent increase in interest in surveillance and other risky assets 🤠
Correlation between curves and eyewitnesses
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This pattern previously (in 2015 and 2019) led to a subsequent increase in interest in surveillance and other risky assets 🤠
Correlation between curves and eyewitnesses
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📈📈Cardano Celebrates More Than 7 Million Native Tokens Milestone.
Cardano (ADA) failed to take advantage of its recently achieved milestone as the digital asset continues to struggle.
ADA has gone down by almost 3% during the last 24 hours, according to Coingecko.
This is a surprise as the blockchain is celebrating 7 million native assets created on it.
This accomplishment seems irrelevant as ADA does not respond positively regarding spot trading price and market capitalization.
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Cardano (ADA) failed to take advantage of its recently achieved milestone as the digital asset continues to struggle.
ADA has gone down by almost 3% during the last 24 hours, according to Coingecko.
This is a surprise as the blockchain is celebrating 7 million native assets created on it.
This accomplishment seems irrelevant as ADA does not respond positively regarding spot trading price and market capitalization.
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👆Binance Acquires JFSA Registered Sakura Exchange BitCoin, Committed to Enter Japan Under Regulatory Compliance
Through this acquisition, Binance enters the Japanese market, as a Japan Financial Services Agency (JFSA) regulated entity.
The terms of the transaction were not disclosed. By offering Japanese-regulated services through SEBC, Binance aims to support a responsible global environment for cryptocurrencies.
Binance has secured regulatory approvals or authorizations in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania and Cyprus. The acquisition of SEBC marks Binance’s first license in East Asia.
The Tokyo-based exchange currently supports 11 trading pairs: BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.
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Through this acquisition, Binance enters the Japanese market, as a Japan Financial Services Agency (JFSA) regulated entity.
The terms of the transaction were not disclosed. By offering Japanese-regulated services through SEBC, Binance aims to support a responsible global environment for cryptocurrencies.
Binance has secured regulatory approvals or authorizations in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania and Cyprus. The acquisition of SEBC marks Binance’s first license in East Asia.
The Tokyo-based exchange currently supports 11 trading pairs: BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.
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👀The road to crypto regulation starts with a string of Senate and House hearings
The US Senate Agriculture Committee will hear the first of several Congressional hearings on crypto tomorrow (Dec. 1). That will be the first of many public probes into what went wrong at FTX
At tomorrow’s session, noscriptd “Why Congress needs to act: Lessons learned from the FTX collapse,” Rostin Behnam, the chair of the Commodity Futures Trading Commission (CFTC), is expected to testify. He will likely outline recommendations for better regulating crypto.
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The US Senate Agriculture Committee will hear the first of several Congressional hearings on crypto tomorrow (Dec. 1). That will be the first of many public probes into what went wrong at FTX
At tomorrow’s session, noscriptd “Why Congress needs to act: Lessons learned from the FTX collapse,” Rostin Behnam, the chair of the Commodity Futures Trading Commission (CFTC), is expected to testify. He will likely outline recommendations for better regulating crypto.
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🔑Blockpass Introduces 1st Unhosted Wallet KYC Solution in the Crypto Sector
Blockpass, the identity verification provider, had announced a new service being launched to help businesses conform to new regulatory standards. With the release of Unhosted Wallet KYC(TM), companies are able to remain compliant with new regulatory laws that are coming into play globally in 2023.
Unhosted or 'non-custodial' wallets are those for which individuals, rather than financial organizations, control the keys.
Blockpass has developed and now released the very first Unhosted Wallet KYC solution, able to be implemented quickly and seamlessly to allow business customers to prove that user withdrawals to unhosted wallets are compliant.
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Blockpass, the identity verification provider, had announced a new service being launched to help businesses conform to new regulatory standards. With the release of Unhosted Wallet KYC(TM), companies are able to remain compliant with new regulatory laws that are coming into play globally in 2023.
Unhosted or 'non-custodial' wallets are those for which individuals, rather than financial organizations, control the keys.
Blockpass has developed and now released the very first Unhosted Wallet KYC solution, able to be implemented quickly and seamlessly to allow business customers to prove that user withdrawals to unhosted wallets are compliant.
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This cycle sees the third largest capitulation of BTC miners (range $20,000 - $16,000)
stronger miners sold coins only in 2011 at BTC $2.10 and in 2015 at BTC $290
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stronger miners sold coins only in 2011 at BTC $2.10 and in 2015 at BTC $290
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⚙️☑️Secret Network Successful Resolved xAPIC Vulnerability.
The Secret Network vulnerability to the xAPIC and MMIO attack was publicly disclosed on August 9, 2022.
These vulnerabilities could be used to extract the consensus seed.
Since then, SCRT Labs has worked directly with Intel and the researchers to identify and build a solution to prevent future vulnerability.
This solution was successfully deployed on November 2, making it invulnerable to future xAPIC attacks.
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The Secret Network vulnerability to the xAPIC and MMIO attack was publicly disclosed on August 9, 2022.
These vulnerabilities could be used to extract the consensus seed.
Since then, SCRT Labs has worked directly with Intel and the researchers to identify and build a solution to prevent future vulnerability.
This solution was successfully deployed on November 2, making it invulnerable to future xAPIC attacks.
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👀Chainlink Staking Launching on December 6
Chainlink Staking v0.1 will goes live on Ethereum mainnet on Dec. 6
The original 12-24 month lock-up period was based on a "conservative release cycle." However, after contacting community members and node operators directly, Chainlink management decided to change the lock-up period to 9-12 months.
The Chainlink staking adds performance guarantees around oracle services with the help of LINK tokens committed by users. On Dec. 6, users will be able to use Chainlink beta with the support of the ETH/USD Data Feed on ETH mainnet.
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Chainlink Staking v0.1 will goes live on Ethereum mainnet on Dec. 6
The original 12-24 month lock-up period was based on a "conservative release cycle." However, after contacting community members and node operators directly, Chainlink management decided to change the lock-up period to 9-12 months.
The Chainlink staking adds performance guarantees around oracle services with the help of LINK tokens committed by users. On Dec. 6, users will be able to use Chainlink beta with the support of the ETH/USD Data Feed on ETH mainnet.
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👂🏻Here are two minutes of Sam Bankman Fried phone interview where he is directly asked how user funds ended up on Alameda... this man is so pathetic
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📉😩Collapsing Crypto Yield Offerings Signal ‘Extreme Duress.’
With all the speculative trades and yield gone, how can companies offer high-yielding rates above traditional “risk-free” rates?
Take Nexo, for example; rates for USDC and USDT are still at 10% versus 1% on other DeFi platforms.
The questions are; Where does the yield come from? Will a 13.9% loan demand be sustainable in the bear market? Won’t rates have to come down further?
The crypto-native credit impulse has plunged since 2021 highs, meaning any product offering crypto-native “yield” is likely under extreme duress.
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With all the speculative trades and yield gone, how can companies offer high-yielding rates above traditional “risk-free” rates?
Take Nexo, for example; rates for USDC and USDT are still at 10% versus 1% on other DeFi platforms.
The questions are; Where does the yield come from? Will a 13.9% loan demand be sustainable in the bear market? Won’t rates have to come down further?
The crypto-native credit impulse has plunged since 2021 highs, meaning any product offering crypto-native “yield” is likely under extreme duress.
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👀FTX Wallet With Over 154B Terra Classic Discovered
LUNC may be at risk of a dump as users discover 154B LUNC on an FTX-owned wallet.
The Crypto Basic check on Terra Finder confirmed the holdings showing that the last transaction on the wallet saw it receive 10 billion LUNC at the end of June. So, unsurprisingly, the Terra Classic community members are left wondering what will happen to the coins.
Some users suspect it may not be recoverable and believe it will help reduce the circulating supply. Others have asserted that FTX should send the tokens to the burn wallet.
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LUNC may be at risk of a dump as users discover 154B LUNC on an FTX-owned wallet.
The Crypto Basic check on Terra Finder confirmed the holdings showing that the last transaction on the wallet saw it receive 10 billion LUNC at the end of June. So, unsurprisingly, the Terra Classic community members are left wondering what will happen to the coins.
Some users suspect it may not be recoverable and believe it will help reduce the circulating supply. Others have asserted that FTX should send the tokens to the burn wallet.
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💰Alameda invested $1.15 billion into crypto miner Genesis: Bloomberg
Alameda Research, the trading firm closely related to embattled exchange FTX, invested $1.15 billion into crypto miner Genesis Digital Assets.
This was Alameda's and FTX's biggest venture investment and valued the company at $5.5 billion in an April funding round, according to documents obtained by Bloomberg that listed FTX and Alameda's venture portfolio.
Alameda made four separate capital injections into the crypto miner. Last August, it invested about $100 million in the miner. It invested $550 million in January, followed by $250 million in February and $250 million in April.
The crypto miner has no relation to Genesis Trading, whose lending unit suspended redemptions in the wake of FTX's collapse.
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Alameda Research, the trading firm closely related to embattled exchange FTX, invested $1.15 billion into crypto miner Genesis Digital Assets.
This was Alameda's and FTX's biggest venture investment and valued the company at $5.5 billion in an April funding round, according to documents obtained by Bloomberg that listed FTX and Alameda's venture portfolio.
Alameda made four separate capital injections into the crypto miner. Last August, it invested about $100 million in the miner. It invested $550 million in January, followed by $250 million in February and $250 million in April.
The crypto miner has no relation to Genesis Trading, whose lending unit suspended redemptions in the wake of FTX's collapse.
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🙈Sam Bankman-Fried says he will testify before Congress
Sam Bankman-Fried says he is willing to testify before Congress about the failure of his FTX cryptocurrency exchange but that he might not be ready by Dec. 13, when House Democrats will hold a hearing.
“Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain,” Mr. Bankman-Fried tweeted Sunday. “I’m not sure that will happen by the 13th. But when it does, I will testify.”
As Congress waits for his testimony, Mr. Bankman-Fried has launched an apology tour in the media.
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Sam Bankman-Fried says he is willing to testify before Congress about the failure of his FTX cryptocurrency exchange but that he might not be ready by Dec. 13, when House Democrats will hold a hearing.
“Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain,” Mr. Bankman-Fried tweeted Sunday. “I’m not sure that will happen by the 13th. But when it does, I will testify.”
As Congress waits for his testimony, Mr. Bankman-Fried has launched an apology tour in the media.
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👀📢Serum DEX (SRM) did not survive FTX collapse.
Serum, one of the first DEXes on the Solana blockchain, collapsed following the catastrophe of the FTX exchange and Alameda Research VC firm.
FTX founder Sam Bankman-Fried had aggressively promoted Serum (SRM), Raydium (RAY) and some other Solana assets.
Developers proposed the release of a community-driven fork, but its status also needs to be clarified.
At press time, Serum DEX Token (SRM) is changing hands at $0.24, being 98.9% down from ATH.
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Serum, one of the first DEXes on the Solana blockchain, collapsed following the catastrophe of the FTX exchange and Alameda Research VC firm.
FTX founder Sam Bankman-Fried had aggressively promoted Serum (SRM), Raydium (RAY) and some other Solana assets.
Developers proposed the release of a community-driven fork, but its status also needs to be clarified.
At press time, Serum DEX Token (SRM) is changing hands at $0.24, being 98.9% down from ATH.
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🌎GWI survey: % percentage of the population (16-64 years old) by country who own crypto
world average = 12.3%
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world average = 12.3%
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🚶👀 Hundreds of billions of SHIB are on the move
A total of 918 billion SHIB has been moved by owners of a few anonymous wallets.
More than half of this amount – 431,492,559,912 SHIB worth $4,047,400 – was transferred by Binance, between its wallets.
Another 66b SHIB from the 918b was sent to Binance to be sold. Then, 312b and 107b SHIB were transferred between mysterious wallets.
This transfer was most likely conducted as part of the proof-of-reserves audit that Binance initiated recently, calling on all other centralized exchanges to do likewise.
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A total of 918 billion SHIB has been moved by owners of a few anonymous wallets.
More than half of this amount – 431,492,559,912 SHIB worth $4,047,400 – was transferred by Binance, between its wallets.
Another 66b SHIB from the 918b was sent to Binance to be sold. Then, 312b and 107b SHIB were transferred between mysterious wallets.
This transfer was most likely conducted as part of the proof-of-reserves audit that Binance initiated recently, calling on all other centralized exchanges to do likewise.
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