On Nov. 20, the FTX Exploiter account began to start shifting the stolen funds once again — totaling 50,000 Ethereum (ETH) valued at an estimated $60 million. The FTX hacker is doing things… They sent 25k ETH to another wallet and have been actively selling into RenBTC over the last few hours. They sold another…
Following the recent collapse of FTX, the fallout spread to Genesis, which had already been bailed out by parent company Digital Currency Group (DCG) earlier this year following the failure of Three Arrows Capital. There are growing concerns over the possibility of the contagion spreading to Greyscale Bitcoin Trust and Digital Currency Group but are…
Bitcoin’s mining difficulty is expected to adjust Sunday night/Monday morning (Nov. 20/21.) Currently, over 100% of the mined Bitcoin supply is being spent at the fifth most significant rate ever. Following back-to-back difficulty negative or neutral adjustments, it is possible that Bitcoin hash rate and difficulty may have topped. However, the difficulty is expected to…
Algo crypto trading platform, Upbots, detailed its recovery plan established due to its exposure to the fallout of FTX, and Alameda Research. Important announcement We are pleased to inform you that it has been decided to move forward by making some very important changes in our strategy: 1. Launch of a new token2. Staking rewards…
Crypto lender Genesis sought out an emergency loan of $1 billion from investors in the wake of FTX’s collapse and ensuing bankruptcy but never got the funds it requested, The Wall Street Journal reported Nov. 17. The loan request came before the company sent out a notification to clients earlier this week that it would be suspending…
Circle, the company that runs and issues USDC has dropped their Circle Yield product APY rate to 0%. Back in June I wrote about my anxieties around Circle. Oh hey, what’s that? Genesis and its yield product customers are exposed to the credit risk of Genesis? And Genesis loaned $2.3bn to 3AC? Well I for…
On-chain data shows that Bitcoin(BTC) is currently the third-most shorted cryptocurrency ever, while Ethereum(ETH) stands as the second-most shorted. Source: Glassnode Analyzing the average funding rate (in %) set by exchanges for perpetual futures contracts, it can be observed above that long positions periodically pay short positions whenever the rate percentage becomes positive. On the…
Aside from wiping out billions from the global market cap, the collapse of FTX also wiped out the confidence of even the most convinced Bitcoin holders. The market saw aggressive selling pressure last week, pushing Bitcoin’s price down to as low as $15,500. Graph showing Bitcoin’s price in November 2022 (Source: CryptoSlate BTC) CryptoSlate looked…
Due to the chain reaction of events following the FTX collapse, the leading exchange Coinbase felt the need to clarify that it has a ‘strong capital position’ amid market turmoil, and has zero exposure to Genesis. 2/ We won’t comment on every event in crypto, but for the sake of clarity: Coinbase has zero exposure…
Speaking to CNBC about the FTX collapse, Three Arrow Capital co-founder Kyle Davies slighted the bankrupt exchange by saying: “In the trueness of time, we will find out the truth and we’re looking forward to justice.” FTX filed for bankruptcy on Nov. 11 following a run that depleted the exchange’s liquid reserves. Precise details of…