｜ Zhu Su broke the news that DCG had conspired with FTX; Gemini was hit with a class action lawsuit (January 4)

Loopy Lu

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2023-01-04 00:26

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PRADA to release eighth batch of NFTs; ex-Bithumb chairman acquitted.

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PRADA to release eighth batch of NFTs; ex-Bithumb chairman acquitted.

headlines

Former Bithumb Chairman Lee Jeong-hoon acquitted in 100 billion won fraud case

Odaily News The Criminal Court of the Seoul Central District Court in South Korea acquitted Lee Jung-hoon, the former chairman of Bithumb, in the first instance of an alleged 100 billion won fraud lawsuit. Earlier, South Korean prosecutors had asked the court to sentence Li Zhengxun to 8 years in prison.

It is reported that in October 2018, during the process of negotiating the sale of Bithumb shares between Lee Jung-hoon and BK Group Chairman Kim Byung-gun, Kim Byung-gun, after hearing that Lee Jung-hoon would list BXA (Bithumb token) on Bithumb, used part of the proceeds from the BXA pre-sale to buy Bithumb's shares, but BXA is not listed on Bithumb, and BK Group's acquisition of Bithumb is not over yet. (South Korean economy)

SBF asks judge not to disclose identity of bail bondsman

Odaily News FTX founder SBF asked the judge to keep the identities of two sureties who helped him get bail confidential to protect them from public scrutiny and potential harassment.

In recent weeks, SBF's parents have allegedly been the target of intense media scrutiny, external harassment and threats, as well as threatening letters. SBF therefore offered not to disclose the names and other identifying information of the other two guarantors to the public. (Bloomberg)

Industry news

Data: In December, the revenue of Ethereum validators fell by more than 9% month-on-month to 80.32 million US dollars

According to Odaily news from The Block, the revenue of Bitcoin miners in December increased by 0.85% from November to US$477 million. The historical high of this data was in March 2021 (US$1.75 billion). After the Merge merger of Ethereum in mid-September, the income of validators decreased significantly with the reduction of handling fees. In December, it fell again by nearly 9.58% to $80.32 million compared with November; the historical high of this data was in May 2021 (2.49 billion ).

ShapeShift CEO: BTC Price Could Hit $40,000 This Summer

Odaily News ShapeShift founder and CEO Erik Voorhees said in an interview with Bankless that the price of BTC may reach $40,000 this summer, and it is expected that the next round of bull market may occur in "six months to three years later."

Voorhees said that the tightening of the macroeconomic environment, interest rates and monetary conditions will all have a significant impact on the development of the crypto market this year. (AMBCrypto)

Odaily News Three Gemini Earn users have filed a class action arbitration request against Genesis Global Capital and Digital Currency Group in response to Gemini suspending its Gemini Earn product plan due to Genesis freezing withdrawals. The claimant alleges that Genesis failed to return the digital assets of Gemini Earn users as required by the master agreement between the company and the users. In addition, the lawsuit alleges that Genesis first violated the master agreement in the summer of 2022, but concealed its insolvency from customers; and that Genesis also entered into a sham transaction with its parent company DCG to hide the bankruptcy question. (CoinDesk)

Project News

Binance: Imminent transfer of small amounts of BTC and LTC as part of proof-of-reserve operation

Binance tweeted that it will transfer a small amount of BTC and LTC as part of its proof-of-reserve operation.

By the numbers: Otherdeeds topped the list with nearly $50 million in royalties last year

Odaily News Encryption KOL Milk Road has counted the royalties income of NFT projects in the past year. Definitive data shows that Otherdeeds ranked first with $49.9 million in royalties last year; Azuki ranked second with $41.5 million in revenue; BAYC ranked third with $32.3 million in revenue.

Raydium Vulnerability Compensation Proposal Voted to Compensate Investors Damaged by Hack

Odaily News According to official news, the Solana ecological decentralized exchange Raydium’s bug compensation proposal was voted through with a 100% support rate. The proposal aims to compensate investors who were damaged by the hacker attack on December 15.

The compensation funds come from two parts, namely 1. Use Squad’s multi-signature to deploy withdrawPNL and collect PNL from the treasury. The fees earned will be used to repurchase RAY and deposit it into the designated address. 2. Use treasury assets to compensate for losses caused by hacker attacks. According to the previous news on December 16, multiple fund pools of Raydium were attacked, with a total loss of about 4.395 million US dollars.

TreasureDAO's Proposal to Reduce Liquidity Mining Rewards Has Been Voted

Odaily News TreasureDAO initiated the MAGIC LP incentive amendment and was voted through with a support rate of 99.99%. The proposal proposes reducing the rewards for MAGIC/ETH pool liquidity providers on SushiSwap by 30% to reduce unnecessary inflation.

Miner Stronghold unveils deleveraging deal to reduce debt and strengthen balance sheet

Odaily News Bitcoin mining company Stronghold Digital Mining announced that it has signed a transaction agreement with the company's revised and restated 10% note holders, and all outstanding debt principal and interest accrued according to the note maturity of approximately US$17.9 million will be was liquidated in exchange for new convertible preferred stock (Series C Preferred Stock) with a par value of approximately $23.1 million. The Series C Preferred Shares will be converted into shares of the Company's Class A common stock at a conversion price of $0.40 per share, or pre-funded warrants exercisable for shares of the Class A common stock. According to the transaction agreement, the latest transaction completion date is February 20, 2023. Upon closing of the transaction agreement, which is expected to take place in February 2023, the company expects to have less than $55 million in total principal debt outstanding. "

NFT

As of December 31, 2022, Stronghold had approximately $12.4 million in unrestricted cash and approximately 6 bitcoins on hand. (Globenewswire)

Luxury giant PRADA will release the eighth batch of Timecapsule series NFT on January 5th

Investment and Financing

Privacy-preserving public chain Abelian completes $3 million in financing led by Draper Dragon

Odaily News Abelian, a privacy protection public chain project, announced that it has completed a financing of 3 million US dollars, led by Draper Dragon, and the remaining investors include high-net-worth individuals and family offices. This fundraising is used for project technology development, reserves, marketing and support Abelian ecological partner.

Blockchain fintech firm GammaRey signs $320 million merger deal with GoLogiq

It is reported that GammaRey is a global financial technology company dedicated to building financial ecosystems and platforms through blockchain technology, including digital wallets, borderless payments, etc. GoLogiq will continue to use the "GOLQ" off-market symbol following the closing of the merger transaction and plans to apply to list on NASDAQ or the New York Stock Exchange. (Globenewswire)

Characters & Voices

Zhu Su: DCG conspired with FTX to attack LUNA and stETH, Barry and SBF have a close relationship

Odaily news Three Arrows Capital (Three Arrows Capital) co-founder Zhu Su tweeted: "DCG and FTX conspired to attack LUNA and stETH, and made a lot of money in the process. Last summer, DCG went bankrupt due to Three Arrows Capital Huge losses, as did Babel Finance and others involved in GBTC. They could have calmly opted to restructure at the time, instead they filled the hole with a 'left handed right handed' callable promissory note. It's like a kid losing at poker and saying 'My dad will pay you to keep playing,' but 'dad' is himself."

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