- Gary Gensler rails against cryptocurrencies; FTX plans to restart (October 26)
headlines
Nansen: FTX and Alameda transfer $8.6 million worth of assets to Binance, expected to be sold
According to Nansen monitoring, assets worth $8.6 million from FTX and Alameda were transferred to Binance. Nansen said: “We do not track off-chain movements, but it is speculated that this is for the purpose of selling or preparing to sell these assets.” The assets transferred include: 220 10,000 USD LINK, 1 million USD AAVE, 2 million USD MKR, 3.4 million USD ETH.
According to Odaily’s report this morning, FTX and Alameda asset receiving wallets used wallet addresses starting with 0x de 9 A to transfer 2,904 ETH (approximately $5.18 million), 1,341 MKR (approximately $2.02 million), 11,974 AAVE (approximately $1.03 million) and 198,804 LINK (approximately $2.26 million) were transferred to Binance and Coinbase. These assets are worth a total of approximately $10.49 million.
In response to BlackRock’s iShares Bitcoin Trust appearing in DTCC’s qualifying documents in August, Bloomberg senior ETF analyst Eric Balchunas wrote on the X platform that DTCC will not randomly list a large number of stocks or ETF products, and almost all of its qualifying documents will All listed are currently trading or pending for trading, not to mention that the Bitcoin spot ETF listed this time is issued by the asset management giant BlackRock.
Market changes
560,000 LQTY were transferred from Binance, and the token increased by 29.22% in 24 hours
Data on the chain shows that 560,958.21 LQTY were transferred from the address marked Binance 14 to the address starting with 0x 3a 67.
The market situation shows that LQTY broke through 2 USDT and is now trading at 2.03 USDT, with a 24-hour increase of 29.22%.
Crypto VC KR 1 transferred 1.2 million LDO (approximately $2.3 million) to Kraken and a new address 2 hours ago.
KR 1 received 15 million LDO on December 17, 2020 (at a cost of $150,000, the tokens are now worth $29 million). KR 1 has deposited a total of 3.2 million LDOs (approximately $6.8 million) into Kraken this year at an average price of $2.14, and has realized profits of approximately $6.8 million.
The market shows that, possibly affected by the news that SBF will testify in court on Thursday, FTT rose to 1.4511 USDT in the short term and is now trading at 1.3341 USDT, a 24-hour increase of 25.91%.
ARK Invest sells off $1.8M GBTC and $1.7M Coinbase stock again
ARK Invest once again dumped $1.8 million in GBTC and $1.7 million in Coinbase stock. The ARK Next Generation Internet ETF sold 21,062 Coinbase shares and 72,509 GBTC at Tuesdays close, according to disclosures. (Cointelegraph)
According to previous news, Cathie Wood’s Ark Invest fund sold 42,613 Coinbase shares (valued at approximately US$3.3 million) and purchased 259,628 Robinhood shares through the ARK Next Generation Internet ETF and ARK Fintech Innovation ETF on Monday local time.
FTX Lawsuit
Lawyer: SBF has prepared a large amount of testimony and will testify in court on Thursday
SBFs attorney, Mark Cohen, confirmed that SBF will take the stand on Thursday, October 26 to give evidence that could take all day, followed by cross-examination on Friday. (The Block)
According to previous news, Fox reporter Eleanor Terrett posted on the X platform that SBF’s lawyer Cohen pointed out that SBF will testify in the fraud trial, and there will also be three defense witnesses present.
SBF defense team seeks to prove inconsistencies in prosecution witnesses Gary Wang and Nishad Singh
SBFs defense team has asked Judge Lewis Kaplan to allow them to present evidence of inconsistencies from former FTX executives and prosecution witnesses Gary Wang and Nishad Singh.
The defense team focused on what Wang and Singh said were stablecoin conversions and an allowable negative feature that would have allowed Alameda Research to borrow virtually unlimited funds from FTX.
Defense attorneys want to call two FBI agents to the court to discuss transcripts of their conversations with Singh and Wang as they present their case. The records show that certain comments made by the two former FTX executives in their depositions were inconsistent with transcripts of their conversations in the months leading up to the trial.
FTX is in talks with three bidders to restart the exchange
FTX is considering proposals from three bidders to relaunch the exchange and will make a decision on how to proceed by mid-December, as it negotiates with investors over the details of a potentially binding offer.
Among the possible options are selling the entire exchange, including its list of more than 9 million customers, or bringing in partners to help restart the exchange. FTX is also considering restarting the exchange itself. FTX and its main group of creditors have tentatively resolved some disputes in the case, which will allow it to submit a detailed payment plan in December.
Industry News
Gary Gensler: Cryptocurrency is an area rife with “fraud, bankruptcies and money laundering”
U.S. SEC Chairman Gary Gensler has previously stated that crypto companies need to comply with the same regulations as traditional finance. He reiterated his views Wednesday while speaking at the 2023 Securities Enforcement Forum. Gensler said that given the widespread non-compliance in the crypto industry, the problems that have arisen in the industry, such as the collapse of FTX and Three Arrows Capital and the collapse of algorithmic stablecoin Terra USD, are not surprising.
“This is an area rife with fraud, scams, bankruptcies and money laundering,” Gensler said. “While many entities in this area claim they operate outside of the regulations issued before Satoshi Nakamoto’s famous white paper, they are also quick to seek Legal protections, including seeking protection in bankruptcy court and litigating private disputes. (The Block)
Fidelity plans to enter EU market after MiCA comes into force
Manuel Nordeste, vice president of digital assets at U.S. asset manager Fidelity Investments, said: “We do have plans to enter the EU after MiCA takes effect, and we are actively exploring the best options to achieve this goal.”
This year, Fidelity embarked on a hiring spree to push U.S. workers to invest in cryptocurrencies through their retirement plans. EDX Markets, backed by Fidelity, Charles Schwab and Citadel Securities, launched its digital asset marketplace in June this year. (DL News)
Analyst: BTC will reach its peak in December 2025, with an expected price of $90,000 to $130,000
Crypto analyst CryptoCon posted that according to the halving cycle theory, BTC will reach the middle top of the cycle ($47,000) in June 2024; the top of the next cycle will appear in December 2025, and the price is expected to reach 90,000 to 90,000 US dollars. $130,000.
Arthur Hayes, founder of the crypto trading platform BitMEX, wrote in his blog that the policy choices of the United States in the Ukraine crisis and the conflict between Israel and Palestine may further escalate tensions and lead to a large-scale increase in military spending by the United States, thereby pushing up inflation expectations and Treasury yields. In this environment, investors will reduce their holdings of U.S. bonds and instead increase their holdings of gold and Bitcoin as safe-haven assets. Hayes believes this could lead to a new cryptocurrency bull market.
Exchange ETH supply drops to record low after market rally this week
Santiment data shows that whale addresses chose to transfer ETH out of exchanges at the same time that the price of ETH exceeded $1,850 for the first time in nearly three months.
The supply of ETH held in exchange wallets has dropped to 8.41%, the lowest level since Ethereum’s creation in 2015. The number of whale address transactions withdrawing ETH from centralized exchanges hit a six-month high. (U.Today)
Project News
Binance Labs has made a follow-on investment in CyberConnect
Binance Labs Fund posted on the X platform that it has made a follow-up investment in the decentralized social network CyberConnect. Binance Labs sees the potential of SocialFi in driving Web3 into the mainstream and will host an AMA to delve into the opportunities for social integration across the ecosystem.
According to previous news, the Web3 social graph protocol CyberConnect completed a US$10 million seed round of financing in November 2021. Multicoin Capital and Sky 9 Capital led the investment, with participation from Animoca Brands, DraperDragon, Hashed, Zoo Capital, Smrti Lab and Mask Network.
CyberConnect completed a $15 million Series A round of financing in May 2022, led by Animoca Brands and Sky 9 Capital, with participation from IOSG Ventures, Delphi Digital, Protocol Labs, Tribe Capital, GGV Capital, Spartan Group, Amber Group, Polygon Studios and SevenX Ventures cast.
The governance platform shows that Uniswap initiated a temperature check vote to invest in the AMM protocol Ekubo. The current opposition rate is about 60% and the vote will end on October 28.
The proposal was initiated by Moody Salem, the former team engineer director of Uniswap. Salem built the Starknet ecological AMM protocol Ekubo. Salem proposed that Ekubo establish a partnership with Uniswap DAO and invest 3 million UNI (about 12 million US dollars) in exchange for the future Ekubo protocol. 20% share of governance tokens.
Arbitrum launches a proposal to distribute 500,000 ARBs equally to 25 early community contributors
Governance platform Snapshot shows that Arbitrum launched a proposal to “distribute a total of 500,000 ARBs equally to 25 early community contributors”, and the current support rate for voting is 99.55%.
These contributors have the Arbiter tag in Arbitrums official Discord. The proposal indicates that they have played a key role in the development of Arbitrum, including translation, promotion, event organization, community guidance, security and cooperation with other communities. The proposal Designed to recognize and reward community members for their outstanding contributions.
Maestro: The stolen users have been fully compensated, with a total cost of 610 ETH
Maestro issued an announcement on the For the two tokens JOE and LMI, due to insufficient liquidity, the tokens were unable to be repurchased in full. The team decided to compensate the affected users in ETH equivalent to their tokens, and an additional 20%, costing a total of 334 ETH. The team has issued a full refund for a total cost of 610 ETH.
According to previous news, Maestro posted on the
