InvestmentTradingUpdates

2022-11-16 10:57:02 Argus CEO: Alameda pattern of trading FTX listings 'seems not coincidental'

Alameda Research loaded up on tokens before FTX listed them, potentially gaining an advantageous market position as a result, the CEO of Argus said. Public Ethereum blockchain records available to Argus indicated that Alameda possessed around $60 million allocated in 18 tokens before eventual FTX listings.

Alameda has since shuttered, and FTX filed for Chapter 11 bankruptcy protection last week after the exchange paused withdrawals. The exchange's new CEO called on remaining staff for support as the company sorts out insolvency and how to plug an $8 billion hole in the books. SBF is working with regulators and bankruptcy officials, he said in an interview with the New York Times.

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2022-11-15 09:53:02 After BlockFi pauses withdrawals, customers are left confused and angry

In the aftermath of FTX's dramatic demise, crypto lending firm BlockFi stunned users with an announcement that it would pause withdrawals. Now, they're waiting confused and without many answers. The Nov. 10 announcement came one day after BlockFi said all of its products were functioning normally and employees across the firm were mollifying client concerns about contagion.

"BlockFi will remain fully operational on 11/11 and all crypto transactions, including withdrawals, will continue as normal," the firm told clients earlier in the week. Even in the hours leading up to the announcement, BlockFi continued to solicit more customer funds onto the platform, according to messages obtained by The Block. "BlockFi is an independent business entity so the FTX news does not impact us internally," an employee told a client in an email on Nov. 8.

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2022-11-14 09:16:02 Kraken freezes FTX and Alameda accounts, 'maintains full reserves'

Kraken has spoken with law enforcement regarding a handful of accounts owned by the bankrupt FTX Group, Alameda Research and their executives," the U.S.-based crypto exchange tweeted today, adding: "Those accounts have been frozen to protect their creditors.

Kraken has frozen accounts owned by FTX Group, Alameda Research and their executives following their filing for Chapter 11 bankruptcy protection. Kraken's update comes after FTX and Alameda-related companies filed for Chapter 11 bankruptcy protection on Friday. FTX had previously approached Kraken — which claimed no exposure to Alameda Research but held almost 9,000 FTT tokens — about a potential rescue deal.

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2022-11-13 05:30:10 FTX Collapse Triggers Over 80K Bitcoin Outflow From Exchanges

FTX’s collapse has significantly dented the confidence of investors in centralized crypto exchanges. Amidst the subsequent financial turmoil and reports about the troubled crypto exchange tapping customer funds to fund risky bets, the golden rule of crypto – “not your keys, not your coins”.

According to CryptoQuant, over 80,000 BTC have left exchange wallets in the past day. Investors are withdrawing their Bitcoin to store them in places other than an exchange, data showed. On-chain data also suggested that well over 5 billion stablecoins outflows from exchanges were tracked by CryptoQuant. The figures appear to be the largest since June 15 as the volatility stemming from the FTX drama continued to intensify.

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2022-11-12 09:07:02 LayerZero reaches a complete equity buy-out agreement with FTX and Alameda

LayerZero Labs, a cross-chain messaging and bridging startup, said it has come to an agreement with FTX, FTX Ventures and Alameda Research for an equity buyout. LayerZero Labs had raised a Series A+ round led by Sequoia Capital, a16z and FTX Ventures in March and was valued at $1 billion.

Although LayerZero took a hit, co-founders Bryan Pellegrino and Ryan Zarick claim to have at least seven years of financial runway with their current holdings. In May, The Block revealed that LayerZero Labs had been seeking fresh funding in a round that would have valued it at $3 billion — but the deal is yet to close. Although LayerZero claims it is well-capitalized with approximately $134 million — 90% of which is in cash or stablecoins — it held $11.5 million on FTX.

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2022-11-11 05:36:03 Bankman-Fried apologizes, says FTX has more assets than client deposits

FTX CEO Sam Bankman-Fried apologized for the collapse of his crypto exchange, saying he is “sorry” and that he “fucked up.” . FTX collapsed this week after a run on its utility token. Binance, a rival exchange, backed out of a deal to bail out the beleaguered company on Wednesday.

Bankman-Fried further claimed that FTX is only facing liquidity issues, implying that it's not insolvent. "FTX International currently has a total market value of assets/collateral higher than client deposits (moves with prices!). But that's different from liquidity for delivery — as you can tell from the state of withdrawals. The liquidity varies widely, from very to very little," he said.

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2022-11-10 08:52:02 Maple Finance halted Alameda loans in May after seeing 'key weaknesses'

Orthogonal Credit, a delegate firm that manages lending pools on Maple Finance, said that earlier this year, it made a decision to not lend to Alameda Research, FTX exchange's sister trading firm that's now reeling under a liquidity crisis. After Orthogonal did its diligence in risk management, it spotted certain "weaknesses" in Alameda ahead of its ongoing crisis.

Orthogonal had previously issued $288 million in loans with a specific pool dedicated to Alameda which started in November 2021 and closed in May 2022. In another pool called USDC01, Orthogonal hasn't underwritten a loan to Alameda since February 2022. These so-called weaknesses relate to Alameda's business practices, the quality of assets it held on its balance sheet as well as the corporate structure of the firm, Orthogonal said.

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2022-11-09 12:39:03 Nigeria’s Presidential Candidate Adebayo to Create 30 Million Jobs Using Crypto

Adewole Adebayo promised to deploy crypto and create up to 30 million jobs for Nigerians should he get elected as President of the country. Adewole Adebayo – one of the main contestants to become Nigeria’s next President – promised to use blockchain technology and cryptocurrencies to generate up to 30 million job positions for locals. The unemployment rate is among the country’s main issues.

TV appearance, the presidential candidate of Nigeria’s Social Democratic Party (SDP) – Adewole Adebayo – vowed to solve the nation’s unemployment problems by deploying various technologies, including blockchain and digital currencies. The 50-year-old lawyer said he had discussed the idea with the US Black Chamber of Commerce and the National Chamber of Commerce. He has worked as a broad adviser for people part of these organizations, assuring they have created numerous job positions.

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2022-11-08 10:15:03 Solana scaling protocol Layer N comes out of stealth mode

Solana scaling protocol named Layer N that could quicken DeFi derivatives and on-chain social networks has come out of a stealth development phase ahead of a mainnet launch expected next year. Similar to Ethereum’s multichain scaling architecture, Layer N builds on top of Solana with the goal of increasing scalability.

Layer N says it's the first blockchain that will be able to match the throughput, or speed, of a centralized exchange. The protocol said it employs a "novel execution environment, dubbed the guardian network, as well as a few sets of unique technical innovations and optimizations to scale up execution.". Layer N Co-founder Dima Romanov said in a statement provided to The Block. "Through our technology, on-chain computation will approach centralized server performance for the first time.".

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2022-11-06 13:58:03 Zerion prepares to take on MetaMask with in-browser wallet

Crypto wallet Zerion is gearing up to launch an in-browser web extension as it prepares to take on industry leader MetaMask. The web extension is now in a closed beta and is expected to go live by the end of November. The web extension supports multiple seed phrases and has gone through audits with three security companies.

Zerion takes a fundamentally different approach to its wallet user experience. It lets users see their token balances across multiple blockchains in one place. This is different from MetaMask, which shows token balances on each blockchain at a time, which means users have to switch between networks to see all their tokens. The wallet also shows NFTs within the extension, similar to the Phantom wallet on the Solana blockchain.

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