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Crypto Exchange Regulation Check

FTX Sues SBF And Former Executives To Recover $1 Billion They Embezzled

FTX Trading Ltd sued the SBF founder and other former executives on Thursday to recover $1 billion.　　The defendants include Caroline Ellison, Sam Bankman-Fried (SBF), Gary Wang, and Nishad Singh.　　The defendants embezzled money to buy luxury apartments, political donations, and speculative investments and carried out one of the largest financial frauds in history.　　According to Reuters, FTX Trading Ltd sued the SBF founder and other former executives on Thursday, seeking to recover more than $1 billion they allegedly embezzled before FTXs bankruptcy.　　Defendants in the lawsuit filed in Delaware bankruptcy court include former CEO of hedge fund Alameda Research Caroline Ellison, former FTX chief technical officer Gary Wang, and former FTX chief technical officer Nishad Singh. These are all key names and were an effective arm of SBF before the second-largest cryptocurrency empire collapsed.　　This exchange said the defendants continued to embezzle funds to purchase luxury apartments, political donations, and speculative investments and conduct “one of the largest financial frauds in history.”,　　FTX said the fraudulent transfers occurred between February 2020 and November 2022, when it filed for Chapter 11 bankruptcy protection.　　These transfers may be reversed or “avoided” under US bankruptcy or Delaware law. US prosecutors say SBF was the mastermind behind a scam that

2023-07-21Deep Dive

The Wall Street Journal: An Investor Group Plans to Acquire CoinDesk for Approximately $125 Million,

According to sources cited by The Wall Street Journal, an investor group led by blockchain investors Matthew Roszak and Peter Vesenes is close to acquiring the cryptocurrency media platform CoinDesk for approximately $125 million. The deal is in its final negotiation stage.　　CoinDesk is currently owned by Digital Currency Group (DCG), which acquired CoinDesk in 2016. In January of this year, CoinDesks CEO, Kevin Worth, mentioned that the company may seek full or partial sale as it explores funding options for its future growth. Over the past few months, CoinDesk has received “many inquiries about potential investments.” Any sale would likely strengthen DCGs financial position as the company aims to rescue its Genesis unit from bankruptcy.　　Earlier this month, Digital Currency Group (DCG) was sued by Gemini, the largest creditor of Genesis, for failing to reach an agreement on the restructuring plan for Genesis. The two companies were unable to come to a consensus regarding the terms of the reorganization agreement.　　

2023-07-21Deep Dive

AAVE Community Launches Harmony Hack Attack, Joint Recovery Plan for Aave and Harmony

The Aave governance page shows that a joint recovery plan has been proposed by users for Aave and Harmony to compensate for the loss of user funds on AAVE after the Harmony blockchain suffered a hack attack. The core of this recovery plan involves setting up a Recovery Fund, with both Harmony and Aave contributing 20% of the total necessary funds for reimbursement. This will enable affected users to immediately recover 20% of their balances before the hack attack, providing some immediate relief and laying the foundation for further recovery efforts. Aaves contribution will include liquidating a portion of their current holdings of depreciated assets in the Harmony DAO treasury, which includes approximately 2 million aONE and 700 aLINK tokens. The remaining contributions from both parties may come from their respective reserves or other funding sources.　　The proposal also introduces the Decaying Oracle Mechanism proposed by service provider BGD, which will start with a recovery rate of 20% and gradually decrease in a depreciating manner to liquidate illiquid assets as early as possible. If there are any remaining bad debts, this debt will be shared equally between Harmony and Aave. The recovery process is expected to take around four years.　　

2023-07-21Deep Dive

Trait Sniper to Conduct Large-scale Influence-based Airdrop for Twitter Users on August 1st

Trait Sniper, the NFT rarity ranking tool, announced in a tweet that todays airdrop will be postponed to August 1st, when Twitter users (no need for blue subscription) can claim corresponding TS tokens on the Trait Sniper website based on their Twitter influence. The airdrop is conducted on the BNB Chain and has no pre-sale. Additionally, early adopters and strategic partners will receive extra airdrop rewards.　　According to the official whitepaper, the total supply of TS tokens is 1 trillion. A portion of the supply will be used for the large-scale airdrop, while another portion will be allocated to create initial liquidity for DEX. The initial price of $TS is set at $0.000001, resulting in a market capitalization of just $1 million.　　According to Similarweb, the website traffic for Trait Sniper has been consistently decreasing over the past year, with an average of approximately 159,000 visitors per month.　　

2023-07-21Deep Dive

Polygon Introduces New Governance Model: "Ecosystem Council"

According to The Blocks report, Polygon plans to completely overhaul its governance framework in the Polygon 2.0 roadmap to achieve a more decentralized control. This includes the launch of an “Ecosystem Council” for smart contract upgrades and the introduction of a two-stage community treasury to fund ecosystem projects.　　The Polygon team stated that the new governance model will be built on “Three Pillars of Governance,” focusing on core protocol governance, smart contract governance, and community treasury governance. Other key features include expanding the Polygon Improvement Proposal (PIP) framework, introducing the “Ecosystem Council” for system smart contract upgrades, and implementing a two-stage community treasury governance to fund promising ecosystem projects.　　

2023-07-20Deep Dive

MakerDAO Smart Burn Engine Activated, Repurchasing Approximately $5,000 of MKR Every 27 Minutes

On July 19th, MakerDAOs Smart Burn Engine was activated in the early hours of the day. The current treasury surplus amounts to $69.2 million, out of which more than $50 million (approximately $19.2 million) will be used for MKR repurchases and added to Uniswap V2 as LP (Liquidity Provider) with DAI. On-chain data shows that the current average time between repurchases is approximately 27 minutes, with an average repurchase amount of around $5,000.　　On July 17th, MakerDAOs community voted in favor of the “Smart Burn Engine and Initial Parameters Introduction” proposal, which is set to be executed after July 19th, 2023, 3:44 AM Beijing time. The Smart Burn Engine is a novel smart contract system designed to distribute surplus Dai from the Maker Surplus Buffer, which was previously not utilized as an emergency reserve. Unlike previous burning designs, the MKR tokens will accumulate in the form of Uniswap V2 LP tokens rather than being acquired and burned. As per the proposal, the Dai Savings Rate (DSR) will also be reduced from 3.49% to 3.19%, with simultaneous reductions and reductions in the liquidation ratio (mat) and stability fees for each pool.　　

2023-07-20Deep Dive

Gitcoin to Launch New Donation Campaign from August 15th to August 29th

Gitcoin announced the opening of a new donation campaign, Gitcoin Grants 18, from August 15th to August 29th. The applications will be open starting from August 1st.　　Gitcoin is a blockchain-based developer community and crowdfunding platform that focuses on promoting the development and sustainability of open-source software. Its main goal is to incentivize developers to contribute to open-source projects and provide them with financial support, thereby driving innovation and growth in the open-source ecosystem.　　In past Gitcoin Grants campaigns, projects like $OP, $GTC, $MASK, $RSS3, $ENS, among others, have distributed airdrops to donors, offering substantial returns to contributors. While it cannot be guaranteed that every project will distribute airdrops to donors, it might still be worth considering supporting projects after careful evaluation.　　

2023-07-20Deep Dive

XRP Soaring Leaves Bitcoin Behind To Boost Altcoin Trends

XRP is up 73% consistently over the past 7 days after winning a dispute with the SEC that lasted nearly years.　　Altcoins are also enjoying the win with bullish momentum.　　BTC dominance has dropped to 49.8% from a high of 52% at the end of June.　　Inheriting the victory from the Courts ruling in the dispute with the SEC, Ripple (XRP) is still recording an impressive increase to become the most popular token, surpassing even Bitcoin.　　The native token of the Ripple payment system has recently increased by around 6% in the last 24 hours and continuously increased by more than 73% in the past 7 days, reaching the highest level among the top 20 cryptocurrencies by market capitalization.　　Ripples win with the SEC prompted several exchanges, such as Coinbase, Kraken, and Bitstamp, to re-list XRP, leading to an increase in investment, trading volume, and open interest for futures contracts.　　In a recent report, smart data portal Kaiko revealed that open interest for altcoins is outpacing Bitcoin (BTC). When measuring the change in open interest since last week, XRP has outperformed Bitcoin by an impressive 50%.　　Smaller cryptocurrencies are also up on the day. XLM, the token of the Stellar network adjacent to Ripple, is up 24%.

2023-07-20Deep Dive

Sequoia Capital Loses Prominent Partners and Crypto Team

Sequoia Capital announces departure of key partners in cryptocurrency team.　　Departure of esteemed individuals raises questions about firms future direction in crypto.　　Departure may have implications for firms position in burgeoning cryptocurrency space.　　Sequoia Capital is undergoing a significant shake-up as it announces the departure of some key partners.　　Michael Moritz and Mike Vernal, two prominent figures within the company, are set to leave their roles. In addition, Michelle Fradin and Daniel Chen, both part of Sequoia Capitals cryptocurrency team and instrumental in leading investments in major players like FTX and other crypto projects, will also be bidding farewell to the firm.　　The departure of such esteemed individuals is making waves within the industry, leaving many wondering about the future direction of Sequoia Capitals cryptocurrency investments. With their extensive expertise and contributions to the world of blockchain and digital assets, their exit has become a subject of speculation and curiosity among investors and industry players.　　Michael Moritz has been with Sequoia Capital for several decades and has played a vital role in its success. Similarly, Mike Vernal‘s contributions as a partner have been pivotal in driving the firm’s growth and expansion. Their departure raises questions about the firms future investment strategies and focus areas.　　Michelle Fradin and

2023-07-20Deep Dive

SEC Chairman Asks For An Extra $72M To Strengthen Investor Protection In Crypto

The SEC chairman has asked US lawmakers for an additional $72 million in funding to protect investors from the crypto market.　　This money is used to add dozens of full-time employees to its list.　　Gensler cited “the wild west of crypto markets” that were “rife with non-compliance”.　　According to Coindesk, US SEC Chairman Gary Gensler has proposed $72 million in additional funding for the agency to protect investors from market participants disadvantage, including the cryptocurrency industry.　　Speaking before Wednesdays US Senate Appropriations Committee, Gensler cited the “wild west of the crypto market” as “fraught with non-compliance.” In this case, legislators and agencies must expand protections for investors.　　“Weve seen the Wild West of the crypto markets, rife with noncompliance, where investors have put hard-earned assets at risk in a highly speculative asset class,”Gensler said in his prepared remarks.　　In his opinion, he is seeking an additional $72 million to add dozens of full-time employees to his roster. The SEC chairman argued that a bipartisan bill approved last week to fund the SEC $2.364 billion for the fiscal year 2024 is just enough to “support currently authorized personnel levels ”due to inflation.　　The SEC employed 4,685 people in 2023, with about half focused on enforcement and inspection tasks,

2023-07-20Deep Dive
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