3AC founders building new exchange; SBF maligned by ex-FTX US president

admin January 16, 2023

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The biggest news in the cryptoverse on January 16th is that the founders of Three Arrows Capital (and the founders of CoinFLEX) have raised money for a new cryptocurrency exchange. Elsewhere, former FTX CEO Sam Bankman-Fried faced harsh words from former FTX.US president Brett Harrison. , ImmutableX tops web3’s funding charts, and Korbit monitors accounts of employees and their families. Additionally, a study on the price action of Bitcoin.

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3AC, CoinFLEX Co-Founder Seeks To Raise $25 Million For New Crypto Exchange

Three Arrows Capital (3AC) co-founders Kyle Davis and Su Ju, along with CoinFLEX co-founders Mark Lam and Sudu Arumugam, have raised nearly $25 million to launch a new cryptocurrency exchange called GTX. is about to launch.

GTX is designed to allow creditors of bankrupt exchanges such as FTX, Celsius, BlockFi and Mt.Gox to claim their assets and use those claims for trading.

according to pitch deck Now available on CryptoSlate, the GTX team is looking to raise around $25 million to fully develop the exchange.

Former FTX US President Calls SBF Insecure, Malicious and Unstable

Former FTX US President Brett Harrison Accused FTX Founder Sam Bankman-Fried (SBF) of ‘Gaslighting and Manipulation’ on Twitter thread Harrison left FTX.US in September 2022, two months before SBF’s crypto empire collapsed.

Sharing his experience of running FTX US for 17 months, Harrison said the SBF had taken steps to insulate him from key decisions regarding FTX’s US division.

Binance Helps Recover $3M from Harmony Bridge Hack

According to Binance CEO Changpeng Zhao (CZ), Binance helped Huobi recover 124 Bitcoins (BTC) worth $2.58 million from Harmony Bridge hackers.

Hackers previously tried to launder stolen funds using Binance, but according to CZ, the account was frozen. Tweet.

The cooperation of the two exchanges also thwarted new attempts by hackers to use Huobi. Verified By Huobi Advisor Justin Sun.

Immutable X Games Raises Biggest Web3 Funding in 2022 – Over $900 Million

According to a recent report from Delphi Digital, the Immutable X (IMX) game has raised the most money for Web3 funding in 2022.

Immutable X-only games and Immutable X-based multi-chain games rThey received approximately $300 million and over $600 million in funding, respectively.

These investments make Immutable X overtake Solana and Polygon to become the most funded Layer 2 Web3 game ecosystem in 2022. report.

South Korean exchange Corbit monitors employee and family accounts

Corbitt Exchange has announced plans to monitor accounts of employees and their families to improve internal control standards, according to local media. report.

News 1 South Korea covered the announcement, saying additional surveillance of family members is not currently mandated in South Korea.

According to the report, Korbit CEO Oh Se-Jin said the extensive oversight is part of efforts to raise the exchange’s internal control standards to those of traditional finance.

Executives and employees of cryptocurrency exchanges are legally prohibited from trading on the exchanges where they work based on South Korean law enforcement regulations. Special Act on Specific Financial Information.

Bitcoin Moves Towards Neutral Sentiment in Fear & Greed Index

For the first time since April 2022, the Bitcoin Fear & Greed Index (FGI) has moved from the ‘fear’ zone to ‘neutral’.

Over the weekend, Bitcoin reached a score of 52 on the index as it climbed above $21,000.

At the time of writing, the score had slipped slightly to the bottom of the “fear” scale, with a rating of 45. The index started the year in the “extreme fear” zone, indicating bearish sentiment was dominating the market. Beginning of January.

But as Bitcoin climbed from $15,600 to $17,200 in November and December, FGI moved away from extreme fear.

research highlights

Survey: Bitcoin Options Traders Target $30,000 as Strong Price Action

Bitcoin options traders overwhelmingly revised their expectations to $30,000 by the end of March, according to data analyzed by Glassnode. crypto slate.

The recent price action took on a decidedly bullish tone in the second week of the new year.

Since January 8th, BTC has recorded 7 consecutive green closes, gaining 25% and regaining $20,000 for the first time since FTX collapsed about 9 weeks ago. As a result, options traders’ sentiment has become more bullish.

Previous research has highlighted a bullish trend among Bitcoin and Ethereum options traders, as evidenced by the prevalence of open interest calls over puts in both cases.

Calls and puts refer to buying and selling options respectively. These derivative instruments give the holder the right, but not the obligation, to buy or sell the underlying asset at a specified price at some point in the future.

Call and put spreads at various given (or strike) prices indicate general market sentiment.

At the time, the preferred range for Bitcoin was between $15,000 and $20,000. This is because the call and put spreads within this spread are relatively even. However, recent strong price action has made Bitcoin options traders even more bullish.