Alameda’s $65B ‘backdoor’; Thailand’s digital wallet system

Hull Invest

The biggest news in the Cryptoverse on Jan. 17 was that court proceedings revealed that Alameda Research had a $65 billion artificial line of credit on FTX. Meanwhile, Thailand has created an obligation requiring cryptocurrency companies to establish a digital wallet management system. Polygon completed his fork hard, Ethereum’s weekly gas spending increased, Kazakh mining his hashrate dropped, and Silvergate recorded his $1 billion loss. In addition, a survey of mining company holdings.

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Alameda has a $65 billion artificial line of credit, 43,000% more than FTX market makers

Recent court filings in FTX’s bankruptcy case reveal a “$65 billion backdoor” between Alameda and FTX. The filing includes materials detailing the current findings of the FTX Group’s funding.

The deck contains a diagram of the FTX liquidation process and a code sample allegedly representing the Alameda backdoor.

The customer was auto-cleared under the margin terms offered by FTX, but Alameda is said to have been exempt from auto-liquidation. Additionally, Alameda was not required to present real collateral for the transaction. Instead, it was allowed to trade with “artificial capital.” This crime alone, if proven true in court, would make him one of the most significant examples of fraud in history.

Thailand’s SEC requires exchanges to establish digital wallet management systems

Thailand’s Securities and Exchange Commission (SEC) has mandated digital asset providers to establish a digital wallet management system to ensure the safety of their customers’ assets.

The SEC announced on January 17th that three sets of requirement It aims to provide regulatory guidelines to digital asset providers/exchanges in order to establish an efficient digital wallet management system.

According to the SEC, digital asset providers are required to communicate with the Commission about policies and guidelines implemented to oversee digital wallet risk management and controls.

Polygon completes hard fork upgrade, minimizing gas price spikes, chain restructuring

Polygon announced on January 17th the completion of its proof-of-stake hard fork upgrade to reduce gas spikes and chain reorgs.

The two proposals included in the hard fork were Submitted last DecemberApproximately 87% of the Polygon validator team voted for approval.

The hard fork proposal aims to reduce gas spikes by reducing the BaseFeeChangeDenominator from 8 to 16. Statement of January 12Gas prices will continue to increase during peak demand, but will be aligned with the dynamics of gas on Ethereum.

Bitcoin Mining Emissions Down 10% As Kazakhstan’s Hashrate Share Drops

ClimateTech Vice-Chairman Daniel Batten recently reported that Kazakhstan’s share of the global Bitcoin (BTC) hash rate will drop to 6.4% from the first quarter of 2022 onwards, with a 10% carbon footprint for the entire network. Decreased. analysis.

Batten said the mainstream media did not disclose this impact, which proves that the BTC network “continues to follow in the right direction.”

Silvergate Capital Posts $1 Billion Loss in Q4 2022

Silvergate Capital Corporation and its subsidiary Silvergate Bank announced a net loss of $1 billion in the fourth quarter of 2022, according to the company’s report.

Net loss attributable to common stockholders for the fourth quarter was $33.16 per share of common stock.

Silvergate Q4 report It also revealed a decline in digital asset customers and lower fee income related to digital asset customers.

Ethereum Mainnet Hits Record-Breaking 32 Billion Weeks Of Gas Spend

Data from Dune Analytics shows that the Ethereum (ETH) Layer 2 (L2) network spent a record-breaking $32 billion to validate transactions and activate bridges between January 9 and January 15. Consumed gas (up 22.8% year-on-year). .

Optimism (OP) contributed About 50% of gas consumed — 2.8 billion gas on a 7-day moving average — followed by Arbitrum with about 30% share, according to Dune Analytics. data.

As of January 17, ETH mainnet L2 network gas spend was 66.35 billion, which is expected to exceed 100 billion for the third consecutive month since it first passed the 100 billion milestone in November 2022. .

research highlights

Survey: Bitcoin Mining Company Ownership Review for 2022

Glassnode data analyzed by crypto slate Bit Digital posted a 134% growth in reserves in 9 months, showing Marathon, Hut8 and Riot building the top 3 largest Bitcoin (BTC) pools.

BTC miners have entered 2022 by acquiring resources through cheap debt in 2021. Most of them invested these resources into growing his ASICS and continued to increase their BTC holdings until May.

However, the bear market that started in May brought significant pressure and led to diversification among miners. Competition in Blockspace has increased as the war between Russia and Ukraine has increased energy costs, lowered BTC prices, and increased hashrates.

In late 2022, circulation emerged as a major theme for BTC miners. However, his BTC volume on the exchange did not increase. Throughout the year, his BTC transferred to exchanges was less than 60,000.

crypto market

Bitcoin (BTC) has risen over the last 24 hours 0.88% Trading at $21,312.79, Ethereum (ETH) rose 0.11% to $1,580.68.

Biggest Gainers (24 hours)

  • dKargo (DKG): +19.13%
  • Fetch (FET): +18.82%
  • Casper (CSPR): +16.79%

Biggest Loser (24h)

  • FTX Token (FTT): -17.88%
  • Newcypher (NU): -6.45%
  • UNUS SED LEO (Leo): -4.59%

Read the latest market report

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