Binance auditor confirms reserves, 3AC founders subpoenaed, and Crypto Twitter drama

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Some of the biggest news in the cryptoverse on Dec. 6 included Polygon co-founder fighting back against “jealous” competition, CEO responding to “FUD,” and Binance auditors confirming Bitcoin This includes checking reserves, etc.

CryptoSlate Top Stories

Polygon co-founder addresses criticism that project is as bad as Solana

Polygon co-founder Sandeep Nailwal went on the defensive against an “ecosystem feeling defeated and jealous.”

The comment was motivated by a tweet by Mert Mumtaz, co-founder and CEO of Helius Labs, that Polygon has received more VC funding than Solana and plans to use the money to “use the chain to grow companies.” Paying people to buy out.”

Third Party Auditor Confirms Binance Bitcoin Reserves Are Overcollateralized

Binance’s bitcoin (BTC) reserve collateral is over 100% as of Nov. 22, according to financial auditor Mathers, and a snapshot of its total debt and reserves has been taken. .

To arrive at this result, the auditor considered in-scope assets lent through margin and loan service offerings secured by out-of-scope assets.

OneCoin crisis manager Frank Schneider faces trial in US

The U.S. Department of Justice (DOJ) has reviewed the case against Frank Schneider, who served as crisis manager for the $4 billion scam project OneCoin.

OneCoin was a crypto-based Ponzi scheme led by Bulgarian national Ruja Ignatova in 2014. The scam project collapsed in 2017 after raising nearly $4 billion from investors in 175 countries. Since then, authorities around the world, including the DOJ, have pursued the mastermind.

JP Morgan CEO Calls Crypto Tokens “Pet Rocks”

Jamie Dimon, CEO of JPMorgan & Chase, called cryptocurrencies a “complete sideshow” and likened digital asset tokens to “pet rocks.”

The comments came during an interview with CNBC, where he also accused media outlets of extensive coverage of the cryptocurrency industry. CEO Addresses FUD, Says ‘We Have Nothing To Hide’

Kris Marszalek, the CEO of crypto exchange, posted a thread on his Twitter account, announcing more FUDs targeting in the coming years, and that he had “nothing to hide.” admitted.

Marszalek hinted that the attackers spread FUD about him and his current company, focusing on his failed business 20 years ago. Addressing the community’s concerns, Marzalek revealed details of his failed business, adding that lessons learned from the failure led him to his current position.

Court approves issuance of subpoena against 3AC co-founder

Liquidators of Three Arrows Capital (3AC) have received approval to issue subpoenas to co-founders Su Zhu and Kyle Davis.

Su Zhu and Kyle Davis have been on the run since Three Arrows Capital filed for bankruptcy on July 1, and are said to have evaded all attempts to provide details of their hedge fund’s financial transactions. .

However, a U.S. bankruptcy court has granted a request to issue a subpoena against the founders of 3AC. Zhu and Davis are obligated to deliver and disclose all financial information relating to 3AC to the Approved Liquidator within his 14 days effective December 6, 2022.

US Department of Justice Indicts Former CTO of Blockchain Firm in Fraud Scheme

The U.S. Department of Justice has announced the arrest of Rikesh Thapa, the former chief technology officer of a blockchain company.

DOJ did not name the company in its Dec. 7 news release.

Thapa’s LinkedIn reveals that he co-founded blockchain company Blockparty in 2017 and served as CTO until 2019.

According to a December 7 DOJ filing, Thapa allegedly defrauded the company of more than $1 million in cash and crypto.

research highlights

Survey: Bitcoin held by miners falls to one-year low.Guilty Purine

Bitcoin miners are facing tough times due to continued price uncertainty and global energy shortages.

Moreover, macro factors are conspiring to raise borrowing costs, while access to capital is also drying up as risk appetite declines in the face of recessionary pressures. This situation is particularly bad for listed miners, who typically take out loans to finance the purchase of mining equipment.

Moreover, with Bitcoin’s price hovering around two-year lows, profitability remains tough for all but the most efficient miners.

On-chain Glassnode data analyzed by CryptoSlate reveals a significant drop in BTC held by miners since August. However, it is unclear if this is due to the need for offloading on the exchange.

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Over the past 24 hours, Bitcoin (BTC) rose +0.33% to trade at $17,001 while Ethereum (ETH) rose +1.11% to trade at $1,288.

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