The biggest news in the cryptoverse on January 19th was FTX CEO John Ray II suggesting that the failed exchange may be back on its feet. Meanwhile, US agency FinCEN has accused Binance of acting as his Bitzlato counterparty.
Elsewhere, Raydium abusers have moved $2.7 million in funds through Tornado Cash, Ethereum Name Service is considering selling some of its ETH, and Yuga Labs is supporting royalties. I have blacklisted certain NFT marketplaces that are not In addition, we will explore the bottom of the Bitcoin market.
CryptoSlate Top Stories
FTX CEO John Ray Creates Task Force to Consider Exchange Reopening
FTX CEO John Ray III is investigating the possibility of reopening the now-defunct cryptocurrency exchange. of wall street journal report January 19th.
CEO said: journal He revealed that he has created a task force to investigate the reopening of FTX.com, the company’s main international exchange. he said: If there is a way forward, we will not only explore it, but implement it. ”
According to Ray, FTX officials have been accused of criminal activity, but several clients have praised the company’s technology, suggesting a reboot may be needed.
Binance Named Among Bitzlato’s Top 3 Incoming Counterparties
Binance was named one of Bitzrat’s top three receiving counterparties, according to the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) mandate.
On January 18th, US authorities took action against a little-known exchange for facilitating the laundering of $700 million. The exchange’s Russian founder Anatoly Legkodimov was arrested in Miami.
About two-thirds of Bitzlato’s top recipients and senders were associated with darknet markets or scams. order report. The authorities noted that other than Binance, Bitzlato’s other top receiving counterparties include the Russian darknet Hydra and the Ponzi scheme ‘TheFiniko’.
Raydium exploiters move $2.7M into Tornado Cash
A wallet address linked to the Raydium DEX exploiter moved approximately $1.75 million worth of ETH via the sanctioned mixing protocol Tornado Cash.
On December 16th, exploiters took control of Raydium owners and exfiltrated the protocol’s liquidity pool of $2.2 million worth of assets, including $1.6 million of SOL tokens.
After the exploit, the Raydium team suggested using DAO funds to compensate affected users.
ENS DAO considers proposal to auction 10,000 ETH for USDC
The Ethereum Name Service (ENS) DAO is considering a proposal to sell 10,000 ETH on USDC through Gnosis Auctions.
governance suggestion We aim to diversify the ENS DAO Treasury, submitted on January 18th. Currently, DAO holds approximately 40,746 ETH and 2.46 million USDC.
However, as the bear market drags on, the DAO may be in a vulnerable position due to overexposure to a single volatile asset. For context, ETH has lost about 52% of its value year-over-year.
As a result, the DAO is looking to convert about 25% of its ETH holdings into USDC.
The number of ETH holders will grow 3.6 times to 87 million by 2022
According to a Crypto.com research report, the number of Ethereum (ETH) holders increased by 263% between January and December 2022.
The number of ETH investors surged from 27 million in January to 87 million by the end of December.
By comparison, Bitcoin (BTC) holders grew by just 20% from 183 million in January to 219 million in December, according to the report.
Crypto adoption continued to grow, despite a significant drop in cryptocurrency prices by 2022. The total number of cryptocurrency investors jumped from 306 million in January to 425 million in December, marking a 39% growth.
Yuga Labs blacklists NFT marketplaces that don’t support royalties
Bored Ape Yacht Club (BAYC) creator Yuga Labs blacklisted addresses related to LookRare, SudoSwap, Blur, NFTX, and did not support Sewer Pass NFT royalties.
Royalties are payments made to NFT creators each time an asset is sold on the market. OpenSea mandates up to 10% royalties for creators, while others like LooksRare and SudoSwap make royalty models optional.
In light of the ongoing NFT licensing debate, Yuga Labs has moved to ban transactions from markets that do not support NFT licensing, such as sewer passes.
research highlights
Study: On-Chain Indicators Continue to Show Bottom for Bitcoin
Previous on-chain research suggested that the Bitcoin market had bottomed out. crypto slate We’ve reviewed some Glassnode indicators that continue to point to price bottoming.
However, macro factors that may not have been present in previous cycles are still at work and could affect the current cycle.
Bitcoin’s supply P/L band shows a profit or loss circulating supply based on whether the token’s price is higher or lower than the current price at the time of the last move.
The market cycle bottom coincides with the convergence of the supply of profits (SP) and supply of losses (SL) lines that most recently occurred around Q4 2022. Subsequent acts of line divergence correspond to past price reversals.
The SP band is now sharply rising and deviating from the SL band, suggesting that a macro rise in price could be on the cards if this pattern holds.
crypto market
Over the past 24 hours, Bitcoin (BTC) rose 1.01% to trade at $21,109.33 while Ethereum (ETH) rose 0.67% to $1,552.61.
Biggest Gainers (24 hours)
- FTX Token (FTT): 38.07%
- TNC Coin (TNC): 23.15%
- Serum (SRM): 15.71%
Biggest Loser (24h)
- Neutrino US Dollar (USDN): -7.84%
- Hex (HEX): -6.57%
- Helium (HNT): -5.04%
