The decentralized exchange Velocore confirmed a breach on its platform on June 2, during which attackers stole ethereum tokens worth an estimated .8 to million. The Velocore team is actively pursuing the hackers and is open to negotiating a settlement. Hackers Exploited Vulnerabilities Within the CPMM Pool Contract The decentralized exchange Velocore on Zksync […]
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Global Crypto Ownership Reaches 562 Million: 6.8% of World Population Now Own and Use Digital Currencies
A new report reveals that 562 million people globally now own digital currencies, an increase from 420 million in 2023, making up 6.8% of the world’s population. Asia is at the forefront of this growth, with North America close behind. Overall, cryptocurrency adoption is rising worldwide, with notable increases seen across all continents. ‘562 Million […]
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FTX Debtors Reveal $6.8 Billion Hole in Balance Sheet Amidst Financial Discrepancies and Payments to Insiders
According to a presentation recently submitted by the FTX debtors on March 16, Sam Bankman-Fried’s companies had a .8 billion hole in their intercompany balance sheet when they filed for Chapter 11 bankruptcy protection. FTX and its conglomerate of firms have debts of around .6 billion, including customer claims and various other liabilities.
FTX’s .8 Billion Gap
The FTX debtors have released a third presentation that provides an overview of FTX’s debts and liabilities. The presentation reveals that, while a significant amount of money is owed to customers, FTX and its few subsidiary firms also owe funds to certain vendors, counterparties, and unpaid invoices. Some of the vendors include Margaritaville Beach Resort owned by Jimmy Buffett, Amazon Web Services (AWS), Fairview Asset Management, Stripe, Meta, Trulioo, Spotify, Turner Network Television, and American Express.
Advisers concluded that when FTX filed for bankruptcy, the more than 100 companies under its umbrella had a .8 billion gap in their balance sheet. Approximately .8 billion of this amount is against a colossal .6 billion, according to the presentation. FTX US had a shortfall of about million, despite Bankman Fried’s repeated claims that the U.S. subsidiary was solvent. The disgraced FTX co-founder’s quantitative trading firm, Alameda Research, held the “vast majority of third-party loans,” according to the advisers’ notes.
Alameda had an interesting relationship with many entities and protocols, as it borrowed from “approximately 80 different counterparties.” Furthermore, much of the collateral was based in FTT, SRM, and SOL, and crypto asset volatility “resulted in many lenders issuing margin calls and call notices.” FTX debtors reviewed internal communications, onchain activity, and loan documents and discovered that loans were not recorded in FTX’s historical accounting records. “Additional tracing of wallet and blockchain activity remains an ongoing matter,” the advisers explained.
Forty-nine companies are ghost towns, identified as “dormant” because they have no historical payments or financial information. Advisers say nine FTX entities provided their payment records directly, and 12 FTX entities in Europe and Asia did the same. About 30 of the FTX entities used Quickbooks to keep operational books and records. Regarding political donations, “payments identified on [Federal Election Commission] website that were not classified as donations on the debtors’ books and records,” the presentation notes.
Additionally, a page called “payments to insiders” shows Bankman-Fried was paid roughly .247 billion. Former FTX director of engineering Nishad Singh reportedly received 7 million, and FTX co-founder Gary Wang earned 6 million. Former FTX co-CEO Ryan Salame allegedly received million, and Sam Trabucco made million, according to FTX debtors. The former Alameda CEO, Caroline Ellison, received million in payments and loans, as detailed in the payments to insiders spreadsheet.
Overall, FTX debtors discovered major financial and accounting discrepancies within the company, along with substantial payments made to insiders. The situation is opaque, but it’s evident that FTX’s financial problems are more extensive than initially reported. The presentation notes that the financial data was not audited and is subject to change as the bankruptcy proceedings continue.
What do you think this means for the future of FTX and its subsidiaries? Share your thoughts and insights in the comments below.
Uniswap Shows Bullish Pattern As Price Fails To Break $6.8; Are Bears In Control?
- UNI’s price shows the first sign of bounce after forming a bullish pattern as the price gets rejected into a range channel.
- UNI bounced off its downtrend movement as the price broke its resistance of .8 but failed to hold this region.
- The price of UNI continues in its range movement as the price gets rejected into a range and trades below the 50 Exponential Moving Average (EMA).
Uniswap (UNI), a one-time favorite of many in the crypto industry, has failed to live up to the hype it once had as its price rallied from a low of to . The crypto market, including the big players like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), has had a quiet month as the prices of most altcoins have found themselves fighting for survival as they seek to defend their key support areas. The price of UNI, despite having a good start in recent weeks, formed a bullish pattern but failed to complement this structure with some rally. (Data from Binance)
Uniswap (UNI) Price Analysis On The Weekly Chart.
Uniswap has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of UNI hasn’t enjoyed a measure of relief after showing so much strength on the weekly chart rallying from a low of .5 to a high of .5 before facing rejection from that region.
After the price of UNI rallied to a high of .5, the price has faced rejection to break higher to a region of , and the price has continued to struggle to stay afloat, considering how tough the crypto market has been lately.
The price of UNI dropped to a low of after rejection from the high of .5; the price of UNI bounced from that region to a high of .5, where the price was rejected into a range channel.
Weekly resistance for the price of UNI – .
Weekly Support for the price of UNI – .5.
Price Analysis Of UNI On The Daily (1D) Chart
In the daily timeframe, the price of UNI continues to trade below the key resistance formed at 50 EMA after forming a cup and handle pattern but failed to complete the pattern as the price was rejected into the range. The price of acts as the resistance holding the price of UNI from breaking the range and trending higher.
The price of UNI needs to break and hold above for the price to trend higher to a region of .5-, which is a key supply zone for most traders. If the UNI price fails to break above this region, we could see the price retest its Support at .5.
Daily resistance for the UNI price – .5-.
Daily Support for the UNI price – .5.
Featured Image From zipmex, Charts From Tradingview
NewsBTC
Uniswap (UNI) Price Struggles To Overcome $6.8 Resistance
A Uniswap (UNI) recent market downturn has forced UNI’s trading range to shrink significantly. During the bull market in July, UNI jumped by more than 60 percent in just over two days, prompting the subsequent fall.
After this price increase, the weeks that followed showed a reversal pattern known as a “head and shoulders,” which eventually led to a price decline.
The price showed significant volatility over a 16-day period, as evidenced by the market’s historical statistics. This volatility pointed to a fierce battle between bulls and bears.
Chart: TradingView.com
The bears clearly won this war, as the price of Uniswap fell by 17.30 percent, as shown in the figure.
Prior to a price reversal, the regression channel shows the declining trend even more strongly. Due to this turn of events, the cost of Uniswap has risen from .745.00 to .459.00, a price hike of 13.54 percent.
Nonetheless, the coin went through another period of volatility as price swings were driven by bulls and bears. It happened after Uniswap bulls attempted a break above the 50% Fibonacci retracement line.
Chart: TradingView.com
The bears prevailed once again in the end. The coin’s price dropped by an additional 15.54 percent after this victory. The loss of 13.54 percent in nine days was fully wiped out by the catastrophe.
Uniswap’s trend has been on the rise since the most recent market meltdown, which has brought us to our current position. But a problem occurred as a result of the movement; it narrows to a point towards the conclusion.
The leading trend line served as resistance. The Stoch RSI rating indicates that the currency experienced a single strong sell signal at this point.
Uniswap Chart: TradingView.com
This alerted Uniswap speculators and traders to the possibility of another market correction. In this predicament, UNI’s price can only move in two directions: up or down.
1 – the price will surpass the psychological resistance of .8 and continue to rise, and
2 – Uniswap price will not stabilize at the 50% Fibonacci retracement level before retracing.
This speculative activity prevents dealers and investors from conducting business in the area. It stands at such a vital place as any breakouts can result in big gains and losses.
As of this writing, Uniswap bulls are aiming to hold their position above the 50% Fib mark.
If the price breaks upward, it will gain speed towards the 38.20 Fibonacci level and may perhaps surpass it. If the price falls, it should not fall below the .87 support level.
UNI total market cap at .5 billion on the daily chart | Source: TradingView.com
Featured image from Somag News, Chart: TradingView.com
NewsBTC
$6.8 Million is Being Spent on Ethereum Fees Each Day as DeFi Craze Continues
The DeFi craze is reaching new peaks, with investors now throwing money into just about every Ethereum-based token with unique properties and strong “meme potential.”
One such example of this is Yam Finance, which is a protocol launched roughly 48 hours ago that drew in hundreds of millions of dollars before a fatal bug left a small portion of these funds locked within the platform.
The rise and fall of Yam Finance sent shockwaves throughout the entire crypto market, with it causing many popular DeFi tokens – like Compound – to see heightened volatility due to traders trying to farm massive yields on the platform.
One byproduct of this craze has been rising Ethereum transaction fees.
The amount of money that investors are spending to transact between ERC-20 tokens is currently the highest it has been, with a total of .8 million being spent on fees daily.
DeFi Craze Gains Traction as Fiscal Incentives Grow
Throughout the past few months, investors have been captivated by the massive returns that tokens related to the DeFi sector have provided.
Users can profit from the trend in two ways – either by purchasing the tokens associated with various protocols within the ecosystem or by “farming” the yields offered by many platforms.
To take advantage of either of these opportunities, investors use Ethereum or ERC-20 tokens.
This is widely thought to be one of the primary factors behind the influx of buying pressure that sent ETH’s price surging from 0 just over a month ago to highs of 5.
Ethereum Fees Rocket as Demand for Space On-Chain Mounts
According to a recent report from the analytics platform Glassnode, users are now spending a total of 17,500 ETH per day on fees. This is worth a combined total of 6.8 million – the highest it has ever been in the cryptocurrency’s history.
“The amount of fees being spent on the Ethereum network is higher than ever before (now even higher than the single day in June with anomalous fees unrelated to regular network usage). Over 17,500 ETH (USD .8 million) are currently being spent on fees daily on Ethereum.”
Image Courtesy of Glassnode.
The median gas price used per transaction has also reached new highs of 217 Gwei – signaling that Ethereum users have to compete heavily to have their transactions processed.
It is highly likely that this trend will continue gaining steam as users try to cash in on the DeFi sector’s explosive growth.
Featured image from Unsplash.
Coinbase Falls $6.8 Trillion Behind Fidelity, Crypto Still Has Lot of Room to Grow
Although the number of individuals signed up for Coinbase has reportedly surpassed 20 million, boasting a user base that some institutions would envy, some analysts claim that the crypto and blockchain industry and the firms backing it still have the potential to undergo a monumental round of maturation and expansion.
“Coinbase: The Stock Broker For Poor People”
Alex Kruger, who has quickly gained recognition for his analysis of the cryptocurrency industry, recently gave his through-provoking insight in the form of a Twitter thread, drawing attention to the fact that crypto has an opportunity to see exponential growth over the next few years and decades.
Citing statistics compiled by Bitmain in its recently released IPO filing document, as relayed and translated by Messari’s Katherine Wu, the Argentinian cryptocurrency commentator drew intriguing comparisons between crypto unicorn Coinbase and Fidelity Investments, one of America’s leading financial institutions. Kruger noted that while Coinbase’s user count has eclipsed 20 million as of June 2018, it still sits behind Fidelity, which holds 27 million customers and nearly as many brokerage accounts to its name.
But then again, “it is not just about the number of users,” Kruger added, as Fidelity purportedly holds the keys for over .9 trillion worth of customer assets, while Coinbase is only responsible for -20 billion, an obvious far cry from the figures posted by the Boston-based, yet multinational institution.
Doing some quick napkin math, Kruger revealed that the average Coinbase consumer holds 0 worth of cryptocurrencies on-site, while Fidelity, which is also US’s largest stockbroker, has customers that often put over 5,000 worth of assets through the firm’s diverse lineup of services and investment opportunities.
To give this staggering gap in financial influence some perspective, Coinbase’s average user has about 0.3% worth of the assets on the San Francisco-based platform that an average Fidelity customer would have.
Coinbase, US largest crypto exchange: 20 million users, – billion assets, 0 per user on average.
Fidelity, US largest stock broker: 27 million users, 00 billion assets, 5,000 per user on average.
As @Thrillmex said, "Coinbase: The stock broker for poor people".
— Alex Krüger (@Crypto_Macro) September 26, 2018
Taking this substantial, mind-bending gap with the slightest hint of jest, the aforementioned cryptocurrency analyst referenced a tweet made by Thrillmex, a fellow Twitter-based crypto commentator, who once wrote “Coinbase: The stock broker for poor people.” Kruger, evidently meaning no harm when he cited the joke, added that “these stats could be read two ways. I see potential for growth once the bull kicks back in” and substantial growth at that.
And although it is unfair to compare the cryptocurrency industry to legacy capital markets in an ‘apples-to-apples’ manner, as the two sectors are inherently different, the statistics show that there is still upside in store for this market, even though all the odds are against this technology.
This sentiment has only been validated by long-time Bitcoin bulls and industry leaders, who have recently taken to social media en-mass to state that once the bull kicks back in — which is just a matter of time — crypto could see a Cambrian period of evolution. Binance CEO Changpeng Zhao, for example, recently doubled-down on his forecast that predicts that the cryptocurrency market cap could grow by upwards of 1,000 times, as reported by NewsBTC.
Although Zhao, better known as CZ, likely has a few too many stars in his eyes, it is clear that hope for the success of this industry hasn’t entirely dissipated in the most recent bear market.
Featured Image from Shutterstock
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