Day: December 2, 2022

Dems and Reps join forces to pressure SBF to testify before Congress

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The leadership with the United States House Financial Services Committee have separately called on former FTX CEO Sam Bankman-Fried to appear in an investigative hearing scheduled for Dec. 13. In Dec. 2 posts on Twitter, House Financial Services Committee chair Maxine Waters, a Democrat, and ranking member Patrick McHenry, a Republican, requested SBF speak at a hearing aimed at investigating the events around the collapse of FTX. It’s unclear if the U.S. lawmakers intended the former FTX CEO to appear in person or remotely from the Bahamas. “[Sam Bankman-Fried], we…

Ankr says no one should trade aBNBc, only LPs ‘caught off guard’ will be compensated

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Following yesterday’s confirmed multi-million dollar exploit, BNB Chain based protocol Ankr took to its company blog on Dec. 2 to relay its next steps to users. The team said it was identifying liquidity providers to decentralized exchanges as well as protocols supporting aBNBc or aBNBb LP. The group also said it is assessing aBNBc collateral pools, such as  Midas and Helio. According to the post, Ankr intends to purchase $5 million worth of BNB, which it will use to compensate liquidity providers affected by the exploit. Some users speculatively traded…

U.S. Data Foils Bitcoin Bulls’ Rally Attempt To Retake $17,000

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Bitcoin is retracing and might be at the end of the short-term bullish momentum; the macroeconomic data might have shifted once again against it. The cryptocurrency saw profits after weeks of trending to the downside, but the rally is losing steam.  The number one crypto by market cap is moving sideways after the collapse of FTX pushed it below critical support. As of this writing, Bitcoin trades at $16,900. The BTC price has yet to reclaim that level at around $17,500.  BTC’s price moved sideways after a major crash on…

Price analysis 12/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

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Bitcoin and altcoins are beginning to flash signals of a potential trend change, but a handful of downside risks remain. Non-farm payrolls in the United States rose by 263,000 in November, exceeding economists’ expectations of an increase of 200,000. Analysts believe that the numbers remain hot and do not allow much scope for the Federal Reserve to slow down its aggressive rate hikes.  This is contrary to Fed Chair Jerome Powell’s remarks delivered at the Brookings Institution where he said that the central bank could reduce the pace of rate hikes “as…

Crypto Exchange Binance Rolls Out Trading Services for Brand-New Web3 Altcoin Project

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The world’s largest crypto exchange platform by volume is listing a brand new altcoin in its Innovation Zone which allows users to trade newer token offerings. According to a recent company announcement, Binance Launchpad, a branch of Binance where crypto projects can raise funds, recently hosted a token sale for the Hooked Protocol (HOOK) via a subscription format. In Binance’s subscription format, potential participants get their participation limits set by their average Binance Coin (BNB) balance over a set period of days. They can then choose to lock up any…

3AC bankruptcy process faces challenges amid unknown whereabouts of founders

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Liquidators for Three Arrows Capital (3AC) will have to present further documents in order to be granted permission to subpoena the now-bankrupt crypto hedge fund’s founders through Twitter, according to a decision from Judge Martin Glenn during a virtual hearing for the Southern District of New York Bankruptcy Court on Dec. 2. Lawyers representing the liquidators claimed that Zhu Su and Kyle Davies, co-founders of the hedge fund, have repeatedly failed to engage with liquidators over the recent months. “A communication protocol was agreed between the liquidators and founders but…

Crypto Derivatives DEXs Reposition for Life After FTX

That’s driven lots of new interest to some of the earliest decentralized players. Dan Gunsberg, creator of Solana-based derivatives exchange Hxro, said that in recent weeks he’s seen a boom in interest for his trading platform, which he claims cannot fall prey to the same pain points that felled FTX and its sister company, Alameda. Source

Crypto Community weighs in on SBF’s ‘apology tour’

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The Former CEO of FTX, Sam Bankman-Fried, known also as SBF, has seemingly begun to embark on an apology tour to redeem his image a month after the sudden implosion of FTX, which revealed the exchange’s improper use of customer and investor funds.  OnNov 30, Bankman-Fried made his first live public appearance since the collapse of FTX — answering a number of questions during the DealBook Summit in New York. In the interview, Bankman-Fried claimed to have “unknowingly commingled funds” between Alameda and customer funds at FTX. He shared:  “I…

Bitcoin’s Total Hashrate Slides Lower in December as BTC Miners Struggle for Profits – Mining Bitcoin News

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While bitcoin prices have been lower than the estimated cost of bitcoin production, the network’s hashrate has dropped a great deal since mid-November. Presently, the total hashrate dedicated to the Bitcoin network is coasting along at 236 exahash per second (EH/s) after dropping below the 200 EH/s range six days ago. Bitcoin’s Hashrate Slips Lower The first week of November 2022 was brutal for digital currency prices as FTX’s collapse rippled across the entire industry in a negative fashion. Prior to the FTX fallout, bitcoin was trading above the $20K…