Day: January 18, 2023

How Arbitrum and Optimism Made Millions in 2022

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Arbitrum and Optimism raked millions in profit despite the extended bear market that hammered decentralized finance (DeFi) activities and Ethereum (ETH) valuation in 2022. Arbitrum And Optimism Win Big Per on-chain data shared on Twitter, Arbitrum, and Optimism, general-purpose Ethereum layer-2 platforms, made 2,906 ETH and 2,086ETH, respectively. In USD terms, it translates to around $4.6 million and $3.3 million for each protocol. L2s are amazing businesses Arbitrum made 2,906ETH ($4.6M) of profit in 2022 Optimism made 2,086ETH ($3.3M) of profit in 2022 pic.twitter.com/ViOkPA0Juv — Kofi (@0xKofi) January 17, 2023 Based…

SBF says Sullivan & Cromwell contradicted itself with insolvency claims

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Law firm Sullivan & Cromwell have contradicted themselves when they claim that shuttered crypto exchange FTX.US is insolvent, according to former CEO Sam Bankman-Fried (also known as “SBF”) in a January 17 blog post that was shared on Twitter. FTX US is solvent, as it always as been.https://t.co/XjcyYFsoU0 pic.twitter.com/kn9Wm9wxjl — SBF (@SBF_FTX) January 18, 2023 The law firm was hired by FTX Group to handle the bankruptcy proceedings of several of its subsidiaries, including FTX International, Alameda Research, and FTX.US. However, Sam Bankman-Fried has stated on several occasions that he…

Digital Dollar Project urges US to take action on CBDC development

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The Digital Dollar Project (DDP) released a new version of its white paper “Exploring a U.S. CBDC” on Jan. 18. The project expanded the paper in order to examine central bank digital currency projects internationally, though its focus is still on the United States. The DDP introduced its “champion model” of an intermediated wholesale and retail CBDC in the first version of the paper in May 2020. Since that time, CBDC projects worldwide have increased from 35 to 114. The updated DDP paper retained the core tenets of the champion, such as those…

FTX profited from Sam Bankman-Fried’s inflated coins: Report

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Sam Bankman-Fried, the former CEO of the FTX crypto exchange, used his influence in the crypto industry to inflate some coins prices through a coordinated strategy with FTX’s sister company, Alameda Research, a New York Times report claimed on Jan. 18. As a way to keep FTX and the companies under its umbrella profitable, Bankman-Fried allegedly approached developers behind projects, insisting that they make their trading debuts on the exchange’s platform. Following that, the report claimed, Alameda Research would buy some of these freshly listed coins to raise their value.…

Media startup says it will buy back $10 million SBF stake: Report

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Media startup Semafor said on Jan. 18 that it will attempt to buy back former FTX CEO Sam Bankman-Fried’s $10 million stake in the company, according to a Jan. 18 report from the New York Times. The report stated that Semafor will seek to raise money from other sources to make up what it is giving back. Scoop: Sam Bankman-Fried invested roughly $10 million of Semafor’s $25 million round, making him the company’s biggest outside investor. Semafor is buying back his interest and putting that money into a separate account…

Bitzlato kept a low profile, but did not go entirely unnoticed before DOJ action

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Noncustodial peer-to-peer crypto exchange Bitzlato was little known to some before the United States Department of Justice (DOJ) enforcement action against it on Jan. 18. It was cofounded in 2016 by recently arrested Russian national, Anatoly Legkodymov. According to a Russian source, Anatoly Legkodymov is the owner of 73.4% of Bitzlato, which has an office on a high floor in the Federation Tower skyscraper in Moscow, where it accepted trades of $100,000 or more. Legkodymov and his main partner in Bitzlato are also reportedly involved in Russian crypto mining equipment…

Asian Traders Behind Bitcoin’s Recent Gains, Report Reveals

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Data shows most of Bitcoin’s recent gains since November 27 have been observed during Asian trading hours, according to a report. Bitcoin Saw The Most Returns During Asian Trading Hours As per the latest weekly report from Arcane Research, Asian trading hours saw positive cumulative BTC returns of around 16% between November 27 and January 15. The report defines the three principal trading hours: between 0 to 8 Central European Time (CET) for Asian hours, 8-16 CET for European, and 16-24 for the US. Here is a chart that shows…