Daily Bullets 💊: First Terraform Labs Arrest - Price Manipulation?!?!?
💊Daily Bullets 💊Thursday, October 6th
Bulls are fighting for their lives as Bitcoin continues its make it or break it battle at 20k. One interesting little detail that came out of the arrest news for a Terra employee - they allegedly used bots to inflate and manipulate the price? That’s pretty serious considering how massive Luna was. We also see the EU getting stricter with Russia sanctions. So much for decentralization, eh?
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⛓ Crypto News:
- South Korea has ordered Terra founder Do Kwon to return his local passport in 14 days or risk losing the passport, and re-applications may be rejected. The first arrest in the ongoing investigation has also reportedly taken place - Yu, head of general business operations at Terraform Labs - allegedly used bot programming to inflate and manipulate the market price
- EU existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services to Russia, irrespective of the amount of the wallet (previously up to €10,000 was allowed)
- Asset management firm GoldenTree, with about $47B in assets under management, has taken a $5M stake in SushiSwap’s governance token SUSHI
- MakerDAO has allocated $500M for investing in U.S. short treasuries and corporate bonds - initiated by DeFi asset advisor Monetalis and lead by digital asset bank Sygnum
- Crypto asset management firm Grayscale is is launching Grayscale Digital Infrastructure Opportunities - a new investment product focused on bitcoin mining hardware
- Decentralized data storage platform ArDrive's mobile app went live on Google Play Store, offering users an alternative to Google Drive for data storage
- Binance to remove Cross & Isolated Margin Pairs for Helium (HNT) and OOKI. Helium has announced a move to Solana recently and OOKI was sued by the US CFTC
- Circle has burned $9B worth of USDC from its total supply in the last three months
- Flamengo, one of Brazil’s biggest sports franchises, plans to launch a number of web3 products via a multi-year partnership with MoonPay
- UK investment firm Abrdn is taking another major leap into the digital asset space by partnering with enterprise blockchain Hedera
- Crypto miner Greenidge Generation seeks to raise up to $22.8M in a stock offer
- Binance receives license to operate in Kazakhstan
- PowerTrade, a crypto exchange focused on derivatives, is rolling out a request-for-quote (RFQ) model for the options market - hopes to attract both institutional players and smaller traders with no minimum order sizes
- Celsius claims process FAQ
- Privacy-focused proof-of-work blockchain Zcash, has been undergoing a spam attack - a large volume of transactions that aim to disrupt the network
- zkSync 2.0 Testnet will undergo a regenesis on October 10th. The regenesis will reset transaction history, token balances, and require developers to redeploy contracts
- DefiLlama borrowing optimizer
- Axelar is partnering with Umee
- Introducing deSwap Liquidity Network (DLN): a secure new paradigm for depthless cross-chain value transfers
- Public testnet is now live on Prime Protocol
- Introducing dappland - the best place to find and explore leading dapps across the StarkNet ecosystem
- Introducing Genie - a no-code rewards distribution platform that allows projects to efficiently target & incentivise ideal stakeholders through factoring any wallet’s historical behavior
- UXD Protocol - Asset Liability Management Module: The Endgame of Stablecoins
- Soft launching Shipyard Finance - bare bones yield optimization
What’s your take on today’s news? Anything interesting that you have to say about these stories? Did we miss anything that should’ve been included?
TL;DR: On the daily, some money is flowing into USDC and out of APE (looks like Wintermute dropped $6M worth) and WBTC. Light weekly inflow into Aave WETH and WBTC and moderate outflow from stables USDC and USDT. NFT volumes continue to be low but it’s been a bit since BAYC and CryptoPunks led by volume.
- Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to...
- Inflow (1D): USDC ($11M), WETH ($1.6M), ibCHF ($452k), DOLA ($445k), aSTETH ($414k)
- Outflow (1D): APE ($6.4M), WBTC ($3.9M), SAND ($510k), LINK ($401k), USDT ($221k)
- Inflow (7D): aWETH ($22.4M), aWBTC ($14.7M), MATIC ($12.3M), WETH ($9.2M), stETH ($2.1M)
- Outflow (7D): USDC ($51.7M), USDT ($34.8M), RPL ($7M), WBTC ($6.2M), BUSD ($3M)
- Nansen NFT Hot Contracts:
- BAYC: 761 ETH
- CryptoPunks: 625 ETH
- Fontana| Art Blocks Curated: 525 ETH
- Probably A Label: 498 ETH
- Kong Warriors Fight Club: 410 ETH
What is the Data telling you? See anything that sticks out to you?
- Beyond Monolithic: The Modular Blockchain Paradigm - How modular design will enable blockchains to scale by orders of magnitude - source
- Ethereum's New ‘Staking’ Model Does Not Make ETH A Security - source
- Fun Games (alone) won’t Solve Web3 Gaming - source
- Crypto Market Fit: Redefining Product Market fit in web3 - source
- The Curve Wars and 4Pool Drama (Part 1) - source
- Legal Challenges & Considerations in Web3 Gaming - source
- The Construction of the Soul Part 3: Soulbound Token with zk-SNARK Implementation - source
- Starknet Account Abstraction - source
- The Battle for the Soul of the Web - source
- Avoid bridge hacks: It's all about who/what you trust - source
- Looking back at Solana outages, why are they frequent? - source
- Canto Investment Thesis - source
Have you seen our institutional-quality research?
🖼 NFTs/Metaverse News:
- Yuga Labs unveils BAYC Community Council to help shape future initiatives - made up of 7 notable Bored Ape collectors tasked with providing feedback to Yuga Labs and uplifting community-driven projects
- OpenSea to allow users to submit bulk NFT listings and purchases - up to 30 items in a single flow
- Dapper Labs’ NFT platform, LaLiga Golazos, based on the LaLiga Spanish soccer league will launch in closed beta later this month
🌍 Crypto Twitterverse:
- Web3 hospitality platform Blackbird has raised $11M in a seed round, co-led by Union Square Ventures, Shine Capital and Multicoin Capital
- New trading platform, MynaSwap, has raised $6M at a $50M valuation from investors such as Blizzard, Spartan Capital and NFL superstars Odell Beckham Jr. and Kyler Murray
- Citi Ventures and venture capital firm Accel co-led a $6M funding round for xalts, an institutional-grade digital asset management startup
- Spexi Geospatial raises $5.5M to pursue vision of Fly-to-Earn - collecting Earth’s most important data with drones
- Scale3 Labs, founded by former Coinbase engineers, has raised $5.3M in seed funding to build infrastructure for blockchain node operators to help them run their networks smoothly
- Lasso Labs beta launch & $4.2M raise led by Electric Capital - Lasso makes it easy to discover and create utility for digital assets like NFTs
- Medieval Empires, a blockchain play and own game, raises $2.1M
Did we miss anything or is there anything you want to discuss? We’d Love to hear your feedback and engage with the community! Feel free to leave a comment and let us know your thoughts on the Crypto market!
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