Genesis owes its creditors at least $1.8B. Now Maple Finance has severed ties with parent Orthogonal Trading for "misrepresentations regarding their financial position."
Is transparency a meme in crypto?
Crypto proponents constantly point to the transparency of the blockchain as one of its golden features, however as the previous year has highlighted, we still seem to have no idea what players in the space are doing or a picture of their real financial health.
We've seen steps in the direction of change, such as exchanges rushing to provide audited proof of reserves, however today we see Maple claim it's parent company was operating while effectively insolvent.
How do things like this stay secret? What other skeletons are yet to come out?
One silver lining, once the dangerous underbrush has been burned away in the crypto space, hopefully the next iterations will learn from these lessons.
how the FTX collapse ACTUALLY happened...
— joma đ¤ (@jomaoppa)
Dec 3, 2022
Daily Bullets:
- Genesis owes its creditors at least $1.8B with $900M to Gemini customers
- Maple Finance severed ties with the parent Orthogonal Trading who defaulted on $36M in loans
- A court in Seoul denied attempt to have 8 people held during Terraform Labs proceedings
- Teneo, overseeing the liquidation of 3AC, has taken control of $35.6M worth of assets
- Code extracted from Twitter shows a potential new âTwitter Coinâ and âtipping featureâ
- Nexo will phase out its U.S. products and services due to clashes with regulators
- Circle terminated its agreement with SPAC Concord, stepping back on its plan to go public
- Launch of Chainlink Staking v0.1 on December 6th
- DeFi Kingdoms: Serendale launching on Klaytn on December 7th
- Bitcoin miner shows off oldest mined signature from a week after Bitcoin came into existence
- Solana Foundation is adding a new incentive program called Tour De Sun â22
- Bankless acquired Earnifi, a tool thatâs helped users claim over $150M in airdrops
- Bybit is reducing its workforce as a direct result of the deepening bear market
- LedgerX is for sale, with Blockchain.com and Gemini interested in acquiring the firm
- 1INCH large token unlock coming up on December 30. 14.813% of the total supply
Now for a more expanded and detailed look at the dayâŚ
Crypto News:
- Teneo, the advisory firm overseeing the liquidation of crypto hedge fund Three Arrows Capital, has taken control of some of its assets. About $35.6M worth of fiat currency and 3ACâs Starkware tokens
- Code extracted from Twitterâs Web app shows a potential new âTwitter Coinâ and integration for crypto in Twitterâs tipping feature
- Former FTX US president Brett Harrison is trying to raise money for a crypto trading software startup for large investors
- Circle, the company behind stablecoin USDC, has terminated its agreement with special purpose acquisition company Concord Acquisition Corp, thereby stepping back on its plan to go public
- UK-based crypto lender Nexo will phase out its U.S. products and services over the coming months due to clashes with regulators
- Mysterious Bitcoin miner shows off oldest signature mined Bitcoin dated Jan. 2009 - just a week after Bitcoin came into existence
- Solana Foundation is adding a new incentive program called Tour De Sun â22 to encourage the geographic and hardware diversification of the Solana network
- Bankless acquired Earnifi, a tool thatâs helped users claim over $150M in airdrops
Economic/Government/Regulatory:
- A court in Seoul denied the prosecutionâs attempt to have eight people involved with Terraform Labs held during the proceedings
- The two-year-long battle between the SEC and Ripple is approaching the end, with Ripple filing its final submission in its case against the US regulator on Dec. 2
- Regulated crypto bank SEBA Bank and digital asset financial services group HashKey have formed a strategic partnership focused on accelerating the institutional adoption of digital assets in Switzerland and Hong Kong
- Malta seeks to remove NFTs from crypto law. The move anticipates new EU legislation by excluding non-fungible assets
- Pakistan launches new laws to expedite CBDC launch by 2025
Exchange News:
- Trading firm Alameda Research was given outsized borrowing limits compared with other clients of FTX
- Bybit is reducing its workforce as a direct result of "the deepening bear market"
- Crypto derivatives exchange and clearinghouse LedgerX is for sale, with Blockchain.com and Gemini among those interested in acquiring the firm
- KuCoin has engaged Mazars, an international audit, tax and advisory firm, to provide a third-party factual findings report
- Australian crypto exchange Swyftx to lay off 35% of staff
- ââTether will launch Tether Gold (XAUâŽ) and Euro Tether (EURâŽ) on Huobi exchange on December 8th
- ââCoinbase will list Aavegotchi (GHST) and Litentry (LIT) on December 6
DeFi News:
- As a result of material misrepresentations regarding their financial position, Maple Finance has severed all ties with the parent entity Orthogonal Trading which defaulted on eight loans totalling $36M - represent about 30% of active loans across the entire protocol
- Launch of Chainlink Staking v0.1 on December 6th
- DeFi Kingdoms: Serendale launching on Klaytn on December 7th
- Uniswap âFee Switchâ Pilot Update & Vote
- 1INCH large token unlock coming up on December 30. 14.813% of the total supply
- Synthetix Atomic Swaps V2 is live. The first two protocols to integrate with SNX Atomic Swaps are 1inch and Curve Finance
- Avalanche Foundation $4M incentive program for trading platform GMX
- WalletConnect v1.0 Sunset Notice and Migration Schedule
NFT/Gaming/Metaverse News:
- Chinese court says NFTs are virtual property protected by law
- Opera to add drag-and-drop NFT creation tool to browser in early 2023 created by cloud-based ecosystems company Alteon
- Lens Protocol, the blockchain-based social media project from DeFi lender Aave, acquired Sonar, a mobile app whose users pilot NFT-linked avatars through digital worlds
- Coca-Cola teamed up with Crypto.com to release a collection of 10,000 FIFA World Cup NFTs. Developed and hosted on Crypto.com's NFT platform by GMUNK, a digital artist who previously worked with Nike, DoorDash and musician Grimes
- Reddit Collectible Avatar minting hits all-time high - More than 4.4M have been minted since Reddit launched the collection earlier this year
- Coinbase confirmed that production of its Bored Ape Yacht Club-themed âDegen Trilogyâ short film series has been paused
Fundraises:
- Korean VC firm Daesung Private Equity announces $83M Metaverse Fund
Early Stage Projects:
- BNB Grant DAO - Round 2 is live
- Waves to launch a DAO governance framework called Power Protocol that will provide the tools to manage new or existing DAOs - will launch with an airdrop of the systemâs native token called POWER
- Presenting Juno Arbitrum Quest. If you've transacted on the arbitrum L2 before October, you are eligible to earn JCOIN, on Juno
- FREQUENCY is the latest Polkadot parachain
- Zecrey Legend official public testnet phase 1 is live
- Introducing Prism v2 â The Yield-Optimized Layer 1 Blockchain - the first layer-1 blockchain dedicated to the harvesting, trading and utilization of yield
- Introducing Aries Swap - users on Aptos can execute complex trading and swapping strategies
- The SteakHut Liquidity Whitepaper is now live - The liquidity layer of Avalanche
Data:
TL;DR: Orthogonal Trading defaulted on $36M of loans on crypto lending protocol Maple Finance. Affects 30% of active loans on the protocol. Mapleâs TVL has taken a hard hit since April/May of this year and currently has outstanding loans worth $290,393,820 with a treasury worth $4,720,564. As for the price, MPL saw a local top in September on its USD, BTC and ETH pair.
Price:
Research/Reads:
- Art Gobblers Deep Dive - source
- Reckless â The Story Of Cryptocurrency Interest Rates Chapter 3: The Natural Rate - source
- All is Fair in Arb and MEV on Avalanche C-Chain - source
- Augmenting Culture: The Emerging Field of Digital Fashion - source
Crypto Twitterverse:
I don't care how messy your accounting is (or how rich you are) - you're definitely going to notice if you find an extra $8B to spend.
Even the most gullible person should not believe Sam's claim that this was an accounting error.
— Brian Armstrong (@brian_armstrong)
Dec 3, 2022
Over the weekend @fintechfrank interviewed @SBF_FTX for two hours.
Here's what they talked about:
1/3
— The Block Intern (@fintechintern)
Dec 5, 2022
PLEASE CONFIRM: A user claims that they spotted Caroline Ellison at Ground Support Coffee on West Broad in SoHo Manhattan at 8:15 AM. This would mean she is not in Hong Kong and is in NY not in custody.
— Autism Capital 𧊠(@AutismCapital)
Dec 4, 2022
Updated: Institutional losses in FTX/Alameda Crash. twitter.com/WuBlockchain/sâŚ
— Wu Blockchain (@WuBlockchain)
Dec 3, 2022
Today, the price of $BNX dropped from $125.6 to $58.45, a drop of ~53%.
1.đ§ľ
Here is a thread about $BNX.Including:
- Who dropped the price of $BNX?
- Token Economics
- Top holders of $BNX— Lookonchain (@lookonchain)
Dec 4, 2022
2021-2022 was a crazy time for making money
Everything was up only mode and the Fed money machine was in print mode
I have a friend who turned 20 million to less than 100k đ¤Ż
Here's his story...
— Sia (@vivalasia)
Dec 5, 2022
Did we miss anything or is there anything you want to discuss? Weâd 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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