Crypto Exchange News & Updates

Judge Approves Order Allowing FTX to Commence Crypto Sales

In a recent development, Delaware Court Judge John Dorsey has approved a plan that allows FTX to sell its cryptocurrency holdings worth billions of dollars. The specific details of the sales format have not been disclosed. When selling bitcoin, ether and other tokens, the estate would be required to give the U.S. Trustees office 10 days notice.　　Earlier, FTX had submitted a plan in August with the aim of selling its cryptocurrency holdings under the guidance of financial advisors. According to the plan, there is a weekly sales limit of $100 million for most types of cryptocurrencies, with the possibility of permanently increasing this limit to $200 million.　　According to previously filed court documents, FTX holds cryptocurrency assets valued at $3.4 billion.　　

2023-09-14Deep Dive

Inaugural Transparency Report by Paxos for PYUSD: All Assets are Overcollateralized

According to documents filed with the U.S. Securities and Exchange Commission (SEC), Web3 venture capital firm Electric Capital is currently in the process of raising $300 million for its third fund, known as the Electric Capital Venture Fund III. The fund has not yet had its initial sale, and the issuance period is not expected to exceed one year.　　Electric Capital, headquartered in Palo Alto, California, was founded in 2018 by Curtis Spencer and Avichal Garg. In 2020, Electric Capital successfully raised $110 million for its second venture fund.　　As previously reported by The Block, in March 2022, Electric Capital secured $1 billion in venture funding, earmarked for investments in early-stage crypto startups.　　According to Crunchbase data, Electric Capital has made a total of 79 investments in the past, with 31 of them as the lead investor.　　

2023-09-13Deep Dive

The Dydx Foundation Has Released Its Semi-annual Ecosystem Report: v3 Trading Volume Reaches $240.5

According to official information, the dYdX Foundation has released its 2023 Half-Year Ecosystem Report. The report states that in 2023 so far, the activity on the dYdX V3 protocol has remained stable. Approximately 68,628 new accounts have been created, with a cumulative trading volume of $240.5 billion, daily trading volume reaching $1 billion, weekly fees totaling around $1.5 million, and an active user base of 61,600. Furthermore, the total trading volume on the dYdX V3 platform recently surpassed $1 trillion.　　Since announcing its plans to become a fully decentralized protocol in January 2022, dYdX has achieved four out of five milestones, including the launch of a public testnet. Following the initial public testnet release, subsequent releases of Public Testnet #2 have improved performance and expanded access to over 30 available markets. Currently, there are approximately 57 validators participating in the V4 Public Testnet #2 for dYdX Trading. The current block time on the public testnet is 1.8 seconds, with over 2.9 million transactions and 2.9 million staked tokens.　　

2023-09-11Deep Dive

Arbitrum Dao Has Initiated the Grants Domain Allocator Election Voting

Arbitrum DAO has initiated Grants Domain Allocator election voting on Snapshot, where allocators will be responsible for reviewing and seeking funding applications, primarily focusing on four areas: gaming, developer tools, new protocol ideas, education, community development, and events.　　The voting will conclude on September 14th, and the current top nominees from the Arbitrum community with the highest number of votes are Jeremy (Gaming), Shreddy (Education, Community Development, and Events), Matt (StableLabs) (New Protocol Ideas), and Hiko (Developer Tools).　　In previous news, Arbitrum DAO announced the launch of the first-round funding for the Domain Round Grants Program on the Gitcoin protocol, which takes place on the Ethereum mainnet with a total matching pool of $100,000 (DAI). In this funding round, the Arbitrum community will determine the allocation of funds among five domains: gaming, Nova on-chain developer tools, new protocol ideas, education, community development, and events, as well as the Open Pool (decided by the community users for this domain)　　

2023-09-11Deep Dive

Arbitrum Community Plans to Allocate 75 Million Arb Tokens as Rewards to Active Protocols, with the

The Arbitrum Incentives Working Group has submitted an “Arbitrum Short-Term Incentives Plan” AIP proposal on the community forum. This proposal aims to allocate a maximum of 75 million ARB tokens as rewards to active Arbitrum protocols from the DAO treasury to address the communitys short-term needs. The proposal consists of two parts: the financial proposal and the application process.　　The financial proposal involves allocating 75 million ARB tokens to a multisignature address for this plan, with an additional 37,000 ARB tokens allocated for community/project promotion and operational budget.　　The plan will undergo two voting cycles, with the first one scheduled for September 8th. The first cycle will run from September 15th to October 6th and will include on-chain voting, application submissions, review, voting, and fund allocation. The second cycle will run from October 6th to October 27th and will include application submissions, review, voting, and fund allocation.　　Projects applying for these funds are not allowed to convert ARB into other assets. They must outline their expenditure plan, provide documentation, and explain their grant objectives. Projects must also commit to providing key metrics data such as allocation details, all ARB expenditure transactions, daily TVL (Total Value Locked), transactions, trading volume, unique addresses, transaction fees,

2023-09-05Deep Dive

Gala Games Founders Have Been Reported to Have Filed Lawsuits against Each Other

According to documents disclosed by Magic Book founder Jake Browatzke on the X platform, Gala Games founder and CEO Eric Schiermeyer and co-founder Write Thurston have filed lawsuits against each other.　　The documents reveal that Eric Schiermeyer has accused Write Thurston and the holding investment vehicle True North of stealing 8,645,014,077 GALA tokens from Gala Games and allegedly transferring and selling approximately $130 million worth of stolen GALA tokens. In addition, Eric Schiermeyer alleges that Write Thurston stole licenses to operate “nodes” on the Gala ecosystem and sold them to others for personal gain, as well as manipulated nodes to earn GALA tokens. Eric Schiermeyer is requesting the court to issue a judgment against Thurston and True North and to order the defendants to return the stolen GALA tokens and any profits exchanged or sold from the stolen GALA tokens. He also seeks to have the defendants compensate the company for their ill-gotten gains, including profits obtained through stolen GALA tokens and stolen licenses, and to remove Thurston from the companys board of directors, as well as to cover all legal expenses.　　On the other hand, Write Thurston accuses Eric Schiermeyer of destroying over $600 million worth of GALA tokens belonging to

2023-09-04Deep Dive

Optimism: Initial OP Token Grant to be Allocated to BASE Tomorrow

In official announcements, Optimism revealed its plan to distribute initial OP tokens through a grant to Base on August 30th. This transaction had been pre-informed as part of their ongoing plans.　　In a previous update, Base and Optimism developers jointly introduced a revenue-sharing and governance-sharing protocol. The smart contracts of Base can only be upgraded through a 2/2 multisig wallet, with one signature controlled by Base and the other by the Optimism Foundation.　　Base will also allocate 2.5% of its revenue or 15% of its profits to the Optimism Collective, depending on which is higher. In return, Base stands to receive up to a maximum of 118 million OP tokens over the next six years, granting it a voice in the protocol governance of Optimism.　　

2023-08-29Deep Dive

Robinhood Now Holds Over $3 Billion In Bitcoin, The 3rd Largest BTC Holder

Key Points:　　Robinhood holds over $3 billion in Bitcoin, the third-largest after Binance and Bitfinex.　　Owner speculation includes BlackRock and Gemini involvement.　　The companys significant crypto role highlights user influence.　　According to data from Arkham Intelligence, Robinhoods investment and trading platform has garnered attention as it holds more than $3 billion worth of Bitcoin in a single wallet, CoinDesk reported.　　This substantial holding has accumulated over several months, making Robinhood the third-largest Bitcoin holder globally, trailing behind crypto giants Binance and Bitfinex, with holdings of $6.4 billion and $4.3 billion, respectively.　　The enigmatic ownership of this wallet has sparked intrigue and speculation within the market. Theories have ranged from being linked to financial heavyweight BlackRock, which expressed interest in a Bitcoin ETF, to crypto exchange Geminis potential involvement in transferring user holdings.　　Recent data reveals that Robinhood consolidated approximately 118,300 Bitcoins from multiple smaller wallets into this single wallet over the course of three months. The custody of these assets is overseen by crypto trading firm Jump Trading, as confirmed by representatives from Arkham.　　While the Bitcoin community has often associated large addresses with crypto exchanges, the companys significant holdings have surprised industry observers due to its focus on equities and options trading. This marks a novel development

2023-08-29Deep Dive

Tornado Cash Co-Founder Roman Semenov Added to OFAC Sanctions List

Tornado Cash Co-Founder Roman Semenov Added to US Treasury Departments Office of Foreign Assets Control (OFAC) Sanctions List on Wednesday.　　OFAC has included Roman Semenovs email address and eight Ethereum wallet addresses in the list of Specially Designated Nationals and Blocked Persons (SDN).　　In a prior development, the US Department of Justice charged Tornado Cash co-founders Roman Storm and Roman Semenov with violations of money laundering and sanctions regulations, as well as conspiring to operate an unlicensed money transmitting business. The indictment stated that the Tornado Cash operation facilitated over $1 billion in money laundering transactions and laundered hundreds of millions of dollars for the sanctioned North Korean cybercrime group, Lazarus Group.　　Roman Storm has been arrested in the state of Washington and is scheduled to appear for trial in the US District Court for the Western District of Washington on August 23rd. Roman Semenov remains at large.　　

2023-08-24Deep Dive

USDC to Launch on Six Chains Including Polygon PoS, Base, and Optimism

Insiders have revealed that USDC is set to launch on six new blockchains through the Noble network, including Polygon PoS, Base, Polkadot, NEAR, Optimism, and Cosmos. Currently, USDC has been introduced on Ethereum, Avalanche, Arbitrum, Stellar, Algorand, Tron, Flow, Solana, and Hedera chains.　　In a preceding development, Coinbase secured a minority stake in Circle, which also entitles it to a share of USDCs interest income in the future. However, the exact proportion of shares Coinbase acquired from Circle remains undisclosed in the blog post issued jointly by Coinbase and Circle. According to a source familiar with the matter, Coinbase did not provide cash to Circle in exchange for these shares.　　Both companies are in the process of dissolving their collaborative ties with Center Consortium, the entity responsible for USDC issuance. As part of this transition, Circle will assume complete control over the issuance and governance of USDC.　　Furthermore, Circle will deploy native USDC across these six blockchains, expanding the supported total to 15 blockchains. While Coinbase and Circle havent disclosed the specific names of these six blockchains, Circle had previously indicated plans to expand to Polkadot, NEAR, Optimism, and Cosmos by 2023 as early as September.　　

2023-08-24Deep Dive

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