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Be a good Web3 whistle blower, KingData officially launched the open platform of data monitoring
Why launch the data monitoring open platform, KingData said it aims to be a good Web3 whistle blower and build the richest data variation alert platform with the community. Nowadays, there is no shortage of good and professional data analysis platforms in the field of Web3 data, and various professional data API services have emerged. But because of the professionalism and fragmentation, the distance between these data and users is getting farther and farther. How to understand these professional data? How to quickly filter valuable data information from the sea of data and other problems plagued every user. However, the data is related to the safety of each user's money. At this time, a bridge is urgently needed between data and users, and this bridge is data monitoring. To build this bridge, we need more users to put forward their monitoring needs, more developers to complete the development of these monitoring needs, and more data service providers to provide basic data services. In order to better solve the relationship between developers, users and data service providers, KingData officially launched the Open Platform. Through KingData Open Platform, anyone can develop any monitoring logic for any data source. After the development of monitoring logic, it will serve all users in the industry. We also hope that through the next open platform, we can attract more developers to join in, tap more data value, and bring more monitoring services to industry users.
FTX Opposition to $1B Binance Deal Is 'Hypocrisy and Chutzpah,' Voyager Says
KingData News: Bankrupt crypto lender Voyager has defended its $1 billion plan to sell assets to Binance.US, calling criticisms “hypocrisy and chutzpah” based on unverified speculation, two legal filings posted late Sunday night show. Doubts expressed by the SEC, alongside financial regulators from New York, Texas and Vermont and the U.S. Trustee, the bankruptcy division of the DoJ, about whether Binance.US can afford the deal are “misplaced,” Voyager said. “Raising Disclosure Statement objections based on unsubstantiated and unverified media reports while ignoring the substantial information already made available to the Objectors is a naked attempt to undermine the Binance.US Transaction and attack Binance.US,” the filing added.
DCG became aware of FTX's insolvency last May and demanded that it pay back the $2.5 billion it owed
KingData News: Crypto KOL Andrew tweeted that DCG discovered in late May 2022 that FTX and Alameda were insolvent, and Barry and DCG began aggressively pressuring Alameda to repay the $2.5 billion loan owed to Genesis.
Genesis Trading addresses a total of $364 million in assets, with Alameda and 3AC as its largest counterparties
KingData News: On-chain analysis Lookonchain tweeted that Genesis Trading's 6 addresses currently hold $364 million in assets, including 219,749 ETH (~$274 million), 35 million USDC, 26,667 BNB ($6.8 million), 126,989 COMP ($4 million) ), 1 million APE ($4 million), 8.14 million SAND ($3.4 million), 2.9 million USDT, 2.65 million USDP, 40,448 AAVE ($2.2 million), 6.76 million MANA ($2.1 million), and 2 million BUSD, among others. Alameda Research and Three Arrows Capital (3AC) are the largest counterparties to Genesis. 7 billion.
Gemini Expected to Force Genesis Trading into Bankruptcy Proceedings Soon, Sources Say
KingData News: Twitter user Andrew tweeted, "Expect crypto exchange Gemini to force Genesis Trading into bankruptcy proceedings soon, and Genesis bankruptcy will trigger liquidation of DCG assets (based on redeemable loans) and DCG may go bankrupt with significant risk to Grayscale Trust assets."
Nansen Analyst: On-Chain Data Shows Binance’s Financials Are a ‘Black Box’
KingData News: Binance, the top cryptocurrency exchange by trading volume, may be “tremendously well capitalized,” but its financials are still “very much a black box,” said an analyst at data insights company Nansen. Andrew Thurman told CoinDesk TV’s “First Mover” that although the exchange has published that it holds $55 billion in customer deposits on-chain, “aside from that, we don’t have much on-chain or any kind of financial access or transparency into their entities.” Binance has come under the media microscope after a large sum of funds, amounting to roughly $6 billion, moved out of the exchange last week during a 24-hour period. Jump Trading, a prominent trading firm in the ecosystem, was among the largest entities that moved funds out of Binance, according to Nansen’s analysis.
Meta Could Face $11.8 Billion Fine As EU Charges Tech Giant With Breaching Antitrust Rules
KingData News: The European Union on Monday issued Facebook parent company Meta with a list of objections over of its online classifieds business, Facebook Marketplace. The European Commission, the EU’s executive arm, said that it found Meta breached EU antitrust rules by distorting competition in the markets for online classified ads. The Commission took issue with Meta’s pairing of the Facebook Marketplace service, which lets users list items for sale, with its personal social network, Facebook. For Meta, which made $117.92 billion in annual revenues in 2021, that could mean a penalty worth as much as $11.8 billion.
Auros bankruptcy protection filings show funds tied up on FTX
KingData News: Market making firm Auros filed to begin bankruptcy proceedings in the British Virgin Islands, court documents show. “A significant proportion of the Company’s assets” — worth roughly $20 million — were held on the FTX on Nov. 11, when FTX filed for Chapter 11 bankruptcy protection in the U.S., according to Auros. With those assets frozen, Auros was effectively rendered insolvent.
Former and Current CEOs of Terraform Labs Subsidiaries Have Assets Totaling $93 Million Frozen
KingData News: The Seoul South District Court in South Korea has accepted the prosecution's request to freeze the assets of three early investors in Terra and Luna and four key personnel in the development of the technology, including the 120 billion won assets (approximately $93 million) of the former and current CEOs of Terraform Labs' subsidiary, Kernel Labs. The seven people whose assets were frozen by the prosecution are accused of making huge profits from the sale of pre-release Luna, as well as allegedly forcing the issuance of cryptocurrencies without informing investors.
BlockFi Files Motion to Return Frozen Crypto to Wallet Users
KingData News: Bankrupt crypto lending platform BlockFi has filed a motion requesting authority from the United States Bankruptcy Court to allow its users to withdraw digital assets currently locked up in BlockFi Wallets. In a motion filed on Dec .19 with the U.S. Bankruptcy Court in the District of New Jersey, the lender asked the court for authority to honor client withdrawals from wallet accounts as of the platform’s pause on Nov. 10. The court documents also request permission to update the user interface to properly reflect transactions as of the platform’s pause. In a widely shared email sent to affected users, BlockFi called the motion an “important step toward our goal of returning assets to clients through our chapter 11 cases," adding “It is our belief that clients unambiguously own the digital assets in their BlockFi Wallet Accounts.”
Genesis failure would land owner with $350mn payout to financier Todd Boehly
KingData News: Digital Currency Group (DCG) is trying to raise money to avoid the bankruptcy of its subsidiary Genesis, in part to avoid immediate repayment of a loan from U.S. financier Todd Boehly, who raised a debt facility for DCG through his own investment group Eldridge last November that included a $600 million loan from Eldridge and a group of other investors, the Financial Times reported, citing sources. The $350 million still outstanding on the loan would be immediately due if Genesis goes bankrupt, and the senior secured term loan ranks higher than other debt and has a certain priority, meaning it would have to be repaid first in any event, people familiar with the matter said.
Bitcoin Addresses Tied to Defunct Canadian Crypto Exchange QuadrigaCX Wake Up
KingData News: More than 100 bitcoins tied to the defunct Canadian crypto exchange QuadrigaCX were transferred out of cold wallets thought to be beyond anyone’s control over the weekend, after sitting dormant for more than three years. The company's bankruptcy trustee, Ernst and Young, did not initiate the transfers, CoinDesk has learned. EY announced in February 2019 that it lost control of about 100 BTC after mistakenly sending the coins to Quadriga-operated cold wallets that the Big Four financial services firm said it couldn’t access. At the time, the bitcoin was worth around $355,000 (C$470,000). The bitcoin in these addresses remained frozen until last Friday, when the coins in all five addresses left between 6:52 p.m. ET and 7:14 p.m. ET.
Binance US Explores Buying Other Distressed Assets After Voyager
KingData News: Crypto exchange Binance.US is exploring more acquisition opportunities after agreeing to buy Voyager Digital’s assets out of bankruptcy in a deal valued $1.022 billion on Monday. “We are in the data room for many other assets that make sense as we focus on growth,” said Binance.US Chief Executive Officer Brian Shroder in an interview. “We are learning about the deals. We are also looking at several firms that are in trouble right now.”
Binance Officially Acquires Indonesian Crypto Trading Platform Tokocrypto
KingData News: According to CoinDesk, Binance has officially acquired Indonesian crypto trading platform Tokocrypto. The CEO, Pang Xue Kai will step down from his position and Yudhono Rawis, will become the interim CEO during the acquisition process. In addition, approximately 58% of Tokocrypto's employees were laid off and will focus on the trading platform business in the future, and business activities outside of the trading platform will be suspended. Binance had entered the Indonesian market in 2020 and invested in Tokocrypto.
If Grayscale’s Bitcoin ETF Dreams Fail, Firm May Try a Tender Offer, CEO Says
KingData News: Grayscale Investments said the firm would explore new options to return a portion of the Grayscale Bitcoin Trust GBTC‘s capital to shareholders if it fails to transform the world’s largest bitcoin fund into an exchange-traded fund. These options could include a tender offer for up to 20% of the outstanding shares of the $10.7 billion trust, Grayscale Chief Executive Michael Sonnenshein said in a letter to investors viewed by The Wall Street Journal. A tender offer would make a direct appeal to shareholders to sell—or tender—their shares at a specific price during a certain time.
Ousted Bitmex CEO Sues Former Employer for Wrongful Termination
KingData News: Alexander Höptner, the recently ousted CEO of crypto exchange operator Bitmex, filed a $3.4 million claim against his former employer over wrongful termination and breach of agreement. Höptner’s filing to Singapore's High Court today alleges Bitmex carried out a “baseless” internal investigation against him in order to avoid paying out millions of dollars in salary and bonuses. That investigation focused on his relocation from Hong Kong to Singapore, and later to Germany, and concluded that he misappropriated company funds to finance the moves — which served as the alleged basis for his dismissal in late October, according to the claim.
Insurers Shun FTX-linked Crypto Firms As Contagion Risk Mounts
KingData News: Insurers are denying or limiting coverage to clients with exposure to bankrupt crypto exchange FTX, leaving digital currency traders and exchanges uninsured for any losses from hacks, theft or lawsuits, several market participants said. Insurers were already reluctant to underwrite asset and directors and officers (D&O) protection policies for crypto companies because of scant market regulation and the volatile prices of Bitcoin and other cryptocurrencies.
US Senate Banking Chair Floats Possibility of Banning Crypto
KingData News: United States Banking Committee chairman Sherrod Brown has suggested that the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) should perhaps consider a ban on cryptocurrencies. Brown’s comments were made during a Dec. 18 appearance on NBC’s “Meet the Press,” although the senator quickly added that a ban would be difficult to enforce:“We want them to do what they need to do at the same time, maybe banning it, although banning it is very difficult because it would go offshore, and who knows how that would work.”
U.S. Prosecutors Are Investigating Whether SBF Parents Were Involved in the Misappropriation of Client Funds by FTX
KingData News: Mazars Group, which handled proof-of-reserves audits for exchanges KuCoin, Binance and Crypto.com, elected to stop providing the services because of “concerns regarding the way these reports are understood by the public,” according to reports. The “Big Four” accounting firms — known to be Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers — are “currently unwilling” to conduct a proof-of-reserves audit for a private crypto company, a Binance spokesperson told Blockworks.
OKX Has Resumed Trading And Will Cover All Losses Incurred by Customers Due to The Platform
KingData News: OKX released its latest announcement, saying that the cloud service provider failure has been fixed and trading resumed at 2:50 on December 19, and top-ups and withdrawals resumed at 12:00. OKX says that for customers with potential losses due to the suspension of trading, the customer support team will contact them to communicate the details of the payout and cover all losses caused by the platform.
Failed Hedge Fund Three Arrows Capital Estimated Assets at $1 Billion in July
KingData News: Three Arrows Capital (3AC), the now-bankrupt crypto hedge fund, estimated its assets at around $1 billion as of July, according to a document obtained by The Block. Breaking down the assets, fiat holdings were estimated to be worth $37 million, tokens around $238 million, NFTs around $22 million, and venture and other investments $502 million, per the document. The total value of the assets also includes 3AC's sub-portfolio funds, DeFiance Capital and Starry Night Capital, which are worth a total of around $217 million. It also notes that the value of the assets will change significantly, either positively or negatively, due to the volatile nature of crypto.
FTX.US Accounting Firm Armanino Ends Crypto Audit Practice
KingData News: Armanino is ending its crypto audit practice and dropping clients, two sources familiar with the matter say. The unit may be folding under pressure from Armanino’s non-crypto clients, concerned that reputational risk to the firm will throw their audits into question, according to a source with knowledge of the firm’s crypto offerings. Last month, Armanino was named in a class-action lawsuit for failing to catch irregularities at FTX.US after performing the exchange’s audit last year. The suit was filed by Stephen Pierce, an FTX customer who allegedly lost $20,000.
Bloomberg: Auditor Mazars Has Suspended Its Services for Cryptocurrency Exchanges
KingData News: According to Bloomberg Terminal news, auditor Mazars has suspended all services for cryptocurrency exchanges, including proof of reserves. Previously Mazars has conducted audits of user asset reserves for Binance, Crypto.com and Kucoin exchanges.
Crypto trading firm QCP Capital has at least $97 million stuck on FTX: Sources
KingData News: QCP Capital, a crypto trading firm based in Singapore, has at least $97 million stuck on FTX after the crypto exchange filed for bankruptcy last month. In an effort to recoup some cash, QCP is attempting to sell a claim on the frozen funds to distressed asset buyers, two sources with knowledge of the matter told The Block. "We have sufficient equity to absorb the impairment from the position," a QCP spokesperson said, while declining to comment on the value of the frozen funds. "The impairment does not impact our clients nor our counterparties. Withdrawals remain open and trading continues as usual. Our business remains profitable and healthy."
Crypto derivatives platform Paradigm cuts salaries by 15 percent
KingData News: Paradigm, the crypto derivatives trading platform, cut salaries company-wide by 15 percent. The OTC firm blamed the pay reduction on contagion stemming from the collapse of crypto exchange FTX in a tweet. Paradigm also claimed that salary cuts "reduce the need for layoffs seen across the ecosystem" and will impact the organization's momentum less. "These are tough times but we must do the hard thing and retain the financial flexibility to navigate the turbulent times we find ourselves in as an industry," it added.
Crypto markets hit harder by Terra, Celsius and 3AC than FTX: Chainalysis
KingData News: According to crypto analytics firm Chainalysis, UST's collapse caused $20.5 billion in realized losses for investors. Meanwhile, the failure of Celsius and Three Arrows Capital caused $33 billion in losses. FTX's collapse caused 'only' $9 billion in realized losses. Chainalysis's report admits that FTX was the most personally impactful event for some, as they will "likely lose any funds they kept on the exchange, and the likelihood of recovering them is unknown." However, the firm notes that "the heaviest hitting crypto events of 2022 were already behind investors by the time the FTX debacle took place" — from a market-wide point of view.
Crypto Lender Amber Scraps Bonuses, Cuts Jobs as FTX Collapse Turmoil Continues
KingData News: Amber Group, one of Asia’s biggest trading and lending platforms for digital currencies, has canceled this year’s staff bonuses as the one-time industry darling grapples with the crypto downturn. The Singapore-based outfit told employees this week that it is scrapping performance-based bonuses for 2022 due to slower business growth and market uncertainties, in an internal memo viewed by Bloomberg News. Two previous layoffs at Amber have cut the company's headcount from 1,300 to 400 and abandoned the retail business.
Genesis Owes More Than $2 Billion to Creditors, and Bankruptcy Would Trigger DCG's over $1.5 Billion Redeemable Loan
KingData News: Twitter user Andrew tweeted that he has been in communication with Genesis creditors. Genesis owes more than $2B to creditors. Genesis bankruptcy triggers more than $1.5B in callable loans from DCG. DCG bankruptcy would trigger huge GBTC liquidation.
BlockTower Credit and MakerDAO to Fund $220 Million of Real-World Assets through Centrifuge
KingData News: Crypto asset manager BlockTower Credit and MakerDAO will jointly launch a $220 million fund to fund Real World Assets (RWA), which was approved by an executive vote on Dec. 11. Maker will deploy four vaults to fund investments in real-world assets (RWA), originated by BlockTower and issued on-chain through Centrifuge. This stands to be the largest on-chain investment in real-world assets to date, with Maker providing $150m of senior capital and BlockTower providing $70m of junior capital.
FTX’s Systems Gave Alameda Trades a Secret Speed Edge, CFTC Says
KingData News: Sam Bankman-Fried’s trading house Alameda Research had a secret speed advantage when executing orders on his now-collapsed FTX crypto exchange, according to the US Commodity Futures Trading Commission. The CFTC says these advantages are not publicly disclosed and yield a "significant speed advantage" The CFTC says "Alameda's orders are milliseconds faster than those of other API users. In the high-frequency trading space, this is a significant time advantage."
Net outflows of Binance assets in the last 24 hours were approximately $3.8 billion
KingData News: According to defillama data, Binance currently has total assets of approximately $60.4 billion, with net asset outflows of approximately $3.8 billion in the last 24 hours, mainly in stablecoin-related flows. There have been over $7 billion of stablecoin outflows today, but there have also been over $4 billion of stablecoin inflows, for a net stablecoin outflow of about $3 billion.
CZ : Binance's withdrawals yesterday were much lower than during the LUNA or FTX crashes
KingData News: Binance CEO CZ tweeted, "Things seem to have stabilized. Yesterday was not the highest withdrawals we processed, not even top 5. We processed more during LUNA or FTX crashes. Now deposits are coming back in". Last night, CZ tweeted that the Binance platform has seen net withdrawals of around $1.14 billion from users today, and said that Binance is open for business as usual. He thinks it's a good idea to "stress test withdrawals" on each CEX on a rotating basis.
ElasticSwap Attacked, 187,400 USDC and 40,000 TIC Stolen
KingData News: According to PeckShield, the DeFi protocol ElasticSwap on the Avalanche chain was attacked, with losses including 187,400 USDC and 40,000 TIC. The attacker also tried to attack AMPL, but was preempted by the MEV bot, which made 445 ETH from the transaction.
Waters 'disappointed' Bankman-Fried will no longer testify before Congress
KingData News: House Financial Services Committee Chair Maxine Waters, D-Calif., says she’s “disappointed” and “surprised” at the timing of Sam Bankman-Fried’s arrest, due to his scheduled appearance before her committee tomorrow. Bahamian police arrested Bankman-Fried earlier tonight in anticipation of indictment by the U.S. Attorney for the Southern District of New York and extradition back to the United States.
Coinbase Holds About 8.71 Million ETH, Making it the Largest ETH Exchange Holder
KingData News: Data from blockchain intelligence platform Nansen shows that crypto exchanges hold a total of 25.3 million pieces of ETH. Coinbase is the largest ETH exchange holder with about 8.71 million ETH (about $11 billion), accounting for 34% of all ETH held by exchanges, while Binance is second with 5.19 million ETH, accounting for 20%.
Chainlink Whale ‘Oldwhite’ Used More Than 150 Wallets to Avoid Staking Limits
KingData News: Blockchain data reveals how one large holder – a “whale” in crypto parlance – was able to get around the limits by creating more than 150 addresses – and then staking the full 7,000 LINK allotment from each of them. The elaborate effort allowed the whale, nicknamed “Oldwhite” by the OpenSea platform, to stake some 1.06 million LINK ($7 million worth). Chainlink officials have claimed success in drawing broad participation in the new program, arguing that more than 3,300 “unique Community stakers staked a median amount of about 2,100 LINK.” Overall, about 7,800 addresses staked some amount of LINK tokens. It is reported that Chainlink officials are allowing more users to participate in pledging by limiting each wallet address to 7,000 LINK tokens.
Bitcoin Group SE Acquires German Bank Bankhaus Von der Heydt for over $15 Million
KingData News: Bitcoin Group SE, a holding company focused on the blockchain and cryptocurrency industry, said it agreed to acquire all shares of 268-year-old German bank Bankhaus von der Heydt (BVDH) for 14 million euros ($15 million) in cash and 150,000 shares. The acquisition will give Bitcoin Group a full banking license in Germany and the transaction is expected to close in the third quarter of 2023. shares of Bitcoin Group SE rose 0.6% to €20.22 in Germany.
Crypto Payments App MoonPay Gains UK Regulator Registration
KingData News: Cryptocurrency payments app MoonPay secured registration with the U.K.'s Financial Conduct Authority (FCA), signifying compliance with local money laundering rules. The company, which provides a programming interface that deals with procedures to identify customers and fight fraud, appears on the FCA's register as of Dec. 9.
Ark Invest Adds Coinbase Stock as Crypto Exchange's Price Slides
KingData News: Cathie Wood's Ark Investment Management said in an e-mail it bought 78,982 shares in cryptocurrency exchange Coinbase (COIN), its first investment in the crypto exchange in a month. At Friday's closing price of $40.24 , the purchase would have cost about $3 million. The stock has been in a funk in recent months, and is down almost 60% from $98 in early August. The purchase takes the ARK Innovation ETF's (ARKK) holding to 5.7 million COIN shares. That puts the purchase on the small side – increasing the ETF's exposure by 1.4%.
HKEx: Margin Rate for Virtual Asset Futures ETF to Be Set at 30%
KingData News: HKEx has issued a notice stating that the uniform margin rate for virtual asset futures exchange traded funds (ETFs) will be set at 30%, while the uniform margin rate for other instruments will remain unchanged (i.e. 12%).
Waves Eco-stable USDN Has Been De-anchored to $0.7743
KingData News: According to Chainlink data, the price of Waves eco-stable USDN fell to $0.7743, showing a significant de-anchoring, and CoinGecko data shows USDN is down nearly 7% today. In previous news, USDN, the stable coin of the Waves eco-stable protocol Neutrino, has been off-anchor since November 9, with a price of about $0.9772 on December 8. In response, the Joint Association of Korean Digital Asset Exchanges flagged WAVES as an investment warning, but Waves responded that the WAVES token is not intrinsically linked to USDN.
Nansen CEO: Crypto Startups May Be Hit Hard in 2023
KingData News: Alex Svanevik, CEO of Nansen, tweeted, "I think 2023 will be a 'massacre' for crypto startups: 1. most crypto startups born in 2021 or 2022 will face a lack of funding; 2. some will be acquired; 3. few will be able to raise a new round of funding (over 80% will not); 4. 4. tech salaries fall; 5. tech jobs shrink; 6. VCs invest in other areas (AI, etc.)".