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Last Updated : December 05, 2022 / 08:27 AM IST
Top cryptocurrency news on December 5: DeFi protocols suffer a $20 million hack, Coinbase & Apple at loggerheads and more
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day.
Market Buzz
Bitcoin, Ether start recovery after FTX disaster
The most significant coins had a mixed bag of flatness last week, but this week saw the first concrete signs of growth after FTX’s disastrous descent into bankruptcy. Bitcoin is currently trading for almost $17,000 after increasing 2.7% over the previous seven days. According to information from CoinGecko, its closest rival Ethereum (ETH) increased 6.7% and is now trading for $1,285 at the time of writing. Despite the rise among the top currencies, the gains were typically modest. However, a few of the names had accelerated rallies, such as Chainlink (LINK), which increased 11% to $7.59, Uniswap (UNI), which exploded 12% to $6.12, and Polygon (MATIC), which increased 8.4% to $0.922278. Dogecoin (DOGE) is currently trading at around 10 cents after experiencing a startling 21.5% surge. Elon Musk, the new CEO of Twitter, posted a tweet that included slides from a recent business talk he gave, which served as the impetus for DOGE’s week-long rally. “Payments” is mentioned on one slide, but nothing more is said. However, it was enough to spark the Doge Army’s assumption that their preferred coin—which is also Musk’s favorite—might serve as Twitter’s official digital money. Read more here.
Big Story
Front-running scams on YouTube are rife and will increase by 500% in 2022: CertiK
According to a recent report from blockchain security company CertiK, the number of questionable content on YouTube will increase six-fold in 2022 as a result of the huge growth of front-running scam bots. The company CertiK examines how a surge of front-running bot frauds are promising free returns as high as 10X a day but eventually steal people’s money in their research from December 1. Notably, according to CertiK’s study, 168 videos on YouTube citing “front running bot” in 2022 were scams, up 500% from the 28 videos in 2021. Continue reading.
Legal Trouble
Nicholas Truglia gets an 18-month sentence in jail
Nicholas Truglia, a 25-year-old hacker who admitted guilt to conspiracy to conduct wire fraud last year, now faces an 18-month prison sentence. Truglia was facing a penalty of up to 63 months, although he has already served 12 of that time. In May 2019, investor Michael Terpin prevailed in a court dispute against Truglia and received a $75.8 million verdict. It was highlighted as one of the most significant judgments against an individual at the time in the cryptocurrency community. Truglia consented to pay more than $20 million in restitution and his assets include $53 million in cryptocurrency, artwork, and jewelry. More here.
Crypto Hack
Attackers Net $20M through Ankr and Helio exploits
A series of linked attacks eventually cost infrastructure provider Ankr and stablecoin issuer Helio Protocol a combined $20 million, according to an on-chain investigation by security company BlockSec. Ankr’s liquid staking token product was the subject of the first attack, which cost the company more than $5 million. According to BlockSec and other analysts, an unidentified hacker used a loophole in Ankr’s smart contract to mint trillions of aBNBc, a reward token linked to the value of Binance’s exchange currency BNB. After minting those tokens, the attacker traded them and drained all their liquidity on BNB Chain’s decentralized exchanges to escape with more than $5 million.
NFT Buzz
Coinbase Disables Mobile NFT Transfers Citing Apple’s App Store Policies
Cryptocurrency exchange Coinbase (NASDAQ: COIN) has ceased non-fungible token (NFT) transfers on its iOS wallet app, accusing Apple (NASDAQ: AAPL) due to its strict new restrictions regarding NFTs. Using Apple software to pay its gas fees would subject such revenues to Apple’s 30% app tax, according to Coinbase. “Apple has introduced new policies to protect their profits at the expense of consumer investment in NFTs and developer innovation across the crypto ecosystem,” Coinbase stated. “For anyone who understands how NFTs and blockchains work, this is clearly not possible. Apple’s proprietary In-App Purchase system does not support crypto, so we couldn’t comply even if we tried,” it added. Continue reading.
FTX Japan
FTX Japan says work underway to enable withdrawal of client funds
Following approval by its bankrupt parent cryptocurrency exchange FTX, its Japan subsidiary is seeking to resume withdrawals for its clients. If the withdrawals resume, the users of the defunct FTX Japan may be among the exchange’s first customers to receive their funds. The new FTX Trading management team has approved the plan for the resume of withdrawal services, which were initially halted on November 8th, according to the exchange’s website update on Thursday. Controls, security audits, reconciliations, and reviews are all included in the plan by the crypto exchange. Details here.
Blockchain
Red Cross will introduce a blockchain-based humanitarian distribution project prototype
The International Committee of the Red Cross (ICRC) is testing ideas for using blockchain technology to distribute help to people in conflict zones. Through a relationship with layer one blockchain Partisia that started earlier this year, the non-profit group is in the prototype stages of developing a cryptocurrency alternative to cash-and-voucher aid. If it is successful, the ICRC may offer support in the form of a “stable utility token” whose value is tied to the price of an asset in a way akin to a stablecoin. More here.
Crypto Lender Celsius
Custodian GK8 will be purchased by Galaxy Digital from insolvent Celsius
Galaxy Digital and insolvent cryptocurrency lender Celsius have agreed to buy high-security custodian GK8. In the ongoing development of GalaxyOne, a new prime offering for institutional investors that combines trading, lending, cross-portfolio margining, and derivatives with the company’s risk-management systems, Galaxy will support GK8’s self-custody solution. The acquisition, according to Mike Novogratz’s company, is a “crucial cornerstone” in the quest to create a full-service financial platform for digital assets. According to him, “adding GK8 to our main offering at this critical juncture for our business also reflects our continuous desire to take advantage of strategic possibilities to build Galaxy in a sustainable manner.” Continue reading.
Crypto Hedge Fund
$35.6M seized from Singaporean banks by Three Arrows Capital liquidators
Three months after receiving approval from the High Court of Singapore to start looking into 3AC’s assets there, liquidators for Three Arrows Capital (3AC) seized $35.6 million from the bank accounts of the defunct cryptocurrency hedge fund in that nation. The cash seized by Teneo, the liquidation company with headquarters in New York that was chosen by a British Virgin Islands court, is the highest sum of money to be taken since 3AC collapsed in July, leaving a $3.5 billion debt in its aftermath. Full story here.
Layoffs
Crypto exchange Bybit will eliminate 30% of its workforce due to a “deepening bear market’
Amid a persistent bad market in the asset class, cryptocurrency exchange Bybit plans to reduce its personnel by 30%, according to co-founder and CEO Ben Zhou. According to Zhou, who added that the emphasis is to ensure that business operations are undisturbed and client assets are safe, the changes are a part of an ongoing reorganization meant to refocus efforts and that cutbacks would be made across the board. As evidence that “we are entering into an even colder winter than we had anticipated from both industry and market perspectives,” he pointed to the downward trend in cryptocurrency prices and the struggles of businesses like the insolvent crypto lender BlockFi and the troubled crypto brokerage Genesis. Continue reading.
Creditor Protection Extension
Crypto Exchange Zipmex secures creditor protection extension as takeover deal nears
Zipmex, the South Asian crypto exchange that froze withdrawals because of a lack of liquidity earlier this year, has secured creditor protection for all its entities until April of next year, according to an update on the company’s website. The extension was granted by Singapore’s High Court alongside a directive that states applications for superpriority will be fixed for hearing on Dec. 21. Superpriority gives some claims a greater weight for repayment.
Zipmex is one of several crypto companies that became embroiled in this year’s bear market after a series of $53 million loans to Babel Finance and Celsius Network failed to be repaid. It froze withdrawals in July and appointed a restructuring firm in August to assist with a recovery plan. Read more here.
Market Minutes | Markets in the week ahead: How to trade a flat market?
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