CryptoSlate Wrapped Daily: Bitcoin falls 1.4% after US payroll data, FTX Japan works to offer liquidity CryptoSlate Wrapped Daily: Bitcoin falls 1.4% after US payroll data, FTX Japan works to offer liquidity
Binance freezes $3 million after the Ankr attacker stole 6 quadrillions of aBNB, data shows over 8% of Bitcoin was purchased between $15,5K and. $17K, and much more in this edition of CryptoSlate Wrapped Daily.
4 min read
Updated: Dec. 2, 2022 at 11:19 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The biggest news in the crypto-verse for Dec. 2 includes Bitcoin’s negative 1.4% reaction to the U.S. payroll data, FTX Japan’s efforts to bring liquidity back, and Binance’s $3 million freezing as a precaution after the Ankr protocol got exploited.
CryptoSlate Top Stories
Bitcoin drops 1.4% on better-than-expected U.S. payroll data
The U.S. Bureau of Labor Statistics’ recent payroll data revealed that 263,000 jobs were added during the month of November. Bitcoin (BTC) reacted to this news by falling 1.4% to be traded at $16.780.
FTX Japan to Unfreeze Withdrawals of Client Funds
FTX’s Japanese subsidiary has been working on a financial plan to allow users to withdraw funds.
On Dec. 2, the subsidiary announced that the related authorities approved its plans and that the users would be able to withdraw soon.
Binance freezes $3M from Ankr exploit.
An attacker exploited a bug in Ankr Protocol’s (ANKR) code and minted six quadrillions of aBNBc tokens. The exploiter converted a part into a $5 million Coin (USDC).
Possible hacks on Ankr and Hay. Initial analysis is developer private key was hacked, and the hacker updated the smart contract to a more malicious one. Binance paused withdrawals a few hrs ago. Also froze about $3m that hackers move to our CEX.
— CZ 🔶 Binance (@cz_binance) December 2, 2022
Binance’s CEO Changpeng Zhao said that the exchange froze around $3 million of its funds in response to the exploit.
Over 8% of Bitcoin supply was bought between $15.5K and $17K
According to the UTXO Realized Price Distribution (URDP) metric, 8% of the total Bitcoin supply was purchased when the price was between $15,000 and $17,000.
While the 8% volume signals that further redistribution is likely, Bitcoin consolidation remains high, which suggests long-term holders are in control.
OpenSea’s Ethereum gas usage has declined to almost zero
NFT marketplace OpenSea’s Ethereum (ETH) gas usage has been declining for the last five months.
According to the data from Dune Analytics, gas fees in ERCC721 and ERC1155 token standards that took place in major NFT marketplaces spiked between Oct. 2021 and January 2022, and OpenSea accounted for around 20% of this volume.
However, for the past five months, OpenSea’s percentage shrunk, allowing Optimism and Arbitrum to grow.
Galaxy Digital wins bid for GK8 in Celsius bankruptcy asset auction
Galaxy Digital announced acquiring GK8 without disclosing the sum. GK8 is a self-custody program and was acquired by Celsius in Nov. 2021, which went bankrupt after the Terra collapse.
Galaxy’s CEO said acquiring the self-custody platform is a “crucial cornerstone” in establishing a full-service financial platform.
U.S. lawmakers question private firms’ role in the development of a CBDC
In response to the allegations that private firms are being involved in designing the “hypothetical” U.S. Central Bank Digital Currency (CBDC), the U.S. lawmakers composed a joint letter to send to the Federal Reserve Bank of Boston.
The lawmakers claimed that some private firms involved in the CBDC project might be participating in leveraging the project as research and developing and scaling other CBDC products to sell to commercial banks in the future.
CBDCs: India’s digital Rupee falls flat as low volumes blight trial run
Despite their negative attitude towards the crypto market, Indian lawmakers have always found CBDCs helpful.
India’s digital Rupee has been up and running as a pilot program since the beginning of November. It finally went live on Dec. 1, but the news outlets reported that it failed to catch on.
Research Highlight
Research: Analysis of crypto transaction fees suggests exchanges prefer to move to Bitcoin.
CryptoSlate analysts looked into the on-chain data on the crypto exchange’s internal transactions to reveal that they prefer to use Bitcoin to transfer funds internally.
The Exchange Fee Dominance metric is a percentage of total transaction fees paid concerning on-chain exchange activity. The type of transaction that costs a fee is divided into deposits, withdrawals, in-house, and inter-exchange.
The chart above shows Bitcoin transaction fees consisted of 36% of all exchange revenue sources related to Bitcoin. It also demonstrates that deposits and in-house transfers have grown exponentially over the past five years.
CryptoSlate Exclusive
Mythbusting Solana – downtime, competition, and technology with Matt Sorg of Solana Foundation – SlateCast #38
Solana Labs’ Product and Technology Leader, Matt Sorg, gave an exclusive interview to CryptoSlate and talked about Solana (SOL) and its future in the crypto sphere.
Sorg said he was drawn to Solana because it was a “differentiated technology” in terms of scalability, speed, and future potential. He said:
“Solana is differentiated technology, there is a lot of noise in the space about how things l scale in the future but Solana is ready today and has a very clear path in scaling very arbitrarily in the future in a very user-friendly way.”
Sorg also mentioned that he expected the crypto space to evolve into a multi-chain future where “different chains and different protocols will take some learning from other protocols.” He argued that Solana would be more configurable over time to fit into this multi-chain environment.
News from around the Cryptoverse
Alameda invested in Genesis before the collapse.
According to Bloomberg, Alameda Research invested $1.15 billion in total in Genesis Digital before the market imploded and the mining industry started to suffer.
Galaxy CEO expects Bitcoin to see $500K
According to a Bloomberg article published on Dec.1, Galaxy Digital’s CEO Michael Novogratz expects Bitcoin to increase to $500,000 based on the Federal Reserve’s interest rate increases.
House Committee on Financial Services thanks SBF for being candid
The U.S. House Committee on Financial Services chair Maxine Waters Tweeted to thank FTX founder Sam Bankman-Fried for being candid about the FTX fallout and invited him to join their hearing on Dec. 13.
Binance Labs to invest $4.5 million in Ambit Finance
Binance Labs announced that it committed to investing up to $4.5 million in Ambit Finance to boost trustless DeFi development on BNB Chain.
Crypto Market
In the last 24 hours, Bitcoin (BTC) increased by +0.33% to trade at $17,001, while Ethereum (ETH) increased by +1.11% to trade at $1,288.
Biggest Gainers (24h)
- GMX (GMX): +11.15%
- Terra Classic (LUNC): +9.38%
- Decred (DCR): +9.14%
Biggest Losers (24h)
- EthereumPoW (ETHW): -4.92%
- Fantom (FTM): -4.26%
- Dogecoin (DOGE): -2.81%
Mentioned in this article
Bitcoin 
Ethereum 
Solana 
Ankr 
EthereumPoW 
Fantom 
Dogecoin 
GMX 
Terra Classic 
Decred 
Binance 
Galaxy Digital 
Celsius Network 
OpenSea 
FTX 
Alameda Research 
Genesis Mining 
Changpeng Zhao 
Mike Novogratz 
Sam Bankman-Fried Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,367.95
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$258.748
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Ankr
$0.03678
Ankr strives to build a resource-efficient blockchain framework that truly enables Distributed Cloud Computing (DCC) and provides user-friendly infrastructure for business applications.
EthereumPoW
$3.61944
EthereumPoW (ETHW) is a hard fork of Ethereum blockchain with the Ethereum Merge.
Fantom
$0.84534
Fantom is a directed acyclic graph (DAG) smart contract platform providing decentralized finance (DeFi) services to developers using its own bespoke consensus algorithm.
Dogecoin
$0.47297
Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
GMX
$31.1894
GMX is a decentralized spot and perpetual exchange that supports low swap fees and zero price impact trades.
Terra Classic
$0.00012
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
Decred
$14.5267
Decred is an open and progressive cryptocurrency with a system of community-based governance integrated into its blockchain..
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Galaxy Digital
Galaxy (TSX: GLXY) is a digital asset and blockchain leader providing access to the growing digital economy.
Celsius Network
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.
OpenSea
OpenSea is a decentralized peer-to-peer marketplace for buying, selling, and trading NFTs.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Alameda Research
Alameda Research was once a principal trading firm, operating as an arm of the failed crypto exchange, FTX.
Genesis Mining
Genesis Mining is a cryptocurrency cloud mining company that offers an easy and safe way to purchase hashpower without having to deal with complex hardware and software setup.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
Michael Edward Novogratz, born on November 26, 1964, stands out as an iconic figure in the financial realm.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
