CryptoSlate Wrapped Daily: CZ addresses FTX narratives, Tether launches CNH₮ on tron, Terraform Labs caught dumping tokens CryptoSlate Wrapped Daily: CZ addresses FTX narratives, Tether launches CNH₮ on tron, Terraform Labs caught dumping tokens
TerraForm Labs self-destruction, CZ calls out incorrect narratives, Saylor calls out SBF and more in this CryptoSlate Wrapped Daily
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The biggest news in the cryptoverse for Dec. 6 includes Michael Saylor criticizing SBF, Ethereum inflation coming back, Silvergate exposure to FTX, and MetaMask addresses IP address concerns.
“Fatmanterra Alleges Terraform Labs Dumped 450m UST Over 3 Weeks Before Its Collapse”
Cryptocurrency analyst Fatmanterra has accused Terraform Labs of dumping 450 million UST tokens over a three-week period before its collapse. According to Fatmanterra, Terraform Labs’ dumping of UST tokens caused its price to plummet, leading to the project’s collapse. Fatmanterra also claims that Terraform Labs’ actions may have been illegal.
“ETH Supply Shifts Back to Inflationary”
The supply of ETH, the native cryptocurrency of the Ethereum network, is starting to shift back toward inflationary levels. This is according to a recent report by Glassnode, a blockchain analytics firm. The report states that the annualized inflation rate of ETH has risen to 12.6%, which is the highest level it has reached in over a year. This is a significant change from earlier this year when the annualized inflation rate of ETH fell to as low as 2.7%.
“CZ Publicly Addresses Wrong Narratives Surrounding FTX, Alameda”
Changpeng Zhao, the CEO of Binance, has publicly addressed what he believes are wrong narratives surrounding the FTX and Alameda Research crypto derivatives exchanges. In a tweet, Zhao stated that crypto does not need a ‘savior’ as it doesn’t need saving. Further, he commented that no business can be destroyed by a tweet and that SBF is “one of the greatest fraudsters in history.”
“Michael Saylor Puts SBF on Blast for Committing the ‘Sin of Sh*tcoinary'”
Michael Saylor, the CEO of MicroStrategy, has criticized the SBF crypto fund for committing the “sin of sh*tcoinary” by investing in low-quality cryptocurrencies. In a tweet, Saylor stated that Alameda has invested in a number of “junk” coins that have little or no value. Saylor’s comments come after SBF was criticized for its role in the recent volatility in the crypto markets.
“Silvergate Addresses FTX’s Exposure, Reassure Stakeholders”
Silvergate Bank, the US-based bank that provided services to the FTX crypto derivatives exchange, has addressed concerns about the exchange’s exposure to volatile assets. In a statement, Silvergate stated that it has reviewed FTX’s collateral and risk management processes and has determined that the exchange is in compliance with all relevant regulations. Silvergate also reassured stakeholders that it continues to monitor FTX’s exposure to ensure that it remains within acceptable levels.
“Sushiswap’s Jared Grey Proposes to Allocate 100% of XSushi Revenue to Treasury”
Jared Grey, the Head Chef of the decentralized exchange Sushiswap, has proposed that 100% of the revenue generated by the XSushi token be allocated to the project’s treasury. In a tweet, Grey stated that the proposal, which is still under consideration, would help to support the development of Sushiswap and its ecosystem. Grey also stated that the proposal would align the incentives of XSushi holders with those of the Sushiswap project.
“MetaMask Privacy Concerns: ConsenSys Responds to the Backlash”
ConsenSys, the company behind the popular Ethereum wallet MetaMask, has responded to the backlash over its recent update that shared user data with third parties. In a blog post, ConsenSys stated that the update was intended to give users more control over their data, and that it has implemented a number of measures to ensure that users’ data is kept private. ConsenSys also stated that it is committed to addressing any concerns that users may have about their privacy.
“Tether Launches offshore CNH₮, a Stablecoin Pegged to Chinese Yuan”
Tether, the company behind the world’s largest stablecoin by market capitalization, has launched CNH₮ on the Tron network. The CNH₮ stablecoin is pegged to the Chinese yuan and is intended to provide investors with a more stable and secure way to hold and transfer the yuan. Tether has also announced that CNH₮ will be available on a number of popular cryptocurrency exchanges, including Bitfinex and Huobi.
“Paxful Co-founder Ray Youssef Warns of Ponzi Altcoins at Africa Bitcoin Conference”
Ray Youssef, the co-founder of Paxful, a peer-to-peer bitcoin marketplace, has warned about the dangers of investing in Ponzi altcoins at the Africa Bitcoin Conference. In a speech at the conference, Youssef stated that many altcoins are “scams” and are designed to enrich their creators at the expense of investors. Youssef also urged investors to be cautious and to do their own research before investing in any altcoin. He also called on regulators to take action against Ponzi altcoins.
Research Highlight
“Unprecedented Supply of Stablecoins Is Waiting on the Sidelines to Trigger a Bull Run”
An unprecedented amount of stablecoins is sitting on the sidelines waiting to be used, which could potentially trigger a bull run in the cryptocurrency markets. The report states that the total supply of stablecoins, which are cryptocurrencies that are pegged to a stable asset such as the US dollar, has reached a new all-time high of over $31 billion. This is a significant increase from earlier this year, when the total supply of stablecoins was around $18 billion.
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%
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