Connect with us

Crypto news

Alameda Liquidators Suffer Massive $11.5M Blow in Just 2 Weeks

Published

on

Alameda Liquidators Suffer Massive $11.5M Blow in Just 2 Weeks

On January 13, the liquidators of Alameda Research lost $72,000 worth of digital assets as they were attempting to consolidate money into a single wallet on Aave. The liquidators made an effort to settle a borrow position, but due to an oversight, they withdrew further collateral, which placed the assets in danger of being liquidated. 

A total of 4.05 Wrapped Bitcoin (WBTC) were lost during the loan’s two liquidations over the course of nine days, and they cannot be recovered by the loan’s creditors. Now, the latest info is saying that the liquidators have lost over $10 million.

A report from blockchain security platform Arkham Intelligence estimates that the liquidators of Alameda Research have lost at least $11.5 million in trading capital since taking over the company’s accounts.

According to Arkham’s findings, more than $4 million worth of these damages might have been avoided if the liquidators had instead of withdrawn collaterals chosen to liquidate the company’s wallet. 

Advertisement

Based on the company’s findings, two weeks before the takeover by liquidators, the Alameda wallet “0x997” had a short position of 9000 Ethereum (ETH) (worth $10.8 million at the time) against the collateral of $20 million Circle USD (USDC) and $4 million DAI (for a total value of $15.2 million).

Since the 17th of January, the wallet has seen a series of setbacks, which has resulted in its present balance being in a deficit position of $1.1 million ETH relative to $1.4 million USDC, with a total value of $300,000. Arkham also said that this was the most recent liquidation in a series that spanned approximately two weeks when the account was under the custody of the Liquidator.

Was this writing helpful?

No Yes

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Back to top button

Advertisement

Bitcoin

Crypto Market Correction In Feb, Suspects Traders – But There Is A Catch

Published

on

By

Crypto Market Correction In Feb, Suspects Traders – But There Is A Catch

The crypto market has been quite fluctuating lately, especially Bitcoin which is hovering around $23,000 and $22,000 area. The King currency had opened the day on a brighter note, but ended on a bearish trend as the currency has once again dropped towards $22,000 level.

At the time of writing, Bitcoin is valued at $22,826 with a fall of 0.42% over the last 24hrs.

When looking at the other side of the coin, Bitcoin has started the year on a bullish cycle as in January alone the currency had gained more than 45% after hitting a high of $24,300. This momentum pushed Ethereum and other altcoins towards their recovery cycle.

Bitcoin On A Bull Ride Soon

However, while the crypto market is moving towards its recovery phase, traders and investors are not so confident about Crypto’s future and are predicting a correction ahead in Feb. Now, what’s interesting is that the on-chain data platform Santiment claims that the market usually leans where traders least expect. 

Advertisement

This suggests that when most of the traders are showing a negative stance towards the future of crypto, it creates less selling pressure and more buyers. If this happens, the crypto market will witness and increased demand which will push the cryptocurrency prices towards their next bull run.

The similar claim has been made by a technical analyst, Adrian Zdunczyk aka Crypto Birb where he believes that the crypto market is currently in a disbelief mode.

From my observations, the market is in disbelief mode, still fighting cognitive dissonance and placing too little weight on the recent reversal. Take it with a grain of salt, however. I’ve been riding $BTC from $16920 with size, so I may be biased a little 🙂 pic.twitter.com/DiayBFpwJY

— Adrian Zduńczyk, CMT (@crypto_birb) February 1, 2023

As per the data, often disbelief is the result of fear of missing out on profits and also its a fear of being caught in market correction. However, looking at the broader picture and the increasing institutional interest in Crypto, the market is expected to see continued growth.

Was this writing helpful?

No Yes

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Advertisement

Continue Reading

Crypto news

MicroStrategy’s Bitcoin Maximalism Wavers, Shift To Ethereum? 

Published

on

MicroStrategy’s Bitcoin Maximalism Wavers, Shift To Ethereum? 

One of the leading Bitcoin network supporters Michael Saylor, the executive chairman and a co-founder of MicroStrategy, could be losing steam as a maxi. 

According to a recently revealed audio clip by altcoin daily, a crypto YouTube channel with over 1.29 million subscribers, Saylor said that he is waiting for the company’s Bitcoin holdings to break even and offload to Ethereum.

The revelation is questionable following Saylor’s daily Twitter updates that display his allegiance to the Bitcoin network. Nonetheless, the Ethereum network has made significant upgrades that may help the asset perhaps overtake Bitcoin’s market capitalization.

Microstrategy’s Investment In Bitcoin: A Giant Miss

MicroStrategy holds approximately 132,500 Bitcoins and reported a digital assets impairment loss of approximately $197 million during the fourth quarter earnings results. As an analytic and business intelligence publicly traded company, its investment portfolio significantly informs most individual investors’ strategies.

Advertisement

The company uses its Bitcoin holding to borrow loans from Silvergate bank, according to a recent interview on Saylor.

Bitcoin and Ethereum H2H

Bitcoin has enjoyed the top position by market capitalization due to its age and ability to store value. With a market capitalization of approximately $448,493,277,660, the asset’s price has declined about 66 percent from its ATH, of $69,044.77. Ethereum (ETH) on the other hand has a market capitalization of approximately $202,124,722,417 and a daily traded volume of about $9,656,377,364.

The Ethereum market has, however, been leading the smart contract ecosystem with a total value locked (TVL) of approximately $29.44 billion, according to Defillama. With more institutional investors seeking crypto exposure through tokenization, and DeFi platforms on the Ethereum network, Bitcoin maximalists are getting diluted over time.

Notably, Saylor’s crypto bag could be way higher in value should he have invested in Ethereum instead of Bitcoin two years ago. 

Was this writing helpful?

No Yes

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Advertisement

Continue Reading

Crypto news

Bankruptcy Proceedings Come At A High Cost For FTX, Law Firm To Earn Millions 

Published

on

Bankruptcy Proceedings Come At A High Cost For FTX, Law Firm To Earn Millions 

The FTX bankruptcy case has proved to be a lucrative opportunity for Sullivan & Cromwell, a well-known law firm, as it is expected to earn millions in fees for handling the fallen crypto empire’s finances. 

According to a recent court filing, Sullivan & Cromwell has already billed them $7.5 million for just 19 days of work on the case. Despite concerns raised by US lawmakers, the executive branch, and FTX founder Sam Bankman-Fried about the firm’s previous work for the company and the appointment of former partner Ryne Miller as FTX General Counsel, the new CEO of FTX, John J. Ray III, has defended the firm’s appointment, calling it a leading law firm in relevant areas.

Sullivan & Cromwell law firm set to reap millions

The filing covers fees and expenses from November 12th to November 30th and reports that over 6,500 hours were worked by 32 partners, 85 associates, and 34 non-legal staff. The hourly rates range as high as $2,165 and the company said it is seeking only 80% of the total $9.5 million. This drain on the estate of the corporate group as it seeks to reorganize and restore funds to creditors will be significant.

Bankruptcy judge John Dorsey will make a crucial decision today regarding the appointment of an independent examiner for the case, which FTX has warned could cost up to $100 million and duplicate Sullivan & Cromwell’s work. However, a spokesperson for Sullivan & Cromwell was not available for comment.

Advertisement

A Bankruptcy Filing Could Be Resource-Exhaustive Too!

The FTX bankruptcy case has attracted widespread attention due to the high costs associated with the case, which are expected to climb more with over 150 people working on it. Big bankruptcy cases like this can generate a lot of work and help pad profits for law firms.

This case serves as a reminder of the high costs associated with bankruptcy proceedings, particularly for large corporations. While the legal fees can be a significant burden for the corporate group, it is important for the court to appoint a reputable and reliable law firm to ensure a fair outcome for all parties involved.

Was this writing helpful?

No Yes

Continue Reading

Top posts

Craig Wright loses U.K. case as judge rules Bitcoin file format can’t be copyrighted Craig Wright loses U.K. case as judge rules Bitcoin file format can’t be copyrighted
Legal8 hours ago

Craig Wright loses U.K. case as judge rules Bitcoin file format can’t be copyrighted

Craig Wright loses U.K. case as judge rules Bitcoin file format can’t be copyrighted Mike Dalton · 7 seconds ago...

Monero [XMR]: Can bulls defend $163 support level as bears take over Monero [XMR]: Can bulls defend $163 support level as bears take over
altcoin9 hours ago

Monero [XMR]: Can bulls defend $163 support level as bears take over

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s...

Avalanche dominance under threat? Investors worry as GMX shifts to Arbitrum Avalanche dominance under threat? Investors worry as GMX shifts to Arbitrum
altcoin10 hours ago

Avalanche dominance under threat? Investors worry as GMX shifts to Arbitrum

GMX moves to Arbitrum, threatening Avalanche. Decreasing sentiment, declining TVL & NFT trades for Avalanche. According to the latest data...

Cryptocurrency Exchanges Offer Assistance To Earthquake-Hit Turkey Cryptocurrency Exchanges Offer Assistance To Earthquake-Hit Turkey
aid10 hours ago

Cryptocurrency Exchanges Offer Assistance To Earthquake-Hit Turkey

Major crypto exchanges have offered to help the people of Turkey to overcome the consequences of this week’s devastating earthquake....

Robinhood saw crypto transaction revenue fall by 24% in Q4 2022 Robinhood saw crypto transaction revenue fall by 24% in Q4 2022
Bear Market10 hours ago

Robinhood saw crypto transaction revenue fall by 24% in Q4 2022

Robinhood saw crypto transaction revenue fall by 24% in Q4 2022 Mike Dalton · 2 hours ago · 1 min...

Trust Wallet says user’s $4M hack was done via social engineering Trust Wallet says user’s $4M hack was done via social engineering
Hacks11 hours ago

Trust Wallet says user’s $4M hack was done via social engineering

Trust Wallet says user’s $4M hack was done via social engineering Oluwapelumi Adejumo · 2 hours ago · 1 min...

Cardano approaches critical resistance level of $0.42: Bulls to witness more gains? Cardano approaches critical resistance level of $0.42: Bulls to witness more gains?
ADA price action11 hours ago

Cardano approaches critical resistance level of $0.42: Bulls to witness more gains?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s...

Whale activity on the Bitcoin network makes up 50% of all transactions Whale activity on the Bitcoin network makes up 50% of all transactions
whale12 hours ago

Whale activity on the Bitcoin network makes up 50% of all transactions

Got a story tip? Email [email protected] Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy...

Smaller exchanges see around $200M in Bitcoin withdrawn over past week Smaller exchanges see around $200M in Bitcoin withdrawn over past week
Analysis13 hours ago

Smaller exchanges see around $200M in Bitcoin withdrawn over past week

Smaller exchanges see around $200M in Bitcoin withdrawn over past week Oluwapelumi Adejumo · 6 hours ago · 2 min...

Cardano: Whale activity and booming ecosystem propel ADA Cardano: Whale activity and booming ecosystem propel ADA
ada14 hours ago

Cardano: Whale activity and booming ecosystem propel ADA

Whale transactions on Cardano network surge, boosting ADA. Growing Cardano ecosystem drives TVL growth and increased fees. Cardano [ADA] gained...

3AC Co-Founder Kyle Davies Fails To Respond To Liquidators’ Subpoena Despite Twitter Delivery 3AC Co-Founder Kyle Davies Fails To Respond To Liquidators’ Subpoena Despite Twitter Delivery
Uncategorized14 hours ago

3AC Co-Founder Kyle Davies Fails To Respond To Liquidators’ Subpoena Despite Twitter Delivery

According to recent court filings, Kyle Davies, co-founder of the defunct cryptocurrency hedge fund Three Arrows Capital (3AC), has allegedly...

SEC targets registered crypto advisors as top priority for 2023 SEC targets registered crypto advisors as top priority for 2023
Regulation14 hours ago

SEC targets registered crypto advisors as top priority for 2023

SEC targets registered crypto advisors as top priority for 2023 Liam ‘Akiba’ Wright · 7 hours ago · 2 min...

Tangem Review Tangem Review
Uncategorized14 hours ago

Tangem Review

Tangem Ratings at a Glance Product Offerings Customer Service Customer Pricing User Benefits User Experience Overall Rating Tangem wallet is...

The 5 Best Cryptos To Buy This Week For 30x Gains! The 5 Best Cryptos To Buy This Week For 30x Gains!
Cryptocurrency15 hours ago

The 5 Best Cryptos To Buy This Week For 30x Gains!

One of the main reasons behind the crypto rally we have seen in January is Fed’s report that has shown...

ApeCoin [APE]: Yuga Labs’ new development could impact the ecosystem in this manner ApeCoin [APE]: Yuga Labs’ new development could impact the ecosystem in this manner
altcoin15 hours ago

ApeCoin [APE]: Yuga Labs’ new development could impact the ecosystem in this manner

Yuga Labs’ new game boosts NFT collections and APE coin’s popularity. Increased funding for grants and growing NFT interest could...

3AC liquidators files against Kyle Davies for ignoring Subpoena order 3AC liquidators files against Kyle Davies for ignoring Subpoena order
Bankruptcy15 hours ago

3AC liquidators files against Kyle Davies for ignoring Subpoena order

3AC liquidators files against Kyle Davies for ignoring Subpoena order Christian Nwobodo · 8 hours ago · 1 min read...

Top 10 Stablecoins To Buy In 2023 Top 10 Stablecoins To Buy In 2023
Cryptocurrency15 hours ago

Top 10 Stablecoins To Buy In 2023

The article will suggest you the top 10 stablecoins to buy in the beginning of 2023 Stablecoins are becoming more...

Crypto Market Correction In Feb, Suspects Traders – But There Is A Catch Crypto Market Correction In Feb, Suspects Traders – But There Is A Catch
Bitcoin16 hours ago

Crypto Market Correction In Feb, Suspects Traders – But There Is A Catch

The crypto market has been quite fluctuating lately, especially Bitcoin which is hovering around $23,000 and $22,000 area. The King...

Trending