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CryptoSlate Wrapped Daily: SBF comments on FTX’s fate; Nexo faces criminal allegations

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CryptoSlate Wrapped Daily: SBF comments on FTX’s fate; Nexo faces criminal allegations

CryptoSlate Wrapped Daily: SBF comments on FTX’s fate; Nexo faces criminal allegations News Desk · 7 hours ago · 4 min read

Sam Bankman-Fried says that an FTX recovery is possible. Nexo faces criminal charges in Bulgaria. These and other stories in the CryptoSlate Wrapped Daily.

4 min read

Updated: January 12, 2023 at 11:25 pm

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Cover art/illustration via CryptoSlate

The biggest news in the cryptoverse for Jan. 12 saw former FTX CEO Sam Bankman-Fried comment on a possible FTX recovery and tell his side of the story. Elsewhere, Nexo has been accused of financial crimes and has had its offices raided. Lido is accumulating staked ETH, while Binance is doubling down on Fetch.ai. Plus, research on Genesis and its GUSD stablecoin — alongside reports that the company owes creditors $3 billion.

CryptoSlate Top Stories

FTX recovery possible if sold as a going concern according to SBF

Sam Bankman-Fried confirmed that he still believes there is a future for FTX in a tweet reply to Twitter user WassieLawyer. SBF said: “I think that [customers] being made substantially whole is a real possibility.”

SBF was agreeing with the Twitter user who said “a sale of the FTX exchange as a going concern is viable” and they were “bullish on recovery” in relation to FTX.

SBF said that selling FTX as a functioning business “is and always has been the best recovery scenario for customers.” He also referenced the ongoing argument that FTX.US should be able to return funds to customers as it was allegedly solvent at the time of the Chapter 11 filing.

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SBF reveals his side of the FTX story, blames CZ, targeted attack against FTX

Former FTX CEO Sam Bankman-Fried (SBF) launched a Substack report in which he detailed his version of accounts of what happened at FTX.

SBF claimed that “no funds were stolen” and attributed the collapse to Alameda’s inability to hedge against a market crash adequately.

Nexo co-founder calls financial crimes allegations ‘absurd’

Nexo’s co-founder and managing partner Antoni Trenchev confirmed that authorities are present at one of Nexo’s offices in Bulgaria following local reports that the Sofia office was raided in relation to “financial crimes.”

Trenchev told CryptoSlate that “Bulgaria is the most corrupt country in the EU” and called the allegations “absurd” as Nexo is  “one of the most stringent entities with regards to KYC/AML.”

Nexo offices raided on allegations of financial crimes

Nexo’s Sofia offices were raided by authorities and “foreign agents” in relation to financial crimes, according to local media outlet Standart News.

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The report claims investigations into Nexo began several months ago after “foreign services” alerted Bulgarian authorities to suspicious transactions. It added that the nature of these transactions related to sidestepping Russian sanctions.

Standart News also made the claim that the company owners have appropriated users’ funds to the tune of billions of dollars.

Nexo-linked addresses see outflows of nearly $9M amid rising FUD

On-chain data shows that addresses related to crypto lender Nexo are recording outflows following news of financial crimes investigations by the Bulgarian government.

Crypto intelligence platform Arkham Intelligence dashboard showed that the crypto lender had seen outflows of roughly $9 million since the news broke.

A breakdown of the transactions showed that Nexo’s address, 0xFfe, saw the majority of the withdrawals.

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DCG scrambling to raise funds to cover Genesis’ $3B debt burden

Embattled crypto lender Genesis owes over $3 billion to its creditors, the Financial Times reported on Jan. 12, citing sources familiar with the matter.

The lender owes $900 million to users of Gemini’s Earn program, over $303 million to Dutch exchange Bitvavo, as well as money to users of crypto savings firm Donut.

On Jan. 10, Bitvavo rejected DCG’s proposal to repay 70% of its debt.

Genesis is in talks with investment bank Moelis to explore its options but external funding attempts have failed so far. Genesis’ parent company Digital Currency Group (DCG) is seeking to unload its venture capital portfolio to raise funds, according to the FT report.

Staked Ethereum surpasses 16M, over 70% stakers at a loss

The amount of staked Ethereum (ETH) has risen by 18% to over 16 million since the network completed its transition to a proof-of-stake (PoS) network last year, according to CryptoSlate data.

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The 16 million staked ETH equates to roughly 13.28% of ETH’s total supply — worth $22.42 billion —  500,213 total validators and 87,121 distinct depositor addresses, according to Dune analytics data.

Lido is the dominant staking platform, controlling 29.08% of staked Ethereum. Around 4.65 million ETH — worth $6.8 billion — have been staked through it, according to the offical Lido website,

FET becomes reserve asset for Binance as AI token popularity rises

Fetch.ai (FET)has become a listed token on Proof of Reserves (PoR) for a number of exchanges, including Binance, Huobi and Bitfinex, according to Glassnode data.

Artificial Intelligence (AI) token popularity surged over the last three months — leading to significant increases in AI token price and active addresses, according to CryptoSlate data.

Research Highlight

Research: Gemini, GUSD start losing followers as metrics hit all-time lows

Glassnode data analyzed by CryptoSlate shows that the U.S.-based crypto exchange Gemini and its stablecoin Gemini Dollar (GUSD) are starting to lose followers and the community’s trust as metrics fall to all-time lows.

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The number of active addresses that hold GUSD has slumped back to its 2020 levels. The chart below represents the active wallet number since the beginning of the year 2019.

The number of wallets started to increase at the end of 2020 and reached almost 1200 towards the end of 2021. Since then, active addresses that hold GUSD fell by 91.6%  and retreated back to 100 in January 2023.

BUSD balance on exchanges also recorded a significant decrease. The chart below demonstrates the BUSD balance held on exchanges since the beginning of 2019.

Crypto Market

In the last 24 hours, Bitcoin (BTC) rose 7.41% to trade at $18,850, while Ethereum (ETH) was up 6.43% at $1,427.

Biggest Gainers (24h)

  • XYO  (XYO): 21.73%
  • Avalanche (AVAX): 19.57%
  • Locus Chain (LOCUS): 14.12

Biggest Losers (24h)

  • Neutrino USD (USDN): -11.4%
  • Voyager Token (VOX): -10.73%
  • iExec RLC (RLC): -8.02%

Read Our Latest Market Report

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Wrapped

CryptoSlate Daily wMarket Update: Polygon leads top 10 second day running

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CryptoSlate Daily wMarket Update: Polygon leads top 10 second day running

CryptoSlate Daily wMarket Update: Polygon leads top 10 second day running Samuel Wan · 13 hours ago · 3 min read

The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.

3 min read

Updated: February 8, 2023 at 12:38 pm

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Cover art/illustration via CryptoSlate

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The cryptocurrency market cap saw net inflows of $12.4 billion over the last 24 hours and currently stands at $1.08 trillion — up 1.2% from $1.07 trillion.

Over the reporting period, Bitcoin and Ethereum’s market cap grew 0.8% and 1.9% to $446.85 billion and $204.82 billion, respectively.

The top 10 crypto assets all recorded gains over the last 24 hours. Polygon has continued its surge, growing a further 4.6% over the last 24 hours. Meme coins Dogecoin and Shiba Inu brought up the rear, both gaining 0.7%.

Source: CryptoSlate.com

The market caps of Tether (USDT) and BinanceUSD (BUSD) stayed flat at $68.19 billion and $16.19 billion, respectively. Meanwhile, USD Coin’s (USDC) market cap decreased to $41.55 billion.

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Bitcoin

Over the last 24 hours, Bitcoin grew 0.8% to trade at $23,176 as of 07:00 ET. Its market dominance dropped to 41.2% from 41.4%.

During the reporting period, a bottoming at $22,770 was followed by a sharp rise that peaked at $23,455. BTC has since been trading flat with a sell-side bias.

Source: TradingView.com

Ethereum

Over the last 24 hours, Ethereum rose 1.9% to trade at $1,674 as of 07:00 ET. Its market dominance rose to 18.9% from 18.8%.

ETH’s price action largely followed BTC’s, finding support at $1,626 before trending higher to top out at $1,698. The second-largest cryptocurrency then followed a flat trading pattern.

Source: TradingView.com

Top 5 Gainers

OriginTrail

TRAC is the day’s biggest gainer, rising 63% over the reporting period to $0.43147 as of press time. The token is benefiting from interest in AI projects. Its market cap stood at $157.69 million.

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Chromia

CHR grew 30.1% to $0.22626 as of press time. The project recently announced the Chromia Innovation Lab 2023 – an incubation program. Its market cap stood at $155.34 million.

Axelar

AXL gained 28.1% over the reporting period to trade at $0.90764 as of press time. The project announced partnering with Chainflip and Squid over chain integrations. Its market cap stood at $140.99 million.

The Sandbox

SAND jumped 22.9% to $0.88955 as of press time. The project signed an MoU with the Saudi Arabia Digital Government Authority. Its market cap stood at $1.33 billion.

Oasis Network

ROSE rose 19.9% to $0.07057 as of press time. The team will attend Ethereum Denver to discuss Web3 privacy. Its market cap stood at $404.08 million.

Top 5 Losers

FLOKI

FLOKI is the day’s biggest loser, posting 7.2% losses to $0.00003 as of press time. The project announced entering the Chinese market, despite crypto restrictions in the country. Its market cap stood at $279.42 million.

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SingularityNet

AGIX decreased 6.7% to $1.33826 as of press time. Despite today’s losses, the token is still up 646% over the past 30 days. Its market cap stood at $610.4 million.

Fetch

FET is down 5.5% to $0.50907 as of press time. Its market cap stood at $416.89 million.

Frax Share

FXS dropped 4.9% over the reporting period to $1.13165 as of press time. Despite the drawdown, the token is still up 123% over the past month. Its market cap stood at $905.91 million.

GMX

MAGIC fell 4.7% in the last 24 hours to $68.9273. Its market cap stood at $582.72 million.

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Wrapped

CryptoSlate Daily wMarket Update: Overall market sentiment green as AI tokens establish their rise

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CryptoSlate Daily wMarket Update: Overall market sentiment green as AI tokens establish their rise

CryptoSlate Daily wMarket Update: Overall market sentiment green as AI tokens establish their rise Samuel Wan · 4 hours ago · 3 min read

The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.

3 min read

Updated: February 7, 2023 at 1:09 pm

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Cover art/illustration via CryptoSlate

The cryptocurrency market cap saw net inflows of $7.5 billion over the last 24 hours and currently stands at $1.07 trillion — up 0.7% from $1.06 trillion.

Over the reporting period, Bitcoin and Ethereum’s market cap grew 0.7% and 0.7% to $443.44 billion and $201.07 billion, respectively.

The top 10 crypto assets posted a mixed performance over the last 24 hours. Polygon leads the gainers, growing 3.6%. Meanwhile, Shiba Inu fared worst, losing 3.9% over the reporting period.

Source: CryptoSlate.com

The market cap of Tether (USDT) rose to $68.19 billion. By contrast, USD Coin (USDC) and BinanceUSD (BUSD) decreased to $41.85 billion and $16.19 billion, respectively.

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Bitcoin

Over the last 24 hours, Bitcoin grew 0.7% to trade at $22,995 as of 07:00 ET. Its market dominance dropped to 41.4% from 41.5%.

During the reporting period, BTC peaked at $23,158 before trending lower to find support at $22,642. The leading cryptocurrency has since been edging higher.

Source: TradingView.com

Ethereum

Over the last 24 hours, Ethereum rose 0.7% to trade at $1,643 as of 07:00 ET. Its market dominance stayed flat at 18.8%.

ETH’s price action largely followed BTC’s, reaching a local top of $1,659 to trigger a reversal that bottomed out at $1,604 seven hours later.

Source: TradingView.com

Top 5 Gainers

Alethea Artificial Liquid Intelligence

ALI is the day’s biggest gainer, rising 55.3% over the reporting period to $0.08271 as of press time. The project was recently featured in Forbes, detailing its new intelligent NFT (iNFT) concept, which enables NFTs to incorporate AI animations and generative abilities. Its market cap stood at $296.77 million.

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The Graph

GRT grew 30.95% to $0.17007 as of press time. The indexing protocol recently hit an all-time high of 129 unique dApps querying the network. Its market cap stood at $1.49 billion.

Frax Share

FXS gained 28.8% over the reporting period to trade at $13.1559 as of press time. The token grew 131.5% over the past month. Its market cap stood at $965.69 million.

Ocean Protocol

OCEAN rose 20.5% to $0.52269 as of press time. The token grew 137% over the past month. Its market cap stood at $320.46 million.

Fetch

FET jumped 23.1% to $0.54319 as of press time. The AI narrative has reasserted itself this week. Its market cap stood at $444.82 million.

Top 5 Losers

UNUS SED LEO

LEO is the day’s biggest loser, posting 6.6% losses to $3.37784 as of press time. No new fundamental developments were noted. Its market cap stood at $3.22 billion.

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Lisk

LSK dropped 4.9% over the reporting period to $1.13165 as of press time. Despite the drawdown, the token is still up 50.6% over the past month. Its market cap stood at $145.87 billion.

Conflux Network

CFX decreased 4.9% to $1.33826 as of press time. Its market cap stood at $138.69 million.

OMG Network

OMG fell 4.6% in the last 24 hours to $1.65592. Despite today’s losses, the token is still up 44.6% over the past 30 days. Its market cap stood at $232.23 million.

Shiba Inu

SHIB is down 3.5% to $0.00001412 as of press time. No new fundamental developments were noted. Its market cap stood at $7.74 billion.

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CryptoSlate Daily wMarket Update: AI tokens shine despite wider market sell-off

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CryptoSlate Daily wMarket Update: AI tokens shine despite wider market sell-off

CryptoSlate Daily wMarket Update: AI tokens shine despite wider market sell-off Samuel Wan · 12 hours ago · 2 min read

The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.

2 min read

Updated: February 6, 2023 at 12:43 pm

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Cover art/illustration via CryptoSlate

Since the last wMarket report, the cryptocurrency market cap saw net outflows of $17.5 billion and currently stands at $1.06 trillion — down 1.6% from $1.08 trillion.

Over the reporting period, Bitcoin and Ethereum’s market cap fell 2.7% and 0.81% to $441.19 billion and $199.95 billion, respectively.

The top 10 crypto assets posted losses across the board over the last 24 hours. Solana is the biggest loser, falling 4.2%, followed by Polygon, which fell 3.7%. BNB fared best, losing 2%.

Source: CryptoSlate.com

Over the weekend, the market caps of Tether (USDT) and BinanceUSD (BUSD) rose to $68.07 billion and $16.26 billion, respectively. By contrast, USD Coin (USDC) decreased to $41.97 billion.

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Bitcoin

Over the last 24 hours, Bitcoin fell 2.4% to trade at $22,830 as of 07:00 ET. Its market dominance dropped to 41.5% from 41.9%.

Since Feb. 3, BTC sunk from a local top of $23,730, finding support at $22,646 on Feb 4 following an accelerated sell-off that began on Sunday morning (ET).

Source: TradingView.com

Ethereum

Over the last 24 hours, Ethereum fell 2% to trade at $1,630 as of 07:00 ET. Its market dominance increased to 18.8% from 18.7%.

Since Feb. 3, ETH hit a peak of $1,696, leading to a sell-off that saw a double retest of support around $1,609.

Source: TradingView.com

Top 5 Gainers

SingularityNet

AGIX is the day’s biggest gainer, rising 24.8% over the reporting period to $0.44760 as of press time. The firm recently announced bootstrapping several companies in the DeFi, Robotics, Biotech and Longevity, Gaming and Media, Arts and Entertainment (Music), and Enterprise-level AI sectors. Its market cap stood at $536.72 million.

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Fetch

FET grew 24.5% to $0.441906 as of press time. Mainnet transactions exceeded 5 million recently. Its market cap stood at $361.88 million.

Alethea Artificial Liquid Intelligence

ALI gained 23.3% over the reporting period to trade at $0.05341 as of press time. The token is up over 360% over the past month. Its market cap stood at $191.63 million.

Numeraire

NMR rose 19.5% to $23.3175 as of press time. The AI narrative reasserts itself following a lull last week. Its market cap stood at $137.3 million.

JasmyCoin

JASMY jumped 11.9% to $0.00708 as of press time. The token is up over 95% over the past month. Its market cap stood at $329.76 million.

Top 5 Losers

Voyager Token

VGX is the day’s biggest loser, posting 12.47% losses to $0.50152 as of press time. Alameda Research recently instigated legal action against Voyager. Its market cap stood at $139.67 million.

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Fantom

FTM dropped 10.2% over the reporting period to $0.54986 as of press time. Its market cap stood at $1.53 billion.

LooksRare

LOOKS fell 9.9% in the last 24 hours to $0.30222. Despite today’s losses, the token is still up 92% over the past 30 days. Its market cap stood at $141.91 million.

MetisDAO

METIS is down 9.3% to $36.9774 as of press time. Its market cap stood at $163.8 million.

WEMIX

WEMIX decreased 9% to $1.33826 as of press time. Its market cap stood at $336.6 million.

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