Kategorie: Crypto Markets

• SYS Labs announced Tuesday the acquisition of FortKnoxster.
• FortKnoxster is a crypto-security company that secures and futureproof Web3.
• SYS Labs will leverage its acquisition to launch an AI-powered social crypto dApp named SuperDapp.

SYS Labs said in a Tuesday press release it reached a deal to acquire cryptosecurity company FortKnoxster.

SYS, best known for creating infrastructure, dApps, and other tools to build layers of Web3, also launched an artificial intelligence powered social crypto dApp named SuperDapp along with a new utility token as part of the acquisition.

The merger details

SYS Labs’ merger with FortKnoxster will expand its Syscoin ecosystem into the cryptosecurity and decentralized social marketplace areas. SuperDapp, internally known as the “killer app”, will offer communication features common in social apps but will be designed for security-conscious crypto users.

The merger is in part based on “everything apps” that are common in many Asian markets, SYS Labs President Jagdeep Sidhu said in the press release. SuperDapp will “answer the need for many of these capabilities” when it is released in the second quarter.

FortKnoxster CEO & Co-Founder, Niels Klitsgaard commented:

The acquisition by SYS Labs is an exciting milestone for our company and validates the hard work our team has dedicated to building innovative technologies. This assimilation marks a new chapter for our potential, because SYS Labs has what it takes to ensure the future development, expansion, and awareness of our mission.

AMA to be held on Friday

The FortKnoxster team is hosting an ask me anything (AMA) event on Friday. Among topics to be discussed includes how existing holders of the FortKnoxster token FKX will be able to swap for the new SuperDapp token.

Beyond the AMA, SYS Labs and FortKnoxster will provide updates on the partnership and the security solutions it will provide to the cryptocurrency, blockchain, and decentralized social marketplace communities.

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• Bitcoin shrimps have been aggressive as market participants ride positive sentiment to buy more BTC.
• Glassnode data shows BTC shrimps’ 30-day net position change has only been higher on 116 other trading days.
• Bitfinex analysts highlighted on Monday that Bitcoin’s non-zero balance addresses had risen to more than 45 million.

Retail holders, or crypto investors who own less than 10 bitcoin are aggressively adding to their portfolios, according to on-chain data provider Glassnode.

A look at the group of Bitcoin holders collectively termed as “Shrimps” shows that retail participation in the market over the past 30 days has been bettered only on 116 other trading days.

Shrimps with less than 1 BTC hold 1.29 million BTC

According to Glassnode, with BTC price currently below $30k, the Shrimps’ net position change as currently shown on-chain is only below 116 trading days. The cohort that holds less than 10 BTC in their wallets has a current 30-day change of 37 BTC/month. The total supply held by the cohort is 1.29 million BTC.

“We can assess the 30d change to the supply held by the Shrimp class (< 1 BTC) to evaluate the intensity of retail participation. Currently, only 116 days have recorded a larger 30d change, suggesting retail participants are aggressively accumulating,” Glassnode tweeted.

With #Bitcoin price action continuing to climb towards the cycle baseline ($30K), market participants have responded by aggressively accumulating coins.

This underscores a similarity in structure between the current cycle and 2018-19 cycle.

📊 https://t.co/b1E5fiLnpQ pic.twitter.com/h1vq22ldqj

— glassnode (@glassnode) March 31, 2023

On Monday, crypto exchange Bitfinex released its Bitfiniex Alpha report, which we highlighted today. In the report, analysts pointed to growing demand for BTC among small investors, with those addresses with non-zero balances hitting a record 45.388 at the end of last month.

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• Euler Finance has announced a total possible recovery of all the stolen funds.
• The recovery ends the $1 million bounty that Euler Labs had issued.
• The total recovery comes after Euler Finance convinced the hacker to return the money.

Euler Finance has today announced that the total refundable funds have been returned twenty-three days after the protocol was hacked.

Euler convinced the hacker to return most of the funds in a back-and-forth that resulted in the return of the total refundable funds. The hacker stole $196 million worth of cryptocurrency assets including 8,877,507.35 DAI, 34,413,863.42 USD Coin, 85,818.26 staked Ether (StETH), and 849.14 wrapped Bitcoin (WBTC).

After the hack, the total value locked (TVL) in Euler Finance smart contracts dropped to $10.37 million from above $311 million.

Euler’s effort to recover the funds

The next day after the hack, Euler Labs took serious steps to recover the funds and disabled its vulnerable etoken module and donation function. It also partnered with auditing firms in analyzing the root cause of the hack.

On March 14, Euler sent an on-chain message to the hacker saying:

“Following up on our message from yesterday. If 90% of the funds are not returned within 24 hours, tomorrow we will launch a $1M reward for information that leads to your arrest and the return of all funds.”

While the hacker did not comply with the 24-hour ultimatum, the hacker started moving funds at will, mixed some of the funds on Tornado Cash and sent an alleged victim some funds.

Euler Labs on March 21 launched a $1 million bounty reward for any information about the hacker after the hacker ghosted the protocol mid-conversation as the protocol was trying to strike a deal.

The hacker then started returning the funds on March 25

The final transaction was made on March 4 where the hacker sent 12 million DAI, and 10,580 ETH in several transactions.

Following the total refund of the funds, Euler Finance stated:

“Because the exploiter did the right thing and returned the funds, and the $1 million reward campaign launched by the Euler Foundation will no longer be accepting new information.”

The price of EUL, the native token of Euler Finance, has surged by more than 13% following the news and was trading at $3.9143 at press time.

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• Bittrex is quitting the United States due to regulatory uncertainty.
• The crypto exchange will now commit to growing Bittrex Global.
• CEO Lai says customer funds are safe and available to withdraw.

Bittrex was in focus on Monday after the crypto exchange said it’s about to wind down its operations in the United States.

Why is Bittrex quitting the U.S.?

The Seattle-headquartered firm attributed the move to continued regulatory uncertainty in the U.S. Customers were relieved, though, after CEO Richie Lai confirmed that their funds were safe.

All customer funds are safe and available to withdraw; however, it’s just not economically viable for us to continue in the current U.S. regulatory and economic environment.

The platform will be available for trading until April 14^th but customers will be able to withdraw funds through the end of this month, he added.

In February, Bittrex had cut 83 jobs citing market downturn.

What’s next for Bittrex exchange?

The crypto exchange will now commit to growing Bittrex Global – its platform for customers outside of the United States that will remain operational.

In October, a U.S. regulator announced a $53 million fine on Bittrex for failing to meet anti-money laundering requirements and not blocking users from sanctioned countries, including Iran and Cuba. According to CEO Lai:

Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape.

Bittrex was founded in 2014. It’s leaving the U.S. only shortly after peer Nexo Inc announced a similar decision after facing regulatory scrutiny.

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• The US government sold 9,861 bitcoin on 14 March, netting over $215 million.
• 41,490 BTC remain from over 51,000 seized in November and will be sold in four batches this year.
• Court documents show that bitcoin is connected to the darknet market Silk Road.

The US government, which says it recently sold 9,861 bitcoin (BTC), is reportedly looking to liquidate another 41,500 BTC before the end of the year.

According to documents filed in court, the sale is for Bitcoin seized from entities connected to the infamous darknet marketplace Silk Road. The sale will occur in four batches this year.

US government sold over $215 million worth of BTC

Court documents show that the US government netted over $215 million when it sold 9,861.17 BTC out of the 51,351 bitcoin seized last November. 

The liquidation occurred on 14 March, the court filing indicates, with this particular tranche of BTC forfeited by James Zhong following his arrest and arraignment over wire fraud related to Silk Road.

A total of 41,490 BTC remain from what was seized from Zhong, which the US government now plans to sell in four tranches. Justin Sun, the founder of Tron (TRX), says the US government should sell the BTC to him at a 10% discount through an OTC deal.

US government has announced its intention to sell an additional 41,500 #BTC this year. To minimize the potential impact on the market, I would like to offer to purchase these BTC at a 10% discount for an OTC deal.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 31, 2023

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