Schlagwort: blockchain markets

• Gavin Wood co-founded Ethereum, Polkadot and Parity Technologies among other top crypto platforms.
• He says FTX’s implosion offers a chance for crypto to go for “decentralised, trust-free technology.”
• Wood stepped down as CEO of Parity in October, announcing his decision allowed him to focus more on building Polkadot.

Gavin Wood, the co-founder of blockchain platform Polkadot, says FTX’s failure isn’t a precursor of what’s to come in the crypto sector. It doesn’t count for the future of cryptocurrency, (even if a setback). 

As for why, he says the collapsed exchange was a mismanaged platform that tried to hide behind a massive marketing strategy. 

FTX was a ‘mismanaged, heavily-marketed’ company

The FTX token has lost nearly 98% of its value in the past month, all because FTX happened and most people within crypto are extremely irritated that it did. Of particular concern has been the impact to millions of people who didn’t get out as it became clear the Sam Bankman-Fried led exchange was in trouble.

And then 130 FTX affiliated entities filed for bankruptcy – with all these coming just months after SBF had painted himself as crypto’s ‘white knight.’

But despite the contagion that has followed the FTX fiasco, Wood says the event is nowhere near being a ‘harbinger for crypto.’ 

According to the Polkadot co-founder, if there’s anything, FTX has demonstrated one thing: the cryptocurrency industry needs to work towards “better decentralised and trust-free technology.” Wood shared his sentiment on Friday.

“I’m sick of hearing crypto confused with a heavily-marketed centralised, mismanaged exchange. FTX’s failure is far from a harbinger of crypto. Quite the opposite: it’s a concrete demonstration of the need for more, better decentralised, trust-free technology.”

I’m sick of hearing crypto confused with a heavily-marketed centralised, mismanaged exchange. FTX’s failure is far from a harbinger of crypto. Quite the opposite: it’s a concrete demonstration of the need for more, better decentralised, trust-free technology.

— Gavin Wood (@gavofyork) November 25, 2022

Wood stepped down as CEO of Parity Technologies, the firm he co-founded and which is behind the development of Polkadot, in October this year.

As we highlighted, the Ethereum co-founder noted his move was to help him focus more on Polkadot. He is currently the Chief Architect at Parity. Wood is also the founder of Kusama and Web3 Foundation.

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• Jump Crypto, Polygon Ventures, and Justin Sun have indicated the desire to contribute to Binance’s recovery fund. 

• Genesis could file for bankruptcy if it fails to get funding as FTX’s collapse continues to affect more companies.

• Cardano’s algorithmic stablecoin will go live in 2023.

Binance’s $1 billion recovery fund off to a positive start

Binance, the world’s leading crypto exchange, announced earlier this week that it targets around $1 billion for its recently announced “industry recovery fund.” the company CEO Changpeng Zhao revealed that the fund’s wallet address would be public so that there would be transparency during the contribution phase.

A few companies have also announced their intention to contribute to the fund. Jump Crypto, Polygon Ventures, Aptos Labs, Tron DAO, Animoca Brands, GSR, and Kronos, all announced this week that they would be contributing to the industry fund. CZ added that these firms have agreed to contribute to the fund with an initial aggregate commitment of around $50 million. Binance said it expects more firms to join the fund as it has received over 150 applications so far.

FTX’s negative impact continues

It has been two weeks since FTX filed for bankruptcy, and the effects are already clear in the crypto market. Earlier this week, FTX-owned Liquid exchange, announced that it had halted trading activities on its platform. The Japanese-based exchange said its decision was due to the ongoing Chapter 11 bankruptcy proceedings of FTX.

Cryptocurrency lending platform Genesis also revealed earlier this week that it is facing a hard time raising funds to continue its operations. Failure to raise funds could see the company file for bankruptcy. Cryptocurrency exchange Binance has reportedly decided against investing in Genesis despite approaches from Digital Currency Group, Genesis’ parent company.

On its part, FTX had requested to hire BitGo to secure its assets as the bankruptcy procedure. The company wants to protect its assets from theft and hacks. In a separate filing earlier this week, FTX revealed that it has a cash balance of $1.24 billion. The money is far below the $3.1 billion FTX owes its top 50 creditors. 

Cardano’s algorithmic stablecoin will launch next year

COTI’s CEO, Shahaf Bar-Geffen, announced earlier this week that Djed, Cardano’s over-collateralised algorithmic stablecoin, will go live in January 2023 following a successful full audit.

The Cardano community has taken lessons from Terra’s collapse earlier this year and said it would implement a gradual and slow approach to providing ADA liquidity to the Djed smart contract. Following the launch of Djed, the stablecoin will be integrated with select top Cardano partners to enable more use cases. 

ConsenSys collects the IP addresses of MetaMask users 

Ethereum-focused software company ConsenSys updated its privacy policy earlier this week, revealing that it collects IP addresses and wallet address information of users who access the Ethereum wallet MetaMask. 

The company revealed that it collects the data using the blockchain infrastructure service, Infura. ConsenSys owns both Infura and MetaMask. ConsenSys explained that when users initiate blockchain transactions via their MetaMask wallets, it defaults to Infura. Infura then broadcasts the transaction to the Ethereum blockchain. Afterward, MetaMask connects to Infura via a remote call procedure service (RPC).

However, ConsenSys added that it doesn’t collect data from users who access MetaMask with alternative RPC providers like Ankr, Alchemy and others. 

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South Korea’s largest crypto exchanges have stated that the WEMIX tokens in circulation supply exceed what Wemix had disclosed.

Key Takeaways

• South Korea’s largest crypto exchanges non-November 24 said they would terminate contract support for WEMIX.
• At press time the WEMIX token was trading at $0.3578 after a 24-hour drop of 77.12%.
• The exchanges had issued an investment warning on Oct. 27 alleging that there was more WEMIX in circulation than Wemix had disclosed.

Alleged false information by Wemix

Bithumb, Upbeat, Coinone, Korbit and Gopax, which are part of a collection of South Korea’s largest cryptocurrency exchanges called the Digital Asset eXchange Alliance (DAXA), announced yesterday (Nov. 24) that they would delist the WEMIX token. DAXA alleged Wemix, the firm behind the WEMIX token, provided false information in response to an investment warning that DAXA had issued in October.

According to the announcement by DAXA, WEMIX trading is set to end on December 8, 2022.

On October 27, DAXA issued an investment warning alleging that there were more WEMIX tokens in circulation than what Wemix had disclosed. In response to the allegations, Wemix had pledged to work with DAXA to alleviate the concerns.

Wemix response 

Immediately after the delisting news broke, Wemix Communication released a statement claiming it had responded to the concerns raised by DAXA and had corrected a number of issues concerning the circulation supply, the team said:

“The WEMIX team does not acknowledge or agree with the unreasonable decision made by the Digital Asset eXchange Alliance (DAXA)… It is crucial to note that the Foundation has not circulated a single WEMIX more than what we have officially disclosed thus far.”

Unfortunately, the market had already responded to the delisting news and the WEMIX token plunged by more than 70% within minutes of the news and it is still dropping.

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The price of BinaryX (BNX) cryptocurrency has been on a bullish trend for the last two days. Today’s surge however seems supported by news of BinaryX releasing the concept Art for its new free-to-play, play-to-own, open-world MMO game, CyberLand.

Key Takeaways

• BinaryX is a leading metaverse project on BNB Chain.
• The BinaryX (BNX) cryptocurrency has surged to hit a daily high of $173.67 today.
• BinaryX is working on an open-world MMO game called CyberLand.

The main catalyst behind today’s BNX price surge

As previously reported in a press release today, BinaryX, the GameFi platform behind play-to-earn games CyberDragon and CyberChess, both of which run on the BNB chain, has confirmed that it is working on a new free-to-play, play-to-own, open-world MMO game called CyberLand.

The news has reenergized the BinaryX (BNX) giving the cryptocurrency some oomph to surge ahead after a sudden dip on Tuesday (November 22, 2022) dip. The market took a sudden turn on Tuesday and BNX dropped to a low of $138.94 by Wednesday morning sparking fears among investors.

BNX however bounced back almost immediately starting Wednesday morning and has been on a promising bullish trend since then. The bullish streak seems to have been boosted by today’s confirmation that BinaryX is working on a new World Building MMO game.

At press time BNX was trading at around 171.22 after a slight pullback from a daily high of $173.67 up from a daily low of $155.72.

BinaryX is among the top projects on BNB

BinaryX started out as a decentralised derivative trading system before gradually evolving into developing a decentralised video game platform. The platform is now transitioning to becoming a GameFi platform offering IGO services bridging Web2 developers to Web3.

It is currently among the top ten projects on BNB Chain with a community of more than 100,000 coin holders and 17,000 monthly active wallets. It also doubles up as one of the largest metaverse projects on BNB Chain with a market cap of over $476 million.

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• The FTX token has declined more than 76% in the past two weeks and is down 98% from its all-time high.
• Yet, it’s still higher than its all-time low reached in 2019 and has about $418 in market cap.

FTX was seen as one of the best cryptocurrency exchanges in the world until its collapse stunned the crypto industry. 

Just to sum up what happened, FTX’s bankruptcy filing has shown that pretty much everything that hit the exchange has to do with the failings and crimes by founder Sam Bankman-Fried.

FTX token decline not as spectacular as LUNA

Despite the FTX implosion and the fact that millions of people are likely to have lost all their money, the FTX token hasn’t gone to zero yet. In fact, FTT still trades around the same price levels as when it hit the market following its launch.

The FTX token was launched on 8 May, 2019 and reached an all-time high of $85.02 on 9 September 2021. At current levels, to which the token slumped following last month’s FTX implosion, FTT is more than 98% down on its all-time peak.

So what’s happened? Everything, but the demise of the FTX token that hasn’t happened as spectacularly as what occurred with Terra (LUNA) in May 2022.

As seen on CoinGecko, FTT is trading near $1.28 – about 11% higher than its all-time low of $1.15 hit on 6 September 2019. The FTX token ROI is at nearly 28%,  

And with its market cap still above $410 despite the FTX bankruptcy and all that’s been revealed about the formerly ‘SBF empire’, it’s pretty easy to say that FTX may be ‘dead’- but FTT is not there yet. Over $10 million worth of FTT was traded in the past 24 hours.

Just for context, Terra Classic (LUNC), the Terra token that went to zero in May, still sees action with more than $115 million worth of trades in the past 24 hours.

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