Thursday, February 2, 2023
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BonqDAO Exploited for $90M
  • A hacker was able to manipulate the price of the AllianceBlock token on BonqDAO, which allowed him to drain close to $90 million worth of crypto from the protocol.
  • Both platforms have paused their services, and are currently in the process of removing liquidity as to hinder the hacker’s ability to convert the stolen tokens.
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Former Bithumb Executive Arrested Under Embezzlement Allegations
  • The former chairman of crypto exchange Bithumb, Kang Jong-Hyun, was arrested in South Korea on charges of embezzlement, breach of trust, and market manipulation.
  • Seoul’s Southern District Court had issued an arrest warrant for Jong-Hyun and two other executives last week, one of which is the CEO of two Bithumb affiliates.
Celsius Releases List of Users Eligible to Withdraw Assets
  • The 1,400-page document lists the names of all users eligible for withdrawals, as well as the conditions that they need to meet in order to withdraw their assets.
  • The bankruptcy court has permitted Celsius to return 94% of each eligible user’s assets, but only after their account has been updated with AML and KYC data.
Independent Examiner Finds Celsius Used New Customer Funds to Pay for Withdrawals
  • A 700-page report from an independent examiner claims that Celsius concealed the extent to which it was market-making its own CEL token.
  • The examiner also found instances where Celsius used new customer funds to cover the liabilities of other customers, a behavior described as “very Ponzi like”.
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Binance and Mastercard Release Prepaid Crypto Card in Brazil
  • Currently in its beta launch phase in Brazil, the Binance Card will allow its holders to make payments and purchases using 13 supported cryptocurrencies.
  • Brazil has become the second country in Latin America to receive the product, following a similar announcement in Argentina in August 2022.
Australian Regulator had Concerns Over FTX Months Before Collapse
  • Australia’s financial regulator raised concerns over some products offered by FTX Australia shortly after it began operating in the country.
  • Internal documents show the regulator requested information from the exchange three times, and that FTX Australia was under “surveillance activity” prior to its collapse.
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FTX’s Creditor List Includes Big Tech, Airlines, Government Agencies
  • Bankrupt crypto exchange FTX has filed a massive 115 page document listing every entity the company owes money to, from Big Tech players to government agencies.
  • The names of close to 9.7 million individual customers were redacted from the document as per Judge John Dorsey’s instructions.
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Former CEO of FTX Sam Bankman-Fried leaves the Federal Court in New York after pleading not guilty, 3 January, 2022.
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Aave Community Approves v3 Deployment on Ethereum
  • The governance proposal to launch Aave v3 on the Ethereum network passed unanimously, with all participating AAVE token holders voting in favor.
  • The third version of Aave will exist alongside v2, and will initially support seven assets, including wBTC, wETH, wstETH, USDC, DAI, LIMK, and AAVE.
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Injective Introduces $150M Fund to Boost Interoperability and DeFi
  • The newly launched ecosystem fund is backed by Pantera Capital, Kraken Ventures, Jump Crypto, Kucoin Ventures, Delphi Labs, Flow Traders, Gate Labs and IDG Capital.
  • Highest priority will be given to interoperability and DeFi projects, but the fund will also support developers that are building trading platforms, scalability solutions, and PoS infrastructure.
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Binance and Mastercard Release Prepaid Crypto Card in Brazil
  • Due to Celsius’ prior agreement with Flare, the U.S. bankruptcy court has authorized the crypto lender to credit eligible account holders with the FLR they were entitled to.
  • During the Tuesday hearing, Celsius’ lawyers proposed a new plan to reorganize the company, and issue a new token that would entitle its holders to receive dividends over time.
80% of Uniswap’s Community Supports Deploying v3 on BNB Chain
  • Close to 6,500 wallets participated in the preliminary poll to deploy Uniswap v3 on BNB Chain, with 80% of UNI tokens being cast in favor of the move.
  • The “temperature check” vote was initiated by Plasma Labs, which argued that the move was warranted due to BNB Chain’s large and growing user base.
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Editors' Picks
The Rise & Fall of FTX: a Brief Summary
  • While FTX was once considered the second largest crypto exchange after Binance, it only took ten days for its empire to collapse.
  • The unlimited line of credit Alameda Research had, and the commingling of corporate and customer funds, all played a role in the downfall of the exchange.
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Caroline Ellison and Gary Wang Hit With Fraud Charges by CFTC and SEC, Plead Guilty to SDNY Charges
  • Former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang have pleaded guilty for their involvement in FTX defrauding customers and investors.
  • Ellison has entered into a plea agreement with the SDNY, which will not prosecute her for most of her crimes if she cooperates with their investigation into SBF and FTX.
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FTX Requests Return of Donations, SBF Agrees to Extradition
  • Bankrupt crypto exchange FTX has requested that recipients of donations made by its executives voluntarily return the funds, otherwise it could seek legal actions.
  • Former CEO Sam Bankman-Fried has reportedly changed his mind, and voluntarily agreed to be extradited to the U.S. to face his numerous fraud charges.
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Guides
4 Common Password Misconceptions
  • Passwords have become a part of our daily life, protecting our most sensitive data, and we have to make sure they are as secure as possible.
  • There are many ways a password can become compromised, as such it remains important that we become aware of some of the most common password myths.
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How to Find The Best DeFi Pools For Your Assets
  • Investment opportunities in defi are innumerous, but finding the best hasn’t been an easy task thus far.
  • Yield Samurai is a decentralized finance data aggregator that helps investors find the highest-yielding pools in a few clicks.
How to Explore Historical DeFi Data
  • Yield Samurai is a decentralized finance historical data aggregator.
  • It allows people to explore pool prospects on different platforms and apps to find the best place to earn interest on cryptoassets.
Impermanent Loss Explained With Examples & Math
  • Learn what impermanent loss is, how it manifests, and how to calculate it.
  • We use several examples and formulae for both standard and complex AMM-based pools to examine, explain, and plot impermanent loss.
How to Leverage Yield Farming on Alpha Homora – The Simple Guide
  • Learn how Alpha Homora works, how to open a leveraged position and earn more with the same amount of assets, and how to manage your positions.
  • We also explain how to choose a pool to leverage, the rules of leveraging on the platform, and how to calculate possible scenarios.
Opinion
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