CryptoSlate Wrapped Daily: Hopes for Celsius withdrawals to reopen, Do Kwon questions SBF involvement in LUNA crash

1 year ago

The biggest quality successful the cryptoverse for Dec. 7 includes U.S. banking committee arguing SBF ‘must reply ‘ for FTX, Do Kwon questions SBF engagement successful Terra collapse, Celsius gives hopes of withdrawals, EthereumMAX suit thrown out, and more.

CryptoSlate Top Stories

U.S. banking committee says SBF ‘must reply for the failure’ of FTX

The US legislature banking committee successful a Dec. 7 letter to Sam Bankman-Fried said helium indispensable reply for the failure of his crypto firms in a proceeding scheduled for Dec. 14.

The committee president Sherrod Brown wrote that if SBF failed to grant the invitation, helium would beryllium issued a subpoena.

Senator Brown highlighted that SBF’s presumption astatine FTX Trading Ltd and Alameda Research makes it indispensable for him to attest and reply for the nonaccomplishment of some companies.

Do Kwon asks if Genesis had provided $1B for SBF to onslaught UST

Terra laminitis Do Kwon questioned if Genesis Trading provided $1 billion UST to Sam Bankman-Fried and Alameda arsenic “ammo for a peg attack.”

In a Dec. 8 twitter thread, Kwon asked whether Genesis Trading bought $1 cardinal UST from Luna Foundation Guard due to the fact that it had an “interest to enactment successful the Terra DeFi ecosystem.” However, helium believes that the lender gave these USTs to Alameda to money the peg attack.

El Salvador buys backmost sovereign bonds to trim debt

The Republic of El Salvador has announced that it has completed the 2nd repurchase of its sovereign bonds maturing successful 2023 and 2025.

According to a press release shared by President Nayib Bukele, the state purchased $74 cardinal worthy of authorities bonds connected Dec. 8.

Celsius authorized to instrumentality definite lawsuit assets aft tribunal hearing

Celsius discussed the reopening of withdrawals for definite customers during its latest proceeding connected Dec. 7.

The Court authorized the instrumentality of “pure” and “transferred” Custody Account assets beneath a circumstantial ineligible threshold, arsenic good arsenic integer assets not supported connected the platform.

USDC could get entree to Fed’s RRP via BlackRock partnership

USDC stablecoin could get indirect entree to the Federal Reserve’s risk-free liability, arsenic its partner BlackRock is acceptable to use for the Fed’s reserve repo (RRP) program.

Circle CFO Jeremy Fox-Geen recently announced that the stablecoin issuer had started investing successful the Circle Reserve Fund.

The Circle Reserve Fund is managed by BlackRock, which qualifies Circle arsenic an indirect capitalist successful the authorities wealth marketplace fund. The reserve volition comprise 20% currency held astatine the Bank of New York Mellon, and 90% short-term U.S. Treasuries.

Judge throws retired suit against Kim Kardashian, Floyd Mayweather Jr. for EthereumMax promotion

Californian District Judge Michael Fitzgerald threw retired a suit filed against Kim Kardashian and Floyd Mayweather Jr., stating that it was unclear whether the plaintiffs had seen EthereumMax promotional worldly from the celebrities.

In aboriginal October, Kardashian had agreed to a $1.26 million settlement with the U.S. Securities and Exchange Commission (SEC) implicit allegations she had promoted the EMAX token to her Instagram followers without disclosing it arsenic a paid advert.

Research Highlight

Research: Bitcoin, Ethereum derivatives are unwinding

Looking at Bitcoin and Ethereum derivatives shows that they person been affected by the FTX fallout, with information analyzed by CryptoSlate showing that implicit 160,000 BTC has been unwound since the opening of October.

This information indicates that astir $3 cardinal worthy of futures contracts has been closed retired successful 2 months.

Cryptocurrency derivatives are an important indicator of the wide wellness of the market. They besides service arsenic a pointer arsenic to wherever prices mightiness caput next, arsenic they amusement the magnitude of leverage the marketplace is sitting on.

The unfastened involvement connected Bitcoin futures shows a crisp diminution successful the fig of funds allocated to unfastened futures contracts, which is present backmost to levels recorded successful July 2022.

Crypto Market

In the past 24 hours, Bitcoin (BTC) increased by +0.33% to commercialized astatine $17,001, while Ethereum (ETH) increased by +1.11% to commercialized astatine $1,288.