FTX Bankruptcy Claims Sell for 20 Cents on the Dollar in Private OTC Markets (1 minute read)
Distressed asset funds can purchase FTX bankruptcy claims in private OTC markets for up to 20 cents on the dollar. Public bankruptcy markets are valuing assets at $0.16 on the dollar. As the FTX website is currently down, it is difficult to prove assets held on the exchange. There may also be a clawback period for those who attempted to withdraw prior to the bankruptcy. |
Hong Kong shows desire to be crypto hub with new regulation (2 minute read)
Hong Kong has proposed new rules that would allow retail investors to trade certain large-cap tokens on licensed exchanges. The tokens likely include Bitcoin and Ether. The proposal stipulates that all centralized virtual currency exchanges must obtain a license from the city's Securities and Futures Commission. Exchanges will have to ban Hong Kong IP addresses until they have the relevant permits to operate there. The regulatory requirements are open for consultation until March 31 and the new licensing regime will take effect on June 1. |
Renegade (2 minute read)
Renegade is a decentralized exchange that uses Zero-Knowledge Proofs (ZKPs) and Multi-Party Computation (MPC) to provide a fully anonymized platform. It eliminates counterparty risk and features guaranteed on-chain custody. The use of ZKPs and MPC means that validators and sequencers are unable to view the underlying transactions, thus eliminating most of the Miner Extractable Value (MEV) from DeFi. Dark pools are commonly used in equities trading and drive a large volume of institutional trading. Renegade believes that the same will happen in DeFi with the help of cryptography. |
Bitmain Partner BitFuFu Starts Marketplace for Crypto Mining Rig Coupons (1 minute read)
BitFuFu, a cloud mining company, has launched a marketplace for discount coupons on Antminer rigs. Bitmain issued $50 million worth of coupons for Antminers to loyal customers last year as sales fell. Many of these remain unused as miners lack funds to purchase new equipment. Companies like Celsius and Core Scientific have been attempting to sell their coupons to raise money and repay creditors. BitFuFu is planning to go public through a special-purpose acquisition vehicle in May. |
ETH Is Not Ultrasound Money: Part 1 (28 minute read)
This article is the first of a multi-part series on a framework for ETH. The series covers how stablecoins will factor into the evolving crypto-economy, how ETH's role may evolve in a rapidly changing tech sack, what changes could be made to Ethereum's economic policy, why deflation doesn't make ETH ultrasound money, whether ETH can become 'money', and traditional assets, economics, and monetary policy. This article covers how value flows through the Ethereum protocol, what ETH is and why it matters, and blockchain profitability. |
Arbitrum: A Technical Deep Dive (6 minute read)
This article explores Arbitrum's technology and discusses why more and more projects are choosing to build on it. Arbitrum is a suite of products consisting of Arbitrum One, an Arbitrum Rollup chain running on Arbitrum Nitro, and Nova, an AnyTrust chain. Both are optimistic rollups, inheriting Ethereum-level security. The difference lies in their fraud-proof, where the transaction data is stored, and their level of decentralization. Arbitrum and Optimism use different dispute resolution processes, which affects how much it costs and how long it takes to complete a transaction. |
Hedge fund Galois shuts down after half its assets trapped on FTX (2 minute read)
Galois Capital, one of the highest-profile victims of the FTX scandal, has decided to close and return its remaining money to investors. The fund had half of its assets trapped on FTX when the exchange collapsed. It was managing around $200 million in assets last year and was one of the biggest crypto-focused quantitative funds. Galois' closure will see clients receive 90% of the money not trapped in FTX, with the remaining 10% temporarily held back until discussions are finalized. The fund has sold its claim on FTX for around 16 cents on the dollar. |
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