The biggest news in the cryptoverse on January 5th was that two prominent companies, Silvergate and Genesis, laid off most of their employees. Meanwhile, authorities have ordered the detention of Mango Markets hacker Avraham Eisenberg while the SEC takes action against his scam called CoinDeal. Plus, a new study on Bitcoin whale behavior.
CryptoSlate Top Stories
Silvergate Capital Bank forced to sell assets, laid off 40% of staff
Silvergate Capital has been forced to sell loss-making assets to cover an $8.1 billion bank run. In response to the crisis, Silvergate laid off about 200 employees (his 40% of staff) and announced plans to “cut down operations.” Wall Street Journal.
Genesis may lay off 30% of employees, file for Chapter 11 bankruptcy
Beleaguered cryptocurrency lender Genesis may lay off 30% of its workforce and file for bankruptcy. wall street journal report On January 5, quoting the words of a person familiar with the situation.
Genesis laid off 20% of its workforce in August 2022, citing market conditions.
In a statement on January 4th, Genesis CEO Derar Islim hinted at this new development. Islim wrote that Genesis is “reducing costs and increasing efficiency” in all its operations.
US court orders detention of Mango Markets exploiters for flight risk
The United States District Court detention Mango Markets exploiter Avraham Eisenberg has expressed concern that he may flee before the trial is over.
Avraham Eisenberg was arrested on December 27 for allegedly misusing Mango Markets to steal assets worth approximately $110 million. Defendant has publicly admitted to carrying out the attack.
66% of coins died at low volumes in the last decade
Recent study The most common reason for the decline of cryptocurrencies is lack of trading volume, with a share of 66%, while the second and third most common reason for failure is fraud, being a host of failed ICOs. is showing.
SEC Indicts Eight People Involved in CoinDeal Scheme
The U.S. Securities and Exchange Commission has indicted eight individuals involved in a cryptocurrency scheme called CoinDeal. January 4th Press release.
CoinDeal perpetrators have raised over $45 million by selling unregistered securities to investors. They promised high returns and claimed that CoinDeal’s blockchain technology would be sold to wealthy buyers for trillions of dollars.
Pionex removes Huobi’s market-making funds
cryptocurrency exchange in singapore Pionex announced that it has removed Huobi’s Market Making Fund from its platform due to a gradual decline in trading activity on the exchange.
Pionex is a crypto exchange that allows users to automate their trading activities with 12 built-in trading bots. There are currently 379 tokens available for trading. This exchange has been banned by South Korea for not being registered on August 18, 2022.
research highlights
Survey: Bitcoin Super Whale Continues To Be Aggressive Accumulator, Retailers Sell
Glassnode data analyzed by crypto slate We see divergence between superwhales and retail, with the former remaining in aggressive accumulation mode heading into the new year.
The Accumulation Trend Score (ATS) looks at the relative size of entities that are actively accumulating or distributing their Bitcoin holdings.
The ATS metric uses a spectrum from 0 to 1. A reading closer to 0 indicates a distribution or sale. A score close to 1 indicates accumulation or purchase.
Analysis of the chart below showed that even though the Bitcoin price reacted negatively to the news, significant accumulation occurred during the FTX collapse around early November 2022.
This suggests that investors as a whole found value in buying at a discounted price.
crypto market
Over the past 24 hours, Bitcoin (BTC) rose 0.17% to trade at $16,1856.12 while Ethereum (ETH) fell 0.06% to $1,252.21.
Biggest Gainers (24 hours)
- Revenge (REV): 42.4%
- LocusChain (LOCUS): 34.3%
- Bone Shivaswap (BONE): 20.48%
Biggest Loser (24h)
- Huobi Token (HT): -10.07%
- Credit Coin (CTC): -7.37%
- Kaspa (KAS): -6.78%