The largest information within the cryptoverse for Dec. 6 consists of Polygon co-founder hitting again in opposition to ‘jealous’ competitors, Crypto.com CEO addressing ‘FUD,’ Binance auditors confirming Bitcoin reserves, and extra.
CryptoSlate Prime Tales
Polygon co-founder addresses criticisms the undertaking is simply as unhealthy as Solana
Polygon co-founder Sandeep Nailwal went on the protection in opposition to “ecosystems who’re feeling defeated & jealous.”
The remark was motivated by a tweet from Mert Mumtaz, the co-founder, and CEO of Helius Labs, who identified Polygon had obtained extra VC cash than Solana and had used the funding to “pay individuals to make use of the chain and purchase corporations.”
Third celebration auditor confirms Binance Bitcoin reserve is over collateralized
Binance’s Bitcoin (BTC) reserves collateralization is in extra of 100% as of Nov. 22, when a snapshot of its whole liabilities and reserves was taken, in keeping with monetary auditor Mazars.
To reach at this end result, the auditor thought-about in-scope belongings lent by way of margin and mortgage service choices which can be collateralized by out-of-scope belongings.
OneCoin disaster supervisor Frank Schneider to face trial within the US
The U.S. Division of Justice (DOJ) has revisited its case in opposition to Frank Schneider who served because the Disaster Supervisor for OneCoin — a $4 billion rip-off undertaking.
OneCoin was a crypto-based Ponzi scheme led by Bulgarian nationwide Ruja Ignatova in 2014. The rip-off undertaking collapsed in 2017 after elevating about $4 billion from buyers throughout 175 international locations. Since then authorities around the globe together with the DOJ have been trailing its masterminds.
JPMorgan CEO calls crypto tokens ‘pet rocks’
JPMorgan & Chase Co. CEO Jamie Dimon referred to as crypto “a whole sideshow” and likened the digital asset tokens to “pet rocks.”
The feedback got here throughout a CNBC interview through which he additionally disparaged the media outlet for its in depth protection of the crypto business.
Crypto.com CEO addresses FUD, says he ‘has nothing to cover’
Crypto alternate crypto.com‘s CEO Kris Marszalek posted a thread on his Twitter account to acknowledge that extra FUD concentrating on crypto.com is coming and that he had “nothing to cover.”
Marszalek implied that the attackers centered on his failed enterprise from 20 years in the past to unfold FUD about him and his present firm. To handle the group’s considerations, Marszalek disclosed the small print about his failed enterprise and added that the teachings he realized from his errors introduced him to his present place.
Courtroom approves issuance of subpoenas to 3AC co-founders
Liquidators of Three Arrows Capital (3AC) have obtained approval to difficulty a subpoena to co-founders Su Zhu and Kyle Davis.
Since Three Arrows Capital filed for chapter on July 1, Su Zhu and Kyle Davis have allegedly been on the run and evaded each try to offer particulars of the monetary dealings of their hedge fund.
Nonetheless, a U.S. chapter courtroom has authorized a request to difficulty a subpoena for the 3AC founders. Zhu and Davis have been mandated to show over and disclose all monetary data associated to 3AC to authorized liquidators inside 14 days, efficient from Dec. 6, 2022.
US DOJ fees former CTO of blockchain firm for fraud scheme
The US Division of Justice mentioned it has arrested Rikesh Thapa, the previous chief know-how officer of a blockchain firm, for allegedly defrauding his firm of over $1 million.
The DOJ didn’t title the corporate in its Dec. 7 information launch.
Thapa’s LinkedIn reveals that he co-founded the blockchain firm Blockparty in 2017 and served as its CTO up till 2019.
Based on the DOJ’s submitting on Dec. 7, Thapa allegedly defrauded his firm of money and crypto belongings price over $1 million.
Analysis Spotlight
Analysis: Bitcoin held by miners sinks to 1 yr lows; Poolin culpable
Bitcoin miners are going through a difficult time resulting from ongoing value uncertainty and international power shortages.
As well as, macro components have conspired to boost the price of borrowing, whereas entry to capital can be drying up as threat urge for food dwindles within the face of recessionary pressures. This example is especially unhealthy for publically traded miners, who usually borrow to fund the acquisition of mining tools.
What’s extra, with the worth of Bitcoin floating in and round two-year lows, profitability stays tight for all however probably the most environment friendly miners.
On-chain Glassnode information analyzed by CryptoSlate reveals, since August, the BTC held by miners has dropped considerably. Nonetheless, it’s unclear whether or not this was pushed by the necessity to offload at exchanges.
Crypto Market
Within the final 24 hours, Bitcoin (BTC) elevated by +0.33% to commerce at $17,001, whereas Ethereum (ETH) elevated by +1.11% to commerce at $1,288.
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