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Weather Man

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Crypto Firm Orthogonal, Victim of FTX Contagion, Now Faces Internal Dissent​

Story by Krisztian Sandor • Yesterday 2:22 PM

Rifts have emerged between defaulted crypto trading firm Orthogonal Trading and its own lending unit, Orthogonal Credit, after an apparent default on some $36 million of loans on the blockchain-based lending platform Maple Finance.
Rancor and dissent have broken out between units of Orthogonal Trading after $36 million of loan defaults on the crypto lending platform Maple Finance. (Charles Altamont Doyle/Creative Commons, modified by CoinDesk)© Provided by CoinDesk
On Monday, Maple said it had severed ties with Orthogonal Trading after the firm failed to make a $10 million payment that was due, triggering defaults across all of its debt within lending pools for the stablecoin USDC and wrapped ether (wETH). Maple said Orthogonal Trading had misrepresented its exposure to Sam Bankman-Fried’s collapsed FTX exchange.
Now, officials with Orthogonal Credit have come forward with a Medium post claiming they were kept out of the loop on the depth of Orthogonal Trading’s financial troubles and weren’t aware of the hole in the trading book. Orthogonal Credit, which oversaw a $30 million stablecoin lending pool named Orthogonal Trading - USDC001 on Maple, was also booted from Maple’s protocol.
“We are shocked and dismayed,” Orthogonal Credit said in the statement. “We are speechless by the extent of the exposure and liquidity position of Orthogonal Trading’s book of business.”
 

Weather Man

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Fleecing the sheep.
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Apecoin Holders Are Losing Their Staked Tokens When Paired Bored Apes Get Sold​

Story by The Block • Yesterday 12:45 PM

Holders of Bored Apes and Mutant Apes are losing their staked apecoin (CRYPTO: APE) because they failed to delist their paired NFTs before staking their tokens.
Apecoin Holders Are Losing Their Staked Tokens When Paired Bored Apes Get Sold
Apecoin Holders Are Losing Their Staked Tokens When Paired Bored Apes Get Sold© Provided by Benzinga
Apecoin staking went live on Dec. 5 and already some Bored Apes and Mutant Apes holders have fallen victim to the issue, related to how the staking feature works, according to security firm PeckShield. Two traders have already earned between $8,000 and $10,000 in profits from targeting Bored Ape holders. In both cases, the victims lost their staked apecoin after selling their NFTs.

These incidents are possible because of the way apecoin staking works. Users can stake their tokens directly or pair them with their Bored Ape or Mutant Ape NFTs. When they pair them, only the tokens are locked in the smart contract. The NFTs can still be sold on OpenSea or any other marketplace. However, when this happens, the holder loses the staked apecoin to the NFT's buyer because the paired NFT acts as the access key.
Smart-contract savvy arbitrageurs have targeted this apecoin staking feature. The process involves buying a Bored Ape or Mutant Ape whose owner has staked apecoins. These traders usually take a flash loan to obtain the capital needed to purchase the NFT. Once the NFT is sold, the new buyer receives the staked tokens. The next step involves selling the NFT and apecoin for ether. The funds realized from these sales are enough for the trader to repay the loan and still have some profit left over.

In one incident reported by PeckShield, the victim lost 6,400 APE ($26,240) to the trader when the paired NFT was sold. The trader used an 82 ETH ($103,000) flash loan from Dydx to buy the NFT and claim the staked tokens. The trader then sold both the NFT and the apecoin for 88 (CRYPTO: ETH) in total. This gave the trader enough funds to cover the loan and still have 6 ETH left over as profit. These transactions happened in one single block — since that is how flash loans work — and cost only $14 in fees.

In another incident shared by PeckShield, a trader scooped almost 8 ETH in a transaction costing $17.

While Bored Ape developer Yuga Labs has faced criticism over these losses, warnings over apecoin staking have been part of the discussions in the ApeDAO community governance forum for months. Web3 wallets like MetaMask also display a warning when connecting to the apecoin staking website.
 

q6543

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ThiS tImE iS DifFerEnT
 

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Sam Bankman-Fried comes under crypto price manipulation probe - report

UST-USD +0.45%Dec. 08, 2022 9:20 AM ET1 Comment

Sam Bankman-Fried, the founder and former CEO of failed cryptocurrency exchange FTX (FTT-USD), was said to be hit with an investigation by U.S. federal prosecutors on whether he manipulated the prices of terraUSD (UST-USD) and its sister token luna (LUNC-USD) this May that led to their implosion and ultimately caused the downfall of his crypto empire.
Specifically, the prosecutors are assessing whether Bankman-Fried, commonly referred to as SBF, controlled the prices of the interlinked tokens to benefit his short-lived empire, which was comprised of FTX and his trading firm Alameda Research, The New York Times reported, citing two people with knowledge on the situation.
It's unclear if the prosecutors have determined any wrongdoing by SBF, the newspaper noted, adding that the probe is in its early stages. FTX did not immediately respond to Seeking Alpha's request for comment.
The span of the high-profile FTX downfall was less than two weeks. To put it bluntly, traders rushed for the exit en masse after discovering the exchange's multi-billion dollar balance sheet shortfall last month, triggering a liquidity crisis that forced FTX and its over 130 affiliates to file for Chapter 11 bankruptcy in the U.S.
SBF and his empire have come under a raft of investigations globally as there's still many missing pieces to the puzzle. The Manhattan U.S. attorney's office first launched a probe into the FTX collapse in mid-November. At around the same time, authorities in the Bahamas, where FTX is headquartered, opened a criminal investigation to determine whether "criminal misconduct occurred."
Earlier this week, (Dec. 6) SBF was said to hire Mark Cohen as his defense attorney.
 

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I mostly agree with a lot of what you post, but I'm begging you, never make your hit on someone else's post a grammar police job.
 

Weather Man

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Argo Blockchain provides update on liquidity, in advanced talks to sell certain assets

ARBKF +3.08%Dec. 12, 2022 2:08 PM ET

  • Argo Blockchain (OTCQX:ARBKF) said Monday it is at risk of having insufficient cash to support ongoing operations within the next month.
  • The cryptocurrency miner is in advanced talks with a third party to sell certain assets and engage in an equipment financing deal that it expects will strengthen its balance sheet and improve liquidity.
  • Argo (OTCQX:ARBKF) hopes it will be able to close the deal outside of a voluntary Chapter 11 bankruptcy filing in the U.S. However, there is no assurance it can avoid such a filing.
  • Argo (OTCQX:ARBKF) said as part of this process, certain draft materials were inadvertently published on its website, which implied that it was filing for Chapter 11 bankruptcy.
  • This led to the suspension of trading of its stock on the London Stock Exchange and Nasdaq on December 9.
  • The firm clarified that it has not filed for bankruptcy at this time.
  • Argo (OTCQX:ARBKF) requested the U.K. Financial Conduct Authority to restore the listing of its shares, which is expected as soon as practicable.
  • The company earlier said it did not expect to close its planned fundraising, which led to multiple downgrades on account of cash flow and broader industry headwinds.
 

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63 people arrested by Chinese police for laundering $1.7B through crypto

BTC-USD -0.82%Dec. 12, 2022 12:45 PM ET9 Comments

  • A gang of 63 people were arrested by Chinese police for allegedly laundering as much as 12B yuan (US$1.7B) using cryptocurrency in the wake of Beijing's crypto crackdown, according to a recent statement by the Public Security Bureau of Inner Mongolia’s Tongliao.
  • The criminal group, starting from May 2021, allegedly used the proceeds from pyramid schemes, fraud and gambling, Chinese authorities said. They then converted those funds into tether (USDT-USD), a stablecoin pegged to the U.S. dollar.
  • Moreover, the gang recruited people around the country to open crypto accounts in an effort to help launder the funds. Those people, in turn, would receive a commission based on how much they laundered, the statement read.
  • About 130M yuan of illegal income have been confiscated from the gang.
 

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Crypto Problems Grow: Binance Might Face Money-Laundering Charges​

Story by Luc Olinga • 1h ago

U.S. prosecutors are considering charges against the cryptocurrency exchange and its executives, including CEO Changpeng Zhao, according to Reuters.
Crypto Problems Grow: Binance Might Face Money-Laundering Charges
Crypto Problems Grow: Binance Might Face Money-Laundering Charges© Provided by TheStreet
The end of the year is proving very eventful, even tumultuous, for the crypto industry.
The fledgling blockchain-powered financial-services industry is still wondering what and who will be the collateral victims of the bankruptcy of cryptocurrency exchange FTX and its sister company, Alameda Research.
Crypto lenders BlockFi and Genesis are among the first victims. But the list is likely to grow, industry sources say. Regulators are still trying to fully piece together what happened.
On Dec. 13, Sam Bankman-Fried, the founder of FTX, will testify before the U.S. Congress, where the lawmakers will undoubtedly grill him on the overnight implosion of his empire. Whether anything worthwhile for FTX customers will come out of that hearing is an open question.
The FTX debacle, however, created at least one winner: Changpeng Zhao and his Binance group, the largest cryptocurrency exchange.

Changpeng Zhao v. Sam Bankman-Fried​

Before the Nov. 11 bankruptcy of FTX, Zhao and Bankman-Fried were considered the two most powerful bosses in the crypto space. They are referred to by their initials: SBF and CZ. Now that SBF's group has collapsed, many now consider CZ the new king of crypto.
History will also remember that it was a tweet from CZ that sounded the alarm about the finances of Alameda Research and FTX, Bankman-Fried's empire, and was the beginning of the end of Binance's rival.
 

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FTX's Bankman-Fried arrested in Bahamas, country says​

Dec. 12, 2022 6:55 PM ETFTX Token (FTT-USD)By: Jason Aycock, SA News Editor203 Comments

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Former FTX (FTT-USD) CEO Sam Bankman-Fried has been arrested in the Bahamas after the United States filed criminal charges, according to the island nation.
The move comes just a day before Bankman-Fried's expected testimony before the House Financial Services Committee, which had been set for Tuesday.
"SBF's arrest followed receipt of formal notification from the United States that is has filed criminal charges against SBF and is likely to request his extradition," Bahamas Attorney General Ryan Pinder said.
"As a result of the notification received and the material provided therewith, it was deemed appropriate for the Attorney General to seek SBF's arrest and hold him in custody pursuant to our nation's Extradition Act."
U.S. Attorney Damian Williams said "Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. Government, based on a sealed indictment filed by the [Southern District of New York]. We expect to move to unseal the indictment in the morning and will have more to say at that time."
Bankman-Fried was reportedly hoping to start a new business to earn enough money to repay FTX's investors.

 

q6543

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ALL of this is turning people into Bitcoin maxis...

There's Bitcoin and then there's crypto.
 

Weather Man

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ALL of this is turning people into Bitcoin maxis...

There's Bitcoin and then there's crypto.

That my friend is the message being drumbeat by all the BTC pushers. $1,000,000 for sure is the other message being pushed. Those are the RED FLAGS of desperation.
 

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