3AC founders building new exchange; SBF maligned by ex-FTX US president

The greatest information within the cryptoverse for Jan. 16 noticed the founders of Three Arrows Capital (and the founders of CoinFLEX) elevate funds for a new crypto change. Elsewhere, former FTX CEO Sam Bankman-Fried confronted harsh phrases from former FTX.US president Brett Harrison. Plus, Binance has recovered funds from an assault on the DeFi platform Harmony, ImmutableX has topped web3 funding charts, and Korbit is monitoring the accounts of staff and their households. Plus, analysis on Bitcoin’s value motion.

CryptoSlate Top Stories

3AC, CoinFLEX co-founders looking to raise $25M for new crypto exchange

Defunct Three Arrows Capital’s (3AC) co-founders Kyle Davies and Su Zhu — together with CoinFLEX co-founders Mark Lamb and Sudhu Arumugam — need to elevate about $25 million to launch a new crypto change known as  GTX.

GTX is designed to assist collectors of bankrupt exchanges like FTX, Celsius, BlockFi and Mt.Gox lay claims on their holdings and used the claims for buying and selling.

According to a pitch deck made accessible to CryptoSlate, the GTX group is seeking to elevate about $25 million to totally develop the change.

Ex-FTX US president calls SBF insecure, spiteful, and volatile

Former FTX US president Brett Harrison accused FTX founder Sam Bankman-Fried (SBF)of “gaslighting and manipulation” in a Twitter thread on Jan. 14. Harrison left FTX.US in September 2022, two months earlier than SBF’s crypto empire collapsed.

Sharing his expertise through the 17 months operating FTX US, Harrison stated that SBF resorted to slicing him off from important selections concerning the US division of FTX when issues soured between the 2.

Binance assists in recovering $3M from Harmony bridge hack

Binance assisted Huobi in recovering 124 Bitcoin (BTC) — value $2.58 million — from the Harmony bridge hacker, in line with Binance CEO Changpeng Zhao (CZ).

The hacker beforehand tried to make use of Binance to launder the stolen funds, however the account was frozen, in line with CZ’s tweet.

The collaboration between the 2 exchanges additionally foiled the hacker’s new makes an attempt to make use of Huobi, as confirmed by Huobi’s advisor Justin Sun.

Immutable X games collected largest Web3 funding of 2022 – over $900M

Immutable X (IMX) video games raised probably the most important quantity in Web3 funding in 2022, in line with a latest report by Delphi Digital.

Immutable X unique video games and Immutable X-based multi-chain video games received roughly $300 million and over $600 million in funding, respectively.

With these investments, Immutable X handed Solana and Polygon to grow to be probably the most funded Layer-2 Web3 sport ecosystem in 2022. Immutable X grew from 5 video games to over 100 all year long, in line with the report.

South Korean exchange Korbit to monitor accounts of employees, family members

Korbit change introduced plans to watch the accounts of its staff and their members of the family in a bid to enhance inner management requirements, in line with native media reports.

News 1 Korea reported the announcement and stated that the extra monitoring of members of the family was not obligatory within the nation for now.

Korbit CEO Oh Se-Jin stated the intensive monitoring is a part of efforts to deliver the change’s inner management requirements to the extent of conventional finance, in line with the report.

Executives and staff of crypto exchanges are legally prohibited from buying and selling on the change they work for based mostly on South Korea’s Enforcement Decree of the Specified Financial Information Special Act.

Bitcoin moves toward neutral sentiment on Fear & Greed index

For the primary time since April 2022, the Bitcoin Fear & Greed Index (FGI) has moved out of the ‘worry’ zone and into ‘impartial.’

Over the weekend, Bitcoin reached a rating of 52 on the index as Bitcoin pushed over $21,000.

As of press time, the rating has retraced barely to the underside finish of the ‘worry’ scale at a ranking of 45. The index began the yr within the ‘excessive worry’ zone, indicating that bearish sentiment had management of the market initially of January.

However, as Bitcoin rallied from the $15,600 to $17,200 vary held all through November and December, the FGI moved away from excessive worry.

Research Highlight

Research: Buoyant price action has Bitcoin options traders eyeing $30,000

Bitcoin choices merchants have overwhelmingly re-revised their expectations to $30,000 by the tip of March, in line with Glassnode information analyzed by CryptoSlate.

Recent value motion took a decidedly bullish tone through the second week of the new yr.

Since Jan. 8, BTC recorded seven consecutive inexperienced every day closes, which took it 25% larger and recaptured $20,000 for the primary time because the FTX collapse roughly 9 weeks in the past. With that, sentiment amongst choices merchants has grow to be extra bullish.

Previous research highlighted bullishness amongst Bitcoin and Ethereum choices merchants, as denoted by the prevalence of Open Interest calls, over places, in each cases.

Calls and places confer with the shopping for and promoting, respectively, of choices. These spinoff merchandise give holders the correct, however not the duty, to purchase or promote the underlying asset at some future level for a predetermined value.

The unfold of calls and places at various predetermined (or strike) costs point out common market sentiment.

At that point, for Bitcoin, the vary between $15,000 and $20,000 was favored as a result of comparatively even unfold of calls and places inside this unfold. However, as a consequence of latest buoyant value motion, Bitcoin choices merchants have flipped much more bullish.

Crypto Market

In the final 24 hours, Bitcoin (BTC) rose 1.77% to commerce at $21,281.67, whereas Ethereum (ETH) was up 2.19% at $1,586.58.

Biggest Gainers (24h)

  • Amp (AMP): 31.87%
  • Loopring (LRC): 16.1%
  • Convex Finance (CVX): 15.71%

Biggest Losers (24h)

  • Neutrino USD (USDN): -9.55%
  • NuCypher (NU): -8.76%
  • Serum  (SRM): -8.36%

Read Our Latest Market Report


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