Showing posts with label Solana. Show all posts
Showing posts with label Solana. Show all posts

UPDATES As We Begin Week 3 of the FTX / Sam Bankman Fried Saga - HACKED or NOT + More Collateral Damage + Bankruptcy Docs Give FTX's TOTAL Debt...

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Official bankruptcy court filings state that FTX owes more than $3 billion to its top 50 creditors. The largest single loan listed in the document is over $226 million, with the rest of the total debt owed falling somewhere between $21 million and $203 million.

The "hack"...

As things unfolded last week a significant number of tokens were moved from the official storage wallets of FTX. It's not surprising that some would suspect a "inside job," but former FTX employees are spreading rumors that the same authorities from the Bahamas government who are investigating the company for possible legal violations are also the thieves.

Analytics firm Chainalysis is tracking the funds that originated from the FTX exchange and say the funds are now being traded from Ethereum to Bitcoin. The FTX hacker once held 228,523 ETH, making them one of the top Ether wallets globally.

...but was there actually no hacker at all?!

To be fair, the rumors started because no one was coming forward to say otherwise.  Millions in crypto gets moved, with no legitimate entity claiming responsibility, the logical conclusion is a hack. 

After coming forward, the Bahamas government confirmed they were indeed behind it - but it wasn't corrupt officials stealing funds. Regulators in the Bahamas officially state they are in possession of the funds which were taken as part of a seizure of assets - to prevent anyone at FTX from doing anything with them.

It all seemed settled, then we learned - this isn't what happened either.

The actual story with the FTX "hack"...

Basically "all of the above".

Some funds were sized by regulators in the Bahamas.  Some funds were stolen. 

Chainalysis tweeted this summary:
"Reports that the funds stolen from FTX were actually sent to the Securities Commission of The Bahamas are incorrect. Some funds were stolen, and other funds were sent to the regulators."
This was confirmed again as FTX tweeted to alert other exchanges to keep an eye out for hacked funds hitting their platforms, so they could then freeze the account before the hackers can make any trades. 

Collateral Damage...

In related news, Solana is "facing difficulties" following the collapse of FTX, due to their strong ties with FTX and its sister company, Alameda Research, which invested in nine Solana projects since December 2020.

So far, Solana has lost over 60% of its value since the FTX saga began, and users have removed about an equal percentage from the total staked supply. In response, Tether announced they will be taking $1 billion USDT it had on the Solana blockchain and moving it to the Ethereum blockchain, as they don't foresee the supply being needed on the Solana blockchain in the near future.

While there's no shortage of die-hard Solana supporters posting that they're taking this opportunity to load up on SOL tokens at a discount, others are saying there's still a big hit to come, with FTX rumored to a large amount of Solana tokens that they will probably be forced to put on the market. 

Sam Bankman-Fried...

Last week he was direct messaging journalists, claiming he has plans to raise billions to make FTX customers 'whole' again - causing the newly appointed FTX CEO (installed to oversee the bankruptcy) to come out clarifying Sam has no role with the company, and isn't authorized to raise funds or speak on FTX's behalf, even calling Sam 'delusional'. 

It seems he caught on that he was doing himself more bad than good, today is day 5 of silence. 

Author: Mark Pippen
London News Desk 
Breaking Crypto News 

3 Coins That Can Revolutionise The Crypto Space: Solana (SOL), Synthetix (SNX), Mushe (XMU)

The crypto space is riddled with promising projects that have the potential to change the financial system and society for the better, but how to find them?

Analysing the crypto market can be a daunting task, particularly to those who are new to the field, between the technical jargon and all these complicated metrics.

This article will present three such promising projects that have the potential to revolutionise the crypto space in the future - one of these, Mushe (XMU), is currently in the first stage of its presale.

Solana (SOL)

Solana (SOL) is one of the most popular Layer 1 (L1) projects of the moment. Although it has faced multiple roadblocks in the shape of hacks and other online attacks, Solana has managed to maintain its position as a top 10 cryptocurrency.

Solana gained notoriety as an “Ethereum killer”, owing to its network's ability to process transactions at lightning speeds for pennies. In fact, Solana's network can execute up to 65,000 transactions per second (TPS), compared to Ethereum’s throughput of about 15 TPS; data speaks for itself!

Solana's native cryptocurrency, SOL, has risen over 5% in the last day, now trading around $92.00. For those seeking exposure to Solana’s explosive performance and strong growth prospects, investing in SOL might just be the ideal and most direct way to do that.

Now, the general sentiment amongst crypto market analysts is that, due to the project’s popularity, SOL is now trading in overvalued territory, history shows that investors are not necessarily worried about chasing SOL at these levels, which can maintain SOL in overvalued territory over prolonged periods.

However, over the past two weeks, SOL has been trending lower, which might be a cautious opportunity for investors to start building their position. It remains that investors must remain wary of entering a euphoric market, although SOL remains a wonderful cryptocurrency to own for the long term.

For now, Solana's greatest challenge resides in properly securing its network and defending it from future attacks in the coming months. Nevertheless, Solana has proven its resilience by surviving major attacks while other projects would have collapsed, making it a watchlist essential!

Synthetix (SNX)

Synthetix (SNX) is another lesser-known Ethereum-based protocol that will undoubtedly pick your interest if you don’t know it already. 

In essence, Synthetix is a decentralised liquidity protocol that enables investors to access so-called "synthetic assets”, which can be defined as a type of derivative that acts as a reflection of traditional assets such as stocks or bonds.

This is enabled by a specific type of data-tracking smart contracts called oracles, which continually monitor the progress of a specific underlying asset. Synthetic assets are therefore a game-changing asset class that allows investors to invest in real-world assets without directly owning the underlying asset.

For instance, assume that you wish to purchase shares of Apple but can’t because you somehow do not have access to brokerage services. Synthetix solves this problem by allowing you to purchase a synthetic, blockchain-based version of Apple shares - you don’t even need to hold the actual Apple shares at all!

In order to do that, you will simply have to lock a pre-specified amount of SNX tokens, the Synthetix native currency, in order to mint and buy the desired synthetic asset.

On-chain derivatives such as synthetic assets remain relatively unknown or misunderstood by the general public and are expected to grow at an exponential rate in the future. SNX can be an excellent investment for investors seeking exposure to this emerging field.

Mushe (XMU)

Mushe (XMU) is another project full of ambition that is currently in launching mode.

Its native token, XMU, is currently priced at roughly $0.022, a noticeable increase from its initial price of $0.005. However, the Mushe development team set the ambitious goal of reaching a listing price of $0.50 for XMU official launch.

Mushe is a project built upon the ideal of an environment that would harmoniously combine both fiat and cryptocurrency transactions, and create a more interconnected financial system.

Similar to other leading giants like Ripple (XRP) or Stellar (XLM), Mushe will leverage blockchain technology to create an innovative network that will enable near-instant transactions in any currency, fiat or crypto, and at a minimal cost.

To fulfil this ambitious project, Mushe is developing a line of products with the goal of having an all-in-one, user-friendly final platform. These products will include the Mushe Wallet, Mushe Chat, Mushe Swap, and MusheVerse.

Mushe Wallet and Mushe Swap will respectively be the Mushe ecosystem’s built-in crypto wallet and decentralised exchange (DEX), allowing users to navigate the ecosystem easily and access any cryptocurrency or token they need for their transactions.

Aside from that, Mushe will be developing the MusheVerse, its overarching product which will enable users to actually perform transactions and move money seamlessly. MusheVerse will not only act as a payment network, but also provide users with access to specific financial services such as personal banking, household finances, long-term investments, and others.

These initiatives set high expectations for Mushe’s market launch, you can access the project’s official website, linked below, for more information about it and its presale.

Learn more about Mushe:






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