Daily Notes 11-10-2023
Daily Notes 11-10-2023
Developments
Revelations from Day 5 of SBF’s trial
Caroline Ellison testified over the past few days. The following are some of her more interesting statements:
SBF wanted to buy Snapchat
SBF tried to “get regulators to crack down on binance”
SBF bribed Chinese officials with $100M to unfreeze their assets
In addition, Caroline stated that “SBF directed her to commit fraud”. She said she sent “balance sheets at the direction of Sam that made Alameda’s balances look less risky to investors”.
Ellison presented 7 different balance sheets that hid Alameda’s $9.9 billion debt owed to FTX customers, and the $5 billon in loans to Alameda executives and affiliated entities, to to Sam which was then presented to investors.
She said that SBF told her to “use FTX funds but to keep money on FTX” to meet customer withdrawals.
"$10 billion and $20 billion in customer funds had ultimately been deposited into Alameda’s bank account”
SBF also told her to take “around $14 billion from FTX customers to repay Alameda lenders."
Stars Arena Exploiter Wants to Cooperate
The Stars Arena Exploiter has said “I would like to cooperate” via a on-chain message to Stars Arena’s wallet after they drained $3 million in AVAX tokens from the protocol.
Parsec, a crypto analytics platform, has raised $4 million in a seed round led by Galaxy Digital. The round saw participation from Robot Ventures, Uniswap, and CMT Digital as well as individual investors.
WOO Network, has rebought shares and tokens that were sold to the now bankrupt 3 Arrows Capital (3AC) after making a deal with their liquidator Teneo. There were 20 million $WOO tokens (equal to $3.34 million at current prices) repurchased for an undisclosed amount. The tokens will be sent to a burn wallet. Both vested and unvested shares were also bought back from 3AC for an undisclosed amount.
Real USD (USDR), a stablecoin on Polygon issued by Tangible and “backed by real estate”, has plummeted to $0.54 from its $1 peg after a “bank run” saw USDR redeemed for the $12 million of DAI that was available in the protocol treasury.
The treasury now holds 0 DAI and no liquid assets. There is however $6 million in an insurance fund according to a dashboard created by the protocol, although they have not provided an on-chain address and have not updated holdings to reflect the depletion of $DAI from today’s incident.
The team has said they are working on giving an update on the situation.
Trending Assets
Below $100M MC by performance, on chain
RAIL, up 28.58%, SPX, up 19.81%, and DPX, up 13.88%, performed well today. Notably, Dopex was approved to receive 1.5M ARB as part of Arbitrum’s STIP grants.
Above $100M MC by performance, on chain
For tokens above $100M MC, WLD, up 3.96%, and ILV, up 3.66%, outperformed over the past day.
Above $1B MC by performance, on chain
LINK and MKR were relatively strong over the past day.
TVL
TVL Above $10M
Over the past day:
Diva, DVT on Ethereum, TVL grew by 64%.
sDAI, stablecoin on xDAI, TVL grew by 16.56%.
Scale, DEX on Base, TVL grew by 12.70%.
Fees
Notably, Opensea Seaport fees earned are up 481.18% and MetaMask fees earned are up 67.41%.
Governance Proposals
[ARFC] Transfer Assets From Polygon To Ethereum Treasury
Proposal to transfer BAL, CRV, and USDC from the Aave Polygon Treasury to the Aave Ethereum Treasury.
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