Observations:
FTX, Deribit, BitMEX, BlockFi liquidated 3AC's positions over the past week after failing to meet margin calls. Allegedly owes $6M to BitMEX. Also rumors of institutions in Asia having liquidated hundreds of millions from them - source - 2nd
Babel Finance suspends redemptions and withdrawals due to liquidity pressures. Rival staking platform Finblox made a similar decision, restricting withdrawals to $1,500 per month due to its connection with 3AC - source - 2nd - 3rd
Immutable will launch a $500M fund for Web3 gaming adoption - source
USDT market cap has dropped to $69B, the lowest since October 2021
DeFiance, Avalanche, Dydx distance themselves from them 3AC as they face allegations of using customer funds to meet margin calls on its positions. - source - 2nd
Plus more. What a time to be alive. Don’t squander it. Have a great weekend.
- Time moves differently in crypto. Crypto is an intricate game filled with various players operating across multiple time frames and with varying agendas. Day in, day out, the pieces are moving all across the board. Sometimes for the better and sometimes for the worse. Here’s a small glimpse of what has happened so far today in our little crypto bubble -
Crypto:
A trading pool that large institutional investors such as Alameda Research and Three Arrows Capital have used to dump their “stETH” tokens is now nearly drained and heavily imbalanced, potentially trapping retail investors as well as the embattled crypto lender Celsius - source
Genesis Trading says it liquidated position of 'large counterparty' amid 3AC controversy - source
Maker Governance has voted to temporarily disable the Aave DAI Direct Deposit Module in order to reduce Maker’s exposure to embattled crypto lending platform Celsius - source
Blockchain developer platform Alchemy is launching a $25M grant program to support Web3 developers and startups. Up to $50,000 in funds - source
Bitfrost releases upgraded SALP 2.0 after protocol helped secure $450M via parachain auctions - source
BNB Beacon Chain Goes Open-Source - source
Cardano now supported by Ledger Live - source
‘Pharma Bro’ Martin Shkreli Launches Uniswap DEX Clone Albumswa - source
FTX is acquiring Canadian cryptocurrency trading platform Bitvo - source
Decentraland DAO votes to give Decentral Games $1M grant - source
NFTs/Metaverse:
NFT platforms in China grow 5X in four months despite government warnings - source
Raise:
Immutable will launch a $500M fund to bolster Web3 gaming adoption - source
Zero-knowledge proof startup zCloak Network raises $5.8M - source
Gaming infrastructure project Soulbound raises $3.6M seed round led by Animoca - source
Digital fashion company SKNUPS raises $3.5M and partners with Dolce and Gabbana - source
Data:
Fear & Greed Index: 9
Unlocks:
24H Gainers:
24H Losers:
DeFi TVL Change:
New Listings:
Binance Futures Will List USDⓈ-M BTC & ETH Quarterly 0930 Futures Contracts - source
ICON (ICX) Gets Listed on KuCoin on June 17th - source
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