Market Dump, $2 Billion Liquidated - The WAGMI Journal #35
Fundings, developments, and hacks don't stop.
In today’s issue:
The crypto market is down with the global market cap sitting at ~$2.3 trillion. One of the largest dumps in the past few months happened on Saturday morning Asia time, liquidating more than $2 billion in 24h. Markets are mixed as uncertainties loom because of the Omicron variant, tapering talks, and China’s economic situation (Evergrande & tech scrutinies).
In other news, Binance & Animoca Brands launched a $200M GameFi fund, BitMart got hacked for ~$150M, and Ritholtz Wealth Management jointly launched a crypto index fund with WisdomTree.
We’re continually improving our content, please reach out if you have any other ideas or would like us to recap a segment of the market.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Binance & Animoca Brands $200M Fund for Blockchain Gaming
Through its $1 billion growth fund, Binance will invest in the Binance Smart Chain gaming ecosystem alongside Animoca Brands with a new $200M fund. Both firms will be contributing $100M each to allocate capital towards early-stage projects. Animoca Brands is a specialist investor in the NFT and Metaverse sector with previous success such as Axie Infinity (AXS) and The Sandbox (SAND).
⎆BitMart Confirms A $150 Million Hack
Crypto exchange platform BitMart reported a security breach on one of its Ethereum and BSC hot wallets, resulting in the loss of ~$150M. The firm said that the compromised wallet only carries a small percentage of its assets and is now actively conducting a thorough security review. Withdrawals are temporarily suspended. Information security firm Peckshield identified the following statistics on the hack.
⎆Ritholtz Wealth Management & Wisdomtree Crypto Index
Led by Barry Ritholtz, The NY-based firm with $2.3 billion in AUM has jointly launched a crypto index fund with WisdomTree. The RWM WisdomTree Crypto Index provides investors with exposure to not only BTC/ETH, but also DeFi, metaverse, layer-2, oracles, and others. The index will be managed by RIAs.
👨🏻💻Decentralized Finance (DeFi)
Uniswap Defends Sharing Wallet Addresses with Research Firm
TVL in DAOs Almost Doubles to $15B in Q4 Surge
DeFi Insurer Nexus Mutual Weighs Whether to Pay Out on BadgerDAO Hack
Upstart Silo Finance Preps Token Sale in Challenge to Aave and Compound
Drift Protocol is Live on Mainnet
Avalanche Data is now Available on Nansen
Decentralized Exchange Aggregator Trading Volumes Surge to New Highs
Aave’s Push for Institutional DeFi Gets Second KYC Provider Proposal
Solana Library Bug Could Have Seen Attackers Stealing $27 Million an Hour
Celsius Network Confirms It Lost Money in The BadgerDAO DeFi Hack
🏛Governance - Active Proposals
Gitcoin - dCompass Q4 Budget request
🦮NFT & Metaverse
Loot Project Pursues Quiet Quest in NFT Gaming Following Splashy Debut
Artist Behind Bored Ape Yacht Club to Unveil New NFTs at Art Basel
Why TIME Is Betting Big on Crypto and NFTs
Virtual Land in The Metaverse Dominated NFT Sales Over Past Week
Sequoia Auctioning Its 2005 Youtube Memo as an NFT
JPMorgan Gave Away NFTs at an Event This Week
The Free Ross Movement is Taking a Leaf Out of ConstitutionDAO’s Book
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Fragcolor - $2.6M First Round
Platypus - $3.3M Unknown Round
PathDAO- Undisclosed Amount Seed Round
Stacked - $35M Unknown Round
BSC & Animoca Brands - $200M GameFi Fund
FTX - Seeking $1.5B in New Funding Round at $32B
⚖️Regulatory Update
Billionaire Investor Charlie Munger Thinks China Was Right to Ban Bitcoin
Gensler Hedges on Classifying Cryptocurrencies as Securities
DeFi’s Decentralization Is an Illusion: BIS Quarterly Review
Elizabeth Warren Targets Bitcoin Miner Greenidge’s Environmental Footprint
Binance plans to become registered UK firm despite regulatory setbacks
📚Noteworthy Reads
Paul Veradittakit’s Read on Ethereum L2 on Near
Zack Guzmán’s Thread on Why UST is Huge
Ryan Sean Adam’s Read on Is Proof of Stake a Rich get Richer Scheme?
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.
DISCLAIMER:
All the information presented on The WAGMI Journal publication and its affiliation is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, and any other forms of advice. Writers, authors, and contributors of The WAGMI Journal may hold any assets mentioned in the issue.