Evening News | Binance establishes industry recovery fund; Vitalik donates 20 million DOGE to Dogecoin Foundation
Crypto.com claims FTX's exposure is below $10 million; Musk cuts 80% of Twitter's contract workers.整理：flowie，ChainCatcher
"What Important Events Happened in the Last 24 Hours"
1. Binance is establishing an industry recovery fund, and Sun Yuchen stated that Tron DAO, Huobi, and Poloniex will participate in the fund
Binance founder Zhao Changpeng tweeted, "To mitigate the further cascading negative impact of FTX, Binance is establishing an industry recovery fund to help projects that are otherwise performing strongly but are in a liquidity crisis. More details will be released soon. If you believe you qualify, please contact Binance Labs, and we also welcome collaboration from other industry participants with cash." Subsequently, Sun Yuchen stated that Tron DAO, Huobi, and Poloniex will participate in the fund.
Additionally, according to a previous report by Bloomberg, Zhao Changpeng stated that after the bankruptcy of competitor FTX, the company plans to take the lead in formulating global standards with other industry participants. (Source link)
2. Vitalik donates 20 million DOGE to the Dogecoin Foundation
On-chain data shows that Ethereum co-founder Vitalik Buterin has once again donated to the Dogecoin Foundation, with this donation amounting to 20 million DOGE, equivalent to about 1.7 million USD at a price of 0.085 USD. The Dogecoin Foundation has not yet announced how this donation will be used.
It is reported that in August 2021, Vitalik joined the advisory board of the Dogecoin Foundation alongside Neuralink CEO Jared Birchall. In May of this year, Vitalik donated 500 ETH to the Dogecoin Foundation. (Source link)
3. Crypto.com: FTX exposure is below 10 million USD, funds deposited have been used to purchase other tokens and transferred back
Crypto.com CEO Kris responded on Twitter to having transferred about 1 billion USD to FTX, stating, "Our exposure to FTX is minimal (below 10 million USD), and we only used it as a trading venue to hedge customer trades, never using funds for FTX or any third-party profits."
Kris also stated that Crypto.com deposited USDC into FTX to purchase other tokens, which were then transferred back to Crypto.com's wallet, "For exactly the same reason, Coinbase also has 15 million USD in FTX because some FTX-related tokens (SRM, RAY, etc.) only have good liquidity on FTX." (Source link)
Crypto.com CEO Kris Marszalek stated during the "Live AMA with Crypto.com CEO Kris Marszalek" event: "Crypto.com derives 95% of its revenue from transaction fees and has never stopped withdrawal services. Everything is running smoothly. Crypto.com has a very healthy balance sheet and has never used CRO as collateral." He also added, "It takes time to prepare proof of reserves." (Source link)
4. As of November this year, the top three institutions in terms of projects co-invested with Alameda are Coinbase, JUMP, and CMS
According to a study conducted by trader @FinanceYF3 as of November 2022, the institutions that co-invested in more than 10 projects with Alameda include Coinbase (28), JUMP (27), CMS (25), Multicoin (20), Animoca (20), Spartan (17), Pantera (16), Dragonfly (15), Polychain (13), Three Arrows Capital (12), Delphi Ventures (11), and Hashkey (10). (Source link)
5. Musk lays off 80% of Twitter's contract workers, totaling 4,400 people
According to the tech news site Platformer, Twitter (TWTR.N) has terminated contracts for 4,400 contract workers, accounting for 80% of the total 5,500 contract workers. Full-time Twitter employees stated that they did not receive any internal notice before the contract workers they collaborated with were laid off. (Jin Shi)
6. Data: The actual collateralization rate of USDD is only 50%, and reserves have decreased by 548 million USDC
Lookonchain data shows that USDD's reserves have decreased from 990 million USDC on November 10 to the current 442 million USDC, a total reduction of 548 million USDC. Among them, 350 million USDC was used by Sun Yuchen to repay loans in Justlend. Currently, the actual collateralization ratio of USDD is only 50%, with USDD accounting for 81.25% in the USDD/3CRV pool on Curve. (Source link)
7. Beosin: DeFiAI project experienced a rug pull, and the contract deployer profited about 40 million USD
Beosin EagleEye security warning and monitoring platform shows that the DeFiAI project experienced a rug pull, with the contract deployer profiting about 40 million USD. Beosin Trace is monitoring and tracking the stolen funds.
"What Interesting Articles Are Worth Reading in the Last 24 Hours"
How FTX funds successfully flowed between client, CHO, and Alameda wallets without being detected by auditors. A former FTX employee stated that the entire hacking incident was possible because of the elx trapdoor that SBF invested in about 9 months ago, which also appeared in public testing… There are many details worth pondering.
2. “The Dilemma of AIGC and the Way for Web3 to Break Through”
In the past year, with the development and growth of AIGC (AI-Generated Content) technology, more and more people have felt its terrifying aspects. AI has lowered the threshold for creation, giving every ordinary person the opportunity to showcase their creativity and produce works that rival professional levels. However, in the process of universal AI image generation, artists seem to stand on the opposite side.
3. “Hong Kong and Singapore, Who is the Asian Crypto Financial Center?”
To go to Singapore or to Hong Kong? This is a question for Chinese Web3 entrepreneurs.
In November 2022, Hong Kong's Fintech Week and Singapore's Fintech Week were held simultaneously, bringing this competition to a climax. Competing for talent, money, and companies… The competition between Hong Kong and Singapore for the title of "Crypto Financial Center" or "Global Web3 Center" has been heating up since September.
