Evening News | Multicoin's asset scale has dropped by as much as 90% in the past 11 months; the daily spot trading volume of cryptocurrency exchanges has fallen below $10 billion for the first time since 2020
BitKeep CEO publishes an open letter: the cause of the incident has been identified, some of the stolen funds have been frozen, and users are urged to transfer their funds as soon as possible; Messari analyst: Bitcoin mining companies have almost sold all the Bitcoin they mined this year.整理：西昻翔，ChainCatcher
"What Important Events Happened in the Last 24 Hours"
1. Three Arrows Capital Creditors: Multicoin's Assets Have Dropped by Up to 90% in the Past 11 Months
Three Arrows Capital creditor Soldman Gachs revealed on Twitter that he received a statement from Multicoin Capital's investors in November. The statement shows that Multicoin's assets have dropped by up to 90% in the past 11 months.
ChainCatcher previously reported that due to the FTX bankruptcy event, Multicoin's assets fell by 55% in about two weeks. (Source link)
2. Data: Daily Spot Trading Volume on Crypto Exchanges Falls Below $10 Billion for the First Time Since 2020
According to data from The Block, the daily spot market trading volume on cryptocurrency exchanges has fallen below $10 billion for the first time since December 2020. The spot trading volume dropped to $9.2 billion on December 25 and continued to decline to $8.5 billion on December 27.
It is reported that the last time the daily spot trading volume was below $10 billion was on December 17, 2020, when Bitcoin's price surged above $20,000 for the first time the day before. (Source link)
3. BitKeep CEO Issues Open Letter: Cause of Incident Identified, Some Stolen Funds Frozen, Urges Users to Transfer Funds ASAP
BitKeep CEO issued an open letter stating that BitKeep was hacked on December 26. The cause of the incident has been identified, and the theft address has been tracked, with some stolen funds frozen. Efforts are still ongoing to recover user losses.
In this malicious attack, hackers exploited and hijacked the BitKeep App 7.2.9 APK on the BitKeep website. The modified APK, through malicious code injection, led to the leakage of user private keys, allowing hackers to transfer funds.
The BitKeep CEO stated that the BitKeep official app installed through various channels has no security issues. However, if the 7.2.9 APK was downloaded from the BitKeep website or updated to this version, users need to download the new app, generate a new wallet address, and transfer funds as soon as possible, as private keys may have been leaked. (Source link)
4. Messari Analyst: Bitcoin Miners Have Almost Sold All Bitcoin Mined This Year
Tom Dunleavy, an analyst at blockchain research firm Messari, tweeted that Bitcoin miners have sold nearly 100% of the Bitcoin they mined this year.
Data shows that from January 1 to November 30, the ten Bitcoin mining companies, including Core Scientific, Riot, Bitfarms, Cleans Park, Marathon, Hut8, HIVE, Iris Energy, Argo, and Bit Digital, mined approximately 40,700 BTC and sold about 40,300 BTC.
Dunleavy believes that miners continuously selling newly mined Bitcoin has put downward pressure on Bitcoin prices. (Source link)
5. Bitcoin Miner Argo Blockchain Agrees to Sell Texas Mining Facility to Galaxy Digital for $65 Million
Bitcoin miner Argo Blockchain has agreed to sell its Helios mining facility in Texas to Galaxy Digital for $65 million to avoid bankruptcy. At the same time, Argo Blockchain will also receive a $35 million rescue loan from Galaxy Digital, secured by the former's mining equipment. (Source link)
6. Casual Chain Game Flappy Moonbird Completes $6 Million Series A Investment
The free-to-earn casual chain game Flappy Moonbird has completed a $6 million Series A investment through tokens, led by LinkVC. This round of financing will be used for the development and production of the Flappy Moonbird series of games and ecosystem construction. The angel round financing came from personal investments by Moonbirds NFT holders.
Flappy Moonbird is produced by the studio Helix Table, which has previously collaborated with casual gaming giant Voodoo, achieving over ten million downloads and monthly active users. Next, the studio will focus on the Web3 casual chain game field, delving into vertical areas to introduce more innovative revenue models for healthy game growth. (Source link)
7. Data: AUM of Crypto Investment Products Decreased by 55% in 2022
According to data from research firm CryptoCompare, the assets under management (AUM) of digital asset investment tools lost more than 55% compared to the peak at the beginning of the year in 2022.
Due to the FTX collapse and rumors of potential issues with Binance, the average weekly net outflow of digital asset investment tools reached nearly $10 million in December, the highest level since June 2022. Among them, the AUM of Bitcoin and Ethereum investment tools decreased by 61% and 62.1%, respectively, compared to the peaks in March and April 2022.
Additionally, traders are most interested in crypto investment products in the form of ETFs. In December 2022, the AUM represented by ETFs grew by 5.96% to $1.78 billion, accounting for 9.11% of the total market share. (Source link)
8. U.S. Department of Justice Launches Criminal Investigation into FTX Hacking Incident
According to Bloomberg citing informed sources, the U.S. Department of Justice has launched a criminal investigation into the FTX hacking incident. Previously, FTX was hacked on the night it filed for bankruptcy, with hackers stealing over $450 million in assets from FTX's hot wallet.
Blockchain experts analyze that the hackers may be insiders of FTX, as both the FTX and FTX US websites were attacked simultaneously, suspects accessed multiple cold wallets, and used personal Kraken accounts to withdraw at least one gas fee transaction. (Bloomberg)
"What Interesting Articles Are Worth Reading in the Last 24 Hours"
At any given point in time, the valuation of blockchain platforms can be considered to be determined by three aspects: adoption and usage, platform moats, and crypto market conditions. This article provides a rigorous analysis of the actual market cap and model-predicted market cap for 12 major public chains. The same framework can also be used to evaluate other blockchain projects.
2. A Letter from a16z to Regulators: How Should DeFi Be Properly Regulated?
This article is a comment letter written by a16z for the Financial Stability Board (FSB) on the theme of "International Regulation of Crypto Asset Activities," mainly divided into three parts: the first discusses the differences between DeFi and CeFi, and how an appropriate DeFi regulatory framework should involve regulating Web3 applications rather than Web3 protocols (regulating businesses, not software); the second discusses the importance of privacy; and the third warns against creating overly strict regulations, as these could effectively ban well-functioning and over-collateralized algorithmic stablecoins.
In 2022, the global economy struggled under macro and geopolitical headwinds. Besides macro headwinds, the cryptocurrency market was also negatively impacted by several events, particularly the collapse of the Terra stablecoin (UST) in May and the bankruptcy of FTX in November. These two events and their subsequent effects created a chain reaction that affected other participants in the ecosystem and suppressed confidence in the industry. However, the good news is that cryptocurrency adoption continued to grow strongly in 2022. Crypto.com expects the number of global cryptocurrency owners to reach 600-800 million in 2023, and SBT may guide us into a decentralized society.
