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Bitget Hot Takes (January 02 - January 08)

Bitget Hot Takes (January 02 - January 08)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts.

Central Themes

• BGB saw minor gains, volume jumped by 7.5%.

• Celsius ruling: Celsius’ terms of use turns Earn account holders into unsecured investors, meaning they will be the last in line to receive repayments.

• Mt. Gox repayments timeline pushed back by two months to March 10, 2023.

• Indonesia and Israel propose to treat cryptocurrencies as securities.

BGB Saw Minor Gains

BGB saw minor gains last week of 2.49%, almost the same as Bitcoin’s 2.48%, but falling behind Ethereum’s significant 5.70%. In terms of seven-day volume, BGB also recorded a 7.45% increase to USS$24.6 million. The 0.18-something level is supposed to be a good accumulation zone for BGB hunters, with the current 4H RSI and Accumulation/Distribution lines showing support for this suggestion.

Bitget Hot Takes (January 02 - January 08) image 0

Check the previous months’ analysis of BGB price trend here:

BGB Sail: November Edition

BGB Sail: October Edition

BGB Sail: September Edition

BGB Sail: August Edition

BGB Sail: July Edition

BGB Sail: June Edition

BGB Sail: May Edition

If you are completely new to the token, we are delighted to give you the full guide to BGB - the golden ticket to the Bitget Ecosystem here: Why BGB Is Your Bluechip Exchange Token.

Not So Much Of A Good Start

We began the week with news of an exploit to a Bitcoin developer, and ended the bumpy ride with Solana’s going offline. On late night January 1, 2023, Bitcoin core developer Luke Dashjr tweeted that his Pretty Good Privacy (PGP) key was compromised, resulting in a loss of ‘all’ assets stored. PGP is a long-used method for encrypting sensitive files and is actually unhackable, but the encrypted information, stored on a server, is vulnerable to exploitation if the server is attacked. Earlier in November 2022, Dashjr informed his followers of PGP download after his server was compromised. Then, less than two months after Sam Bankman-Fried ‘I’m sorry’, the community once again heard the word loud and clearly from DNP3, founder of The Goobers NFT, Gridcraft Network, CluCoin, among others. The guy publicly admitted that he has a gambling addiction and is now ‘completely broke’.

Bitget Hot Takes (January 02 - January 08) image 1

Source: DNP3 via TwitLonger

Phishing isn’t new, but even the expert fell for it. Nikhil Gopaani, COO of Nike-owned RTFKT, told the news to the Community X community. His wallet balance currently shows ca. US$0.12, which means at least US$175,000 NFT pieces (at floor price) of CloneX, RTFKT, Loot Pods and Crypto Kicks were stolen. Another victim of a phishing attack is a DeFi user who owned US$3.4 million of GMX. the native token of the decentralised perpetual exchange GMX. The GMX team is working with the anonymous victim to solve the problem.

Wondering about rugpull(s)? Mutant Ape Planet and CryptoZoo NFT game are in the spotlight. Creator of the Mutant Ape Planet NFT collection is facing charges by the U.S. Department of Justice for ‘defrauding purchasers of more than US$2.9 million in cryptocurrency’. And Logan Paul has been denying claims that his GameFi project CryptoZoo is a scam, even though no updates on the development are available after May 2022.

Some users of Solana-native NFT Marketplace Magin Eden accidentally bought fake y00ts and ABC NFTs due to a flaw in the project’s newly upgraded verification system. The bug has been fixed right away, and Magic Eden is offering refunds for affected users. Meanwhile, Solana RPC endpoints went offline again less than 24 hours ago, disconnecting various DApps and wallets from the network.

The spreading contagion is causing more crypto firms to cut down their workforce, with the latest names calling for Silvergate (numbers undisclosed), Genesis (another 30%), Huobi (20%) and SuperRare (30%). The aftermath of FTX’s dismay didn’t stop there; it may very well have pushed authorities to adopt the predatory approach. The crypto regulatory in Indonesia and Israel will soon recognise crypto as a security rather than a commodity. The House of Representatives in Indonesia approved The Financial Sector Development and Reinforcement bill (P2SK) in December 2022, which leads to the establishment of a national crypto exchange and a shift in oversight from the commodities-focused Bappebti to the securities-focused Financial Services Agency (FSA), whereas Israel has published the ‘Proposal to amend the applicability of securities laws regarding digital assets’, which are open to receive public comments until February 12. In addition:

• U.S. regulators are warning banks of ‘significant volatility and the exposure of vulnerabilities in the crypto-asset sector’;

• Francois Villeroy de Galhau, governor of France’s central bank, is urging regulators to introduce an ‘obligatory licensing’ for digital assets service providers (DASPs); and

• a job filing of the UK's National Crime Agency shows the agency is set to ‘proactively investigate UK Cyber incidents’

Of course the active regulatory presence regarding crypto-related topics can greatly benefit users in the space also. The community is delighted to see Mashinsky of Celsius sued by the New York State for ‘defrauding investor’ and the unapologetic Mango Market exploiter Avraham Eisenberg facing trial for ‘market manipulation and fraud’ and even ordered into detention pending trial because ‘no condition or combination of conditions of release will reasonably assure the defendant’s appearance as required’. Never before have we seen subpoenas served on Twitter - Three Arrows Capital founders are the first. Kyle Davies and Zhu Su are reported to not cooperate with liquidators, hence the unusual subpoena tweet.

Talk about litigation, Gemini Earn investors filed a class action request against Genesis and DCG with the American Arbitration Association in hope to receive the out-of-court return of their digital assets. Roughly around the same time, DCG’s Silbert and Gemini’s Winklevoss took part in a Twitter beef concerning Gemini Earn repayments. Cameron Winklevoss accused Barry Silbert of ‘bad faith stall tactics’, and Silbert shot back that ‘DCG has never missed an interest payment to Genesis’. Both firms have been experiencing an endless chain of dire events since the collapse of FTX, for this week:

• Grayscale Ethereum Trust saw -60% discounts;

• DCG closed wealth management unit;

• Gemini U.K. arm is 3 months late in filing its 2021 accounts with Companies House, the British agency responsible for the registration of all companies in the U.K.

Also engaged in a back-and-forth were Vauld and Nexo. The latter sent the ultimate acquisition proposal to the former on December 26, 2022, only to be rejected by Vauld and its committee of creditors because of ‘uncertainty’ around Nexo’s solvency status.

All that bad news can’t stop builders of the space doing their jobs. Security firm Debaub finds critical vulnerability in Uniswap smart contract, which was addressed and treated immediately by the Uniswap team. Its peer, Immunefi, on the other hand helped discover a vulnerability on the Polkadot ecosystem, thus preventing a potential hack of US$200 million on Moonbeam, Asta Network and Acala. The new DEX aggregator by on-chain data intelligence provider DefiLlama turns out to be a beast, beating Coinbase and MetaMask in terms of volume on its first day and has since secured its place in the Top 5 most used DEX aggregators by volume. Projects are focusing more on cross-chain communications, with Evmos adding auto-conversion for swaps between Ethereum and Cosmos tokens, OpenSea now supporting Arbitrum Nova and Trade Joe’s expanding its services to BNB Chain.

After the New Year and the upcoming Lunar New Year, a major upgrade for Ethereum (Shanghai Upgrade) will most likely take place in March 2023, enabling withdrawals for staking validators. What’s next? EIP-4844 somewhere in Q3 2023.

The Latest Bitget News

Happy new year to our users with the upgraded 5,005 USDT Welcome Package for newbies! Register here and complete all tasks in Bitget Rewards Center to receive the gifts!

The latest Proof-Of-Reserve snapshot has also been updated! Bitget commits to maximum transparency to bring back trust to the crypto industry. View the Dec 2022 Bitget Proof-Of-Reserve right now!

Bitget Settled Futures, also known as delivery contracts, have launched on Bitget! Different from the never-expire perps, our currently available delivery contracts have a 3-month expiration and will be settled on December 30, 2022 and later on March 31, 2023. New contracts for June 30, 2023 are available for trading, allowing our users for a continuous observation of market activities. The comprehensive intro for delivery contracts and Bitget Settled Futures is available here.

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