Elon Musk Says SBF Donations to Democrats ‘Probably’ Over $1 Billion

 Elon Musk alleged that SBF had donated over $1 billion to Democrats and asked where did that money go.

Elon Musk has alleged that the former CEO of bankrupt crypto exchange FTX, Sam Bankman-Fried, has donated over a billion dollars to the Democratic party to support them in the elections.

In a recent discussion on Twitter, Will Manidis, the Chief Executive Office of healthcare AI platform Science, called SBF’s donations to politicians “one of the highest ROI trades of all time” because it allowed him to not go to Jail for stealing over $10 billion.

Taking part in the discussion was Elon Musk, who alleged that SBF’s “actual support of Dem elections is probably over $1 billion.”

Musk also asked where did that money go.

SBF is known to have donated $5.2 million to Joe Biden’s 2020 presidential campaign while also donating $10 million to support Carrick Flynn – a candidate from the Democratic party for a congressional seat in Oregan, who couldn’t win the elections.

Solana-based market maker integrates Stripe for fiat-to-crypto transactions

The Solana-based automated market maker Orca has opened up fiat purchases and fiat-to-crypto transactions through a new integration with Stripe. Solana ecosystem comes back from the aftershocks of the FTX liquidity earthquake, one of its leading automated market makers (AMM).

The AMM revealed an integration with Stripe that will power its new fiat-to-crypto on-ramp, making decentralized finance (DeFi) more accessible to users both in and out of the existing ecosystem. This new integration now enables fiat purchases along with fiat-to-crypto transactions. According to Ori Kawn, the co-founder of Orca, the new integration helps create wider access to economic tools.

“MEXC’s Changing for you”: The 1st Exchange to Launch a Zero Maker Fee Event for Futures Orders

 In September of this year, blockchain media outlet, CoinTelegraph, reported that cryptocurrency trading platform MEXC has ranked as the world’s top liquidity provider. Recently, MEXC announced the growth of its contract businesses, and its average daily trading volume has reached an increase of 1,200%.

"MEXC's Changing for you": The 1st Exchange to Launch a Zero Maker Fee Event for Futures Orders - 1

“Users first, MEXC’s Changing for you” has always been the service philosophy that MEXC adheres to. The ‘Zero Maker Fee’ Event is set to launch to give back to MEXC’s futures users. The activity starts on December 1st.

It is understood that to date, among the mainstream cryptocurrency trading platforms, MEXC is the only platform in the world that offers zero maker fee for futures pending orders. Andrew Weiner, VP of MEXC, said: “In 2022, we will focus on optimizing futures products and basic liquidity according to users’ needs. Presently, our liquidity has reached rank 1 globally amongst the top 50 trading platforms by market value.”

Since Q4 of 2018, MEXC has consistently launched and upgraded their futures products. In October 2022, MEXC upgraded the futures products and launched the second-level K-line function. These upgrades not only gave users a better trading experience but also met users’ needs for more timely and intuitive transaction information – allowing users to experience real-time prices, trading volume, order depth, and more exciting and technical features.

In terms of consistently engaging with MEXC users, MEXC regularly launches Futures M-Day, Super X-Game, Contract Carnival Week, and other user-friendly activities that bring various rewards and bonuses to their users. This ‘Zero Maker Fee’ Event is a unique and one of many long-lasting and high-level activities featured on the platform.

MEXC’s perpetual contract has launched more than 169 tokens and 179 trading pairs now, covering multiple focuses such as public chain, cross-chain, Layer 2, DeFi, and other sectors. MEXC’s perpetual contract is the fastest performing function run on the entire network. It has the most abundant derivatives that can be traded, providing each user with various and precise choices.

Galaxy Digital Holdings to buy popular custody platform GK8

 Financial services and wealth management pioneer Galaxy Digital Holdings today announced plans to purchase GK8, a secure corporate virtual assets self-custody platform. Subject to court approval and other closing conditions, the transaction will result from a sale procedure following Celsius Networks LLC’s Chapter 11 bankruptcy.

Galaxy Digital buys GK8

Galaxy Digital said it had purchased GK8, a self-custody platform, from its previous owners for an undisclosed fee. The deal is related to Celsius’s Chapter 11 bankruptcy and has yet to be confirmed by the court.

With the purchase of GK8, according to Galaxy Digital CEO Mike Novogratz, Galaxy will be able to provide its customers with a comprehensive suite of cryptocurrency services, including storage options. He also mentioned that the deal represented a significant chance for his business to expand.

GK8 is a leading solution supplier for institutions seeking the highest level of security for their digital asset custody, utilizing proprietary technology to properly secure cryptos and conduct blockchain transactions without an active internet connection. Galaxy plans to back GK8 as it continues to provide its self-custody tech to the top financial institutions worldwide. The company intends to use GK8’s custody technology in developing its flagship product, GalaxyOne. 

GalaxyOne is a new prime solution for investment firms that combines trading, cross-portfolio margining, lending, and derivatives with the Firm’s market-tested risk-management methods, backed by various custodial alternatives, including those provided by GK8.

Mike Novogratz, Galaxy’s founder and CEO, explains that purchasing GK8 is a significant milestone in the company’s efforts to provide a comprehensive financial framework for digital assets. This will allow Galaxy’s customers to store their virtual assets on Galaxy’s servers or elsewhere without limiting the assets’ flexibility or usability. 

This commitment to taking advantage of significant opportunities to develop Galaxy sustainably is exemplified by the fact that we have added GK8 to our primary offering at a time of great significance for our industry. Almost forty employees, comprising cryptographers and blockchain engineers, will join Galaxy due to the deal, speeding up the company’s product creation and development. As a result of the agreement, Galaxy will open a new location in Tel Aviv, increasing its global reach.

Galaxy hires GK8’s former Chief Executive Officer and Chief Technology Officer

Galaxy has hired GK8’s former chief executive officer and chief technology officer to head up its new custodial technology division. Financial institutions like banks, broker-dealers, trust firms and retail platforms will continue to get direct support from GK8 as they work to protect their clients’ digital assets. 

GK8 will continue to provide self-custody solutions for GalaxyOne and institutional investors. GK8 has just announced a relationship with USI Insurance Services, adding another layer of security to its custody solutions by providing institutional clients with access to insurance coverage of up to $1 billion for digital assets held in custody.

When asked about the digital asset ecosystem, Lamesh remarked:

“We have fiercely strived to become the most secured platform of preference for financial institutions engaging in the ecosystem. The opportunity to join a market leader that recognizes the importance of GK8’s custody solution to the development of blockchain technology fills us with enthusiasm.”

Mike Novogratz’s Galaxy Digital Will Acquire Celsius Owned Custody Platform GK8

 The acquisition will expand Galaxy’s headcount, and help build out its GalaxyOne prime offering. 

Galaxy Digital has won the auction for GK8 – a crypto custody platform to be sold as part of bankruptcy proceedings for the insolvent crypto lender Celsius. 

Galaxy will utilize GK8’s custody solution as it develops GalaxyOne – its own institutional prime offering. 

 As announced by Galaxy on Friday, GK8 founders CEO Lior Lamesh and CTO Shahar Shamai will remain to lead Galaxy’s custodial tech business, while providing self-custody solutions for GalaxyOne as well. 

“With the backing of Galaxy, we aim to introduce new and exciting offerings to the industry that showcase a combination of Galaxy’s best-in-class services and GK8’s cryptography, security, and unparalleled R&D skills,” said Lamesh on the deal.

Company CEO Mike Novogratz said on Friday that GK8’s acquisition marked a “crucial cornerstone” for digital asset storage with Galaxy. GalaxyOne already planned to offer crypto trading, lending, margin, and derivatives products for Galaxy’s institutional investors. 

“Adding GK8 to our prime offering at this pivotal moment for our industry also highlights our continued willingness to take advantage of strategic opportunities to grow Galaxy in a sustainable manner,”  he said.

The transaction is set to expand Galaxy’s headcount by 40 people, and expand its worldwide reach by adding an office in Tel-Aviv. 

Celsius acquired GK8 for $115 million last year but went bankrupt in early July as the crashing crypto market pushed its lending margin positions to the limit. FTX considered a rescue deal for Celsius at the time but walked away after seeing the state of its balance sheet. Today, FTX too has gone bankrupt, alongside other crypto lenders like Voyager and BlockFi. 

In the aftermath of Celsius’ collapse, Mike Novogratz admitted that the crypto industry was more leveraged than he thought.

1INCH foundation transfers send asset price tumbling

 The 1INCH Foundation recently transferred a large amount of the 1INCH token causing investor concern. The price has dropped by as much as 3%.

News shock wave

1INCH is the crypto market’s 86th asset by its market capitalization.

An on-chain crypto event tracker, Lookonchain, released reports on Friday after it noticed the activities from 1INCH. Lookonchain announced via Twitter that 1INCH Foundation moved out 15.65 million units of the 1INCH token estimated to be worth $8 million.

Lookonchain made the tweet 18 hours after 1INCH completed the first part of the transaction. It was reported that the assets were moved into Binance 14 hours following the first part of the transactions.

The tweet from Lookonchain stated that 1INCH first moved out the tokens to the tune of 15.56 million and they were moved into Binance 4 hours before the tweet. It equally indicated that the last time 1INCH carried out such a transaction was on the 9th of June when the token lost 25% and the price fell to $0.6 from $0.81. 

Unknown effects to come

Another on-chain data platform, WhaleAlert, also weighed in with its own version of the information. The platform said 15,599,995 1INCH said to be worth about $8,033,795 was transferred from an anonymous wallet into Binance.

WhaleAlert also verified that the last time the 1INCH Foundation executed that kind of transaction was on the 9th of June. Investors are on edge as no one knows what the full extent of the recent sale of 15.56 million tokens into the crypto market will be. The price of 1INCH has hovered near yearly low at $0.50

FTX Contagion Haunts Yet Another Crypto Trading Firm

 Aurus has not yet officially confirmed the issue but M11 Credit assured working on a joint statement. 

Former FTX CEO Sam Bankman-Fried may have apologized dozen times for the failure of his firm, but there’s no stopping the contagion.

Another casualty came in the name of a crypto trading platform – Aurus Global – which is currently facing a “short-term liquidity issue” due to FTX insolvency.

Aurus Misses Principle Payment Amount of $3M

The algorithmic trading and market-making firm reportedly missed a principal repayment on a 2,400 Wrapped Ether (wETH) decentralized finance loan worth around $3 million. This was revealed by ‘M11 Credit,’ which happens to be an institutional credit underwriter.

Its tweet regarding the same read,

“Auros is experiencing a short-term liquidity issue as a result of the FTX insolvency. This does not mean the loan is in default. We are working with Auros, who have acted promptly and responsibly. Our top priority is to limit the risk for our lenders. We will continue our liaison with the Auros team in regard to all their open loans from our pools.”

M11 Credit further emphasized that the missed payment does not equate to the loan being in default. Rather, the missed deadline has prompted a grace period of 5 days “as per the smart contracts.” Auros is currently working with the credit underwriter to publish a joint statement detailing further information to lenders.

Entities Caught Up in Epic Collapse of FTX Group

FTX filed for bankruptcy on November 11th after suffering a liquidity crisis and failing to honor withdrawals. As a result, many companies in the market bore the brunt of the impact and were directly hit by the storm.

Digital Currency Group (DCG) subsidiary and institutional trading firm Genesis has $175 million in locked funds within the firm’s trading account on FTX. The firm’s creditors hired restructuring lawyers and are exploring ways to avoid filing for bankruptcy.

US-based lender BlockFi filed for bankruptcy earlier this week in a New Jersey court, simultaneously slapping Bankman-Fried with a lawsuit in the same court.

Meanwhile, a hedge fund managed by a subsidiary of German crypto platform Immutable Insight also revealed that it is exposed to FTX’s fallout and is owed $1.6 million.

FTX owes its 50 largest unsecured creditors a total of $3.1 billion, according to a filing at a Delaware court. The identity of the claimants remained unknown, but the filings show that two of its largest customers are owed over $200 million, while all 50 of them are owed $21 million each or more.