3AC Founders Want $25M for New Exchange GTX

Shibarium Beta Launch, Visa and Alchemy Pay, Justin Tron to Save DCG?

Jan 16, 2023

Market has cooled this week with Bitcoin and ETH taking a breather from last week’s pump. Will the market hold? If the market can stay stable, then narrative and catalyst traders should be in for some fun. If not, then we get the floor pulled out from underneath us. In completely expected news, disgraced 3AC co-founders are back trying to raise money for their new crypto exchange. This should’ve been obvious with how they spent the past couple months trying to slither back into the good graces of CT amidst the fall of FTX. Unironically, they’ll probably get their redemption arc. CT loves its fallen heroes and has the memory of a goldfish.

Daily Bullet Highlights:

Su Zhu and Kyle Davies, the founders of 3AC, along with CoinFLEX co-founders Mark Lamb and Sudhu Arumugamaim aim to raise $25M to start a new crypto exchange called GTX

Shiba Inu will soon launch a beta for its planned Ethereum Layer 2 network called Shibarium with Bone tokens used for transaction fees

Justin Sun considering buying up to $1B of Digital Currency Group’s assets
North Korea’s Lazarus Group moved $63.5M (~41,000 ETH) from the Harmony bridge hack through Railgun before consolidating funds and depositing on three different exchanges

Skybridge founder Anthony Scaramucci is investing in a company set up by Brett Harrison, the former president of defunct cryptocurrency exchange FTX US

Visa listed Alchemy Pay as an Official Service Provider

Bitcoin data is live on Dune

New Avalanche app for Ledger devices and Ledger Live

Analysis:

Looking at what’s been moving over the past week with volume:

Metaverse coins such as Mana and Sand following Gala’s pump last week
Solana coins such as STEPN, Serum, Raydium, Orca - Solana resurgence?
Aptos saw some large moves as well
AI coins such as SingularityNET and Fetch.ai

What will the next rotation be if the market can hold?

Crypto News:

Hardfork for Polygon PoS chain will make key upgrades to the network on Jan 17th

Cardano will release a software toolkit later this month that will enable developers to deploy custom-built sidechains on Cardano aimed at improving the ecosystem

Crypto Exchanges:

Bithumb ordered to pay $200,000 in damages to more than a hundred investors over an exchange outage during Bitcoin's rally in 2017

Korbit exchange plans to monitor the accounts of its employees and their family members in a bid to improve internal control standards

Binance will support the Gifto (GTO) token swap to Gifto (GFT)

Astra Protocol (ASTRA) and MAGIC listed on KuCoin

DeFi:

Avalanche will support the stablecoin USP created by Platypus DeFi

Uniswap proposal to deploy Uniswap V3 on the StarkNet network, as well as the new problems faced by its deployment on the first non-EVM network

DeFi protocol Frontier started an in-browser wallet extension that allows crypto users to interact with staking, transactional, and NFT activities over 35 supported blockchains

NFTs/Gaming/Metaverse:

South Korea’s Woori Bank launches 3D Metaverse banking experience

Early Stage Projects:

STFX Token Sale is live

Introducing Radiant v2

Binance Labs and BNB Chain Launch Season 6 of MVB Accelerator Program

Bittensor wins Polkadot's 36th auction

Mars Hub testnet goes live; $100,000 bounties up for grabs

Core Mainnet live

Bungee BETA Invites rolling out

Economic/Government/Regulatory:

DOJ objects to FTX’s choice of lawyers citing conflict of interest

The Central Bank of Iran is reportedly cooperating with the Russian government to jointly issue a new stablecoin backed by gold

Fundraises:

Createra, a creator-oriented metaverse project, raised $10M in Series A funding led by a16z to continue its pursuit of building the largest Gen Z-focused metaverse platform. @Createra_

Sortium, a developer of Web3 entertainment technology, raised $7.75M - @Sortium

Autofarm $5M Investment in AI-Fi: Decentralized AI Finance - @autofarmnetwork

Acumen Network strategic investment from Blizzard, The Avalanche Ecosystem Fund - @acumenofficial

ABGA Eco Fund - $45M fund launching in Q1 focusing on blockchain games - @ABGAasia

Animoca Brands Japan strategic investment in Psychic VR Lab

Research/Reads:

Glassnode - Is Bitcoin Back? - source

A Brief Crypto History of the Winklevoss Twins - source

State of NFT markets - source

Multi-Precision Fast Modular Multiplication - source

Twitter:

Ex-president of FTX US finally speaks:

Brett Harrison @BrettHarrison88

1/49 Many have asked questions about my time at FTX US and why I left when I did. As I indicated earlier this week, I’m happy to begin sharing my experiences and perspective publicly.

Feds changing the way they calculate CPI:

Stock Talk Weekly @stocktalkweekly

🚨IMPORTANT: Today was the last CPI print that will be calculated by the current methodology. February's CPI print will be the first report based on a *new methodology* CPI was formerly based on two years of consumption data. Now, CPI will be based on a single year of data.

How the ETH Shanghai upgrade exit queue works:

Westie 🟪 @WestieCapital

The Shanghai upgrade for Ethereum is currently targeted for this March. This will enable staking withdrawals for the first time since people began staking their ETH in 2020. However, most people don't yet know how the exit queue works. I'll walk you through it step by step 🧵👇

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