๐Ÿšจ FTX set to dump assets

All Things Flooz newsletter is for innovators, creators and traders.

Flooz

5 min read โ€ข Sep 16, 2023


Talking points

  • ๐Ÿšจ FTX set to dump assets

  • ๐Ÿ‘€ Genesis halts all trading

  • ๐Ÿค Google cloud partners with Web3 start up

๐Ÿ‘€ Quick market outlook

We have seen some movement up in the market after the release of the economic data but it is now important to see how we end the month... And with more economic data approaching next week, it will be interesting to see the reaction. Now let's jump into some insights:

It seems as we approach the Bitcoin halving, things are looking good chart wise. But that doesn't mean we are out of the water just yet... there is still a while to go. However, if we can continue to see an uptrend, we might be in for a treat entering 2024 and even sooner ๐Ÿ‘€

This is not financial advice, purely educational. As always, have a plan and be safe.

๐Ÿšจ FTX set to dump assets

In a dramatic courtroom showdown, U.S. Bankruptcy Judge John Dorsey gave his nod of approval to FTX's audacious proposal. FTX can now unleash a torrent of cryptocurrency liquidation, potentially up to a jaw-dropping $100 million per weekโ€ฆ

But that's not all; this cryptocurrency maverick can also waltz into hedging and staking agreements, designed to navigate the perilous waters of crypto market volatility while raking in passive income from the likes of Bitcoin and Ether.

However, it wasn't a one-sided affair. FTX's audacious request was backed by the official committee representing its beleaguered customers. These crypto crusaders, together with an ad hoc committee, stood shoulder to shoulder in supporting FTX's quest for redemption. The ad hoc committee, superheroes for non-U.S. customers with stakes on FTX(.)com's international exchange, ensured that justice was served on a global scale.

Of course, not everyone was ready to throw confetti and celebrate. Two FTX customers raised their eyebrows, worrying that FTX's liquidation spree might send crypto prices into a nosedive. They even questioned whether FTX owned all the crypto it claimed to hold in its accounts. But fret not, frens, FTX anticipated this and enlisted the help of U.S. crypto powerhouse, Galaxy, as an investment advisor to keep the crypto chaos at bay.

And just when you thought it couldn't get any more heart-pounding, Judge Dorsey dropped the bombshell. If the creditor committees give a unanimous thumbs-up, FTX could double its liquidation pace, shooting for the stars with a staggering $200 million per week!

In case you're wondering about the treasure chest they're guarding, FTX claims ownership of a whopping $3.4 billion in cryptocurrencies, including a cool $1.16 billion in Solana, $560 million in Bitcoin, and $192 million in Ether. That's enough to make even the most seasoned crypto investor's head spin a little.

This saga all began in November 2022 when FTX plunged into bankruptcy amid allegations of misusing and losing billions in customers' crypto deposits. Fast forward to today, they've managed to claw back over $7 billion in assets to repay their loyal patrons, all while pursuing legal action against those they deem responsible for their financial freefall.

With founder Sam Bankman-Fried's plea of innocence echoing in the background and other FTX executives admitting their guilt, this story is far from over. So I guess as usual, we sit back and wait to see what unfolds

๐Ÿ‘€ Genesis halts all trading

Genesis, the once-mighty crypto-trading titan, has officially called it quits on all trading operations, leaving the industry buzzing with speculation.

It was only last week that the crypto community caught wind of Genesis shutting down its U.S. trading desk, but the bombshell dropped even further. The shutdown isn't just limited to the U.S.; it's a global affair. That's right, international spot and derivatives trading operations have also been pulled from the stage, signaling the end of an era.

A spokesperson delivered the somber news, stating, "Genesis has decided to stop offering digital asset spot and derivatives trading through GGC International, Ltd. (GGCI). This decision was made voluntarily and for business reasons. With this termination of services from GGCI, Genesis no longer offers trading services through any of its business entities." It's a stark and final declaration.

For those unfamiliar with the Genesis saga, it's important to note that while the lending division sought refuge in bankruptcy protection back in January, the trading arm remained defiant. But alas, the tides of fortune have turned against them, and they've succumbed to the inevitable.

Genesis was once a prominent figure in the crypto trading landscape, catering to institutional clients and leaving a lasting mark on the industry. But as we know, the crypto world is a relentless rollercoaster, with twists and turns that even the mightiest can't always conquer.

Owned by the Digital Currency Group, Genesis leaves us while also reminding us once again that in the cryptoverse, nothing is certain, and even the giants can fall. What lies ahead for this industry pioneer? Only time will tell, but one thing's for sure... the crypto saga continues.

๐Ÿค Google cloud partners with Web3 start up

Google Cloud has teamed up with the innovative Web3 startup, Orderly Network, to forge a path into the exciting world of decentralized finance, or DeFi in a bid to make it more accessible for the world.

So, what's on the agenda for this dynamic duo? They're rolling up their sleeves to develop off-chain components for DeFi infrastructure. These off-chain wizards will be laser-focused on addressing two of the biggest hurdles in the DeFi realm: self-custody and transparency. Imagine a world where these issues are no longer a headache for DeFi enthusiasts - that's the vision they're chasing.

Orderly Network is poised to be the DeFi infrastructure provider of choice, offering its wares on the Google Cloud Marketplace. It's a strategic move that signals Google Cloud's growing interest in blockchain workloads on its platform.

Rishi Ramchandani, the head of Web3 for the Asia-Pacific region at Google, is excited about this partnership. He emphasizes the surging demand for tailored Web3 products, highlighting the need for robust infrastructure to bridge the gaps in DeFi adoption and growth. Ramchandani envisions a future where secure and user-centric enterprise developer tools pave the way for DeFi's scalability.

https://x.com/GoogleCloud_SG/status/1701561304840872214?s=20

The financial world is abuzz with blockchain technology's transformative potential, with even giants like JPMorgan exploring blockchain-based solutions, including DeFi applications. Traditional banks are no strangers to blockchain's allure, with over half of the top 100 banks dipping their toes into this revolutionary tech.

Orderly Network has a clever strategy up its sleeve. They aim to strike a balance between speed and decentralization by dividing the DeFi load into on-chain and off-chain components. This approach streamlines operations while preserving the core advantages of decentralization. Crucial interactions happen on-chain, while less critical tasks are handled efficiently off-chain.

Arjun Arora, Chief Operating Officer of Orderly Network, is enthusiastic about the collaboration's potential to catapult DeFi into the mainstream. He believes that to truly win hearts and minds, blockchain tech must outperform existing solutions. Orderly Network's mission is to create a seamless trading Lego that integrates decentralized applications across various blockchains, merging the best of both decentralized and centralized exchanges.

One of DeFi's age-old challenges has been the daunting entry barrier and persistent security issues. Google Cloud's alliance with Orderly Network aims to create a secure haven and the tools necessary to surmount these obstacles.

This is certainly some positive news as bigger players are slowly getting more involved and embracing the crypto and web3 space... With the adoption only increasing, we could be set to see a flood of more users entering this exciting space.

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