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The biggest news in the cryptoverse on January 16 saw the founders of Three Arrows Capital (and the founders of CoinFLEX) raise funds for a new crypto exchange. Elsewhere, former FTX CEO Sam Bankman-Fried faced harsh words from former FTX.US chairman Brett Harrison. Additionally, Binance recovered funds from an attack on DeFi platform Harmony, ImmutableX topped Web3 funding charts, and Korbit monitors employee and family accounts. Plus, research the price action of Bitcoin.

Top CryptoSlate Stories

3AC and CoinFLEX co-founders seek to raise $25M for new crypto exchange

Kyle Davies and Su Zhu, co-founders of Defunct Three Arrows Capital (3AC), and Mark Lamb and Sudhu Arumugam, co-founders of CoinFLEX, are looking to raise around $25 million to launch a new crypto exchange called GTX.

GTX is designed to help creditors of failed exchanges like FTX, Celsius, BlockFi, and Mt.Gox claim their holdings and use the claims for trading purposes.

According to a launch platform made available to CryptoSlate, the GTX team is looking to raise around $25 million to fully develop the exchange.

Former FTX US President Calls SBF Insecure, Grudges, and Unstable

Former FTX US President Brett Harrison accused FTX founder Sam Bankman-Fried (SBF) of ‘gaslighting and manipulation’ in a Twitter thread January 14. Harrison left FTX.US in September 2022, two months before the collapse of SBF’s crypto empire.

Sharing his experience during FTX US’ 17 months of operation, Harrison said SBF had resorted to stopping him from making critical decisions regarding FTX’s US division when things soured between the two.

Binance Helps Recover $3 Million From Harmony Bridge Hack

Binance helped Huobi recover 124 Bitcoins (BTC) – worth $2.58 million – from the Harmony Bridge hacker, according to Binance CEO Changpeng Zhao (CZ).

The hacker previously attempted to use Binance to launder the stolen funds, but the account was frozen, according to CZ. Tweeter.

The collaboration between the two exchanges also foiled the hacker’s new attempts to use Huobi, as confirmed by Huobi advisor Justin Sun.

Immutable X Games Raised Biggest Web3 Funding of 2022 – Over $900 Million

X immutable (IMX) games raised the largest amount in Web3 funding in 2022, according to a recent report from Delphi Digital.

Immutable X exclusive games and multi-channel games based on Immutable X rreceived approximately $300 million and over $600 million in funding, respectively.

With these investments, Immutable X has overtaken Solana and Polygon to become the most funded Layer 2 web3 game ecosystem in 2022. Immutable X has grown from five games to more than 100 throughout the year, according to the report.

South Korean exchange Korbit to monitor employee and family member accounts

The Korbit exchange has announced its intention to monitor the accounts of its employees and their family members in a bid to improve internal control standards, according to local media. reports.

News 1 Korea reported the announcement and said additional monitoring of family members was not mandatory in the country at this time.

Korbit CEO Oh Se-Jin said the extensive oversight was part of efforts to bring the exchange’s internal control standards up to the level of traditional finance, according to the report.

Officers and employees of crypto exchanges are legally prohibited from trading on the exchange they work for based on South Korea’s implementing decree. Special Act on Specified Financial Information.

Bitcoin moves towards neutral sentiment on the Fear & Greed index

For the first time since April 2022, the Bitcoin Fear & Greed Index (FGI) broke out of the “fear” zone and moved into “neutral”.

Over the weekend, Bitcoin reached a score of 52 on the index as Bitcoin pushed over $21,000.

At press time, the score has slipped back slightly to the low end of the “fear” scale at a score of 45. The index started the year in the “extreme fear” zone, indicating that bearish sentiment controlled the market at the beginning of January.

However, as Bitcoin rose from the $15,600 to $17,200 range held in November and December, the FGI moved away from extreme fear.

Research Highlight

Research: Sustained Price Action Has Bitcoin Options Traders Eyeing $30,000

Bitcoin options traders have massively revised their expectations to $30,000 by the end of March, according to Glassnode data analyzed by CryptoSlate.

Recent price action has taken a decidedly bullish tone during the second week of the new year.

Since Jan. 8, BTC has recorded seven consecutive green daily closes, pushing it up 25% and recouping $20,000 for the first time since the FTX crashed around nine weeks ago. With that, sentiment among options traders has turned more bullish.

Previous research highlighted the bullishness of Bitcoin and Ethereum options traders, as evidenced by the prevalence of open interest calls, compared to put options, in both cases.

Calls and puts refer to buying and selling options respectively. These derivatives give holders the right, but not the obligation, to buy or sell the underlying asset at a given time at a predetermined price.

The spread of call and put options at predetermined floating (or strike) prices indicates general market sentiment.

At that time, for Bitcoin, the range between $15,000 and $20,000 was favored due to the relatively even distribution of calls and sells within this range. However, due to recent price action, Bitcoin options traders have become even more bullish.

Crypto market

Over the past 24 hours, Bitcoin (BTC) has gone up 1.77% to trade at $21,281.67, while Ethereum (ETH) was up 2.19% at $1,586.58.

The biggest winners (24h)

  • Ampere (AMP): 31.87%
  • Loop (LRC): 16.1%
  • Convex Finance (CVX): 15.71%

The Biggest Losers (24h)

  • Neutrino USD (USDN): -9.55%
  • NuCypher (NU): -8.76%
  • Serum (SRM): -8.36%

Read our latest market report





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