For those that are not aware, the deadline to claim your debt from FTX is end of September.

https://claims.ftx.com/

From there you login as usual, 2FA as usual and confirm your email.

Now I am confused because on Step 3, it says "KYC is recommended but not required". Says you can skip KYC and move to Step 4 to verify balance and Step 5 to file your claim.

However later it states that you must begin your KYC process and file your claim by Sept 29. Any claim of a customer with an unverified KYC status will be deemed unverified and the Debtors reserve to object such claims on missing or incomplete KYC info.

Does anyone know what this means? I would KYC if I knew 100% I would get back at least 50% of my funds. If in 5 years, all I get is 10% then they can just keep it and not going to bother with this.

Does such as service exist? I recall there was one that was called RennBTC (or something similar) however due to FTX collapse they got shut down. I recall it was possible to take Bitcoin on the bitcoin blockchain and bridge it to WBTC which was on the Ethereum blockchain.

So wondering if there are any services out there or so called bridges that make this possible? I know its very easy to bridge with ETH, ARB, POLY, BNB, ZkSync, etc however is it possible to bridge back and forth with the BTC blockchain?

Wanted to use my account after years of inactivity. But before I could do anything it asks for KYC. Why does an mining hash rate marketplace ask for KYC exactly? It’s not an exchange.

This is ridiculous. Especially giving them KYC after that hack that happened years prior. Makes me wondering where they will draw the line on all this KYC stuff.

Any other services such as Nicehash without KYC?

Hearing that there is some exploit with any software wallets which use Libbitcoin Explorer 3.x

However they are not stating which wallets are affected. Only that so far $900,000 was stolen due to some poor random number generator when generating seeds.

How do we find out if Electrum uses this dependency?

Looks like there might be another depegging going on. Apparently the company who is in charge of TUSD has gone in receivership. And there is speculation that TUSD is insolvent.

Word is out that it’s being propped by Binance and will soon depeg. Apparently you can’t redeem TUSD anymore. Someone tried to redeem for USD and got sent USDT instead. Currently it’s popular on Binance due to 0 fees and much of this stablecoin is locked up.

However if you look at the curve stats you can see that something like 70% is of the TUSD stablecoin. Also looks like a slight depeg just started at 0.9975

It seems that he has tons and tons of bots and almost on every pair from time to time there is a sandwich attack by him.

Basically if you see a token at 10 cents, you send an order but he buys it first at 10 cents, and you are forced to buy it at 11 cents and in the same second he sells it for 11 cents, so you basically overpay.

Only way I can see is making small orders at a time instead of a large order at once but with the V3 uniswap fees its going to cut into the profits especially when gas fees are high.

Wondering if anyone here has any tips ?

A lot of people are smashing their ledgers into pieces when they announced a service to custody people’s seeds. This sparked outrage because it makes it possible for the secret seed to be extracted from the device.

A year ago or so they claimed it’s impossible for the seed to leave the device and now they are claiming it’s possible.

No funds were stolen but it seems that hardware wallets aren’t as safe as people assumed. The biggest issue here is that it’s not open source and no one can verify if it’s actually secure.

What are your thoughts?

I got an Antminer S5 somewhere in a box collecting dust in my basement. I think with all these crazy BTC fees we are getting it might be profitable again.

I modded this ASIC and it’s fairly quiet and you can probably sleep in the same room. Would sure bring back memories to the good old 2015 days when Bitcoin was $200.

Anyone know how to fix this?

I don't have any ETH on this wallet but I got other balances on other chains like Polygon, Arbitium and ZkSync Era. My ETH wallet is empty. I need it to connect because I got an ZkSync Lite transaction I want to confirm, I need it to connect to the ETH chain to be able to approve the transaction.

Its just stuck on "Connecting to Ethereum Mainnet" and times out after 30 seconds. It connects instantly to the other chains no problem. I searched Google and seems I am the only one with this issue.

So it seems every month there is some bank which collapses. And we might get another regional bank or two which is about to get seized this weekend. It leads me to think we will get a credit crunch again and another recession.

Now I am wondering what was the cause of this? Was it SBF? Obviously SBF is not to blame the bad management at these regionals however the way I see how it happened was…

SBF causes massive panic in the crypto world.
Leads to bank run on Silvergate which shows the Hold-to-Maturity losses
Some customers get worried of their deposits at other banks such as Silicon Valley and do a bank run.
Later Signature, Credit Suisse, First Republic experience more bank runs.
Now it’s WAL and PACW

So did this originate from SBF? Can he bad the actual cause of a huge financial collapse?

Good news today from the FTX lawyers. They said that over $7.3B has been recovered and they are considering actually rebooting the exchange somewhere in the Q2.

FTT is rallying over 40% on this news, almost topping $2.

The only issue with this is that if assets such as SOL drop back down to <$10 then obviously they won't have $7.3B anymore. Since their largest holding is SOL with owning over 10% of the supply. Either way its a good win since many will get some of their assets back at least. Hopefully this wont be another MtGox which took over a decade.

I am playing around with certain defi's like Uniswap. When I want to swap a token, it asks me to approve a function which allows spending for a certain token such as "USDT". So I approve this and then I can make a swap with another token such as swapping USDT for WBTC.

However for security issues, is it possible to remove this "Approve to spend all my USDT"? Or is it not possible?

Do I just send all my left over USDT to a new address or do I need to make a completely new wallet and send it there?

So we all heard now the Fed provided liquidity to all these banks which had tons of unrealized losses due to their bond portfolios.

The fed balance sheet basically erased months and months of declines in the last week due to this. Now my question is will this increase inflation or not?

Because this money doesn’t go to the people to spend. All it does it prevented a customer from losing all their money over $250K. They provided the liquidity and most likely will give the money back once the bonds mature in 10 years time.

What does everyone think of the feds actions?

Ok So I understand that for Polygon, the native token is Matic which is used for all the gas fees. For Arbitium One its ETH.

I am confused if its possible to hold ERC20 tokens like USDT or USDC on these chains and not on ETH chain.

Basically is it possible to hold Tether on Polygon or Arbitium One? Because its called Cross-chain for some reason. However when I look at the block explorer some address in Polygon contain ERC20 tokens which are Tether or USDC, So I am completely confused here.

For those that don't know. Silicon Bank was 1 of 6 banks which held 25% of Circle's USDC reserves. 75% were held in short term treasuries but 25% in actual banks. The problem is Circle doesn't want to state how much they have in SVB and there is panic ongoing.

Currently looking at their redemptions looks like 9-10 figures worth is getting redeemed for fiat.

https://etherscan.io/tokentxns?a=0x55fe002aeff02f77364de339a1292923a15844b8

Looking at various exchanges, you can now buy USDC for 0.96 on Gemini and other exchanges, it wicked 0.95 a few times. Going to get worse and worse as the weekend goes on and the SVB situation is not resolved.

Even some Defi platforms have people dumping USDC / DAI for USDT. Not looking good.

Choas across all the markets. Silicon Valley bank has collapsed in a manner of hours due to a bank run caused by the fed hikes. Right now there are half a dozen banks with double digit losses trading like low cap alt-coins. The worse of this is Charles Schwab. And I think the fed will finally step in to protect it.

The fed doesn't care about Silvergate or Silicon Valley but Schwab is pretty big. I think any day now we will get the pivot and all markets will rally which are considered risk-on. Sure inflation is bad but I don't think the fed wants a major bank collapsing sending shockwaves across the entire financial system.

If the fed pivots then Crypto and stocks should rally. The hint is in the bond markets. Currently they are rallying like crazy.

So today NYAG decided to go after Huobi and says ETH is a security. Do you agree to this?

From what I understand, Bitcoin is not a security because it’s POW and because it wasn’t pre-mined. Satoshi never had an ICO of any kind. He started to mine at block 1 and when the network activity took off he stopped mining shortly after.

ETH is tricky because right now it’s not POS and when it was created it had an ICO. Price was like $0.50 per ETH in 2014 or around.

So what do you think?

So the FTX contagion is finally hitting the regional banks. All of a sudden today SVB bank, a top 20 commercial bank lost like -80% value in a single day.

This comes the day before Silvergate bank said it’s going to liquidate. I think what happened was that many customers of SVB knew that a large portion of its books was in the mortgage backed securities market and these were at a loss due to fed interest rate hikes. Exactly what took down Silvergate. They had a lot of their assets in government bonds which they had to sell at a loss to make up for liquidity. Many on SVBI knew this and it underwent a bank run.

Earlier the bank realized the MBS loss and was raising for money to generate liquidity. However like Silvergate, this will cause even more panic and more bank runs and they will have to sell even more MBS at a loss. And it’s possible this huge bank might be another Silvergate bank.

The mess that SBF started is just nuts… many really must hate that guy.

Been reading all the news reports and saw that the stock lost -60% today alone. Seems that more than half a dozen exchanges have stopped to do business with silvergate.

Basically they delayed some 10K filing and said that they might have issues continuing operations. Seems like the FTX contagion is continuing, when I assumed that the worst was done.

This was a big bank for crypto. I think I even wired some funds into the bank in the past.

What does everyone think will happen? Is it just FUD?

So the hype this week was when Coinbase listed Blur. Then we got the airdrop and if you are looking at the Gas guzzler sources you will see that Blur has more activity than Opensea. It also has more volume. And there is another airdrop round 2 coming and they are going to airdrop more tokens for bidders and holders of NFTs.

Already there are many people who are buying massively on Blur to get the airdrop and maybe are listing their NFTs on Blur from Opensea. Seems there is a massive fight between these two NFT giants.

What does everyone think of Blur? Does it have the capacity to overtake Opensea in the long run? Currently its market cap even fully diluted is like $2B but Opensea was valued at something like $13B so it seemed under valued even with full diluation. Currently there is only 400,000,000 or so token released out of a possible 3,000,000,000.