Daily Crypto News | December 13th, 2022


Welcome to Barmy’s Daily Crypto News – December 13th, 2022

1. Sam Bankman-Fried may be in custody in the Bahamas

The Tribune published an article on December 12, 2022, stating that Sam Bankman-Fried (SBF) had been detained. Following the Bahamian AG’s insistence that FTX was the focus of a “active and ongoing inquiry,” word of the investigation broke.

SBF was arrested after the United States formally informed us that it had charged SBF with a crime and would probably ask for his extradition.

He will face charges from the United States Securities and Exchange Commission (SEC), which will be distinct from the ones that led to his most recent detention in The Bahamas.

On December 12, the SEC tweeted a remark from Gurbir Grewal, the director of its division of enforcement, indicating that the organization has “approved separate charges relating to his violations of securities laws.”

With the ongoing assistance of its law enforcement and regulatory allies in the US and other countries, The Bahamas will continue its own regulatory and criminal investigations into the demise of FTX while the US is pursuing criminal charges against SBF Individual.

2. U.S. Leads by Number of CEX Users

According to Huobi Research’s “Global Crypto Industry Overview and Trends” yearly study for 2022–2023, connections to centralized exchanges (CEX) for cryptocurrencies are primarily from the United States, South Korea, and Russia (22% of all visits).

The United States is clearly in the lead when it comes to the total number of crypto users that generate CEX traffic, with a proportion that exceeds 9%. With 7.4%, 6.1%, 5.6%, and 3.8%, respectively, South Korea, Russia, Turkey, and Japan come in next.

The report also shows that in 2022, compared to the year before, the entire market size of CEXs shrank more noticeably. The proportion of distinct visitors fell by 24%.

3. The Jewel USD stablecoin (JUSD) will be launching on Polygon

Jewel USD (JUSD), a stablecoin that can be used on the Polygon network, is being released by Bermuda-based Jewel Bank on Monday.

Assuring the bank will always have enough money in its reserves to sustain each JUSD in circulation, Jewel stated in a news release that JUSD will maintain a reserve ratio with a minimum of 1:1 with the U.S. dollar. In addition, the bank said it will regularly check its stablecoin reserves and report on a monthly and quarterly basis.

As a result of Jewel’s relationship with Polygon, JUSD transactions will take place on the blockchain, and the bank will make use of the Polygon ecosystem to develop future commercial and retail stablecoin-based payment solutions.

The Bermuda Monetary Authority granted Jewel Bank complete bank and digital asset business licenses in June, making it the first digital asset bank in the nation.

4. TVL in Defi has shed 25.5% in value

The FTX crisis has had a significant negative impact on Defi as the total value locked (TVL) in Defi has lost 25.5% of its value in just 37 days.

With $6.26 billion in value locked and a dominance rating of 15.02% compared to the other defi protocols’ TVL standings, the defi protocol Makerdao now has the greatest TVL. According to Defillama.com stats, Makerdao’s TVL decreased by 8.41% during the course of the previous month.

On the other hand, over the past month, Convex Finance’s TVL indicators have grown by 43.87%. Of all the blockchains, Ethereum has the greatest value locked out, with $23.98 billion or 57.55% of the total locked in defi as of today.

The second-largest TVL on December 12 belongs to Binance Smart Chain (BSC), with an estimated $4.99 billion or 12.04% of the total. The smart contract platform’s token economy fell 7.77% versus the dollar over the past 62 days, or since October 11, 2022, from $283 billion to today’s $261 billion.

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