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FTX Miniseries on Prime Video, Hodlnaut Under Police Investigation, Cardano-Based Ardana Stops Development



Source: AdobeStock / JorgeEduardo

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________

Entertainment news

An eight-episode limited series about the FTX implosion from Joe and Anthony Russo’s production company, AGBO, has been set up at Amazon, Variety reported. Amazon is hoping to put the show into production in spring 2023. 

Legal news

Crypto lending platform Hodlnaut is under police investigation in Singapore for alleged fraud and cheating offenses. Hodlnaut and its directors are suspected of making “false representations relating to the company’s exposure to a certain digital token,” according to a police statement.The company contracted to recover FTX assets said it has managed to recover more than $740 million, per the November 16 figures, Fox Business reported. The digital asset financial services company BitGo, which was hired when FTX filed for bankruptcy on November 11, estimated that the amount of recovered and secured assets has likely risen above $1 billion since then.

DeFi news

Ardana, a decentralized ecosystem that had been working on a Cardano (ADA) stablecoin, has halted development because of funding and project timeline uncertainty. “Our code will remain open source for builders to continue our work going forward as they wish,” its tweet said and added that the “remaining funds and treasury balances etc will be held by Ardana Labs until another competent dev team in the community comes forward to continue our work.”

Exchange news

Bybit has established a $100 million fund to support institutional clients, it confirmed on Twitter. The exchange will offer up to $10 million to existing and new market makers on its platform, as well as dedicated account managers.CrossTower, which is currently bidding for the assets of Voyager Digital, is looking to acquire firms with a “good set of customers” and a “good balance sheet”. Per Bloomberg, CEO Kapil Rathi said that the exchange is “openly looking at different types of companies from an organic growth perspective.”

NFT news

The first non-fungible token (NFT) album to be nominated for a Grammy is with DAORecords on the NEAR blockchain, said an announcement by the Near Foundation. ‘Rhythm and Soul’ is a Jazz album produced by Arturo Sandoval in collaboration with MetaJAX, and it has been nominated for best Latin Jazz Album Grammy 2023.The prize pool for crypto exchange OKX’s NFT Football Cup has more than doubled since the event’s launch on November 8, said a press release. This brings the total prize pool for the NFT Football Cup above $2 million, and the total prize pool for the broader OKX Football Festival to more than $4 million.

Investment news

Overnight Finance, the asset management protocol offering passive yield products primarily for conservative stablecoin investors, has been awarded a 300,000 Optimism token grant (the approximate equivalent value of $300,000). An announcement said that the grant allocation will be utilized to develop a financial primitive that covers broad applications, from treasury management to liquidity mining. The Optimism Foundation is a nonprofit organization dedicated to growing the Optimism Collective, which scales Ethereum (ETH) technology.India’s wellness platform Growfitter has partnered with NEAR India, NEAR Foundation’s regional hub, to expand its operations globally. According to the press release, Growfitter’s integration into the NEAR blockchain is a significant step forward in the company’s commitment to expanding its presence in Vietnam, the Philippines, Dubai, and Singapore.

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NFT News

South Korean Gaming Giant WeMade Loses Legal Struggle Against WeMix Delisting



Source: Koshiro/Adobe

The South Korean gaming firm WeMade has lost its legal battle against the nation’s biggest crypto exchanges – who have decided to delist its wemix coin (WEMIX).

WEMIX was issued with an “investment warning” in October by the Digital Asset Exchange Association (DAXA). The DAXA is a group that comprises the nation’s four largest exchanges, namely Upbit, Bithumb, Coinone, and Korbit.

WeMade previously lodged a legal complaint with a branch of the Seoul Civil Court – but this was dismissed on December 8, Yonhap reported.

WEMIX 24-hour prices. (Source: CoinMarketCap)

This means the exchanges are now clear to delist the coin – and will begin doing so at the end of this month, with the process on schedule for completion in early January.

The ruling saw the value of WEMIX drop by almost 50% on Upbit in the morning (KST) of December 8. CoinGecko figures have the coin down almost 75% on the past 24 hours at the time of writing. Some $189 million worth of WEMIX has been transacted on Upbit in the past 24 hours, also per CoinGeck data.

DAXA was formed in the wake of the collapse of the Terra ecosystem coins in May – after politicians criticized exchanges for failing to make uniform Terra Luna Classic (LUNC) delisting decisions.

WeMade had harbored high hopes for its coin, which underpins many of its blockchain gaming operations. But exchanges have expressed concerns about the number of tokens in supply.

In January, WeMade said 245,966,797 tokens would be in circulation by the end of October this year. However, on October 25, there were 318,421,502 WEMIX tokens in circulation – meaning 72,454,705 additional coins appear to have been added to the supply.

WeMade has apologized for what it claims were mainly clerical errors. But DAXA appears to have been dissatisfied with this explanation, and eventually took the decision to delist the token.

Yonhap also noted that while WEMIX is also listed on overseas exchanges like, 90% of WEMIX trading is conducted through DEXA exchanges.

Angry Investors Protest WEMIX Delisting on Seoul Streets

The delisting move has led to the outbreak of angry street protests. A group calling themselves the Wemix Crisis Victims Council and comprising WEMIX investors held a rally in front of Upbit’s headquarters in Seoul’s Gangnam district earlier this month.

A spokesperson for the group was quoted as stating:

“WEMIX investors who suffered enormous losses due to the hasty decision to delist are suffering a pain that’s worse than death.”

Complaints urging DAXA to “withdraw” its delisting move have also drawn the attention of regulators.

The media outlet quoted Lee Bok-hyun, the head of the Financial Supervisory Service, as saying:

“It will be necessary to look into whether DAXA has taken its decsion in line with fair internal and external standards in order to judge whether these standards are correct or not.”

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NFTs minted on FTX break, highlighting Web2 hosting flaws



The FTX collapse highlighted many flaws in the crypto industry. Now, the effects of the FTX debacle have broken into the nonfungible token (NFT) space with users unable to view their FTX-hosted NFTs. 

In a tweet, Solana engineer jac0xb.sol pointed out how the metadata of FTX-hosted NFTs now points to a restructuring website that gives out information about bankruptcy proceedings. According to jac0xb.sol, the NFTs minted on FTX were hosted using a Web2 application programming interface (API), resulting in images not showing.

Example of an NFT hosted by FTX. Source:

After the FTX exchange filed for bankruptcy, the domain was entirely redirected to the bankruptcy proceeding page. Because of this, NFT owners are still able to see that their NFTs exist. However, images cannot be seen anymore, even when viewing them within wallets or listing them on NFT trading platforms. 

With this, jac0xb.sol also called out to collections that are still hosting metadata on Amazon Web Services, suggesting that there is a “lesson to be learned” with how FTX hosted their NFTs using a Web2 API service. In addition, some users even commented that this highlights problems with Web3 companies relying on centralized services like AWS or the Google Cloud Platform.

Related: The FTX contagion: Which companies were affected by the FTX collapse?

On Aug. 5, NFT executives brought up the topic of NFTs not living on the blockchain. In a Cointelegraph interview, Jonathan Victor, the Web3 storage lead at Protocol Labs and Alex Salnikov, the co-founder of Rarible, explained that technically, the tokens are stored somewhere else. The duo highlighted that main chains often are very limited in size and that it costs more to store data on the blockchain.

Despite the troubles brought about by the FTX collapse, the NFT industry remains confident in the future of the space. On Nov. 22, various players within the NFT space spoke with Cointelegraph and expressed their confidence that the space will eventually recover. The executives highlighted that it’s important for the NFT community to focus on bringing more utility to their collections.

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FTX’s Bankman-Fried to face market manipulation probe, Do Kwon chimes in



United States federal prosecutors have reportedly begun investigating whether the collapse of the Terra ecosystem was in fact triggered by market manipulation tactics by former FTX CEO Sam Bankman-Fried.

According to a Dec. 7 report from The New York Times (NYT), the prosecutors — as part of a broader inquiry into FTX’s own collapse — are investigating whether Bankman-Fried’s empire intentionally caused a flood of “sell” orders on Terra’s algorithmic stablecoin TerraClassicUSD, USTC (formerly UST).

The sudden increase in UST sell orders were said to make it difficult to match them with corresponding “buy” orders, which in turn forced more downward price pressure on UST, causing it to depeg from its intended 1:1 ratio with the U.S. Dollar.

The events also led to the fall of Terra’s native token, Terra Classic, LUNC (formerly LUNA) as the two cryptocurrencies were designed to be linked.

But while no one has been able to precisely determine the root cause behind the collapse of LUNC and USTC in May, it is known that the majority of the USTC sell orders came from Bankman-Fried’s trading firm Alameda research, according to the NYT.

A person with knowledge on the matter also told NYT that Alameda Researched also placed a big bet on the price of LUNC falling.

Like with most comments Bankman-Fried has shared since FTX’s collapse, the former CEO claimed that he was “not aware of any market manipulation and certainly never intended to engage in market manipulation,” according to NYT.

“To the best of my knowledge, all transactions were for investment or for hedging,” he added.

Related: The nightmare continues for Sam Bankman-Fried and FTX — Law Decoded, Nov. 14-21 

Responding to the recent report, Terraform Labs CEO Do Kwon shared his thoughts on the matter to his 1 million Twitter followers in a Nov. 8 tweet, who suggested it was time for Genesis Trading come clean about an alleged  $1 billion loan in UST to “SBF or Alameda” shortly before Kwon’s Terra ecosystem crashed.

Kwon also stated that a large currency contraction that UST underwent in Feb. 2021 was started by Alameda “when they sold 500mm UST in minutes to drain its curve pools during the MIM crisis.”

“What’s done in darkness will come to light,” Kwon added on the matter.

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