{"id":9600,"date":"2023-01-06T02:58:48","date_gmt":"2023-01-06T02:58:48","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=9600"},"modified":"2023-01-06T02:58:49","modified_gmt":"2023-01-06T02:58:49","slug":"silvergate-and-genesis-layoffs-mango-exploiter-detained","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9600","title":{"rendered":"Silvergate and Genesis layoffs; Mango exploiter detained"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n   <\/p>\n<p><em>The biggest news in the cryptoverse for Jan. 5 saw two notable companies, Silvergate and Genesis, lay off a large portion of their staff. Meanwhile, authorities ordered the detention of Mango Markets hacker Avraham Eisenberg while the SEC took action against a scam called CoinDeal. Plus, new research about the behavior of Bitcoin whales.<br \/><\/em><\/p>\n<h2>CryptoSlate Top Stories<\/h2>\n<p>Silvergate Capital bank forced to sell assets at loss, fires 40% of staff<\/p>\n<p>Silvergate Capital was forced to sell assets at a loss in order to cover an $8.1 billion bank run. In response to the crisis, Silvergate laid off approximately 200 employees \u2014 40% of its staff \u2014 and announced plans to \u201cpare back its businesses,\u201d according to The Wallstreet Journal.<\/p>\n<p>Genesis sacks 30% of workers, may file for Chapter 11 bankruptcy<\/p>\n<p>Beleaguered crypto lender Genesis has sacked 30% of its workers and may file for bankruptcy, <em>The Wall Street Journal<\/em> reported Jan. 5, citing people familiar with the matter.<\/p>\n<p>Genesis previously laid off 20% of its workforce in August 2022, citing\u00a0market conditions.<\/p>\n<p>In a Jan. 4 statement, Genesis CEO Derar Islim gave hints about this new development. Islim wrote that Genesis was \u201creducing costs and driving efficiencies\u201d in all of its businesses.<\/p>\n<p>US Court orders detention of Mango Markets exploiter over flight risk<\/p>\n<p>A U.S. district court has ordered the detention of\u00a0 Mango Markets\u2019 exploiter Avraham Eisenberg over concerns that he may flee before the trial is finished.<\/p>\n<p>Avraham Eisenberg was arrested on Dec. 27 for allegedly exploiting Mango Markets to steal assets worth approximately $110 million. The accused has publicly admitted to perpetrating the attack.<\/p>\n<p>Low volume killed 66% of coins in last 10 years<\/p>\n<p>A recent study shows that the most common reason for cryptocurrencies dying off is the lack of trading volume with a rate of 66% while being a scam and hosting unsuccessful ICOs are the second and third most common reasons for failure.<\/p>\n<p>SEC charges 8 people tied to CoinDeal scheme<\/p>\n<p>The U.S. Securities and Exchange Commission has filed charges against eight individuals involved in a crypto scheme called CoinDeal, according to a Jan. 4 press release.<\/p>\n<p>CoinDeal\u2019s perpetrators raised over $45 million by selling unregistered securities to investors. They promised high returns and insisted that CoinDeal\u2019s blockchain technology would be sold to wealthier buyers for trillions of dollars.<\/p>\n<p>Pionex removes Huobi\u2019s market-making funds<\/p>\n<p>Singaporean crypto exchange Pionex announced that it removed Huobi\u2019s market-making funds from its platform due to the gradually declining trading activity on the exchange.<\/p>\n<p>Pionex is a crypto exchange that allows its users to automate their trading activities by using 12 built-in trading bots. It currently has 379 tokens available for trading. The exchange was banned by South Korea on Aug. 18, 2022, for being unregistered.<\/p>\n<h2>Research Highlight<\/h2>\n<p>Research: Bitcoin super whales remain aggressive accumulators, retail sells<\/p>\n<p>Glassnode data analyzed by <em>CryptoSlate <\/em>showed a divergence between super whales and retail, with the former remaining in aggressive accumulation mode going into the new year.<\/p>\n<p>The Accumulation Trend Score (ATS) looks at the relative size of entities that are actively accumulating or distributing their Bitcoin holdings.<\/p>\n<p>The ATS metric uses a spectrum between 0 to 1. A reading closer to 0 indicates distribution or selling. While a score closer to 1 shows accumulation or buying.<\/p>\n<p>Analysis of the chart below showed that substantial accumulation happened during the FTX collapse around early November 2022, even as the Bitcoin price reacted negatively to the news.<\/p>\n<p>This suggests that investors, as a whole, saw value in buying at discounted prices.<\/p>\n<h2>Crypto Market<\/h2>\n<p>In the last 24 hours, Bitcoin (BTC) rose 0.17% to trade at $16,1856.12, while Ethereum (ETH) was down 0.06% at $1,252.21.<\/p>\n<h3>Biggest Gainers (24h)<\/h3>\n<p>Revain (REV): 42.4%LocusChain (LOCUS): 34.3%Bone ShibaSwap (BONE): 20.48%<\/p>\n<h3>Biggest Losers (24h)<\/h3>\n<p>Huobi Token (HT): -10.07%Creditcoin (CTC): -7.37%Kaspa (KAS): -6.78%<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/cryptoslate-wrapped-daily-silvergate-and-genesis-layoffs-mango-exploiter-detained\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The biggest news in the cryptoverse for Jan. 5 saw two notable companies, Silvergate and Genesis, lay off a large portion of their staff. Meanwhile, authorities ordered the detention of Mango Markets hacker Avraham Eisenberg while the SEC took action against a scam called CoinDeal. Plus, new research about the behavior of Bitcoin whales. CryptoSlate [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9601,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-9600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9600"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9600\/revisions"}],"predecessor-version":[{"id":9602,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9600\/revisions\/9602"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9601"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}