Financial Advisers News
Tuesday, January 31, 2023
  • Market Overview
    Most Adani shares continue losses; founder loses $28 billion in month

    Most Adani shares continue losses; founder loses $28 billion in month

    Russia-Ukraine war updates for Nov.30, 2022

    Russia-Ukraine war updates for Nov.30, 2022

    Bret Taylor steps down as Salesforce co-CEO, Marc Benioff stays as CEO

    Bret Taylor steps down as Salesforce co-CEO, Marc Benioff stays as CEO

    Young disgruntled workers are flocking to Reddit. Here’s why

    Young disgruntled workers are flocking to Reddit. Here’s why

    FTX CEO Sam Bankman-Fried denies crypto exchange fraud

    U.S. appeals court rejects Biden’s bid to reinstate student debt plan

    U.S. appeals court rejects Biden’s bid to reinstate student debt plan

    Trenches, endless mud and death: the Battle of Bakhmut

    Trenches, endless mud and death: the Battle of Bakhmut

    Stock futures tick higher after Wednesday’s rally

    Stock futures tick higher after Wednesday’s rally

    MARKET LIVE: Sensex off 300pts from high, Nifty holds 18,800; ICICI slips

    MARKET LIVE: Sensex off 300pts from high, Nifty holds 18,800; ICICI slips

  • Stock Markets
    Ryanair sees “robust” travel demand over Easter, summer holidays By Investing.com

    Ryanair sees “robust” travel demand over Easter, summer holidays By Investing.com

    Marriott International: Cozy Fundamentals With A Costly Stock (NASDAQ:MAR)

    Marriott International: Cozy Fundamentals With A Costly Stock (NASDAQ:MAR)

    Coppock Curve: Who Says ‘You Can’t Time The Market’?

    Coppock Curve: Who Says ‘You Can’t Time The Market’?

    Rondure Global Advisors Q3 2022 Commentary

    Rondure Global Advisors Q3 2022 Commentary

    Adobe Stock: Buy The Dip In This Excellent Compounder (NASDAQ:ADBE)

    Adobe Stock: Buy The Dip In This Excellent Compounder (NASDAQ:ADBE)

    Macro Headwinds To Keep Pressure On Copper Prices

    Macro Headwinds To Keep Pressure On Copper Prices

    U.S. CFTC chair to be questioned over FTX collapse by lawmakers By Reuters

    Meta executive says holiday sales were earlier and bigger this year By Reuters

    Investors with $30 trln to push companies on human rights, social issues By Reuters

    Investors with $30 trln to push companies on human rights, social issues By Reuters

    Exclusive-U.S. Chamber of Commerce warns against draft EU plan to exclude non-EU cloud vendors By Reuters

    Exclusive-U.S. Chamber of Commerce warns against draft EU plan to exclude non-EU cloud vendors By Reuters

  • Analysis Forex
    Pension Investments in Private Credit Hit Eight-Year High

    Pension Investments in Private Credit Hit Eight-Year High

    Most Viewed Business News Articles, Top News Articles

    Most Viewed Business News Articles, Top News Articles

    stock recommendations: Hot Stocks: Gland Pharma, Mirza International and Agro Tech Foods could give 19-30% return

    stock recommendations: Hot Stocks: Gland Pharma, Mirza International and Agro Tech Foods could give 19-30% return

    tata play ipo: Tata Play becomes first firm to file confidential papers with Sebi for IPO

    tata play ipo: Tata Play becomes first firm to file confidential papers with Sebi for IPO

    Fundamental Radar: 6 reasons why TCI Express could rally 20% in next 12 months

    Fundamental Radar: 6 reasons why TCI Express could rally 20% in next 12 months

    Inequality in Society Drives Stock-Market Performance

    Inequality in Society Drives Stock-Market Performance

    Being a Cheap Date Is Suddenly a Major Plus

    Being a Cheap Date Is Suddenly a Major Plus

    Car Makers Face Bumpier Road in China

    Car Makers Face Bumpier Road in China

    Meet Kevin, the ETF – WSJ

    Meet Kevin, the ETF – WSJ

  • Economy
    Goldilocks and the three bears By Reuters

    Goldilocks and the three bears By Reuters

    U.S. Inflation Reduction Act ‘super aggressive,’ Macron tells lawmakers By Reuters

    U.S. Inflation Reduction Act ‘super aggressive,’ Macron tells lawmakers By Reuters

    Indonesia November inflation cools further but stays above target By Reuters

    U.S. appeals court rejects Biden’s bid to revive student debt plan By Reuters

    Thai central bank raises key interest rate by 25 bps to 1.25% By Reuters

    IMF strategy chief heads to China, to focus on speeding up debt treatments By Reuters

    Asian FX bulls loom on signs of slowing Fed rate hikes, China reopening: Reuters poll By Reuters

    European shares jump on Powell’s speech, China relief By Reuters

    Thai central bank raises key interest rate by 25 bps to 1.25% By Reuters

    Philippines central bank ready to adjust policy settings amid resilient economy By Reuters

    China factory, services activities slide to 7-month lows on COVID curbs By Reuters

    Zambia on track for debt restructuring next quarter -finance minister By Reuters

    Dollar slips from one-week high on China hopes as Powell speech looms By Reuters

    At state visit, Biden and Macron face dispute over American subsidies By Reuters

    Dollar slips from one-week high on China hopes as Powell speech looms By Reuters

    RBI seen raising rates by smaller 35bps in Dec, hiking again in early 2023: Reuters poll By Reuters

  • Cryptocurrency
    Secret Network validator shuts down nodes after leadership turmoil By Cointelegraph

    Secret Network validator shuts down nodes after leadership turmoil By Cointelegraph

    Digital identity platform integrates with zkSync for on-chain KYC By Cointelegraph

    Over 3,000 New UNI Addresses Following NFT Aggregator Launch By CoinEdition

    Legal professionals astonished as SBF admits failures, apologizes 12 times in interview

    Legal professionals astonished as SBF admits failures, apologizes 12 times in interview

    Meta ‘powering through’ with Metaverse plans despite doubts — Zuckerberg

    Meta ‘powering through’ with Metaverse plans despite doubts — Zuckerberg

    Sam Bankman-Fried confronted over the fall of FTX in live interview By Cointelegraph

    Sam Bankman-Fried confronted over the fall of FTX in live interview By Cointelegraph

    EmpiresX ‘head trader’ to face 4 years of prison over $100M crypto ‘Ponzi’ By Cointelegraph

    EmpiresX ‘head trader’ to face 4 years of prison over $100M crypto ‘Ponzi’ By Cointelegraph

    FTX Token caused downfall, but tech still revolutionary By Cointelegraph

    Porsche 911 NFTs, BMW files Web3 trademarks, Baby Shark’s NFT game and more… By Cointelegraph

    Digital identity platform integrates with zkSync for on-chain KYC By Cointelegraph

    Digital identity platform integrates with zkSync for on-chain KYC By Cointelegraph

    U.S. CFTC chair to be questioned over FTX collapse by lawmakers By Reuters

    U.S. CFTC chair to be questioned over FTX collapse by lawmakers By Reuters

  • Forex
    Chinese yuan leads Asia FX higher in anticipation of Fed meeting By Investing.com

    Chinese yuan leads Asia FX higher in anticipation of Fed meeting By Investing.com

    Dollar slumps on Powell’s comments; Yen benefits the most By Investing.com

    Dollar slumps on Powell’s comments; Yen benefits the most By Investing.com

    S&P 500 Breaks Tight Range and Overtakes 200-Day Moving Average, Inflation and NFPs Ahead

    S&P 500 Breaks Tight Range and Overtakes 200-Day Moving Average, Inflation and NFPs Ahead

    Japanese Yen Leaps as US Dollar Sinks Post Powell. Is the Peak in Place for USD/JPY?

    Japanese Yen Leaps as US Dollar Sinks Post Powell. Is the Peak in Place for USD/JPY?

    Aussie Feeds Off Risk-On Sentiment Fueled by China and Fed

    Aussie Feeds Off Risk-On Sentiment Fueled by China and Fed

    Dollar slips lower; Powell speech, GDP data due By Investing.com

    Dollar slips lower; Powell speech, GDP data due By Investing.com

    EUR/USD ignores positive inflation surprise ahead of busy U.S. schedule By Investing.com

    EUR/USD ignores positive inflation surprise ahead of busy U.S. schedule By Investing.com

    Swiss inflation steady at 3.0% in November as expected By Reuters

    Euro sags against sterling after euro zone inflation cools By Reuters

    Asia FX rallies, dollar sinks as Powell touts tepid rate hikes By Investing.com

    Asia FX rallies, dollar sinks as Powell touts tepid rate hikes By Investing.com

  • Commodities
    Oil falls ahead of OPEC+, U.S. Federal Reserve meetings By Reuters

    Oil falls ahead of OPEC+, U.S. Federal Reserve meetings By Reuters

    Coterra Energy to pay $16.29 million for Pennsylvania water contamination plea By Reuters

    Coterra Energy to pay $16.29 million for Pennsylvania water contamination plea By Reuters

    European Gas Jumps as Lower Temperatures Set to Increase Demand By Bloomberg

    European Gas Jumps as Lower Temperatures Set to Increase Demand By Bloomberg

    Exclusive: China to allow home quarantine for some infected with COVID

    EU defends gas price cap proposal after country criticism By Reuters

    OPEC oil output drops in November after cut pledged -survey By Reuters

    OPEC oil output drops in November after cut pledged -survey By Reuters

    Oil up nearly 3% on jumbo U.S. crude draw as reserves use plummets   By Investing.com

    Oil up nearly 3% on jumbo U.S. crude draw as reserves use plummets   By Investing.com

    Gold hits over 3-month high as Powell flags slower rate hikes By Investing.com

    Gold hits over 3-month high as Powell flags slower rate hikes By Investing.com

    Oil rally stalls on weak Chinese data, uncertainty over OPEC cut By Investing.com

    Oil rally stalls on weak Chinese data, uncertainty over OPEC cut By Investing.com

    Europe wary of Turkish hub to hide gas ‘made in Moscow’ By Reuters

    Europe wary of Turkish hub to hide gas ‘made in Moscow’ By Reuters

  • Bonds
  • More
    • Analysis Cryptocurrency
    • Economic Indicators
      Spain’s 12-month inflation rate inched up to 5.8% in January By Reuters

      Spain’s 12-month inflation rate inched up to 5.8% in January By Reuters

      Investors need a different playbook for 2023

      Investors need a different playbook for 2023

      Fed hints at less aggressive rate increase

      Fed hints at less aggressive rate increase

      FirstFT: EU and US turn up the heat on Elon Musk

      FirstFT: EU and US turn up the heat on Elon Musk

      Jay Powell is no dove

      Jay Powell is no dove

      Emerging market stocks and bonds stage powerful rebound rally

      Emerging market stocks and bonds stage powerful rebound rally

      Thai central bank raises key interest rate by 25 bps to 1.25% By Reuters

      India’s jobless rate rises to three-month high of 8% in Nov

      Asian FX bulls loom on signs of slowing Fed rate hikes, China reopening: Reuters poll By Reuters

      India Nov factory activity hits 3-month high as inflation cools By Reuters

      Dollar slips from one-week high on China hopes as Powell speech looms By Reuters

      German retail sales fall in October as inflation takes hold By Reuters

    • Analysis Stock Markets
    • Crypto News
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  • Market Overview
    Most Adani shares continue losses; founder loses $28 billion in month

    Most Adani shares continue losses; founder loses $28 billion in month

    Russia-Ukraine war updates for Nov.30, 2022

    Russia-Ukraine war updates for Nov.30, 2022

    Bret Taylor steps down as Salesforce co-CEO, Marc Benioff stays as CEO

    Bret Taylor steps down as Salesforce co-CEO, Marc Benioff stays as CEO

    Young disgruntled workers are flocking to Reddit. Here’s why

    Young disgruntled workers are flocking to Reddit. Here’s why

    FTX CEO Sam Bankman-Fried denies crypto exchange fraud

    U.S. appeals court rejects Biden’s bid to reinstate student debt plan

    U.S. appeals court rejects Biden’s bid to reinstate student debt plan

    Trenches, endless mud and death: the Battle of Bakhmut

    Trenches, endless mud and death: the Battle of Bakhmut

    Stock futures tick higher after Wednesday’s rally

    Stock futures tick higher after Wednesday’s rally

    MARKET LIVE: Sensex off 300pts from high, Nifty holds 18,800; ICICI slips

    MARKET LIVE: Sensex off 300pts from high, Nifty holds 18,800; ICICI slips

  • Stock Markets
    Ryanair sees “robust” travel demand over Easter, summer holidays By Investing.com

    Ryanair sees “robust” travel demand over Easter, summer holidays By Investing.com

    Marriott International: Cozy Fundamentals With A Costly Stock (NASDAQ:MAR)

    Marriott International: Cozy Fundamentals With A Costly Stock (NASDAQ:MAR)

    Coppock Curve: Who Says ‘You Can’t Time The Market’?

    Coppock Curve: Who Says ‘You Can’t Time The Market’?

    Rondure Global Advisors Q3 2022 Commentary

    Rondure Global Advisors Q3 2022 Commentary

    Adobe Stock: Buy The Dip In This Excellent Compounder (NASDAQ:ADBE)

    Adobe Stock: Buy The Dip In This Excellent Compounder (NASDAQ:ADBE)

    Macro Headwinds To Keep Pressure On Copper Prices

    Macro Headwinds To Keep Pressure On Copper Prices

    U.S. CFTC chair to be questioned over FTX collapse by lawmakers By Reuters

    Meta executive says holiday sales were earlier and bigger this year By Reuters

    Investors with $30 trln to push companies on human rights, social issues By Reuters

    Investors with $30 trln to push companies on human rights, social issues By Reuters

    Exclusive-U.S. Chamber of Commerce warns against draft EU plan to exclude non-EU cloud vendors By Reuters

    Exclusive-U.S. Chamber of Commerce warns against draft EU plan to exclude non-EU cloud vendors By Reuters

  • Analysis Forex
    Pension Investments in Private Credit Hit Eight-Year High

    Pension Investments in Private Credit Hit Eight-Year High

    Most Viewed Business News Articles, Top News Articles

    Most Viewed Business News Articles, Top News Articles

    stock recommendations: Hot Stocks: Gland Pharma, Mirza International and Agro Tech Foods could give 19-30% return

    stock recommendations: Hot Stocks: Gland Pharma, Mirza International and Agro Tech Foods could give 19-30% return

    tata play ipo: Tata Play becomes first firm to file confidential papers with Sebi for IPO

    tata play ipo: Tata Play becomes first firm to file confidential papers with Sebi for IPO

    Fundamental Radar: 6 reasons why TCI Express could rally 20% in next 12 months

    Fundamental Radar: 6 reasons why TCI Express could rally 20% in next 12 months

    Inequality in Society Drives Stock-Market Performance

    Inequality in Society Drives Stock-Market Performance

    Being a Cheap Date Is Suddenly a Major Plus

    Being a Cheap Date Is Suddenly a Major Plus

    Car Makers Face Bumpier Road in China

    Car Makers Face Bumpier Road in China

    Meet Kevin, the ETF – WSJ

    Meet Kevin, the ETF – WSJ

  • Economy
    Goldilocks and the three bears By Reuters

    Goldilocks and the three bears By Reuters

    U.S. Inflation Reduction Act ‘super aggressive,’ Macron tells lawmakers By Reuters

    U.S. Inflation Reduction Act ‘super aggressive,’ Macron tells lawmakers By Reuters

    Indonesia November inflation cools further but stays above target By Reuters

    U.S. appeals court rejects Biden’s bid to revive student debt plan By Reuters

    Thai central bank raises key interest rate by 25 bps to 1.25% By Reuters

    IMF strategy chief heads to China, to focus on speeding up debt treatments By Reuters

    Asian FX bulls loom on signs of slowing Fed rate hikes, China reopening: Reuters poll By Reuters

    European shares jump on Powell’s speech, China relief By Reuters

    Thai central bank raises key interest rate by 25 bps to 1.25% By Reuters

    Philippines central bank ready to adjust policy settings amid resilient economy By Reuters

    China factory, services activities slide to 7-month lows on COVID curbs By Reuters

    Zambia on track for debt restructuring next quarter -finance minister By Reuters

    Dollar slips from one-week high on China hopes as Powell speech looms By Reuters

    At state visit, Biden and Macron face dispute over American subsidies By Reuters

    Dollar slips from one-week high on China hopes as Powell speech looms By Reuters

    RBI seen raising rates by smaller 35bps in Dec, hiking again in early 2023: Reuters poll By Reuters

  • Cryptocurrency
    Secret Network validator shuts down nodes after leadership turmoil By Cointelegraph

    Secret Network validator shuts down nodes after leadership turmoil By Cointelegraph

    Digital identity platform integrates with zkSync for on-chain KYC By Cointelegraph

    Over 3,000 New UNI Addresses Following NFT Aggregator Launch By CoinEdition

    Legal professionals astonished as SBF admits failures, apologizes 12 times in interview

    Legal professionals astonished as SBF admits failures, apologizes 12 times in interview

    Meta ‘powering through’ with Metaverse plans despite doubts — Zuckerberg

    Meta ‘powering through’ with Metaverse plans despite doubts — Zuckerberg

    Sam Bankman-Fried confronted over the fall of FTX in live interview By Cointelegraph

    Sam Bankman-Fried confronted over the fall of FTX in live interview By Cointelegraph

    EmpiresX ‘head trader’ to face 4 years of prison over $100M crypto ‘Ponzi’ By Cointelegraph

    EmpiresX ‘head trader’ to face 4 years of prison over $100M crypto ‘Ponzi’ By Cointelegraph

    FTX Token caused downfall, but tech still revolutionary By Cointelegraph

    Porsche 911 NFTs, BMW files Web3 trademarks, Baby Shark’s NFT game and more… By Cointelegraph

    Digital identity platform integrates with zkSync for on-chain KYC By Cointelegraph

    Digital identity platform integrates with zkSync for on-chain KYC By Cointelegraph

    U.S. CFTC chair to be questioned over FTX collapse by lawmakers By Reuters

    U.S. CFTC chair to be questioned over FTX collapse by lawmakers By Reuters

  • Forex
    Chinese yuan leads Asia FX higher in anticipation of Fed meeting By Investing.com

    Chinese yuan leads Asia FX higher in anticipation of Fed meeting By Investing.com

    Dollar slumps on Powell’s comments; Yen benefits the most By Investing.com

    Dollar slumps on Powell’s comments; Yen benefits the most By Investing.com

    S&P 500 Breaks Tight Range and Overtakes 200-Day Moving Average, Inflation and NFPs Ahead

    S&P 500 Breaks Tight Range and Overtakes 200-Day Moving Average, Inflation and NFPs Ahead

    Japanese Yen Leaps as US Dollar Sinks Post Powell. Is the Peak in Place for USD/JPY?

    Japanese Yen Leaps as US Dollar Sinks Post Powell. Is the Peak in Place for USD/JPY?

    Aussie Feeds Off Risk-On Sentiment Fueled by China and Fed

    Aussie Feeds Off Risk-On Sentiment Fueled by China and Fed

    Dollar slips lower; Powell speech, GDP data due By Investing.com

    Dollar slips lower; Powell speech, GDP data due By Investing.com

    EUR/USD ignores positive inflation surprise ahead of busy U.S. schedule By Investing.com

    EUR/USD ignores positive inflation surprise ahead of busy U.S. schedule By Investing.com

    Swiss inflation steady at 3.0% in November as expected By Reuters

    Euro sags against sterling after euro zone inflation cools By Reuters

    Asia FX rallies, dollar sinks as Powell touts tepid rate hikes By Investing.com

    Asia FX rallies, dollar sinks as Powell touts tepid rate hikes By Investing.com

  • Commodities
    Oil falls ahead of OPEC+, U.S. Federal Reserve meetings By Reuters

    Oil falls ahead of OPEC+, U.S. Federal Reserve meetings By Reuters

    Coterra Energy to pay $16.29 million for Pennsylvania water contamination plea By Reuters

    Coterra Energy to pay $16.29 million for Pennsylvania water contamination plea By Reuters

    European Gas Jumps as Lower Temperatures Set to Increase Demand By Bloomberg

    European Gas Jumps as Lower Temperatures Set to Increase Demand By Bloomberg

    Exclusive: China to allow home quarantine for some infected with COVID

    EU defends gas price cap proposal after country criticism By Reuters

    OPEC oil output drops in November after cut pledged -survey By Reuters

    OPEC oil output drops in November after cut pledged -survey By Reuters

    Oil up nearly 3% on jumbo U.S. crude draw as reserves use plummets   By Investing.com

    Oil up nearly 3% on jumbo U.S. crude draw as reserves use plummets   By Investing.com

    Gold hits over 3-month high as Powell flags slower rate hikes By Investing.com

    Gold hits over 3-month high as Powell flags slower rate hikes By Investing.com

    Oil rally stalls on weak Chinese data, uncertainty over OPEC cut By Investing.com

    Oil rally stalls on weak Chinese data, uncertainty over OPEC cut By Investing.com

    Europe wary of Turkish hub to hide gas ‘made in Moscow’ By Reuters

    Europe wary of Turkish hub to hide gas ‘made in Moscow’ By Reuters

  • Bonds
  • More
    • Analysis Cryptocurrency
    • Economic Indicators
      Spain’s 12-month inflation rate inched up to 5.8% in January By Reuters

      Spain’s 12-month inflation rate inched up to 5.8% in January By Reuters

      Investors need a different playbook for 2023

      Investors need a different playbook for 2023

      Fed hints at less aggressive rate increase

      Fed hints at less aggressive rate increase

      FirstFT: EU and US turn up the heat on Elon Musk

      FirstFT: EU and US turn up the heat on Elon Musk

      Jay Powell is no dove

      Jay Powell is no dove

      Emerging market stocks and bonds stage powerful rebound rally

      Emerging market stocks and bonds stage powerful rebound rally

      Thai central bank raises key interest rate by 25 bps to 1.25% By Reuters

      India’s jobless rate rises to three-month high of 8% in Nov

      Asian FX bulls loom on signs of slowing Fed rate hikes, China reopening: Reuters poll By Reuters

      India Nov factory activity hits 3-month high as inflation cools By Reuters

      Dollar slips from one-week high on China hopes as Powell speech looms By Reuters

      German retail sales fall in October as inflation takes hold By Reuters

    • Analysis Stock Markets
    • Crypto News
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Home Analysis Cryptocurrency

Decentralization Trends as DEX Tokens Surge Post FTX Collapse

December 1, 2022
in Analysis Cryptocurrency
Here’s Why Wrapped Ethereum Isn’t in Trouble
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DeFi tokens surged as investors lost trust in centralized exchanges post FTX.

After FTX/Alameda Research imploded, we are seeing a dual migration of digital assets. As bank runs threaten centralized exchanges, decentralized exchanges are taking up the trading volume. Consequently, DEX tokens are surging ahead of their CEX counterparts.

Decentralization is Trending

The decade-old mantra “not your keys, not your coins” seems to have taken full effect after the FTX collapse. Decentralized exchange is getting into the top range of the world’s CEXes. In the last 24 hours, Uniswap DEX achieved $1.10 billion trading volume or $2.85 billion since November 13th.

Comparatively, the second largest CEX, Coinbase (NASDAQ:), is on a downward trajectory, at $1.9 billion, a -16% reduction since Monday. Given the wide gap between employees servicing both platforms, fewer than 100 on Uniswap vs. over 5,000 on Coinbase, this is quite telling.

As a result of this spike in self-custody and decentralized finance, DEX tokens are also on the upswing. According to Delphi Digital, the DEX basket of tokens is up by +24% vs. the equivalent CEX basket, which is down by -2% since November 11th.

DEX Tokens Performance Chart

DEX Tokens Performance Chart

Image credit: Delphi Digital

DEX basket of tokens consists of key players in the DeFi ecosystem, including , which popularized perpetual trading. Other weighted DEX tokens are UNI, , , , , and . They were pitted against the CEX basket consisting of FTT, BNB, GT, ASD, CRO, HT, KCS, OKB, and MX.

DyDx, Bitcoin and Ledger Showcasing Decentralization Winds

From Nov. 7 to Nov. 8, DyDx saw a massive +392% volume increase, followed by another +100% uptick from Sunday to Monday, at $1.05 billion. However, the wide-scale industry FUD has suppressed DyDx trading volume back to under the $300 million range.

Meanwhile, have been exiting CEX wallets at a record pace. According to glassnode, the BTC migration from CEX into self-custody wallets is unfolding at a historic rate of 106k BTC/month. Over the last week, this accounts for ~$3.7 billion worth of bitcoins.

Predictably, hardware wallet providers are having a field day. Both Ledger and Trezor are seeing historic sales numbers this week.

Tweet

Tweet

Likewise, Josef Tetek, Bitcoin analyst at Trezor reported an exponential rise in sales since November 7th. Predictably, Bitcoin dominance is also rising, just as it was after the meltdown. If one excludes manipulative centralized tokens like FTX (FTT) and non-crypto stablecoins, Bitcoin’s realized dominance is at an all-time high since December 2017, at 59%.

Bitcoin Realized Dominance

Bitcoin Realized Dominance

It seems that the FTX collapse served to further differentiate Bitcoin, as core P2P value without masters, against the centralized crypto layer built after Bitcoin popularized the very concept of digital assets.

FTX Implosion Fallout

So far, FTX’s multi-layered fraud revealed that the exchange misappropriated up to $10 billion to prop up SBF’s original venture, the Alameda Research hedge fund. Over the weekend, the situation was exacerbated with a purported hack draining at least $400 million from what was left of users’ funds.

Former senior engineer at FTX, Yung Dot, had also revealed an FTX backdoor called augmented deficit decoder (ADD). Originally, the program was supposed to protect the FTX codebase, but it can also be turned to obfuscate transactions, therefore facilitating the “wrongdoing by executives”. Former FTX engineer Yung Dot said,

“Our ADD that we had spent four years working on was now being used fraudulently with very little regard for our wishes. Now we are left with this – lots of questions.”

Overall, Blockworks research found that between 25% to 40% of crypto-oriented funds have their assets trapped or exposed in the FTX collapse. The contagion damage could then range between $1 billion to $5 billion, on top of lost user funds and the loss of industry-wide confidence.

How Does FTX Implosion Stack Up Against DeFi Hacks?

Comparatively, 2022 has been the year of DeFi hacks, at over $3 billion across 125 hacks. October alone had seen 11 hacks that drained $718 million from 11 DeFi protocols. Tellingly, most of the damage came from blockchain bridges, as well-known central points of failure.

Because these bridges serve as intermediary asset repositories between blockchain networks, hackers have been exploiting the lack of node redundancy to the maximum. Ronin Bridge, connecting to , is still the top loser at $620 million lost. Wormhole Bridge, connecting Ethereum and to , ranks second, at $320 million. In third place is Nomad Bridge, having lost $190 million.

However, even CEXes are not exempt from bridge attacks, as Binance Bridge was subject to a potential $600 million attack. Interestingly, Binance quickly halted it after CZ asked BSC validators to suspend operations, showcasing an upside in blockchain centralization. Where does that leave the crypto space?

  • DEXes rely on decentralization, transparency, and smart contracts to eliminate centralized scheming. But smart contracts can be exploited.
  • CEXes are prone to obfuscation and centralized leveraging, leaving users in the dark if their funds are recoverable at the next market downturn.

On the DEX side of the equation, much work has to be done on code auditing, while CEXes are going in the direction of proof-of-reserves and proof-of-liabilities. As the third, originating party, Bitcoin remains a safe haven, immune to both code abuse and centralized scheming.

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