Daily Crypto News Digest

Tokonomo Daily Crypto News Digest – April 4th

Signature Bank provided Tether with access to the U.S. financial system

According to a report by Bloomberg, Tether, which is the largest stablecoin issuer in the world, utilized Signature Bank to transfer U.S. dollar funds from the United States to the Bahamas.

Tether utilized Signature Bank’s Signet payments platform to transfer the funds of its U.S. clients to its banking partner in the Bahamas, Capital Union Bank until Signature Bank was closed down by regulators in March.

However, Tether’s Chief Technology Officer, Paolo Ardoino, responded to the article by stating that Tether had no direct or indirect involvement with Signature.

Tether's CTO Tweet

Although regulators shut down the bank, Signet, which was established in 2019 as a real-time payments platform and was vital for many institutional crypto clients, such as Coinbase and Kraken, continues to operate.

Euler, in a statement, announced that all the funds that were stolen in the $200M hack and were considered recoverable, have been returned

Euler Finance announced on Twitter that the individual who was responsible for draining around $200 million of assets from the decentralized lending platform has returned all the “recoverable funds.”

Euler Tweet

According to data on Arkham Intelligence, the crypto address connected to the hacker transferred 10,580 ETH (worth about $19 million) to Euler on Monday, which indicates a favorable resolution to one of the most significant crypto hacks of the year.

In the cyber attack last month, the lending platform was exploited, and nearly $200 million worth of digital assets were drained, including DAI, WBTC, SETH, and USDC.
In the following weeks, the attacker returned most of the stolen funds to the protocol and even appeared to apologize in a message appended to one of the blockchain transactions.

The Euler Foundation announced on Tuesday that it intends to introduce a plan to restore user deposits in the protocol’s forum in the coming days.

Following the display of the Dogecoin logo on Twitter, liquidations of Dogecoin futures have surged to $26 million

Coinglass data reveals that futures linked to the widely traded dogecoin (DOGE) token have recorded liquidations worth $26 million over the last 24 hours, a higher-than-average movement.

The liquidations were almost evenly distributed between longs, which represent bets on DOGE, and shorts, which indicate bets against it.

Long positions accounted for $10 million in liquidations, while shorts suffered $13 million in losses.
Traders using the crypto exchange OKX were the most affected, losing $12 million on DOGE futures contracts.
The unsettled futures contracts, or open interest, for DOGE futures surged to over $580 million.

The majority of the liquidations occurred after Twitter appeared to alter its bird logo to an image popularly associated with DOGE.

Updated Twitter Logo

Twitter CEO Elon Musk commented on the matter in several tweets, hinting that it was not a fleeting April Fools’ Day joke.

OpenSea, a leading marketplace for non-fungible tokens (NFTs), has announced the launch of OpenSea Pro, a platform designed to meet the needs of professional NFT traders.

OpenSea Pro

The new marketplace, which is a rebranded version of Gem v2, will feature advanced trading tools and pull listings from 170 different marketplaces.

OpenSea Pro will support features such as zero fees, floor sweeping, instant sales, inventory management, gas fee optimization, a watchlist, and more.
The platform will be available on mobile devices and is expected to attract users who are looking for the best deals and efficient trades.

Following the arraignment of former President Trump in New York, sales of his NFTs have seen a significant increase

Donald Trump’s NFT collection experienced a surge in sales following his court appearance in New York City, according to data from OpenSea.

In the hour after the appearance, 30 tokens from the Trump Digital Trading Card collection were sold, a 462% increase and 47 were sold over a six-hour period.

Donald Trump's NFT collection activity
Collection Activity. Source: OpenSea

However, this increase is relatively small compared to other NFT collections.
The Nakamigos collection, for example, had 1,286 sales in the same six-hour period.

The former president’s digital collectibles were released in December for $99 per token, and the collection quickly sold out.
The floor price has remained steady at around 0.5 ether (ETH), or about $930.

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Tokonomo Daily Crypto News Digest – April 3rd
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