Bulletpoints
• NFTs accounted for 28% of ETH gas usage in January
• Defi, ERC20 and stablecoins categories occupy 8%, 8%, and 6% respectively
• Categories include Vanilla, ERC20, Stablecoins, DeFi, Bridges, NFTs, MEV Bots, and others

In January of this year, CryptoSlate analysts examined the gas usage shares of different transaction categories on the Ethereum (ETH) network and found that the NFTs category accounted for 28% of the total ETH gas usage. The second, third, and fourth categories that occupied the most significant gas usage by share appeared as Defi, ERC20, and stablecoins, with 8% for Defi and ERC20 and 6% for stablecoins.

The analysis divides all transactions on the ETH network into eight categories: Vanilla, ERC20, Stablecoins, DeFi, Bridges, NFTs, MEV Bots, and others. The vanilla category includes pure ETH transfers between Externally Owned Accounts (EOAs) issued without calling any contracts. The ERC20 class counts all transactions that call ERC20 contracts, excluding stablecoin transactions. The stablecoins category represents all fungible tokens that have their value pegged to an off-chain asset either by the issuer or by an algorithm. This category includes over 150 stablecoins, with Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and DAI (DAI) being the most prominent ones.

The Defi category covers all on-chain financial instruments and protocols implemented as smart contracts. Decentralized exchanges (DEXs) also fall under this category. More than 90 Defi protocols are represented in the category, with the most prominent ones being Uniswap, Maker, Compound, and Aave. The bridges category encompasses all transactions related to the interoperability of Ethereum with other networks such as Bitcoin, Polkadot, Tron, and more.

The NFTs category includes all transactions coming from non-fungible tokens (NFTs). NFTs are digital assets that represent ownership over a unique item on a blockchain. These digital assets are used to represent items like art, tickets, and collectibles. The MEV Bots category includes transactions related to miner extractable value (MEV). MEV bots are automated algorithms that look for arbitrage opportunities and exploit them to generate profits. Finally, the other category includes all other transactions on the network.

In summary, the analysis revealed that NFTs accounted for 28% of the ETH gas usage in January. The Defi, ERC20, and stablecoins categories occupy the second, third, and fourth largest share with 8%, 8%, and 6%, respectively. Other categories like Vanilla, Bridges, MEV Bots, and others accounted for a smaller percentage of the total gas usage.

• Yuga Labs, an NFT company, recently informed the community that their Mailchimp account had been compromised in a data breach.
• The compromised account had information from email campaigns that involved a limited number of people.
• Mailchimp identified the security breach on Jan. 11, and informed all affected accounts on Jan. 12.

Yuga Labs, an NFT company, recently issued a statement to its community that their account with email service provider Mailchimp had been breached. An „unauthorized actor“ had gained access to data in the Yuga Labs account, though there were no signs that any of the account’s data had been exported. The compromised account had information from email campaigns that involved a limited number of people.

The NFT company wanted to make sure that their community was aware of the breach as a precautionary measure, and stated that affected users would be contacted via a different email address. They also warned their community to always verify any announcements through official sources, and to be aware that there would be no surprise mints and that they would never DM users requesting sensitive information.

On Jan. 11, Mailchimp identified the security breach that affected 133 users‘ accounts. As a response, they informed all affected accounts on Jan. 12. In order to ensure the safety of user data moving forward, Mailchimp has taken additional measures to secure their servers and databases.

Yuga Labs has been working to ensure that their users‘ data is secure and that their NFT mints are safe from any potential malicious activity. They have warned their community to remain vigilant and to always verify any announcements through official sources. They have also encouraged users to report any suspicious activity or emails that appear to be from Yuga Labs. In addition, they have recommended users use strong passwords and two-factor authentication to protect their accounts.

• Binance-Voyager deal gets initial court approval despite SEC objections.
• Judge Michael Wiles approves the disclosure statements and asks attorneys to revise proposed order before giving final approval.
• Voyager counsel Joshua Sussberg said CFIUS would scrutinize foreign investments to determine national security risks.

The Binance-Voyager deal received initial court approval from the U.S. bankruptcy court for the Southern District of New York despite objections from the Securities and Exchange Commission (SEC). Judge Michael Wiles approved the disclosure statements that explained the various aspects of the deal, however, he asked the attorneys working on the deal to revise the proposed order before he gives final approval.

As part of the proposed deal, Voyager will receive $20 million in cash from Binance and will transfer user accounts to the Binance.US crypto exchange. This would enable Voyager customers to withdraw 51% of their deposits at the time of the bankruptcy declaration. In addition, Voyager counsel Joshua Sussberg said that the Committee on Foreign Investment in the United States (CFIUS) will scrutinize foreign investments in U.S. firms to determine national security risks. If CFIUS blocks the deal, the lender will have to repay customers with its crypto assets at hand, which would result in lower payouts for Voyager users.

While Judge Wiles gave the initial go-ahead to the deal, he still asked Voyager to seek the votes of all its creditors on the sale of its $1 billion assets to Binance. Once the creditors vote and the proposed order is revised, the deal will be finalized at a future court hearing. Until then, the SEC, CFIUS and New Jersey regulators will be allowed to raise objections to the final approval of the deal.

This proposed deal is an important step for both Binance and Voyager as it could help the crypto exchange gain a larger share of the crypto market in the United States. Binance will be able to offer Voyager customers access to its platform, while Voyager will be able to access a larger customer base. Ultimately, both companies will benefit from the deal, as it will help them grow their customer base and expand their presence in the crypto market.

Bulletpoints:
• Judge Martin Glenn ruled that the funds deposited in Earn Accounts belong to Celsius.
• The funds deposited in the Earn Accounts amounted to $4.2 billion.
• Celsius has until Feb. 15, 2023, to submit a detailed plan of how it will maximize profit for all creditors and stakeholders.

On January 4, Judge Martin Glenn issued a ruling in the Celsius bankruptcy case, determining that the funds deposited in Earn Accounts, amounting to $4.2 billion, belonged to Celsius and not the investors. The ruling document stated that when the cryptocurrency assets were deposited in Earn Accounts, they became the property of Celsius, and the remaining assets in the Earn Accounts became the property of the Debtors‘ bankruptcy estates.

At the time of the lawsuit, Celsius had around 600,000 accounts in its Earn program. Many account holders argued that they were entitled to their funds from the Earn Accounts and requested full returns. However, Judge Glenn determined that the funds belonged to Celsius. If the Judge had sided with the account holders, their recovery would have been tied to the distributions to unsecured creditors under a confirmed Chapter 11 plan.

Celsius has been granted an extension for submitting a Chapter 11 reorganization plan, and must submit a detailed plan by February 15, 2023 that discloses how it plans to maximize profit for all creditors and stakeholders. The bankruptcy case is still ongoing, and the outcome of the plan will be seen in the coming months.

• Dogecoin-rival Bonk has recorded 380% gains since the start of the new year.
• Social media mentions of Bonk have flooded users‘ timelines, with posts including mentions of airdrops, giveaways, meme posts, and comments on saving and uniting the Solana community.
• Solana’s leading NFT marketplace, Magic Eden, mentioned Bonk as a candidate for platform integration.

Dogecoin-rival Bonk has seen explosive growth over the past month, recording 380% gains since the start of the new year. On Jan. 3, BONK reached a new all-time high of $0.000000972799 in the early hours (UTC). Trading volume has also snowballed, growing more than 1,800% to over $5 million.

Social media mentions of Bonk have flooded users‘ timelines, with posts including mentions of airdrops, giveaways, meme posts, and comments on saving and uniting the Solana community during this challenging time. However, among the many posts are also undisclosed promotions from known shill accounts. Despite that, as evidenced by Bonk’s strong price performance, interest in the project is intensifying.

Solana’s leading NFT marketplace by volume, Magic Eden, has mentioned Bonk as a candidate for platform integration. This could bring more attention and adoption to the project, and help to further boost its price.

Little is known about the project, however. The whitepaper appears unlinked on the website as of press time, and CoinMarketCap shows little background information on the project. It will be interesting to see how it develops in the coming months, and whether it can keep its current momentum going.

• Three Arrows Capital co-founder Zhu Su alleged that Digital Currency Group (DCG) and FTX conspired to attack Terra LUNA and staked Ethereum (stETH).
• Zhu Su suggested that DCG’s subsidiary Genesis granted the first FTT-backed loan and took substantial losses from the bankruptcy of firms involved in its Grayscale’s Bitcoin Trust (GBTC).
• He claimed that FTX creditors have a case of fraudulent conveyance on Alameda’s capital returns to Genesis and that Genesis creditors will push it into bankruptcy soon.

Oluwapelumi Adejumo Jan. 3, 2023 at 9:00 am UTC

On January 3, 2023, a shocking allegation was made by Three Arrows Capital’s co-founder Zhu Su against Digital Currency Group (DCG) and FTX. This came in the form of a Twitter thread wherein Zhu Su alleged that DCG and FTX had colluded to attack Terra LUNA and staked Ethereum (stETH).

This allegation was based on the close relationship between Sam Bankman-Fried and DCG CEO Barry Silbert. According to Zhu Su, SBF was on the board of DCG’s subsidiary, Genesis, which had then granted the first FTT-backed loan. Over the past year, Genesis had received billions of FTT tokens from Alameda Research and FTX, both of which had since fallen into bankruptcy.

Zhu Su claimed that DCG had taken substantial losses from the bankruptcy of firms involved in its Grayscale’s Bitcoin Trust (GBTC). Instead of restructuring its businesses, DCG had employed misdirection tactics that allowed it to keep operating while insolvent and hoping the market would recover. Zhu Su said that DCG had “fabricated a left pocket right pocket callable promissory note that magically filled the hole”, comparing it to a kid losing at poker and saying “I am fine, my dad will pay you, let me keep playing” but with the “dad” actually being the player themselves.

Zhu Su suggested that DCG’s value was zero. He added that FTX creditors have a case of fraudulent conveyance on Alameda’s capital returns to Genesis. He claimed that Genesis creditors will push it into bankruptcy soon.

The allegation has caused a stir in the cryptocurrency space, leading many to wonder what the implications of this situation would be. If the allegations of collusion and fraudulent conveyance are true, then this could have serious consequences for DCG, FTX, and the cryptocurrency space as a whole. It remains to be seen whether the claims will be proven true and what the repercussions of such an event would be.