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Nov 29 • 4 tweets • 4 min read
1/ Today #BlockFi filed for bankruptcy.

And #BlockFi suspended user withdrawals on November 11.

After suspending withdrawals, #BlockFi transferred 27,806 $ETH ($33M) to #Gemini, and transferred stablecoins worth about $3.8M to address 0x22ff.👇

businesswire.com/news/home/2022…
2/ BlockFi 6 transferred 27,806 $ETH ($33M) to #Gemini.

etherscan.io/address/0x1080…
3/ BlockFi 3 and BlockFi 4 transferred a total of $3.8M worth of stablecoins to address 0x22ff.

etherscan.io/address/0x3fda…

etherscan.io/address/0x2a54…
4/ If you want to know how BlockFI went bankrupt, you can read my previous tweet.

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More from @lookonchain

Lookonchain Profile picture
Nov 29
Yesterday @AndreCronjeTech posted an article about Fantom's financial growth.

After that, the price of $FTM has risen by nearly 20%.

1.🧵

Here is a thread about $FTM.

andrecronje.medium.com/fantom-an-insi… Image
2.
$FTM is the primary token on the Fantom network.

$FTM is used for:

- Securing the network through staking.
- Payments.
- On-chain governance.
- Network fees.

fantom.foundation/ftm-token/
3.
The total supply is 3.175 billion $FTM, and 2.1 billion $FTM are currently in circulation while the remainder is reserved for staking rewards.

Here are $FTM token supply distribuion and release schedule.

coingecko.com/en/coins/fanto… ImageImage
Read 8 tweets
Lookonchain Profile picture
Nov 26
WBTC Depegging!

Affected by the Alameda/FTX crash, WBTC began to show signs of depegging on November 10.
And WBTC depegged to 0.9852 on November 25.

1.🧵

A thread about what happened to WBTC.

No FUD.
2.
What is WBTC?

Wrapped Bitcoin (WBTC) is an ERC20 token backed 1:1 with Bitcoin.

WBTC standardizes Bitcoin to the ERC20 format, creating smart contracts for Bitcoin.

wbtc.network
3.
Mint WBTC.

User sends 1 BTC to Merchant, Merchant sends 1 BTC to Custodian for storage, Custodian mints 1 WBTC and sends 1 WBTC to merchant, then merchant sends 1 WBTC to the user.
Read 13 tweets
Lookonchain Profile picture
Nov 25
Rumors that @cz_binance will acquire @renprotocol led to an 26% increase in the price of $REN.

1.🧵

Here is a thread about Ren Protocol ( $REN).
2.
Due to Alameda/FTX crash, the @renprotocol development team only has funding until the end of Q4.

To cover expenses, the team is going to raise additional funding.
medium.com/renproject/mov…
3.
What is Ren Protocol?

REN is a protocol aiming to provide access to inter-blockchain liquidity for all decentralized applications.

In short, the project attempts to bring Bitcoin (BTC), Bitcoin Cash (BCH), and other crypto-assets onto Ethereum.

renproject.io
Read 9 tweets
Lookonchain Profile picture
Nov 24
An hour ago, a whale removed 84,131 $ETH ($101M) from #Curve. Which caused the stETH/ETH pool out of balance, and stETH/ETH depegged to 0.9682.
debank.com/profile/0xf44a…

SmartMoneys have already made money on the temporary depegging of stETH/ETH.

1.🧵
Share with you. ImageImage
2.
MEV Bot arbitraged 104 $ETH ($124,800).

MEV Bot uses flash loan to obtain 8,000 WETH from 0x2718.

His exchange path is 8,000 ETH → 8,272 stETH → 7,537 wstETH → 8,104 WETH.

Then return 8,000 WETH to 0x2718 and make a profit of 104 $ETH.

etherscan.io/tx/0x9d8ac87f7… Image
3.
mandalacapital.eth longs stETH on #AAVE and takes profit when stETH/ETH returns to the peg.

He deposited 4,513.70 stETH to #AAVE and borrowed 3,193 ETH.

Exchange 3,193 ETH for 3,258.46 stETH.

Then borrow again to increase the leverage of long.

debank.com/profile/0xa117… ImageImage
Read 5 tweets
Lookonchain Profile picture
Nov 23
CRV war was played out on #Aave yesterday and ended with the longer defeating the shorter.

1.🧵

ponzishorter.eth shorted $CRV by borrowing and dumping $CRV;

$CRV guardians bought $CRV, soaring the price to $0.72, and liquidating all collateral of ponzishorter.eth.
2.
Why did ponzishorter.eth short $CRV?

There maybe 2 reasons.

1⃣ Profit by shorting $CRV.

2⃣ Liquidate Curve.fi founder's $CRV on #Aave by shorting $CRV.
3.
ponzishorter.eth began to borrow a small amount of $CRV and sell from Nov 14, causing the price to slowly drop from $0.625 to $0.464, a drop of 26%.

If he shorts $CRV through the perpetual contract on CEX, he will make a great profit.

etherscan.io/address/0x57e0… Image
Read 12 tweets
Lookonchain Profile picture
Nov 22
Today, ponzishorter.eth borrowed a large amount of $CRV from #Aave and pumped it.

Which caused the price of $CRV to drop from $0.537 to $0.407, a drop of 24%.

The sell-off continues for now.

1.🧵

A thread tells you what happened to $CRV. Image
2.
On November 13, ponzishorter.eth deposited about 40M $USDC into #Aave to borrow $CRV for selling.
Began to short $CRV for a week.

Which caused the price of $CRV to slowly drop from $0.625 to $0.464 over the past week, a drop of about 26%. ImageImage
3.
5 hours ago, ponzishorter.eth suddenly borrowed 20M $CRV ($9.9M) from #Aave and transferred to #OKEx for selling.

3 hours ago, borrowed 10M $CRV ($9.9M) from #Aave again.

etherscan.io/address/0x57e0… Image
Read 8 tweets

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