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FTX Sues Binance and CEO Changpeng Zhao for $1.7 Billion
FTX has filed a $1.76 billion lawsuit against Binance and its founder, Changpeng Zhao, claiming that the funds were fraudulently transferred as part of a share repurchase agreement in 2021. According to the lawsuit, FTX bought back Binance’s stake using customer funds, even as its affiliated trading firm Alameda Research was insolvent. The filing also accuses Zhao of destabilizing FTX through misleading tweets, leading to a “run on the bank” that precipitated the exchange’s collapse. Binance has dismissed the allegations as “meritless.” This lawsuit is part of a broader effort by FTX’s bankruptcy estate to reclaim funds for creditors, having filed over 20 similar suits targeting various former executives and third parties connected to the exchange’s downfall.
ENS Labs, the team behind the Ethereum Naming Service (ENS), announced plans to launch Namechain, a Layer 2 network designed to enhance interoperability and lower costs for ENS users. Namechain, expected to go live by the end of 2025, will allow users to initiate ENS services from any Layer 2 network, promoting accessibility across Ethereum's ecosystem. Built with zero-knowledge proof technology for secure, off-mainnet transactions, Namechain will reduce transaction costs by approximately 99% compared to Ethereum’s Layer 1. ENS Labs emphasized that Namechain’s focus is user experience and decentralized governance rather than traditional metrics like total value locked (TVL). This project is part of “ENSv2,” a broader initiative to expand ENS functionality onto Layer 2 networks.
Infinex Teams Up with Near Foundation to Enable Chain Signatures Integration
Infinex, founded by Synthetix creator Kain Warwick, has partnered with the Near Foundation to integrate Near’s Chain Signatures into its decentralized exchange platform. This integration enables users to manage transactions across multiple non-smart contract blockchains, such as Bitcoin, Litecoin, Cosmos chains, Dogecoin, and the XRP Ledger, all from a single Near account. Infinex CTO Jed Watson highlighted the collaboration's role in providing self-custody and on-chain transparency, comparable to a centralized exchange experience. The platform, which recently raised $67.7 million from NFT sales to high-profile investors, aims to accelerate DeFi adoption by bridging legacy chains to decentralized finance.
Coinbase Unveils COIN50 Index, Offers 20x Leverage Through Perpetual Futures
Coinbase has introduced the COIN50, a new index tracking the top 50 digital assets listed on its exchange, based on criteria such as token economics and security. The COIN50 index is available as a perpetual futures contract (COIN50-PERP) with up to 20x leverage, allowing traders to speculate on its price without an expiration date. Coinbase developed the index in collaboration with Market Vector Indexes and Coinbase Asset Management to provide broad, diversified exposure to major crypto sectors, with assets weighted by market cap and Bitcoin capped at 50%. The launch aligns with rising crypto market interest as Bitcoin nears $90,000 and the global crypto market cap surpasses $3 trillion.
Trading Desk Insights
BTC's recent breakout has the market in a state of euphoria and came within touching distance of $90,000. As of Monday, BTC soared over 10% hitting a peak at $89,600—the largest single-day dollar gain in its trading history. This surge pushed Bitcoin past silver, making it the eighth-largest asset globally by market cap. Since the elections, Bitcoin has climbed over 26%, and the buzz is that it's not stopping until it hits that $100k milestone later this year. The optimism is palpable, and it looks like this momentum could carry through the remainder of 2024.
That said, we've seen a brief cooldown this morning after a stellar week. Despite the pause, the sentiment remains bullish with smaller investors scooping up more BTC while the big fish, our beloved whales, have been taking some profits off the table.
Amidst this frenzy, be aware that over the past 24 hours, liquidations hit the $1 billion mark, with trading volumes jumping 90%. A heads up to my fellow traders—keep an eye on those elevated funding rates as they hint at a possible short-term correction due to leverage plays.
Switching gears to the famous meme coin, Dogecoin has skyrocketed by 180% post-election, likely fueled by Elon Musk's antics and the general election drama. Doge has been the standout, climbing to a $61 billion market cap, a hefty $45.2 billion jump in just a month and a half.
On the ETF front, Bitcoin ETFs saw massive inflows of $1.11 billion, majorly driven by Blackrock amidst a flurry of $7.1 billion in trades. Meanwhile, Ethereum recorded its highest-ever inflow at $295.5 million with big plays from Fidelity and Blackrock.
Over on Wall Street, futures dipped as the market digests the post-election rally and gears up for a shift in investment sectors. With Trump back in the spotlight, rate cut expectations have been scaled back as the market waits on his next tariff moves. All eyes will be on the upcoming consumer and producer price index readings later this week.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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