#depeg

During Friday’s turbulent market sell-off, Ethena’s synthetic dollar, USDe, which maintains its 1:1 peg to the USD through cash-and-carry arbitrage, briefly dropped, hitting 65 cents on Binance. However, this dramatic dislocation was confined to Binance as opposed to the global de-pegging of the USDe as social media chatter suggests. Most trading of USDe occurs on decentralized platforms such as…

Binance Pays $283 Million in Compensation After Depeg Losses

According to reports, Binance has compensated users with $283 million to cover losses incurred during Friday’s depegging event. The exchange stated that the payout aims to restore user confidence and ensure market stability.

#Tradingan – Peran #Stablecoin #Depeg dalam #Fundamental #Pasar #Kripto – Pasar kripto dikenal sebagai ekosistem yang sangat dinamis, penuh #peluang, sekaligus penuh risiko. Salah satu komponen penting yang menopang ekosistem ini adalah stablecoin, yaitu aset #digital yang nilainya diikat pada mata uang fiat, seperti dolar Amerika Serikat (USD). Stablecoin hadir sebagai solusi terhadap…

Tether addresses depeg fears as Binance.US faces 8% Bitcoin discount

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Bitcoin (BTC) and other digital assets, including Tether (USDT), are currently trading at an 8% discount on Binance.US, a situation attributed to liquidity issues on the platform following a lawsuit filed by the U.S. Securities and Exchange Commission (SEC).

Data from Binance.US shows that BTC is trading at $27,705.59 at the time of writing, around $3000 less than it sells on rival platforms like Coinbase, Kraken, BitStamp, and others.

Meanwhile, this discount is also pronounced on other digital assets like Ethereum (ETH), USDT, Solana (SOL), and others, according to Coingecko data.

Binance US troubles

Since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance.US on June 5, the exchange’s market depth has fallen by almost 80% as market makers exited the platform.

Following the legal troubles, the exchange discontinued U.S. dollar deposits after its banking partners abruptly halted their payment channels and transitioned to a crypto-only platform. Blockchain analytical firm Kaiko reported that this issue greatly affected Binance.US’ reputation, and its market share fell to less than 1%.

Since then, the exchange has experienced high volatility with its USD pairs, with BTC spiking to as high as $138,000 on June 21. Before that, Bitcoin had traded at a 3% discount in May.

Meanwhile, assets paired with stablecoins like USDT and USDC are trading at regular prices, according to data from Coingecko.

Tether CTO addresses USDT trading on Binance.US

Tether CTO Paolo Ardoino addressed concerns that USDT had deviated from its dollar peg. He highlighted that the deviation is exclusive to Binance.US, where a general -8% spread appears to affect all cryptocurrencies on the platform.

According to Ardoino, the situation was caused by the legal challenges Binance.US was currently facing. He wrote:

“Binance.US is going through some legal challenges so it probably doesn’t have many market makers willing to arbitrage at this moment in time. On Binance.com USDt is trading 1bps above the dollar.”

The Tether CTO further added:

“Tether is in charge of its primary market (http://tether.to). Market making secondary markets (crypto exchanges) is the role of arbitrageurs and market makering professionals.”

The post Tether addresses depeg fears as Binance.US faces 8% Bitcoin discount appeared first on CryptoSlate.

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Mysterious whale '0xd275e' linked to FTX collapse, Tether depeg, and recent $75M token transfers

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Recent on-chain activity involving the Ethereum address ‘0xd275e‘ has caught the attention of the crypto community.

Through CryptoSlate‘s on-chain analysis, no concrete evidence pointing to the owner of the account has been discovered. However, the account has actively traded large amounts of tokens during key industry events.

The whale account has been identified during on-chain analysis of both the FTX collapse, Tether depeg, and now the movement of $75 million back onto crypto exchanges.

‘0xd275e’ moves $75M tokens to exchanges.

According to a tweet from Spot On Chain, the address deposited 1,140 WBTC ($32.89M) to Bitfinex and 15,000 ETH ($27.17M) to Binance, Coinbase, and Kraken within a span of 1.5 hours on June 21.

Spot On Chain identified that this address has been actively transferring significant amounts of cryptocurrencies between major exchanges, potentially indicating manipulation activities, given its murky history.

CryptoSlate reviewed recent ‘0xd275e’ transactions on Etherscan and found a series of transactions, including withdrawals, transfers, and repayments over the past 24 hours. These transactions involve Aave interest-bearing Wrapped Ether (WETH), Wrapped Bitcoin (WBTC), and USD Coin (USDC), confirming the active participation of this address in the DeFi ecosystem.

However, the address has also appeared in previous industry analyses, according to Noah_nftn. In November 2022, the account claimed that former FTX employees disclosed that ‘0xd275e’ was involved in misappropriating customer funds.

The diagram below shows the account at the center of several large transactions between Aave, Bitfinex, Binance, Lido, Genesis Trading, and FTX.

Source: @Noah_nftn

Tether Depeg

More recently, the account also appeared at the heart of the brief USDT depeg that Tether CTO Paolo Ardoino called a “good stress test” for the company.

On June 19, Spot On Chain asserted that the address “appears to be selling $ETH and repaying the debt on #Aave.” It further posited that ‘0xd275e’ borrowed 50M USDC from Aave after the USDT depegging and started buying USDT to arbitrage, suggesting potential involvement in restoring the USDT peg.

Lookonchain has previously speculated that ‘0xd275e’ might be related to Tether or the FTX Accounts Drainer, which would have significant implications for the industry. On June 15, it questioned whether the account might belong to Tether, while back in November 2022, it also suggested ‘0xd275’ could belong to FTX Co-Founder Sam Bankman-Fried.

CryptoSlate contacted Bitfinex and Tether concerning ‘0xd275’ but has not yet received a response. The account has only $827 in Tether-issued tokens as of press time.

Source: DeBank

FTX Hack

In its analysis of the FTX hack, which occurred after it filed for bankruptcy in November, Lookonchain revealed that the address ‘0xd275e’ was involved in large-scale transfers of ETH and USDC around the same time FTX exchange suspended user withdrawals.

Lookonchain also noted the curious timing of trading activities between ‘0xd275e’ and the FTX Accounts Drainer, hinting at a possible connection, though they emphasized that this remains speculative.

The nature of the relationship between ‘0xd275e’ and the FTX Accounts Drainer, as well as the identity of the latter, remains unknown.

While ‘0xd275e’ has generated significant attention within the crypto community, there is no concrete evidence to support the claims of the misappropriation of customer funds or connections to Tether or the FTX Accounts Drainer at this time.

While the account’s user remains a mystery, the wallet itself appears to be at the center of some of the most high-profile crypto events of the past nine months.

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Tether CTO calls USDT depeg ‘good stress test’ for company

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Paulo Ardoino said the Tether “attack” was a good stress test but is now “dying off.”

Tether (USDT) moved from a low of $0.99579 on June 15, reaching a local top of $0.99976 later in the day – recovering its de-pegged position.

Source: USDTUSD on TradingView.com

As reported by CryptoSlate, the brief de-peg was attributed to mass Tether selling within DeFi protocols. This presented as heavily skewed USDT balances within certain liquidity pools.

Tether CTO: Attack lacked power

Tether CTO Paolo Ardoino labeled the event an attack that lacked power and is now “dying off already.” He added:

“This attack is a good stress test for us, nothing more. We’ll demonstrate, as we did several times in the past, that Tether is strong, liquid and ready to protect its community.“

The incident coincided with CoinDesk winning a legal struggle to access reports on enforcement action by the New York Attorney General (NYAG) against Tether.

In February 2021, following an investigation that centered on claims Tether is 1-to-1 backed with U.S. dollars, the NYAG ordered Bitfinex and Tether to cease trading activity in the state of New York and to submit regular reports about its collateral reserves.

Commenting on the legal battle, Ardoino said Tether dropped its opposition to CoinDesk’s freedom of information request “because transparency matters” – more so in the current bear market climate.

He added that Tether has nothing to hide – explaining that previous opposition to the information request was based on “ring-fencing of our private information,” which is less relevant today.

At the time of the NYAG case, Tether’s market cap was $34 billion. Today, it is $83.5 billion.

The post Tether CTO calls USDT depeg ‘good stress test’ for company appeared first on CryptoSlate.

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Stablecoins are shaky as USDT demonstrates signs of depeg

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As the crypto market’s volatility proceeds, the full stablecoin current market capitalization declined by .25% over the past 24 several hours, with an typical cost transform of .71%. 

The downward motion will come soon after the major stablecoin by current market cap, USDT, demonstrates signs of depeg. USDT’s cost fell by .23% about the earlier 24 hours and plunged to a nearby bottom of $.997 immediately after the asset misplaced about $270 million of its market place capitalization.

USDT rate – June 15 | Supply: Buying and selling Look at

On the other hand, info from Binance displays that USDT is again to the $1 mark, when Trading View’s data implies if not — displaying a value of $.9974 at the time of producing.

USDT to USD value chart – June 15 | Supply: Binance

On the other hand, USDC’s sector cap has risen by more than $40 million because USDT lost its peg to the US greenback. USDC’s 24-hour investing quantity has also risen by 60% around the previous working day.

DAI and BUSD have also witnessed notable drops of about $80 million and $90 million, respectively. Data provided by crypto-information.se demonstrates that DAI’s buying and selling quantity has exploded by 255% above the previous 24 several hours.

Additionally, USDT depeg comes as its offer annual percentage level (APR) on Aave protocol rose to nearly 15% from 2.75% in fewer than 24 hours. In accordance to details delivered by the lending system, variable and steady borrowing annual share yields (APY) have risen considerably.

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