Aave Acquires 2.7M CRV Tokens to Clear Bad Debt After Failed Exploit

• Aave purchased 2.7 million Curve (CRV) tokens in order to clear excessive remaining bad debt following a failed short attack orchestrated by DeFi exploiter Avraham Eisenberg.
• The bad debt was caused by a sophisticated exploit that happened on November 23rd, resulting in a loss of $10 million by Eisenberg.
• Aave Improvement Protocol (AIP) 144 was approved by the community in order to deploy a swap contract and acquire the necessary CRV tokens.

Aave, the decentralized finance (DeFi) lending protocol, recently purchased 2.7 million Curve (CRV) tokens to clear excessive remaining bad debt from a failed short attack. The attack was orchestrated by DeFi exploiter Avraham Eisenberg on November 23rd, resulting in a loss of $10 million for the attacker. The bad debt was then left on the Aave protocol, and so in order to clear it, the community approved the Aave Improvement Protocol (AIP) 144. This protocol deployed a swap contract which acquired 2.7 million units of CRV, with a spend limit of $3,105,000 and a maximum unit value of $1.15 per CRV.

The attack happened when Eisenberg took on a series of heavy volume short CRV positions on Aave in an attempt to orchestrate a short squeeze and force developers to buyback his positions at upward of 100% slippage due to lack of liquidity. However, because Aave had much more liquidity than anticipated, the attack was unsuccessful, and Eisenberg ended up losing $10 million in the process. As a result of the incident, Aave was left with a total of 2.656 million CRV in bad debt and so the AIP 144 was implemented in order to clear it.

The AIP 144 successfully acquired the necessary tokens and the bad debt will be cleared within the next 15 hours in a series of over a dozen transactions. This move shows the resilience of the Aave protocol and its ability to react quickly to threats and protect itself from malicious actors. It is also a reminder to other protocols to be prepared for potential exploits and to have the necessary measures in place to protect against them.

Blockchain-Funded Film Debuts at Sundance: Revolutionizing the Film Industry

• The Slamdance Film Festival will premiere the new blockchain-funded film Fuzzy Head.
• Blockchain technology can democratize the financing process for filmmakers and open up investment opportunities for accredited and unaccredited investors.
• Untold.io and Dapper Labs have partnered to accelerate blockchain technology and increase fan engagement via NFTs.

The entertainment industry is quickly embracing the world of blockchain technology and the film industry is no exception. This year, the Sundance Film Festival, an oscar-accredited film festival for independent filmmakers, will see the premiere of Fuzzy Head, a film funded through blockchain-powered crowdfunding platform Untold.io.

The CEO of Untold.io, Ali Aksu, believes that blockchain technology can democratize the financing process for filmmakers and open up investment opportunities for accredited and unaccredited investors. He also explains that the most important aspect of blockchain integration in the film industry will be creating a new asset class through compliant security tokens and increasing fan engagement via NFTs (non-fungible tokens).

In order to facilitate these new initiatives, Untold.io has partnered with Dapper Labs to accelerate the technology and increase access to its programs. The platform has also supported other notable films, including The Comeback Trail, which features Robert de Niro and Morgan Freeman.

It will be exciting to see how blockchain technology continues to disrupt the film industry. Blockchain-powered crowdfunding platforms like Untold.io can provide filmmakers with greater access to funding and a more transparent way to track their investments. Additionally, the integration of NFTs into the field can create new opportunities for fan engagement and create a new market for digital art and collectibles.

As more projects receive funding through blockchain-based platforms and NFTs become more widely used, we can expect to see a surge of new and innovative film projects. The Sundance Film Festival is just one example of how blockchain technology is revolutionizing the entertainment industry.

FTX Lawyer Accuses US General Counsel of Channeling Business to Former Firm

• Former FTX chief lawyer Daniel Friedberg has accused the company’s US general counsel, Ryne Miller, of channeling business to his former law firm, Sullivan & Cromwell.
• This accusation was made as part of a court filing on Jan 19.
• John Reed Stark, a former chief of the Securities and Exchange Commission Office of Internet Enforcement, highlighted the magnitude of the allegation in a Jan. 20 tweet.

A former chief lawyer for FTX has recently made allegations that the company’s US general counsel had been channeling business towards his former law firm, Sullivan & Cromwell. Daniel Friedberg, who was the chief regulatory officer of FTX until he resigned on Nov. 8, made the accusations as part of a Jan 19. court filing.

Friedberg claims in the filing that he had reminded Miller that his „allegiance“ was to the debtor and not to S&C, but this issue „continued to be a problem throughout his work“ at FTX. Friedberg went on to allege in the declaration that Miller had informed him that it was „very important“ for him personally to channel a lot of business to S&C as he wanted to return there as a partner after his stint at the Debtors.

The magnitude of the allegation was highlighted in a Jan. 20 tweet by John Reed Stark, a lawyer and former chief of the U.S. Securities and Exchange Commission Office of Internet Enforcement. Stark noted that there would be a hearing before the FTX Bankruptcy Judge John Dorsey on the engagement of Sullivan & Cromwell, and if Friedberg’s declaration was true, he could not imagine any circumstance where the FTX Trustee would be allowed to engage Sullivan & Cromwell for any purpose.

Friedberg’s declaration has raised questions about the integrity of FTX’s legal counsel, and whether the company was properly represented in its dealings with Sullivan & Cromwell. The full implications of Friedberg’s allegations have yet to be seen, and the hearing on Jan. 21 will be closely watched to see how the court responds.

Digital Yuan Gets Smart: Smart Contracts Now Available on Meituan App

• China’s central bank digital currency (CBDC) — the digital yuan, or eCNY — has received upgrades giving it smart contract functionality.
• The smart contract function was launched on the Meituan app, a Chinese app offering retail and food delivery services.
• When Meituan users place an order and pay with their e-CNY wallet, a smart contract triggers and searches for keywords and purchased items in their order. If a user buys something on the list of keywords for the day, they go in the draw to win part of a prize.

China has recently seen advancements in the use of their digital yuan (eCNY). This digital currency, developed by their central bank, has seen upgrades giving it the ability to use smart contracts. This feature was unveiled on the Meituan app, a popular Chinese app offering retail and food delivery services.

When Meituan users make a purchase with their e-CNY, a smart contract is triggered that searches for keywords and purchased items in the order. If an item purchased matches the list of keywords for the day, the user is entered into a draw to win a share of a red envelope (known locally as hongbao) containing 8,888 yuan, worth a little over $1,300. This is a traditional way of gifting money around Chinese New Year as a gesture of good luck.

This development is just one of the new use cases of China’s digital yuan, which has been in the works since 2014. The currency has recently been used to buy securities, as well as make offline payments. The currency is also expected to be used in international trade, particularly in the areas of cross-border payments and foreign exchange.

China has been the leader in the development of central bank digital currencies, and the digital yuan is expected to be one of the most widely used in the world. This is likely due to its convenience, low transaction fees and fast transaction times. With these new use cases, it’s likely that the digital yuan will become even more popular and widely used in the near future.

Self-Driving Cars: Revolutionizing Mobility and Safety for All

Bullet Points:
• The article discusses the research and development of self-driving cars and the potential applications for them.
• It examines the ethical considerations of the implications of self-driving cars and the challenges of implementing them.
• It looks at the potential benefits of self-driving cars, such as increased safety and improved mobility for the disabled.

Self-driving cars have become a major topic of discussion in recent years, as research and development into the technology has gained momentum. The potential applications of autonomous vehicles are wide-ranging and exciting, ranging from improved mobility for the disabled to increased safety and efficiency on the roads. However, the implications of such technology and the ethical considerations that come with it must be taken into account.

The development of self-driving cars has been largely driven by advancements in artificial intelligence (AI), which has enabled the technology to make decisions in real-time and respond to external stimuli. The technology is being used in a variety of applications, from driverless taxis to delivery vehicles, and the potential for further applications is vast. Despite this, some are still wary of the implications of the technology, citing ethical considerations such as the potential for accidents and the control of data collected by these vehicles.

In order to address these concerns, several countries are now introducing regulations for the use of self-driving cars. These regulations are designed to ensure the safety and security of all road users, as well as to protect the interests of those who may be affected by the technology. This includes ensuring that manufacturers take responsibility for any accidents or incidents involving their vehicles, as well as ensuring that data collected by these vehicles is handled responsibly and securely.

In addition to these regulations, there are also a number of potential benefits to be gained from the implementation of autonomous vehicles. These include increased safety on the roads, as self-driving cars are able to react to external stimuli more quickly and accurately than humans, as well as improved mobility for the disabled, who may not be able to drive themselves.

Overall, the development of self-driving cars has the potential to revolutionize the way we travel and to improve the lives of many. However, the ethical considerations and potential implications of the technology must be taken into account in order for its potential to be fully realized.

Self-driving cars have the potential to revolutionize how we move around and improve the lives of many people. While there are concerns about the implications of such a technology, the potential benefits are vast, from increased safety on the roads to improved mobility for the disabled. In order to ensure that these potential benefits can be realized, countries are introducing regulations to ensure the safety and security of all road users, as well as to protect the interests of those who may be affected by the technology. The ethical considerations of self-driving cars must also be taken into account, in order to ensure that the technology is implemented responsibly and safely. With the right regulations and precautions in place, self-driving cars could revolutionize the way we travel and open up new possibilities for those who may not have access to traditional forms of transportation.

Panel of Experts Discuss How the Metaverse Could Revolutionize Industries

– A panel of experts discussed the potential of the metaverse to bring practical use cases to large-scale industrial industries like healthcare and retail at the 2023 World Economic Forum in Davos, Switzerland.
– Abdullah Alswaha, the minister of communications and information technology in Saudi Arabia, expressed that the current reality of digital engagement doesn’t match up to its potential.
– Peggy Johnson, the CEO of augmented reality company Magic Leap, said the industrial metaverse would only come into play when digital and physical worlds begin to merge.

At the 2023 World Economic Forum (WEF) in Davos, Switzerland, a panel of experts discussed the potential of the metaverse to bring practical use cases to large-scale industrial industries like healthcare and retail. Abdullah Alswaha, the minister of communications and information technology in Saudi Arabia, expressed that the current reality of digital engagement didn’t match up to its potential. He was a big advocate of the metaverse, feeling that it would be the next wave of how immersive experiences work for consumers, enterprises, and the industry.

Peggy Johnson, the CEO of augmented reality company Magic Leap, said the industrial metaverse would only come into play when digital and physical worlds begin to merge. She said that this was when it would really come to life and bring true productivity to the industries. Johnson highlighted the importance of having the right infrastructure to ensure the success of the metaverse. She said that data centers, wireless networks, and 5G technology were essential.

The panel discussed the potential of the metaverse to revolutionize industries. They highlighted how the metaverse could bring more efficient and cost-effective ways of working. It could also be used to create new job opportunities in the virtual world and provide more engaging experiences for customers.

The experts also discussed the importance of regulation, privacy, and security within the metaverse. They felt that it was important to ensure that the metaverse is a safe and secure environment. They also discussed the need for more education and training to ensure that people are able to take advantage of the opportunities that the metaverse can provide.

The panel concluded that the metaverse could revolutionize the way people work and interact with each other. It could provide an innovative way to interact with customers, create new job opportunities, and bring more efficiency and cost-effectiveness to industries. The panel also highlighted the importance of investing in the right infrastructure, regulation, privacy, and security to ensure the success of the metaverse.

ETH Eyes 35% Surge vs. BTC: Ethereum Could Reach All-Time High in 2023

• Ethereum’s native token, Ether (ETH) has the potential to grow by 35% versus Bitcoin (BTC) this year.
• This potential growth is suggested by a classic bullish continuation pattern known as an ascending triangle.
• If Ethereum breaks out above the triangle’s horizontal trendline resistance near 0.0776 BTC, the ETH/BTC pair could reach the next big resistance level at 0.1 BTC in 2023.

Ethereum native token, Ether (ETH) has been on a remarkable journey over the past few years. Since its launch in 2015, the cryptocurrency has established itself as one of the most popular and successful digital assets out there. More recently, the launch of its staking contract in December 2020 has seen its market dominance double, and now ETH price is eyeing levels not seen in five years versus Bitcoin (BTC).

The ETH/BTC pair has been painting an ascending triangle pattern since May 2021 on the weekly chart. This classic bullish continuation pattern is characterized by the price fluctuating inside a range defined by rising trendline support and horizontal trendline resistance. It typically resolves after the price breaks out in the direction of its previous trend. In this instance, breaking out above the triangle’s horizontal trendline resistance near 0.0776 BTC could see the Ethereum token rally by as much as the triangle’s maximum height. This would lead the ETH/BTC pair to reach 0.1 BTC, or 35% from the current price levels, for the first time since 2018.

However, it is important to note that ETH/BTC has attempted to break above the triangle’s resistance trendline eight times since May 2021. The attempts included two major breakouts in November 2021 and September 2022, which saw the pair rallying 14% and 9% respectively. Both rallies eventually fizzled out inside the 0.082 to 0.085 BTC area, failing to hold above the resistance trendline.

The current strength of the ETH/BTC pair is a testament to the success of the Ethereum network. As more users flock to the platform and its staking contract, ETH’s value is expected to continue to increase. If the pair does break out above the triangle’s resistance trendline, it could potentially reach a new all-time high versus Bitcoin in 2023.

Alameda Research Liquidators Lose $72K on DeFi Platform Aave

• Alameda Research liquidators lost $72,000 worth of digital assets on the decentralized finance (DeFi) lending platform Aave while trying to consolidate funds into a single multisignature wallet.
• The liquidators attempted to close a borrow position on Aave but instead removed extra collateral used for the position, putting the assets at risk of liquidation.
• Arkham reported that over nine days, the loan was liquidated twice for a total of 4.05 Wrapped Bitcoin (WBTC), which creditors will now not be able to recoup.

The liquidators of Alameda Research have been facing difficulties in their attempts to reclaim funds for creditors. Recently, analytics firm Arkham released a statement on social media that the liquidators had lost around $72,000 worth of digital assets while attempting to consolidate funds into a single multisignature wallet on the decentralized finance (DeFi) platform Aave.

The loss occurred when the liquidators were trying to close a borrow position on Aave, but instead removed the extra collateral used for the position. As a result, the assets were put at risk of liquidation. Arkham reported that over nine days, the loan was liquidated twice for a total of 4.05 Wrapped Bitcoin (WBTC), which creditors will now not be able to recoup.

In addition to this loss, Arkham also reported that around $1.4 million of tokens had been steadily returned to the central multisignature wallet from scattered Alameda wallets. However, significant sums of capital still remain stranded in over 50 Alameda wallets, the largest of which is worth over $14 million.

The liquidators of Alameda Research have faced several other issues in their attempts to recover funds. Earlier this month, the team reported that a hacker had stolen around $8 million worth of digital assets from their wallets. The hacker had exploited a vulnerability in the DeFi protocol bZx, which allowed them to access the funds.

The team has also faced criticism from creditors and members of the DeFi community for their handling of the liquidation process. Some have accused the liquidators of mismanaging the funds and not doing enough to ensure that creditors are compensated for their losses.

It remains to be seen how the liquidators will manage to recover the remaining funds for creditors and what measures they will take to prevent similar issues from occurring in the future. In the meantime, the liquidators are continuing to work hard to ensure that creditors are not left with a huge financial loss.

Tesla & Bitcoin Rally Together: Price Correlation Emerges

• Tesla (TSLA) has recovered by almost 25% since Jan. 6, outpacing the 16.8% increase in Bitcoin (BTC) price.
• Bitcoin (BTC) is down nearly 65% year-on-year and is eyeing potential growth in the face of declining US inflation and a surge in the price of safe-haven gold.
• A combined chart of BTC/USD and TSLA/USD shows an apparent correlation between the two assets.

Tesla Inc.’s (TSLA) stock price has been in the headlines throughout the past year, with its rapid rise to prominence and subsequent market gains. Despite Tesla CEO Elon Musk’s personal wealth losses, the company has so far recovered by almost 25% since January 6th. This comes at a time of declining US inflation and a surge in the price of safe-haven gold, both of which are likely to contribute to a broader risk asset rebound.

Meanwhile, Bitcoin (BTC) has not fared as well. The most popular cryptocurrency is currently down nearly 65% year-on-year and began the new year with a dip below $16,500. Recent local highs of $19,112 on Bitstamp marked new year-to-date returns of 16.8%, a refreshing change for hodlers, but still behind TSLA in terms of lows to highs as of January 12th.

Analysis of a combined chart of BTC/USD and TSLA/USD reveals an apparent correlation between the two assets. Twitter account Bluntz noted that “crypto has been largely correlated to tech for the last few years but the BTC chart overlayed on TSLA is actually crazy.” This could be seen as a positive sign for both markets, as the correlation may indicate that Bitcoin’s price will continue to rise as Tesla’s stock price increases.

Overall, the market rebound of both Bitcoin and Tesla’s stock price is a welcome change from their respective year-on-year losses. Whether or not the two assets will maintain their apparent correlation in the future remains to be seen, but it’s certainly an interesting development to watch in the months ahead.

Huobi and Solaris Launch Visa-Backed Crypto-to-Fiat Debit Card in EEA

• Huobi and Solaris have partnered to launch a Visa-backed crypto-to-fiat debit card in the European Economic Area.
• The card will allow Huobi users to pay from their crypto accounts at point-of-sale stations globally.
• The program is expected to begin in the second quarter of 2023.

Cryptocurrency exchange Huobi and European financial services provider Solaris have announced their partnership to launch a Visa-backed crypto-to-fiat debit card in the European Economic Area (EEA). This groundbreaking move is expected to bridge the gap between digital and fiat currencies, allowing for easier access and usage of cryptocurrency for everyday transactions.

The Visa-backed debit card will be available to Huobi users in the EEA, allowing them to pay from their crypto accounts at point-of-sale stations globally. The program will be approved by Visa, and is expected to launch in the second quarter of 2023.

The EEA includes all 27 European Union (E.U.) member states, as well as Iceland, Liechtenstein and Norway. This move is expected to benefit citizens of these countries and beyond, as the debit card will provide access to the wider world of cryptocurrency.

Andrea Ramoino, the chief strategy officer at Solaris, spoke on the partnership, saying, “This is just the first step in our partnership as we look ahead to delivering more payment options to users in the EEA region and beyond.”

The two companies have stated their commitment to providing users with the most efficient and secure crypto-to-fiat payment systems. In doing so, they hope to make cryptocurrency more accessible and user-friendly for everyday transactions.

This move is also expected to benefit Huobi users, as they will no longer need to convert their digital assets into fiat currency in order to make payments. The card will enable them to pay from their crypto accounts at the point of sale, allowing for easier and faster transactions.

This partnership between Huobi and Solaris is a major step forward for the cryptocurrency industry, and is expected to have a positive impact on the global economy. By providing users with a convenient and secure way to use their digital assets, this revolutionary debit card is sure to revolutionize the way we use money in the future.