Author Archives: Protos

Wormhole hacker buys Lido’s stETH on heavy margin

Readers might remember the curious heist of Wormhole, the inter-blockchain bridge that linked assets between the blockchains of Ethereum and Solana. Not only was it history’s largest bridge loss at $325 million, it was also championed by fraudster Sam Bankman-Fried and capitalized by a multi-billion dollar trading firm, Jump. A large amount of those funds are now being used to[Read more…]

Can Solana stay afloat without SBF and FTX?

Solana is widely regarded as the personal project of Sam Bankman-Fried (SBF). He single-handedly set a floor price of $3 before one of the most spectacular bull runs in crypto history to $267. SBF now faces decades to life in prison. SBF-connected insiders purchased hundreds of millions of SOL below $0.26. As far back as April[Read more…]

Helium founder races cars while the crypto startup is on collision course

It’s been a difficult year for crypto project Helium Network and its founder, Amir Haleem. Initially lauded as a competent startup and internet-of-things darling, it floundered this summer when it was revealed that some advertised big-name ‘partners’ — including Salesforce and Lime — weren’t actually in business with the firm. Things have only gotten worse. In September,[Read more…]

Grayscale and MicroStrategy struggles hint at hard times for crypto

As of November 5, when Binance chief Changpeng Zhao (CZ) announced that the company will divest from its FTX investment by dumping FTT tokens, the crypto market collapsed.  Indeed, bitcoin has taken a 25% dive and many altcoins fared even worse with FTX-backed Solana spiraling 65%. The question now on everyone’s mind: is more pain in store for crypto markets?[Read more…]

The crypto bets of a16z crumble, early investors still profit

By Q1 this year, venture capital firm Andreessen Horowitz’s (a16z) flagship crypto fund had returned almost five times for early backers, according to documents reviewed by Semafor. The firm sold a portion of its tokens right before crypto’s bear market began in May, meaning that early investors are guaranteed a successful return. The fund was launched[Read more…]

A look at Jump Crypto and its shady past

Over the years, Jump Crypto, the crypto-specific arm of Chicago-headquartered trading firm Jump Trading, has worked alongside some of the most prominent firms and individuals in the crypto space. However, it’s also been embroiled in its fair share number of high-profile controversies. Jump’s ties to FTX Jump and FTX go way back and the relationship[Read more…]

We watched every SBF interview so you don’t have to

It’s been an exhausting week for every person even remotely involved with the cryptocurrency industry. The collapse of FTX and Alameda Research has brought with it what would normally be written off as “FUD,” or fear, uncertainty, and doubt. For the first time, it’s accepted as possibly worth listening to. Exchanges are scrambling to show[Read more…]

Solana’s close ties to FTX cause financial and structural damage

The fallout from the implosion of FTX is being felt across the crypto industry, with firms supposedly rescued by the exchange now being dragged under along with their erstwhile ‘savior,’ Sam Bankman-Fried. Whilst many of those hit hardest are centralized entities such as custodial exchanges and lending platforms, an entire blockchain ecosystem also looks to be in[Read more…]

Jump Crypto ties to FTX and Solana put Robinhood users at risk

Investors in the investing app Robinhood fear that contagion from FTX could affect their trades being processed by Jump Crypto. The link between Robinhood, Jump, and FTX is direct: Sam Bankman-Fried (SBF) notably owned 7.6% of Robinhood’s stock and once claimed to be preparing a full acquisition offer for Robinhood. Institutional investors are selling first and asking[Read more…]

LFG audit raises questions about Jump Trading and Terra collapse

According to a new independent report, Luna Foundation Guard (LFG) transferred more than 52,000 bitcoin (BTC) from its reserves to Jump Trading as part of its efforts to defend the price of terraUSD (UST). However, observers have already started to point out that there are certain, crucial details missing. The report by third-party auditing firm, JS[Read more…]