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Crypto Whale Data

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Crypto Whale Data

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  • Jupiter exec acknowledges 'zero contagion' claim was 'not 100% correct' after backlash over vault design Jupiter Exchange's "Cat-Herder" (chief operating officer) Kash Dhanda addressed community concerns over the protocol's lending product on Saturday, acknowledging that deleted social media posts claiming Jupiter Lend vaults had "zero risk of contagion" were inaccurate. Some prior social media posts from Jupiter advertised Jupiter Lend's vaults as having "isolated risk," and one post stated that isolated vaults "mean that pairs don't cross-contaminate, removing any risk of contagion." The post containing the latter sentence was deleted by the Jupiter team amid the controversy. "There was a social media post that came out in which we said that there was zero risk of contagion because of the isolated vaults. That was not a hundred percent correct," Dhanda said in a video statement. "We deleted it to avoid it kind of going any further. In hindsight we should have issued a correction right when we deleted it." The admission comes after Fluid co-founder Samyak Jain publicly acknowledged that Jupiter Lend uses rehypothecation (reusing deposited collateral elsewhere in the protocol) for capital efficiency, meaning collateral deposited in vaults is not completely isolated from each other. Yet Jupiter Lend's vaults are "isolated in a sense that each vault has its own configs, caps, liquidation threshold, liquidation penalty, etc." Jain said. (Fluid, formerly an Ethereum-focused liquidity protocol built by the Instadapp team, powers Jupiter Lend's backend infrastructure.) "Isolated," or not? Marius Ciubotariu, co-founder of rival Solana lending protocol Kamino, took to X to criticize Jupiter Lend's structure, days after Kamino blocked Jupiter Lend's refinance tool from accessing Kamino positions. "In Jupiter Lend, if you supply SOL and borrow USDC, your SOL gets lent out to loopers, including JupSOL, INF, etc. ... You take all the risk of those loops or assets blowing up," Ciubotariu wrote. "There is no isolation here and full cross contamination, contrary to what is advertised and what people are being told." Dhanda pushed back on characterizations that Jupiter Lend's vaults aren't truly isolated in his video, though he confirmed the protocol does employ rehypothecation. "It is true that there is rehypothecation. If there is an asset that's supplied somewhere, it can be borrowed out of debt somewhere else," he said. "This is where the yield on the collateral actually comes from." The disagreement appears to be based on differing definitions of "isolated." In Dhanda's and Jain's view, Jupiter Lend's vaults are isolated in that each can be configured in unique ways, with their own loan-to-value ratios, liquidation penalties, and asset limits, though they share a common liquidity layer that allows for rehypothecation. Ciubotariu's view seems to be that any rehypothecation negates claims of fully-isolated vaults. "In TradFi but also in DeFi, the fact that your collateral is rehypothecated or not, has contagion risks or not, is material information and should be very clearly disclosed," Ciubotariu wrote on X. "That is an absurd abuse of the term 'isolated'," Ciubotariu said in a direct message to The Block, regarding Dhanda's definition. "Having a 'pair-wise config' (that's what this really means) is a normal thing to do and many protocols have, including Kamino. Nobody, in their right mind, would advertise that as 'isolated risk'." Ciubotariu said he'd be willing to unblock the migration tool, though Jupiter "would need to stop misleading to their users and the entire Solana ecosystem, and make the migration tool 2-way." "It’s very unacceptable to claim and market isolated vaults when in fact assets are being rehypothecated," said one industry insider who preferred to remain anonymous. "That’s a very serious violation of trust." Jupiter Lend's TVL is over $1 billion Jupiter Lend launched in August with what the protocol described as "dynamic limits to isolate risk," according to The Block's previous reporting on the announcement at the Solana Accelerate conference. The protocol offered loan-to-value ratios of up to 90%, significantly higher than the typical 75% seen elsewhere in DeFi, enabled by what Dhanda then called a "bespoke liquidation engine." Dhanda pointed to Jupiter Lend's performance during the October 10 market crash—when more than $20 billion in leveraged positions were liquidated across the crypto market—as evidence the architecture can handle stress. "Jupiter Lend went through [the crash], even though it was only a few months old at the time, with zero bad debt," he said. "Their platform was live for 1 month, there were barely any positions at risk," Ciubotariu countered. "[Jupiter Lend has] to go through years of battle testing to claim anything close to the word 'safe'." The protocol has seen fast growth since its recent launch, with total value locked just over $1 billion, per DefiLlama data, putting it in direct competition with Kamino, which controls over 60% of Solana's lending market. Dhanda did not respond to a request for comment from The Block, though he said Jupiter would release additional documentation and an explanatory video after the Solana Breakpoint conference, which begins December 11 in Abu Dhabi. Yogita Khatri contributed reporting.
  • Crypto sleuth ZachXBT claims British threat actor tied to $243 million Genesis creditor theft 'likely arrested' Pseudonymous blockchain sleuth ZachXBT claimed Friday that a British threat actor tied to a $243 million theft from a single Genesis creditor on Gemini may have been taken into police custody. In a Dec. 5 post on his official Telegram channel, ZachXBT alleged that “British threat actor Danny / Meech aka Danish Zulfiqar (Khan) appears to have likely been arrested by law enforcement and had crypto assets seized.” He pointed to roughly $18.58 million worth of crypto currently sitting at Ethereum address “0xb37...9f768,” which he said was associated with the suspected hacker. The web3 detective added that “multiple addresses tied to him I was tracking consolidated funds to 0xb37d in a similar pattern to other law enforcement seizures.” ZachXBT, who has built a reputation for tracking alleged crypto frauds and helping victims and law enforcement recover stolen assets, further claimed that Danny was “last known to be in Dubai” and that it was “alleged a villa was raided and others there were arrested as well,” adding that several people previously in contact with the suspect had become unresponsive in recent days, according to his post. As of publication, there have been no public statements from Dubai Police or UAE regulators, and The Block has not identified any local media reports confirming a villa raid, arrests, or seizures tied to Zulfiqar, the Genesis creditor theft, or the earlier Kroll SIM swap incident. The $243 million Genesis creditor heist The latest claims build on a sprawling investigation into one of the largest known individual crypto thefts. In September 2024, ZachXBT published a detailed thread alleging that three attackers were involved in stealing roughly $243 million in bitcoin — 4,064 BTC at the time — from a single Genesis creditor on Aug. 19, 2024. The victim reportedly held funds with Gemini, which was used as the exchange interface. According to ZachXBT and subsequent reporting by The Block, the theft was carried out via sophisticated social engineering. Attackers allegedly posed as Google support, convinced the victim to reset two-factor authentication for his Gemini account, and used remote access software to gain deeper control. From there, they obtained the victim's private keys and drained their wallet, routing the 4,064 BTC through a web of exchanges and swap services. Back then, ZachXBT identified three primary suspects by their online handles — “Greavys,” “Wiz,” and “Box,” later alleged to be Malone Lam, Veer Chetal, and Jeandiel Serrano — and shared his findings with law enforcement. U.S. prosecutors have since brought a series of cases linked to the same constellation of activity. In September 2024, the Department of Justice charged two suspects in connection with what it described as a roughly $230 million cryptocurrency scam involving thefts from victim accounts, and later unsealed broader racketeering indictments alleging a $263 million scheme that included the theft of more than 4,100 bitcoin from a Genesis creditor. Court filings and related coverage detailed a mix of social engineering, SIM swaps, and even physical burglaries, with conspirators allegedly spending millions of dollars on luxury cars, travel, and nightlife. One defendant, identified as Chetal, has faced additional legal trouble after allegedly participating in a separate $2 million crypto theft while out on bond.
  • Kalshi and Polymarket post strongest months yet with nearly $10 billion in combined November volume Centralized and onchain prediction markets closed November with their strongest month on record, as Kalshi and Polymarket each set new all-time highs for trading volumes amid surging retail interest, expanding integrations, and a steady drumbeat of headline-driven macro events. Prediction markets let users buy and sell contracts tied to real-world events, with the price of each contract reflecting the market’s implied odds of that outcome happening. If the event occurs, the contract pays out; if not, it expires worthless. Traders use these markets to gauge sentiment on everything from elections to economic data in real time. According to The Block’s data dashboard, Kalshi’s monthly spot volume climbed from $4.4 billion in October to $5.8 billion in November, a 32% month-over-month increase and the platform's largest absolute monthly gain to date. Polymarket also posted its biggest month ever. The New York–based platform saw monthly trading volume rise from $3.02 billion in October to more than $3.7 billion in November, a 23.8% month-over-month jump, extending a run of record-setting activity that began in the summer. The volume surge continues a breakout year for both platforms, which have increasingly dominated global prediction market flows. Market share data from The Block shows that the two now control the overwhelming majority of monthly activity in the sector as their product sets, liquidity funnels, and media integrations deepen. A duopoly ascendant November’s record highs extend the trend highlighted in The Block's recent reporting on Kalshi and Polymarket’s emerging duopoly. The sector’s capital formation has also kept pace with its trading growth. Last month, Kalshi doubled its valuation in a matter of weeks, driven by a broad investor bet on the platform's regulated U.S. footprint. The rally followed $1 billion in fresh funding, which pushed Kalshi's market valuation to $11 billion. Across the table, Polymarket has also expanded aggressively following a pivotal regulatory reversal. Following the CFTC’s regulatory nod in mid-November, the company is poised to resume its U.S. operations. Since then, Polymarket has layered on new distribution partnerships — including Yahoo Finance’s exclusive integration of its prediction market, a multi-year deal with UFC, and widening media embeds via Google Finance, which recently began rolling out Polymarket and Kalshi data directly into search results. Galaxy Digital has also explored potential liquidity-provision partnerships with both platforms, according to reporting from Bloomberg. The developments underscore a growing institutionalization of a category that started as a niche retail curiosity.
  • Upbit suffers $37 million hack on Solana assets, halts withdrawals Upbit, South Korea's largest cryptocurrency exchange, was hacked for around 54 billion Korean won ($36.8 million) early morning on Thursday, local time. The exchange said it has halted withdrawals and deposits to examine an abnormal withdrawal of cryptocurrencies on the Solana network. Its announcement said that at around 4:42 a.m. in South Korea, a portion of tokens were withdrawn to an external wallet that has not been identified by the platform. The affected tokens are SOL, 2Z, ACS, BONK, DOOD, DRIFT, HUMA, IO, JTO, JUP, LAYER, ME, MEW, MOODENG, ORCA, PENGU, PYTH, RAY, RENDER, SONIC, SOON, TRUMP, USDC and W, according to Upbit's announcement. It said the platform has moved all assets to a safe cold wallet to prevent further attacks, and has successfully frozen $8.18 million worth of LAYER tokens. Upbit said it will work with projects and authorities to freeze the remainder of stolen assets. The platform added that it will compensate damages to user assets using its reserve assets, and ensured that customers will not experience any personal losses. Upbit has not yet disclosed the details of the attack nor the point of entry.
  • Texas reportedly kicks off state bitcoin reserve with $5 million IBIT purchase: 'More wild stuff' Texas may have the first leg off the starting line in the race to put bitcoin on state balance sheets. The state reportedly executed its first allocation to its Texas Strategic Bitcoin Reserve, according to posts from the Texas Blockchain Council indicating a roughly $5 million purchase of BlackRock’s IBIT last week. The reported transaction appears to be the first deployment of funds authorized under SB 21, the law enacted by Governor Greg Abbott in June that created a state-managed bitcoin reserve operated by the Texas Treasury Safekeeping Trust Company. Lawmakers backing SB 21 framed the reserve as a way for Texas to treat bitcoin alongside other long-term assets. Bill author Sen. Charles Schwertner said earlier this year that the state "should have the option of evaluating the best performing asset over the last 10 years," a reference to bitcoin's long-run returns even if the asset hasn't consistently held that title in more recent periods. Texas Blockchain Council president Lee Bratcher tweeted that the purchase occurred on Nov. 20, describing it as both the reserve's first allocation and the first bitcoin buy by a U.S. state. State officials have not yet released documentation or statements confirming the transaction. The Block has reached out to Texas Treasurer Kelly Hancock, who oversees the reserve, as well as Bratcher, but did not immediately receive a response. As of its most recent Form 13F, the Texas Treasury Safekeeping Trust Company reported about $667 million in SPY and $34 million in a Janus Henderson fund. If Bratcher’s description holds, a $5 million IBIT purchase — part of a $10 million bitcoin allocation — would become the third line in that portfolio. This month, an Abu Dhabi sovereign wealth fund added to its IBIT while Harvard reported holding nearly seven million shares of IBIT as of Sept. 30 — its largest declared U.S. holding.
  • Galaxy Digital explores Polymarket, Kalshi partnerships as liquidity provider: Bloomberg Mike Novogratz-led Galaxy Digital is in discussions to provide liquidity for prediction market platforms Polymarket and Kalshi, Bloomberg reported Monday. Novogratz told Bloomberg in an interview that Galaxy Digital is currently doing "small-scale experimenting" with market-making on prediction markets, adding that the firm has future plans to provide "broader liquidity" on those platforms. The move signifies digital asset investment management firm Galaxy Digital's expansion into the burgeoning prediction market sector, which is increasingly being recognized as a new frontier combining information and finance. Prediction markets let users trade simple yes or no contracts, with contract prices reflecting the market-implied probability of a given outcome. Polymarket and Kalshi are the two dominant players in the field, having seen around $42.4 billion in cumulative volume. While decentralization-focused Polymarket initially led the market after it gained traction around U.S. election results, CFTC-regulated Kalshi has overtaken it in monthly volume since September. The two platforms have recently secured high-profile partners through both solitary and collaborative agreements. Galaxy Digital, Google Finance and the U.S. National Hockey League chose to partner with both platforms. Analysts at Bernstein wrote in a note to clients earlier this month that prediction markets are "evolving to be broader information markets," with demand now spreading well beyond politics and sports into economics, culture, corporate activity, and financial indicators. Meanwhile, other major players in crypto and finance are also looking to enter the space with their own platforms, with Gemini and CME Group recently announcing such plans respectively.
  • Crypto ATM operator considers $100 million sale, days after founder's $10 million money laundering charge Crypto ATM operator Crypto Dispensers said on Friday it is considering a $100 million sale offer, mere days after its founder and CEO, Firas Isa, was charged by federal prosecutors in connection with an alleged $10 million money laundering scheme. In a press release issued Nov. 21, the company stated it has retained advisors to support a "strategic review" and potential sale. The release highlighted the company's 2020 pivot from physical Bitcoin ATMs to a software-first model, a move the company claimed was designed to address "rising fraud exposure, regulatory pressure, and compliance demands." Those same issues are central to the criminal case currently facing the firm. On Tuesday, the Department of Justice announced that Isa and Virtual Assets LLC, which does business as Crypto Dispensers, were charged with one count of conspiracy to commit money laundering. As The Block previously reported, the indictment alleges that between 2018 and 2025, Isa knowingly accepted millions of dollars in proceeds from wire fraud and narcotics trafficking through the company’s ATM network. Prosecutors allege Isa arranged for the illicit funds to be converted into cryptocurrency and transferred to wallets that concealed their source. Isa has pleaded not guilty to the charges and faces a maximum sentence of 20 years in prison if convicted. Isa previously said Crypto Dispensers was "built on compliance from day one" in a statement emailed to The Block. In the Friday announcement, Isa did not address the indictment but framed the company’s history as a successful transition away from hardware limitations. "Hardware showed us the ceiling. Software showed us the scale," Isa said in the statement. "This review is about understanding the next stage of growth and determining which path creates the most value for the platform we have built." Crypto Dispensers did not immediately respond to a request for further comment from The Block regarding how the pending criminal charges might impact a potential sale, and whether or not it has a buyer lined up.
  • Coinbase Derivatives to expand 24/7 futures trading for bevy of altcoins including ADA, AVAX, DOGE and SHIB Coinbase Derivatives is planning on expanding 24/7 trading for its listed altcoin futures, including Avalanche, Bitcoin Cash, Cardano, Chainlink, Dogecoin, Hedera, Litecoin, Polkadot, Shiba Inu, Stellar, and SUI. Nonstop trading for these assets will go live Dec. 5, according to a post on X from Coinbase Markets. This adds to Coinbase Derivatives existing 24/7 support for Bitcoin, Ethereum, Solana, and XRP products, including nano and “perp-style” futures products. Additionally, Coinbase is looking to add U.S. perpetual-style futures for those altcoins, according to the X post on Friday. These long-dated futures are similar to other crypto-native perps contracts in that they use a funding rate mechanism to keep futures contract prices aligned with spot markets. However, they come with a five-year expiration, while true perps are indefinite. Coinbase’s CFTC-regulated derivatives arm unveiled 24/7 Bitcoin and Ethereum futures trading in May and perps-style futures in July. The product launches followed shortly after Coinbase’s historic $2.9 billion acquisition of Deribit. RELATED INDICES Coinbase’s expanding futures offerings come as more and more trading activity shifts to decentralized platforms like Hyperliquid and Lighter. The Block’s measure of DEX to CEX Futures Trade Volume is currently at an all-time high. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. TAGS AUTHOR Daniel Kuhn is a Senior Journalist and Editor at The Block, where he covers the crypto industry with a particular focus on tech. He previously served as deputy managing editor of opinion/features at CoinDesk. He first appeared in print in Financial Planning, a trade publication magazine. Before journalism, he studied philosophy as an undergrad, English literature in graduate school and business and economic reporting at an NYU professional program. You can connect with him on Twitter and Telegram @danielgkuhn or find him on Urbit as ~dorrys-lonreb. See More WHO WE ARE The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.
  • Bitcoin plunges below $86,000 as US jobs data dampens rate cut hopes Bitcoin fell to new local lows on Thursday after the latest U.S. jobs report pointed to lingering inflationary pressures. According to The Block’s bitcoin price page, the world’s largest cryptocurrency fell 7.32% to $85,700 in the 24 hours leading up to 11:50 p.m. ET on Thursday. This marks a low in nearly seven months and a 32% decline from bitcoin’s all-time high record of $126,080 set in October. The Crypto Fear & Greed Index remains at 11, signaling “extreme fear” as the market slides further. The entire crypto market is down 6.62% in the past 24 hours. “BTC slipping below $85.5K comes as stronger-than-expected US jobs data dampens expectations for a December rate cut,” said Vincent Liu, CIO at Kronos Research. “Liquidity remains thin, and short-term profit-taking is amplifying the move. The market is recalibrating risk, reacting to macro data points.” September’s delayed non-farm payroll data on Thursday showed that the U.S. economy added 119,000 jobs in the month, vastly exceeding the Dow Jones consensus estimate of 50,000, according to a report from CNBC. The higher-than-expected inflation indicator fueled concerns that the Federal Reserve may pause its easing cycle, placing additional downward pressure on the crypto market. The CME Group’s FedWatch Tool currently gives a 35.4% chance that the Fed would cut rates by 25 basis points next month. “All eyes are focused on the potential December rate cut, but much of it may be priced in,” Liu said. “BTC will bounce on the cut, yet a sustained rally needs fresh flows or renewed on-chain demand.” The Kronos Research analyst said the market would need not only Fed’s pause of quantitative tightening, but also fresh capital, strong on-chain demand, and a shift in sentiment. “Without all four, any bounce may fizzle,” Liu said. Meanwhile, LVRG Research Director Nick Ruck told The Block that the current market correction is a “healthy repricing” of overextended positioning from the price rally last month. “On-chain metrics [are] showing stabilizing spot and futures sell pressure as signs of capitulation being almost over,” Ruck said.
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