Top crypto tweets of the day – November 29th

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1 BlockFi sues Sam Bankman-Fried

2 Against all odds, Fidelity opens retail Bitcoin and crypto trading accounts

3 $273k crypto have been deposited into FTX/FTX US in the past 7 days

4 Solana’s Phantom wallet to expand to Ethereum

5 Nexo is a Hedge Fund pretending to be a bank

6 Fantom has ~$340m worth of assets in their treasury

BlockFi sues Sam Bankman-Fried

JUST IN: BlockFi sues Sam Bankman-Fried to seize his $575 million stake in Robinhood, Financial Times reports.
— Watcher.Guru (@WatcherGuru) November 28, 2022

Against all odds, Fidelity opens retail Bitcoin and crypto trading accounts

JUST IN: Financial giant Fidelity has officially opened retail #Bitcoin and crypto trading accounts 🙌 pic.twitter.com/k3Bjzi0T7v
— Bitcoin Magazine (@BitcoinMagazine) November 28, 2022

$273k crypto have been deposited into FTX/FTX US in the past 7 days

For whatever reason, ~$273k worth of tokens have been deposited into FTX/FTX US in the past 7 days pic.twitter.com/f4p3cWyAau
— Nansen Intern 🧭 (@nansen_intern) November 29, 2022

pic.twitter.com/Dpo7vszG0k
— Nansen Intern 🧭 (@nansen_intern) November 29, 2022

Solana’s Phantom wallet to expand to Ethereum

Phantom, the largest wallet on Solana, says it will expand to Ethereum and Polygon. It claims its main strengths are its 24-hour support team and its ability to manage NFTs. Prior to this, Phantom completed a $109m financing led by Paradigm before, with a valuation of $1.2b.
— Wu Blockchain (@WuBlockchain) November 29, 2022

https://t.co/rBBj3y0we0
— Wu Blockchain (@WuBlockchain) November 29, 2022

Nexo is a Hedge Fund pretending to be a bank

1) Nexo is a Hedge Fund pretending to be a bank 👀
🚩 🚩 🚩

Follow this 🧵 as we dissect their claims and uncover its real risk@Thefiverse @eli5_Defi @mikeburgersburg @hellspawncrypto @Nouriel @otteroooo

More.. pic.twitter.com/huNTX24Yl1
— HappyHippo ~ low fees high APY yield optimizer (@HappyHippoDefi) November 29, 2022

2) While Reverse Cash-and-Carry Arbitrages are delta neutral, they are NOT risk free

They are vulnerable to change in volatility of the underlying and thus the cost of carry, which in this case is the funding rate for the short spot position.https://t.co/SuMusmmkN0
— HappyHippo ~ low fees high APY yield optimizer (@HappyHippoDefi) November 29, 2022

3) Price arbitrage between 2 exchanges is called market making,

The stuff that Genesis, Jump and Alameda used to do
Two of the three example above are insolvent, while Jump mostly do deals where they get paid to market make
Nexo’s quants r world best ?😏https://t.co/3mp0WsP1m4
— HappyHippo ~ low fees high APY yield optimizer (@HappyHippoDefi) November 29, 2022

4) This is what Alameda was doing at FTX

With all the advantages of peeking at order flow and stop hunting other Hedge Funds, their liquidation engine still ended up with billions of illiquid collateral https://t.co/cBvnHhL76K
— HappyHippo ~ low fees high APY yield optimizer (@HappyHippoDefi) November 29, 2022

5) Nexo real time “audit” is

“AGREED UPON PROCEDURES REPORT”

Performed by Armanino by simply querying Nexo’s API

Equivalent to
Armanino : “Nexo, you good?"
Nexo: "We good brah, trust us!”https://t.co/R9omXN589k pic.twitter.com/WiDjfR8im5
— HappyHippo ~ low fees high APY yield optimizer (@HappyHippoDefi) November 29, 2022

Fantom has ~$340m worth of assets in their treasury

Andre Cronje’s article yesterday revealed some key information.

• Fantom has ~$340m worth of assets in their treasury
• 30 years runway
• Turned down “further cooperation from Alameda”

Also the reason $FTM never got a Coinbase listing..

My thoughts: https://t.co/jPPMfMpwdp pic.twitter.com/5oO7ePZYqG
— Miles Deutscher (@milesdeutscher) November 29, 2022

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.