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Nishad Singh, the former head of engineering at collapsed cryptocurrency exchange FTX, is set to plead guilty with federal prosecutors. Singh, who first worked at Alameda before moving to FTX itself, would be the third high-level employee to cooperate with the government, after Alameda’s CEO Caroline Ellison and FTX co-founder Gary Wang pleaded guilty in December.

Last week, when US regulators sued Do Kwon and Terraform Labs over the implosion of TerraUSD (UST), an unnamed trading partner that booked $1.28 billion in profits before Terra’s collapse was named. People familiar with the matter now say that the unnamed firm is Jump Crypto.

Leading non-fungible token (NFT) marketplace OpenSea has temporarily eliminated its marketplace fee as its battle for market share with the popular no-fee marketplace Blur heats up.

 Top stories in the Crypto Roundup today:

  • Former FTX Exec to Plead Guilty
  • Jump Trading Revealed to Be Firm That Made $1.28 Billion From Terra Ecosystem
  • NFT Marketplace OpenSea Temporarily Eliminates Fees
  • Liquid Staking Derivative Tokens Soared in January

 
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Former FTX Exec to Plead Guilty

 

Nishad Singh, the former head of engineering at collapsed cryptocurrency exchange FTX, is set to plead guilty with federal prosecutors. Singh, who first worked at Alameda before moving to FTX itself, would be the third high-level employee to cooperate with the government, after Alameda’s CEO Caroline Ellison and FTX co-founder Gary Wang pleaded guilty in December.

Nishad Singh has, according to Bloomberg, been working out a deal with Manhattan prosecutors as they are readying to file fraud charges against him. Such an agreement would increase the isolation of Bankman-Fried, but it is still pending.

FTX, an exchange once valued at $32 billion, collapsed into bankruptcy in November 2022 after it was unable to meet a wave of customer withdrawals. The collapse, which left more than 1 million potential creditors, is seen as one of the largest financial frauds in American history.

During a closed hearing late last year, Caroline Ellison informed a U.S. federal judge that between 2019 and 2022 Alameda Research had access to an “unlimited line of credit on FTX.com.” She admitted she “knew that it was wrong.”

Singh may potentially provide information about the campaign finance aspect of FTX, an area of interest for US officials. Bankman-Fried's indictment includes allegations of violating campaign finance regulations.

 
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Jump Trading Revealed to Be Firm That Made $1.28 Billion From Terra Ecosystem

 

Last week, when US regulators sued Do Kwon and Terraform Labs over the implosion of TerraUSD (UST), an unnamed trading partner that booked $1.28 billion in profits before Terra’s collapse was named. People familiar with the matter now say that the firm is Jump Crypto.

Chicago-based Jump Crypto is a company whose parent has deep roots in conventional finance, and has become a giant in the digital asset sector.

The U.S. Securities and Exchange Commission (SEC) has charged Singapore-based firm Terraform Labs and its CEO, Do Kwon, with “orchestrating a multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto asset securities.”

The SEC’s complaint refers to an unnamed trading firm that had made an exclusive market-making agreement with Terraform Labs. The company, which sources identify as Jump Crypto, was able to buy heavily discounted LUNA tokens.

It deployed only $62 million to help keep UST’s price near $1 in May 2021, but managed to make $1.28 billion by selling off discounted tokens that it purchased. Jump Crypto played an active role in the Terra ecosystem, often submitting governance proposals and having significant investments in the project.

The firm was involved in the creation of a Terra cross-chain bridge and co-led a $1 billion capital raise to establish the Luna Foundation Guard. Kanav Kariya, President of Jump Crypto, also served on the board of the Luna Foundation Guard, which oversaw Terra's multi-billion-dollar bitcoin reserve treasury.

The reserve was deployed in May 2022 in an unsuccessful attempt to restore UST’s peg.

 
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NFT Marketplace OpenSea Temporarily Eliminates Fees

 

Leading non-fungible token (NFT) marketplace OpenSea has temporarily eliminated its marketplace fee as its battle for market share with the popular no-fee marketplace Blur heats up.

On social media, OpenSea revealed that for a “limited time” it is dropping its marketplace fees to 0%, and default all collections without on-chain royalty enforcement to optional creator royalties that start at 0.5%.

The marketplace has modified its blocklist of other marketplaces that do not provide full royalty payments to creators, enabling the sale of NFTs on platforms with similar policies.

It was explicitly stated that this includes Blur "as they fulfill their commitment," removing the requirement for creators to select between the two platforms in order to obtain complete royalties on their collections.

 
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Liquid Staking Derivative Tokens Soared in January

 

Reports on Ethereum's upgrades resulted in a spike in the value of Liquid Staking Derivatives (LSDs) such as FXS, LDO, and RPL. These three tokens experienced a substantial rise of 286%, 239%, and 208%, respectively, between the start of January and February 7th.

Further expand your knowledge of the digital asset industry with CryptoCompare’s latest Asset Report.

 
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