{"id":509304,"date":"2022-11-19T08:19:34","date_gmt":"2022-11-19T08:19:34","guid":{"rendered":"https:\/\/wncen.com\/?p=509304"},"modified":"2024-06-11T06:47:13","modified_gmt":"2024-06-11T06:47:13","slug":"nydig-analyzed-the-ftx-collapse-and-its-implications-what-did-we-learn","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/nydig-analyzed-the-ftx-collapse-and-its-implications-what-did-we-learn\/","title":{"rendered":"NYDIG Analyzed The FTX Collapse And Its Implications. What Did We Learn?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">It\u2019s time for NYDIG to chip in. The FTX fiasco is the theme of the month in the crypto world, and the show\u2019s just beginning. The <\/span><a href=\"https:\/\/nydig.com\/research\/implications-of-the-ftx-collapse\" rel=\"nofollow\"><span style=\"font-weight: 400\">NYDIG research team<\/span><\/a><span style=\"font-weight: 400\"> avoids the temptation to summarize the whole saga and goes straight to the implications of the fall of Sam Bankman-Fried\u2019s empire. \u201cSome signs of contagion have appeared but a full accounting of the damage and regaining of investor confidence will likely take time,\u201d they say understating the harsh reality.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/allied-payment-nydig-adds-bitcoin\/\"> Allied Payment Partners NYDIG, Adds Bitcoin To Corporate Treasury <\/a><\/div>\n<p><span style=\"font-weight: 400\">Taking a page from NYDIG\u2019s book, let\u2019s skip the intro and go straight to the conclusions.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Contagion Is Around The Corner<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Speaking about \u201csigns of contagion,\u201d NYDIG mentions BlockFi and the Genesis\/ Gemini combo. However, there might be much more to come.<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cSeveral other service providers have piqued the curiosity of crypto sleuths as potential next dominoes, but we hesitate to speculate too much without hard evidence. Regardless, industry participants are on edge for even the slightest signs of stress and continue to pull balances off exchanges.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">In the contagion section of the paper, we find a rare mention of a conspiracy theory that\u2019s making the rounds in crypto Twitter. Rarely do big players bring this up.\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cThere have been accusations that Alameda caused the initial de-peg of UST, and while that may have been the case, uneconomic rates paid by the Anchor Protocol and insecure economic design of LUNA\/UST ensured its ultimate destruction, destroying $60B worth of crypto wealth in a few short days.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Of course, NYDIG ends up doubling down on the thesis about Terra\/Luna that they put out in a previous paper <a href=\"https:\/\/bitcoinist.com\/nydig-algorithmic-stablecoins-impossible\/\" rel=\"nofollow\">titled \u201cOn Impossible Things Before Breakfast<\/a>.\u201d In that paper, NYDIG wrote a great segway to the next section. \u201cDeFi is not decentralized. The Terra ecosystem was not decentralized. Terra initially sourced funding from LUNA token issuance apportioned to Terraform Labs at inception.\u201d<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-509309 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/FTTUSD_2022-11-19_05-05-18.png?resize=1012%2C563\" alt=\"FTTUSD price chart - TradingView\" width=\"1012\" height=\"563\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/FTTUSD_2022-11-19_05-05-18.png?w=1012 1012w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/FTTUSD_2022-11-19_05-05-18.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/FTTUSD_2022-11-19_05-05-18.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/FTTUSD_2022-11-19_05-05-18.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/FTTUSD_2022-11-19_05-05-18.png?w=750 750w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<pre style=\"text-align: center\">FTT price chart on Bitstamp | Source: FTT\/USD on <a href=\"https:\/\/www.tradingview.com\/symbols\/FTTUSD\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<h2><span style=\"font-weight: 400\">NYDIG On DeFi Vs. CeFi<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Even though they\u2019re clearly not fans of DeFi, NYDIG gives them some credit. \u201cMost DeFi protocols operated as advertised through the volatility this year, minus the ongoing hacks within the ecosystem.\u201d True, but the ongoing hacks are not a minor factor. It\u2019s a billion-dollar problem with no apparent solution available. However, according to NYDIG, this time the problem lies with centralized finance. Those companies \u201cdid the rest of the damage\u201d by engaging in these behaviors:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cPoor risk controls, conflicts of interest, excessive leverage, unclear accounting, counterparty risks, and poor management were just some of the factors at play. Furthermore, the use of an equity-like token, FTX Token (FTT), as collateral exacerbated the issue.\u201d<\/span><\/p><\/blockquote>\n<h2><span style=\"font-weight: 400\">Is More Regulation The Answer?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to NYDIG, the industry was expecting \u201cimproved regulatory clarity for US investors.\u201d However, thanks to the FTX crash and Sam Bankman-Fried\u2019s political lobbying, \u201cthe path in DC has grown more complicated. Regulators will now be on their toes and increasingly more likely to use their current authority to enforce existing regulations and possibly issue new ones.\u201d<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin-holders-should-check-these-data\/\"> Bitcoin Holders Bracing For A Crypto Winter Bottom Should Check These Data<\/a><\/div>\n<p><span style=\"font-weight: 400\">It is what it is, however one has to take into account that \u201cFTX.com wasn\u2019t even a US entity, which raises the question of how impactful improved US regulations would have been, at least with respect to preventing the specific recent events surrounding FTX.\u201d That\u2019s true, but FTX was in business with several US-based fully-regulated entities. If effective, shouldn\u2019t Silvergate\u2019s AML procedures have detected Sam Bankman-Fried\u2019s shenanigans?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">A related question would be, shouldn\u2019t the due diligence of the highly regarded entities that invested in FTX have detected that something was off?<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s time for NYDIG to chip in. The FTX fiasco is the theme of the month in the crypto world, and the show\u2019s just beginning. The NYDIG research team avoids the temptation to summarize the whole saga and goes straight to the implications of the fall of Sam Bankman-Fried\u2019s empire. \u201cSome signs of contagion have appeared but a full accounting of the damage and regaining of investor confidence will likely take time,\u201d they say understating the harsh reality.\u00a0 Related Reading: Allied Payment Partners NYDIG, Adds Bitcoin To Corporate Treasury Taking a page from NYDIG\u2019s book, let\u2019s skip the intro and go straight to the conclusions. Contagion Is Around The Corner Speaking about \u201csigns of contagion,\u201d NYDIG mentions BlockFi and the Genesis\/ Gemini combo. However, there might be much more to come. \u201cSeveral other service providers have piqued the curiosity of crypto sleuths as potential next dominoes, but we hesitate to speculate too much without hard evidence. Regardless, industry participants are on edge for even the slightest signs of stress and continue to pull balances off exchanges.\u201d In the contagion section of the paper, we find a rare mention of a conspiracy theory that\u2019s making the rounds in crypto Twitter. Rarely do big players bring this up.\u00a0 \u201cThere have been accusations that Alameda caused the initial de-peg of UST, and while that may have been the case, uneconomic rates paid by the Anchor Protocol and insecure economic design of LUNA\/UST ensured its ultimate destruction, destroying $60B worth of crypto wealth in a few short days.\u201d Of course, NYDIG ends up doubling down on the thesis about Terra\/Luna that they put out in a previous paper titled \u201cOn Impossible Things Before Breakfast.\u201d In that paper, NYDIG wrote a great segway to the next section. \u201cDeFi is not decentralized. The Terra ecosystem was not decentralized. Terra initially sourced funding from LUNA token issuance apportioned to Terraform Labs at inception.\u201d FTT price chart on Bitstamp | Source: FTT\/USD on TradingView.com NYDIG On DeFi Vs. CeFi Even though they\u2019re clearly not fans of DeFi, NYDIG gives them some credit. \u201cMost DeFi protocols operated as advertised through the volatility this year, minus the ongoing hacks within the ecosystem.\u201d True, but the ongoing hacks are not a minor factor. It\u2019s a billion-dollar problem with no apparent solution available. However, according to NYDIG, this time the problem lies with centralized finance. Those companies \u201cdid the rest of the damage\u201d by engaging in these behaviors: \u201cPoor risk controls, conflicts of interest, excessive leverage, unclear accounting, counterparty risks, and poor management were just some of the factors at play. Furthermore, the use of an equity-like token, FTX Token (FTT), as collateral exacerbated the issue.\u201d Is More Regulation The Answer? According to NYDIG, the industry was expecting \u201cimproved regulatory clarity for US investors.\u201d However, thanks to the FTX crash and Sam Bankman-Fried\u2019s political lobbying, \u201cthe path in DC has grown more complicated. Regulators will now be on their toes and increasingly more likely to use their current authority to enforce existing regulations and possibly issue new ones.\u201d Related Reading: Bitcoin Holders Bracing For A Crypto Winter Bottom Should Check These Data It is what it is, however one has to take into account that \u201cFTX.com wasn\u2019t even a US entity, which raises the question of how impactful improved US regulations would have been, at least with respect to preventing the specific recent events surrounding FTX.\u201d That\u2019s true, but FTX was in business with several US-based fully-regulated entities. If effective, shouldn\u2019t Silvergate\u2019s AML procedures have detected Sam Bankman-Fried\u2019s shenanigans?\u00a0 A related question would be, shouldn\u2019t the due diligence of the highly regarded entities that invested in FTX have detected that something was off?<\/p>\n","protected":false},"author":539,"featured_media":509306,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[85876,3,87361,86998,85583],"tags":[160,28199,84230,87510,87511,13331,54512,87563,87394,87576,2164,15593,2683,83641,87657,3631,83748,31169,65698,86013,87721],"class_list":["post-509304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin","category-news","category-ftx-ftt-bankman","category-scams-and-fraud","category-terra-luna","tag-aml","tag-blockfi","tag-cefi","tag-conflicts-of-interest","tag-counterparty-risks","tag-crypto-regulation","tag-defi","tag-excessive-leverage","tag-ftt","tag-fttusd","tag-gemini","tag-genesis","tag-kyc","tag-luna","tag-poor-risk-controls","tag-regulation","tag-sam-bankman-fried","tag-silvergate","tag-terra","tag-terraform-labs","tag-unclear-accounting"],"acf":[],"yoast_head":"\n<title>NYDIG Analyzed The FTX Collapse And Its Implications. 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