Daily News | BTC, ETH Rise For Two Days Straight Amid Global Declines

🥂 Good morning, today is Wednesday, Nov. 30, 2022.

TL;DR

🔹 Bitcoin and Ether rise for a second consecutive day despite China woes and less-than-stellar US consumer confidence data.

🔹 Germany reported 10% YoY inflation Tuesday, beating market estimates, although on a month-to-month basis the figure was at -0.5, falling from 0.9 a month ago.

🔹 BTC’s inverse correlations with US and German equity indices remain inversely high at an average of -0.85, signaling Bitcoin may be a haven to some investors as equities plunge amid global uncertainties.

🔹 The topic of the Day: SBF Blames CZ for FTX's Bankruptcy, Crypto Whales Shrunk $100 Billion in Assets This Year

🔹 Happenings of the Week: FTSE Russell has launched the Global Digital Asset Index; France & Luxembourg to test 100 million Euro bond with CBDC; MasterCard files trademark applications related to encryption and Web3…

As of 01:52 UTC,

⚡️ Bitcoin (BTC) 24-Hour Change: 16,861 (+3.93%)

⚡️ Ether (ETH) 24-Hour Change: 1,273 (+8.21%)

Markets Await More Signs As China Business Confidence & US Consumer Confidence Wane

The cryptocurrency markets ascend for the second consecutive day despite a mixed picture seen in Asian equity markets following sluggish US equity performance as investors observe Covid developments in China and await a speech from Fed Chair Powell later Wednesday at 18:30 UTC.

Bitcoin’s correlations with the Dollar Index (DXY) and Volatility Index (VIX) have become stagnant this week at 0.89 and 0.65; before Nov. 7 the correlations were inverse on the extreme end. The same phenomenon can be seen in BTC’s inverse correlations with US equity indices at an average of -0.85 which were on the positive side before Nov. 7.

On Tuesday, Wall Street spot markets closed lower as the latest conference board’s index showed US consumer confidence fell to 100.2 this month from a revised 102.2 reading in October -- a four-month low amid the double blow of persistent inflation and rising interest rates.

In early Wednesday, China reported its business confidence decreased to 48 points in November from 49.20 points in October, missing market forecasts for two consecutive months, the lowest reading since April (47.4).

Today, besides a speech coming from Fed Chair Powell, global investors will look to several economic indicators to further gauge the employment conditions in the US as well as further proof that inflations in the Eurozone are slowing. Germany on Tuesday reported a lower CPI reading at 10%, beating market estimates though still a long way to go to reach its target of 2%.

4️⃣ Thursday

⭐️ 01:45 UTC

China Caixin Manufacturing PMI NOV

Actual: Awaiting Data; Consensus: 48.9; Previous: 49.2

⭐️ 05:00 UTC

Japan Consumer Confidence NOV

Actual: Awaiting Data; Consensus: 29.1; Previous: 29.9

09:00 UTC

Italy Unemployment Rate OCT

Actual: Awaiting Data; Consensus: 8%; Previous: 7.9%

⭐️ 10:00 UTC

Eurozone Unemployment Rate OCT

Actual: Awaiting Data; Consensus: 6.6%; Previous: 6.6%

12:00 UTC

Brazil GDP Growth Rate YoY Q3

Actual: Awaiting Data; Consensus: 3.7%; Previous: 3.2%

⭐️ 13:30 UTC

US Personal Spending MoM OCT

Actual: Awaiting Data; Consensus: 0.8%; Previous: 0.6%

US Personal Income MoM OCT

Actual: Awaiting Data; Consensus: 0.4%; Previous: 0.4%

⭐️ 15:00 UTC

US ISM Manufacturing PMI NOV

Actual: Awaiting Data; Consensus: 49.8; Previous: 50.2%

3️⃣ Wednesday

01:30 UTC

China NBS Manufacturing PMI NOV

Actual: 48; Consensus: 49; Previous: 49.2

• In NOV, business Confidence in China decreased to 48 points in November from 49.20 points in October of 2022, missing market forecasts for two consecutive months, the lowest reading since April (47.4).

07:00 UTC

Turkey Q3 GDP YoY

Actual: Awaiting Data; Consensus: 4%; Previous: 7.6%

• In Q2, the Turkish economy expanded by 7.6 percent YoY, picking up from the 7.3 percent growth in the previous period and above market forecasts of a 7.5 percent increase.
• Household consumption expanded sharply (22.5 percent vs 21.5 percent in Q1), and gross fixed capital formation increased at a faster rate (4.7 percent vs 4.2 percent. Also, the change in net foreign demand contributed positively to growth as exports rose by 16.4 percent (from 14.8 percent) while imports increased by 5.8 percent (from 2.2 percent).
• On the other hand, government expenditure slowed (2.3 percent vs 3.1 percent). On a seasonally and calendar-adjusted basis, the economy grew by 2.1 percent from 1.2 percent in the first quarter.

07:45 UTC

France Inflation Rate YoY Prel NOV

Actual: Awaiting Data; Consensus: 6.2%; Previous: 6.2%

• In OCT, the annual inflation rate in France jumped 6.2%, the highest since June of 1985, from a 5.6% gain in September, and in line with preliminary estimates.
• Main upward pressures came from food (12.0% vs 9.9%), energy (19.1% vs 17.9%), and manufactured goods (4.2% vs 3.6%). On the other hand, inflation slowed slightly for services (3.1% vs 3.2%).
• On a monthly basis, consumer prices inched up by 1%, the biggest rise since March and reversing from a 0.6% drop in September. Meanwhile, the harmonized CPI was up 1.2% on the month and 7.1% on the year.

⭐️ 10:00 UTC

Eurozone Inflation Rate YoY Flash NOV

Actual: Awaiting Data; Consensus: 10.4%; Previous: 10.6%

• In OCT, the Eurozone consumer price inflation was revised slightly down to 10.6 percent YoY from a preliminary estimate of 10.7 percent. Still, the rate was the highest on record and well above the European Central Bank's target of 2.0 percent, amid surging energy prices and euro weakness. The data kept the pressure on ECB policymakers to continue raising rates despite signs of an economic downturn.
• Main upward pressure came from energy (41.5 percent vs 40.7 percent in September), followed by food, alcohol & tobacco (13.1 percent vs 11.8 percent), services (4.3 percent, the same as in September), and non-energy industrial goods (6.1 percent vs 5.5 percent).
• The annual core inflation, which excludes volatile prices of energy, food, alcohol & tobacco, climbed to 5.0 percent in October, also the highest on record. On a monthly basis, consumer prices rose 1.5 percent.

10:00 UTC

Italy Inflation Rate YoY Flash NOV

Actual: Awaiting Data; Consensus: 11.3%; Previous: 11.8%

• In OCT, the annual inflation rate in Italy soared to 11.8 percent, the highest in 37 years, from 8.9 percent in the previous month and slightly below preliminary estimates of 11.9 percent.
• Prices soared for energy (71.1 percent vs 44.5 percent in September), both for the non-regulated (79.4 percent vs 41.2 percent) and regulated (51.6 percent vs 47.7 percent) kinds, amid the increased costs of purchasing natural gas from sources alternative to Russia. Consumer costs also rose for food and non-alcoholic beverages (13.5 percent vs 11.7 percent).
• The annual core inflation rate, which excludes energy and unprocessed food, extended its record-high to 5.3 percent from 5 percent in September. On a monthly basis, consumer prices rose by 3.4 percent, the sharpest increase since 1980 and picking up from the 0.3 percent uptick in the prior month.

⭐️ 12:00 UTC

India Q3 GDP YoY

Actual: Awaiting Data; Consensus: 6.2%; Previous: 13.5%

• In Q2, the Indian economy expanded 13.5% YoY, the most in a year but less than market forecasts of 15.2%.
• Gross value added increased faster for agriculture, forestry & fishing (4.5% vs 2.2% in Q2 2021); electricity, gas, water supply & other utility services (14.7% vs 13.8%); financial, real estate & professional services (9.2% vs 2.3%) and public administration, defence & other services (26.3% vs 6.2%).
• On the other hand, a slowdown was seen for mining & quarrying (6.5% vs 18%); manufacturing (4.8% vs 49%); construction (16.8% vs 71.3%) and trade, hotels, transport, communication & services related to broadcasting (25.7% vs 34.3%). On the expenditure side, household consumption accelerated (25.9% vs 14.4% in Q2 2021) and government expenditure rebounded (1.3% vs -4.8%).
• Meanwhile, gross fixed capital formation slowed (20.1% vs 62.5%) and net foreign demand contributed negatively to growth, as exports rose 14.7% while imports advanced at a faster 37.2%.

13:15 UTC

US ADP Employment Change NOV

Actual: Awaiting Data; Consensus: 200K; Previous: 239K

• In OCT, private businesses in the US unexpectedly created 239K jobs, the most in three months, and compared to market forecasts of 195K.
• The hiring was not broad-based with the services-providing sector creating 247K jobs, led by leisure/hospitality (210K) and trade/transportation/utilities (84K). On the other hand, jobs were lost in information (-17K); professional/business (-14K); financial activities (-10K); education/health (-5K). Also, the goods sector shed 8K jobs, mainly due to manufacturing (-20K).
• According to ADP chief economist Nela Richardson, "Goods producers, which are sensitive to interest rates, are pulling back, and job changers are commanding smaller pay gains. While we're seeing early signs of Fed-driven demand destruction, it's affecting only certain sectors of the labor market."
• Meanwhile, the annual pay growth remained nearly the same for job starters (7.7%) and slowed slightly for job changers (15.2%).

⭐️ 13:30 UTC

US Q3 GDP QoQ 2nd Estimate

Actual: Awaiting Data; Consensus: 2.7%; Previous: -0.6%

• In the first estimate for Q3 GDP growth rate, the US economy grew an annualized 2.6% QoQ, beating forecasts of a 2.4% rise and rebounding from a contraction in the first half of the year.
• The biggest positive contribution came from net trade (2.77 pp vs 1.16 pp in Q2), as the trade gap narrowed. Imports sank 6.9% (vs +2.2%) while exports were up 14.4% (vs 13.8%), led by petroleum products, nonautomotive capital goods, and financial services.
• At the same time, nonresidential investment jumped 3.7% (vs 0.1%), boosted by increases in equipment and intellectual property. On the other hand, residential investment sank for the 6th quarter (-26.4%) as the housing market has been hit by soaring mortgage rates.
• Finally, consumer spending grew at a slower pace (1.4% vs 2%) but remained resilient as higher outlays on services (led by health care) offset a decrease in goods, namely motor vehicles and food and beverages. Also, the drag from private inventories was smaller (-0.7 pp vs -1.91 pp).

⭐️ 15:00 UTC

US JOLTs Job Openings OCT

Actual: Awaiting Data; Consensus: 10.3M; Previous: 10.717M

• In SEP, the number of vacancies in the United States unexpectedly rose by 437,000 to 10.72 million, up from 10.2 million in August and easily beating market expectations of 10.0 million. The level of openings remained close to record highs seen at the end of 2021, which could add to inflationary pressure coming from raising wages to attract and keep staff.
• Openings were up in several industries with the largest increases being reported in accommodation and food services (+215,000); health care and social assistance (+115,000); and transportation, warehousing, and utilities (+111,000).
• Meanwhile, job openings decreased in wholesale trade (-104,000) and in finance and insurance (-83,000). Elsewhere, the number of hires was down by 252,000 to 6.33 million, while total separations including quits, layoffs and discharges, and other separations declined by 370,000 to 5.69 million.

⭐️ 18:30 UTC

Fed Chair Powell Speech

Minutes from the November 1-2 FOMC meeting showed a substantial majority of Fed officials judged that a slowing in the pace of the fed funds rate increase would likely soon be appropriate, as it would better allow the Committee to assess progress toward its goals of maximum employment and price stability.

Policymakers also noted that with inflation showing little sign of abating, and with supply and demand imbalances in the economy persisting, the ultimate level of the federal funds rate that would be necessary to achieve the Committee's goals was somewhat higher than they had previously expected.

The Federal Reserve raised the target range for the federal funds rate by 75bps to 3.75%-4% during its November 2022 meeting, marking a sixth consecutive rate hike and the fourth straight three-quarter point increase, pushing borrowing costs to a new high since 2008.

2️⃣ Tuesday

13:00 UTC

Germany Inflation Rate YoY NOV

Actual: 10%; Consensus: 10.3%; Previous: 10.4%

Inflation Rate MoM Prel NOV

Actual: -0.5%; Consensus: -0.2%; Previous: 0.9%

• In NOV, the consumer price inflation in Germany fell to 10.0%, down from October's all-time high of 10.4 percent and below market consensus of 10.4 percent, a preliminary estimate showed. On a monthly basis, consumer prices dropped 0.5 percent in November, the first decline in a year.
• Still, the rate remained well above the European Central Bank's target of about 2 percent, suggesting there is a need for continued monetary tightening to combat high inflation.
• Goods inflation slowed to 17.2 percent from 17.8 percent in October, due to a smaller increase in energy cost (38.4 percent vs 43.0 percent). On the other hand, food prices likely rose further (21.0 percent vs 20.3 percent). Services inflation has also slowed to 3.7 percent from 4.0 percent, even as the rent price rate accelerated to 1.9 percent from 1.8 percent.

13:30 UTC

Canada Q3 GDP YoY

Actual: 2.9%; Consensus: 1.5%; Previous: 3.3%

GDP Growth Rate QoQ

Actual: 0.7%; Consensus: 0.4%; Previous: 0.8%

• In Q3, the Canadian economy expanded by 0.7%, a fifth consecutive quarter of growth, and following a 0.8% increase in Q2. On an annualized basis, the Canadian economy expanded by 2.9%, beating market forecasts of 3.2%, and marking a fifth consecutive quarter of growth. Exports and non-residential structures were the main drivers of the expansion.
• Growth in exports, non-residential structures, and business investment in inventories were moderated by declines in housing investment and household spending.
• Exports increased 2.1%, led by crude oil and bitumen, and farm and fishing products. Imports fell 0.4%, reflecting widespread declines in energy products, including crude oil, natural gas, and nuclear fuel.
• Also, accumulation of non-farm inventories was $46.8 billion, a record high, led by stocks in manufacturing, wholesale trade, and retail trade sectors.

💡 Today's Markets at 01:24 UTC

BTC +2.61%; Ether +4.22%.

Asia: Japan -0.69%; Hong Kong -0.35**%**; China +2.31%; India +0.30%.

Europe: London 0.00%; Paris +0.06%; Frankfurt -0.19%.

Index Futures: Dow +0.04%; S&P +0.04%; Nasdaq +0.02%.

US Two-year Treasury up 1bps at 4.473%.

US Ten-year Treasury up 4bps at 3.740%.

UK Ten-year Government down 2bps at 3.115%.

**US Dollar Index -**0.07% at 106.37.

FX: GBP: +0.14%; EUR: +0.10%; JPY: -0.02%; CNY: 0.00%.

Gold +0.56%; Brent Crude -0.66%.

🗓 Catalysts this week

• Wednesday: US GDP, US Employment Change, China NBD PMI, India GDP, Eurozone CPI, France CPI, Italy CPI, Turkey GDP
• Thursday: China Caixin PMI, US Income & Spending, US ISM PMI, Japan Consumer Confidence, Eurozone Unemployment Rate, Italy Unemployment Rate, Brazil GDP
• Friday: US Non-Farm Payroll & Unemployment Rate, Germany Balance of Trade, Canada Unemployment Rate

🏦 BTC

BTC Weekly timeframe:

• Major Level: 13,965 (Monthly High of Jun. 2019)
• Closest support zone: 16,430 - 16,010
• Key resistance level: 17,085 - 17,715

Analysis as of Nov. 30 - Dec. 4 Session.

BTC Weekly Resistance zones

1. 17,085 - 17,715
2. 17,875 - 18,245
3. 18,890 - 19,085

BTC Weekly Support zones

1. 16,430 - 16,010
2. 15,525 - 15,200
3. 14,650 - 14,405

BTC Daily Timeframe:

• Closest support zone: 16,800 - 16,635
• Closest resistance zone: 16,990 - 17,205
• Key Level: 15,952 (Weekly Close Between Nov. 02 - 09, 2020)

Nov. 30 01:09 UTC Update:

Bitcoin (BTC) was trading at $16,865, or +4.93% in a 24hr period.

BTC Daily Resistance zones

1. 16,990 - 17,205
2. 17,370 - 17,575
3. 17,645 - 17,805

BTC Daily Support zones

1. 16,800 - 16,635
2. 16,300 - 16,010
3. 15,860 - 15,780

🌐 ETH

Weekly Timeframe

• Major Level - 757 (Monthly High of Dec. 2020)
• Closest support zone: 1,220 - 1,155
• Key resistance zone: 1,280 - 1,330

Analysis as of Nov. 30 - Dec. 4 Session.

ETH Weekly Resistance zones

1. 1,280 - 1,330
2. 1,345 - 1,390
3. 1,415 - 1,470

ETH Weekly Support zones

1. 1,220 - 1,155
2. 1,110 - 1,060
3. 1,035 - 990

ETH Daily Timeframe

• Closest support zone: 1,245 - 1,220
• Closest resistance zone: 1,270 - 1,280
• Key Level: 1,010 (Weekly High from Dec. 28, 2020 - Jan. 04, 2021)

Nov. 30 01:18 UTC Update:

ETH was trading at $1,269, or +8.80% in a 24hr period.

ETH Daily Resistance zones

1. 1,270 - 1,280
2. 1,300 - 1,325
3. 1,330 - 1,347

ETH Daily Support zones

1. 1,245 - 1,220
2. 1,175 - 1,160
3. 1,140 - 1,120

📌 Today's topic: SBF Blames CZ for FTX's Bankruptcy, Crypto Whales Shrunk $100 Billion in Assets This Year

On November 30, FTX founder SBF had a conversation with crypto whistleblower Tiffany Fong following the FTX bankruptcy.

In a recording of the conversation released by Tiffany Fong, SBF explained that FTX reopened to Bahamian residents after suspending withdrawals because it wanted to appease the citizens of the country where the company was based.

Speaking about the role CZ played in FTX's bankruptcy, SBF responded that without CZ's questionable behavior, "things would certainly be more stable and more capable of generating liquidity, but there would still be too much margin in the system. I think it's a 50/50 split between the two."

SBF also said that, in retrospect, he wished the firm had someone dedicated to risk management and liquidity. Another problem was that the firm's business was too fragmented. In particular, he said FTX spent a lot of effort trying to get a regulatory license "when we could have been more selective and spent less time in that area."

Also according to CryptoPresales’ data, the top five crypto billionaires have lost a total of about $112.7 billion this year.

Among them, Binance founder CZ, whose net worth was about $96.5 billion a year ago, now has a net worth of $14.6 billion, a loss of more than $82 billion, more than the combined shrinkage of Mark Zuckerberg and Bill Gates' fortunes. Bill Gates lost about $23 billion.

Coinbase CEO Brian Armstrong's fortune has shrunk by $4.7 billion this year, and Ripple co-founder Chris Larsen's has shrunk by $1.3 billion this year.

In addition, FTX co-founders SBF and Gary Wang have seen their fortunes shrink by nearly $25 billion. Just three weeks after the implosion, SBF lost more than $23 billion and now has a net worth of just under $1 billion. Gary Wang has lost $1.7 billion, and his net worth as of this week was $4.2 billion, down from a peak of $5.9 billion, according to Forbes.

👁 Happenings of The Week (Nov. 25 - 30):

📣 Notables

🔹 Fed's Williams: Fed may cut rates in 2024

🔹 U.S. House Financial Services Committee to hold FTX hearing on Dec. 13

🔹 European Parliament to introduce NFT-related legislation, vote expected in early 2023

🔹 Putin calls for building international clearing solutions based on blockchain and digital currencies.

🔹 Hong Kong Treasury Secretary: New licensing regime for virtual asset service providers to be launched in coming months.

🔹 China's Central Bank will lower the reserve requirement ratio for financial institutions by 0.25 percentage points on December 5.

🔹 Hangzhou, China: New government policy to support the integrated application of new technologies such as metaverse and blockchain in the field of animation games and e-sports.

🔹 China's Hubei: Xianyang High-tech Zone to branch out a "metaverse industry pioneer zone" with the aim to make it the "second growth curve” for the province within three years

🔹 Belgium HKMA: Cryptocurrencies without issuers such as BTC and ETH are not securities and do not need to comply with financial rules.

🔹 Monetary Authority of Singapore (MAS) will further deepen cooperation with the UK Treasury in the field of crypto assets.

🔹 Israel's Ministry of Finance issues proposal for Digital Asset Regulation and calls for stronger regulation on Stablecoins and Crypto Taxes

📣 Nov. 30

🔹 FTSE Russell has launched the Global Digital Asset Index. The index includes eight indicators covering small, medium and large assets. Developed by Digital Asset Research, the index will monitor data from hundreds of exchanges.

🔹 France, Luxembourg test 100 million euro bond with CBDC.

🔹 DCG's crypto media Coindesk has received multiple offers, with one buyer offering $300 million.

🔹Multiple crypto industry players were named in Forbes ”30 Under 30” list for 2023

📣 Nov. 29

🔹 Musk asks Twitter managers to 'regularly identify low performers' and lay them off if they don't improve.

🔹 Vitalik Buterin: The concept of 'governance rights' as a narrative to promote whether tokens have value is pathological.

🔹 Solana Web3 Mobile Saga Open for Pre-Order in Australia, New Zealand, Switzerland.

🔹 BTC Trading Volume 7-Day Average Hits 2-Year Low.

🔹 DOGE's largest whale address has transferred 300 million DOGE.

🔹 SBF may participate in IBC Group founder Mario Nawfal's Twitter Space roundtable this Friday.

🔹 MasterCard files trademark applications related to encryption and Web3.

🔹 US has 45.3% of Ether nodes, ranking #1 globally.

🔹 Twitter restores 62,000 deactivated accounts, including one account with 5 million followers, and another with 75 million followers.

🔹 Across Protocol (ACX), the cross-chain bridge, is now open for airdrop claims.

🔹 BlockFi officially files for bankruptcy: there are over 100,000 creditors, while assets and liabilities are in the range between $1 billion to $10 billion.

🔹 Texas Governor is open to Bitcoin and has set up a working group to improve Bitcoin-related legislation.

📣 Nov. 28

🔹 Fidelity officially opens Fidelity Crypto, a crypto investment product for retail clients.

🔹 Global Web3 market raises $850 million in October, down 52% YoY.

🔹 Messari Founder: DCG and Genesis are facing a liquidity crisis, but there won’t be a GBTC Dump.

🔹 Aave deactivates YFI, CRV, MANA, 1INCH, and 17 other low liquidity asset pools to prevent attacks.

🔹 Crypto bloggers are gathering in the Bahamas, with many claiming to be joining the search for SBF.

🔹 Telegram now supports trading BTC and TON directly in the app chat interface.

🔹 The number of addresses holding 1 - 10 BTC is at a record high of nearly 800,000.

📣 Nov. 27

🔹 LG tops metaverse patent rankings, Huawei, Meta among top five.

🔹 Privacy project MobileCoin up over 300% in 24 hours, influenced by Twitter's launch of Signal encrypted private messaging.

🔹 Number of Addresses Holding 0.1 Bitcoins Reaches Record High of 4,069,920.

🔹 Swiss mobile app developer BIZI LABS launches flagship Web3 smartphone with Polygon integration.

🔹 Bloomberg: $84.1 Million Donated to U.S. Politicians by Crypto Industry Players, 84% from SBF and FTX Executives.

📣 Nov. 26

🔹 Musk will produce his own smartphone if Google and Apple take down Twitter.

🔹 CZ: FTX's collapse is nothing like Luna, expect crypto industry to improve next year

🔹 Multiple U.S. regulators are investigating whether Genesis Global Capital violated securities laws

📣 Nov. 25

🔹 Tiantian Kullander, co-founder of Amber Group, died unexpectedly.

🔹 Jihan Wu's crypto financial services platform Matrixport is looking to raise $100 million at a $1.5 billion valuation.

🔹 Solana Foundation Loses Over $180 Million Worth of Crypto Assets Due to FTX Bankruptcy.

🔹 Crypto Wallet Maker Ledger Launches Crypto Debit Card "Crypto Life" in Europe.

🔹 Amazon commissions independent film and TV production company AGBO for a TV series about FTX.

🔹 CoinList: Charging Delays are Technical Issues, Not Liquidity Crunch; Will Release Proof of Reserves

📣 This week’s fundraising activities include but are not limited to:

🔹 Igloo, a Singaporean insurtech company, announced the closing of a Series B funding round totaling $46 million. InsuResilience Investment Fund II, a subsidiary of German development bank KfW, and other institutions participated. The funding will be used for hiring, infrastructure and M&A opportunities, and the Series B round was launched in March with $19 million in funding. Southeast Asia-focused Igloo, formerly known as Axinan, was founded in 2016 as Singapore's first full-stack insurtech company. Its blockchain smart contract-based insurtech product, which automates the calculation of claims expenses, is already being rolled out in the Vietnamese market.

🔹 FrankieOne, a digital asset fraud detection platform, closed a Series A funding round of approximately $30 million with participation from Binance Labs and others. FrankieOne reportedly links banks, fintech, cryptocurrency and gaming companies to hundreds of data sources and works with 170 financial institutions worldwide, providing an API to access identity and fraud prevention providers around the world.

🔹 Pearpop Closes $18 Million Series A Funding Round, led by Avalanche's Blizzard Fund and others. Two new products under the Pearpop umbrella are Ovation, a brand engagement service, and Passport, a blockchain cross-platform engagement service that helps brands better understand creators' reach and audience engagement.

🔹 Web3 Games Studio Roboto Games Closes $15 Million Series A Funding Round led by a16z. Founded by Web2 veterans, the team behind ZipZapPlay, which produced 20 social Facebook games in 2007, Roboto Games has released the fast-paced combat game Last Mage Standing. Roboto Games has already released the fast-paced combat game Last Mage Standing and is currently focused on developing a massively multiplayer online (MMO) game codenamed Foragers and Fighters, with plans to release an initial playable version of the game in the first quarter of 2023. The company also plans to build a user-generated content (UGC) platform.

🔹 Cameroonian crypto platform Ejara has closed an $8 million round of funding led by Anthemis and Dragonfly. Ejara offers users in French-speaking Africa a service to buy, sell, exchange and store their cryptocurrencies, and does so using a non-custodial wallet. In addition to cryptocurrencies, it is also tokenizing government bonds and issuing savings products based on them.

🔹 Web3 game development company Midnight closed a $7.5 million seed round led by Shima Capital and others. Founded in late 2021, Midnight currently has more than 60 full-time employees and aims to create real value for players and build a world of IP-based games using blockchain technology. Its products include Next Protectors, a 2D pixel fighting game, and Legion, a 4X MMO game.

🔹 NFT rewards game platform Burn Ghost closes $3.1 million seed round led by Drive by DraftKings and others. Burn Ghost will focus on simple, easy-to-play casual games with a skill component and will open its game platform to the public in Q1 2023.

🔹 DAO tool XDAO closes $2.3 million seed round with participation from Panony and others. XDAO CEO Vlad Shavlidze said the round was completed through Token sales and the terms of the funding include a 12-month lock-up period and 36-month linear vesting period, as well as Token economics tailored to crypto bears.

🔹 NFT perpetual contract trading platform nftperp closed a $1.7 million seed round of funding, with a post-investment valuation of $17 million. flow Ventures and others participated in the round. It is reported that nftperp tracks the lowest price of NFT pools and allows users to go long and short NFT.

🔹 Layer2 cross-Rollup bridge Orbiter Finance has closed its first round of funding with participation from Tiger Global and Matrixport, among others. Next, Orbiter Finance will invest more effort in the design of algorithm applications and cross-chain scaling solutions to create a ZK aggregation middle layer. In addition, the project also made a thank you to V-God, who had previously donated 16 ETH to the project.

📣 This week’s on-chain criminal activities include but are not limited to:

🔹FTX Hack Update: On November 25, on-chain analyst ZachXBT posted on social media that the FTX hacker "FTX Accounts Drainer" has laundered 360 BTC, nearly $6 million at current prices, by using the crypto coin mixer ChipMixer.

On November 29, the FTX attackers used the Bitcoin monger ChipMixer to transfer some of the stolen funds to OKX, and have now sent at least $4.1 million (255 BTC) to OKX. ZachXBT says that the FTX attackers started depositing BTC into ChipMixer on November 20 after using Ren Bridge.

Previously Slow Fog had posted an article on the Peel Chain technique, which on the one hand is because each individual transfer is so small that it barely triggers the trading platform's risk control alerts, and on the other hand, because this laundering chain is extremely long and complex, making the assets they steal extremely difficult to track.

🔹 Pleasant Goat and Big Big Wolf NFT has a data breach security vulnerability and should be vigilant. According to the Sheepdog vulnerability monitoring system of Supremacy's security team, the Pleasant Goat and Big Big Wolf NFT project of AoFei Entertainment is vulnerable to a generic security vulnerability, CVE-2022-38217, previously disclosed by Supremacy. The vulnerability could lead to the early disclosure of metadata for all NFTs in the project, allowing hackers to pre-screen valuable NFTs and then target the casting of specified NFTs by monitoring Mempool and finally selling them in the secondary market for profit. Previously Supremacy has tried to contact the official through Discord, but as of this writing the official did not have any response.