• FTX exchange filed for bankruptcy, causing a contagion among other companies exposed to it, including Digital Surge.
• Digital Surge suspended withdrawals on its platform as a precaution, and worked on options to recover its locked funds.
• The firm proposed a Deed of Company Agreement, requiring creditors‘ approval, and founders promised to compensate customers for their assets on the platform.

The crypto industry was sent into shockwaves last year when one of the top exchanges, FTX, filed for bankruptcy. Many investors and firms had their funds locked on the platform, and the contagion spread to other companies exposed to the distressed exchange. One of these companies was Digital Surge, an Australian crypto exchange, who had over $23.4 million in digital assets locked on FTX.

In an effort to protect its customers and their funds, Digital Surge suspended withdrawals on its platform as a precautionary measure. The firm further reported that it was doing everything in its power to find a way to recover the funds locked on FTX. To this end, they proposed a Deed of Company Agreement (DOCA) which required the creditors‘ approval.

Digital Surge’s founders, Daniel Rutter and Josh Lehman, were determined to restore their customers‘ confidence in the platform and promised to compensate them for their assets on the platform. To demonstrate their commitment, the founders pledged to contribute $1 million from a private source to the firm for the purpose of repaying all their customers.

The crypto industry was heavily impacted by the collapse of FTX last year, and the situation seemed to be dire for Digital Surge and its customers. However, due to the swift and decisive action taken by the firm, its customers were able to get their funds back and the contagion was avoided. Digital Surge’s founders should be commended for their commitment to their customers and for making sure that their funds were recovered and returned to them safely.

• The mining hashrate for Litecoin has hit a new all-time high of 683.52 TH/s.
• This metric is an indicator of the total amount of computing power connected to the Litecoin network for the purpose of mining.
• When the value of the mining hashrate rises, it can suggest that miners are finding the blockchain attractive to mine on currently.

Litecoin, much like Bitcoin, is a cryptocurrency that works on a consensus mechanism based on Proof-of-Work (PoW). This means that network validators called miners handle the transactions on the network, competing with each other using computing power to hash the next block on the blockchain. The “mining hashrate” is an indicator that measures the total amount of this computing power that miners have connected to the Litecoin network for the purpose of mining.

Recent data has shown that the Litecoin mining hashrate has hit a new all-time high of 683.52 TH/s. This increase in the value of the mining hashrate means that miners are bringing more machines online on the network right now. This could suggest that miners are finding the blockchain attractive to mine on currently. On the other hand, a decline in the mining hashrate implies some miners are disconnecting their rigs from the blockchain, possibly because they are finding it unprofitable to mine the crypto at the moment.

A look at the chart below shows the trend in the Litecoin mining hashrate over the last three months:

As displayed in the above graph, the Litecoin mining hashrate has seen some rapid increase recently and has set a new all-time high. This means that miners have more power connected to the network than ever before, and it can be seen as a positive signal for the price of the crypto.

With the mining hashrate increasing, it’s likely that more miners will be attracted to the network, which could help increase the price of Litecoin. However, it’s important to note that mining hashrate is only one of many factors that can affect the price of a cryptocurrency. Other factors such as news, regulations, and market sentiment can also have an impact on the price.

Overall, the recent increase in the Litecoin mining hashrate could be seen as a positive sign for the crypto. It indicates that miners are finding the blockchain attractive to mine on currently, which could help increase the price of the crypto in the long run.

• Binance is planning to increase its workforce by 15-30% in 2023, as mentioned by Binance CEO Changpeng Zhao at the Crypto Finance Conference.
• The news of the exchange hiring surfaced at a time other crypto companies are cutting jobs due to the market downturn.
• Coinbase, Kraken, and Huobi are among the companies that have carried out major layoffs.

Crypto exchange Binance has recently announced that it will be conducting a hiring drive amidst the current market turmoil. This decision comes at a time when many other rival exchanges have been forced to lay off employees due to the massive FTX fall and the crypto industry downturn.

At the Crypto Finance Conference held in St. Moritz, Switzerland, Binance CEO Changpeng Zhao announced that the crypto exchange will increase its workforce by 15-30% in 2023. This would add to the 5,000 workers that were hired in the previous year, as stated by Zhao. Currently, Binance has 687 job openings on its website’s careers page.

Coinbase, Kraken, and Huobi are among the companies that have carried out major layoffs. Coinbase has announced its plan to fire over 900 employees from a total of 4,700 employees, which would mean that 20% of the company’s workforce would be rendered jobless. On the other hand, Kraken has also announced that it would be cutting around 30% of its workforce, while Huobi is expected to lay off around 20% of its employees.

Despite the market uncertainty and the layoffs, Binance remains optimistic about the future. With its new hiring drive, the exchange is hoping to increase its workforce and strengthen its foundation in the crypto industry. As Zhao mentioned at the conference, Binance is hoping to “ramp up again before the next bull market”.

• Shiba Inu (SHIB) has seen a 3% increase in the last 24 hours, but it is still behind Solana in terms of market cap.
• Solana (SOL) has observed a 32% increase in the first five days of the year, despite the recent downtrend.
• Both Shiba Inu and Solana had an abysmal performance in 2022, with both cryptos seeing drawdowns of more than 70%.

Cryptocurrency is a volatile asset class and investors must be prepared for drastic changes in a coin’s value over a short period of time. This has certainly been the case for Shiba Inu (SHIB) and Solana (SOL) in the past 24 hours and in the first five days of the new year.

Shiba Inu has seen a spike in its price over the last 24 hours, going up by 3%. Despite this, the meme coin is still behind Solana in terms of market cap. The value of the coin has spiked in the last day or so, and it is currently trading around $$0.000008519. Although SHIB has seen a 6% increase in its price over the last five days, it is still 9% in the red over the last 30 days.

On the other hand, Solana has seen an amazing performance in the first five days of the year, with returns of around 32%. Despite the recent downtrend, the crypto has still far outdone Shiba Inu in terms of market cap. The value of the coin has observed a large surge in recent days, and is currently trading around $$41.91.

Unfortunately, both Shiba Inu and Solana had an abysmal performance in 2022, with both cryptos seeing drawdowns of more than 70%. This was a difficult year for both coins, but with their recent uptrends, investors are hopeful that 2023 will be kinder to them.

It remains to be seen if Shiba Inu and Solana will continue their uptrends, or if their values will crash, as is often the case in the volatile cryptocurrency market. Whatever the future holds for these coins, investors must remain vigilant and prepared for drastic changes in value over a short period of time.

• Nassim Nicholas Taleb has released provocative comments on social media regarding bitcoin in 2022.
• Fast forward to 2023, Taleb reveals his opinions on Bitcoin and now has a new moniker for the cryptocurrency: Detector of imbeciles.
• Taleb argues that the crypto has failed to achieve its purpose of becoming a decentralized currency and store of value, and suggests that „we need to return to a regular economic life with interest rates between 4% and 5%.“

Nassim Nicholas Taleb, the author of „The Black Swan“ and „Antifragile“, has recently released a number of provocative comments on social media concerning Bitcoin in 2022. The world’s largest cryptocurrency was compared to a contagious disease, rejected as useless and asserted to provide no protection against anything. Fast forward to 2023 and Taleb has once again revealed his opinions on Bitcoin, now dubbing it the ‚Detector of Imbeciles‘.

In a recent interview with L’Express, Taleb argued that the cryptocurrency industry and a portion of the technology will soon become extinct when the era of „low-interest rate ‚Disneyland'“ comes to an end. The 63-year-old author believes that reducing interest rates promotes „asset bubbles“ without necessarily benefiting the economy and points out that due to near-zero or often negative interest rates, we no longer understand what a long-term investment entails. In his view, Bitcoin has failed to achieve its purpose of becoming a decentralized currency and store of value and proposes that we should return to a regular economic life with interest rates between 4% and 5%.

However, Taleb’s views on Bitcoin are not shared by many. Many believe that the cryptocurrency has the potential to revolutionize the financial industry and has already made great strides in doing so. Bitcoin has become an increasingly popular asset to invest in and its price has surged as a result. This has led to the emergence of new crypto-based businesses and services, such as exchanges, wallets, and payments.

It remains to be seen whether Bitcoin will become the Detector of Imbeciles that Taleb has suggested, or whether it will go on to revolutionize the financial industry. What is clear, however, is that the cryptocurrency has already made a significant impact and its future is yet to be determined.