PEPE team dumps $15M, FTX seeks Galaxy Digital's management, Ether futures at 13-month low, Binance changes debit services, PancakeSwap on Ethereum L2.
Pepe Multisig Wallet Sells $15 Million of Their Token

Pepe Multisig Wallet Sells $15 Million of Their Token

PEPE team dumps $15M, FTX seeks Galaxy Digital's management, Ether futures at 13-month low, Binance changes debit services, PancakeSwap on Ethereum L2.

Aug 25, 2023
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Welcome to another edition of the Datawallet Daily newsletter, your go-to source for the latest in digital asset markets. Today’s drop covers the following topics:

Pepe multisig wallet sells $15 million of their token

In a startling event that alarmed meme coin investors, over 16 trillion PEPE meme coins were transferred from the project's multisig wallet on Thursday to addresses associated with Binance, OXK, and Bybit. This movement was accompanied by a disturbing alteration in the multisig wallet's transaction approval process, where the requirement was changed from five out of eight wallets signing off to just two out of eight.

On-chain investigators like @zachxbt quickly took note of this unusual activity, which marked the first time the multisig wallet, a vital holder of the token's supply, ever dispersed the meme coin. These peculiar transfers and changes in wallet oversight sent ripples through the investor community, causing PEPE's price to plunge 15%.

The exact reasoning behind these moves remains unclear, but the substantial amounts involved have heightened concerns and intrigue. Specifically, $6.5 million of PEPE was sent to Binance, $8.2 million to OKX, $434,000 to Bybit, and $389,000 to another address.

FTX wants Galaxy Digital to manage its crypto 

FTX is seeking to engage the services of Galaxy for the management of its cryptocurrency. The legal team representing the crypto exchange has requested court approval for an Investment Services Agreement between FTX and Galaxy. This agreement would enable Galaxy to undertake activities such as staking, hedging, and selling FTX's cryptocurrency. 

According to FTX's debtors, engaging Galaxy in proactively mitigating risks associated with volatile markets would be the most effective way to safeguard the value of their digital assets. This approach aims at maximizing returns for creditors and ensuring a fair distribution of funds in any potential reorganization plan.

Ether futures see lowest open interest since mid 2022

The value of the U.S. dollar held in active ether perpetual futures contracts on Binance has plummeted to its lowest point in 13 months. As of now, the notional open interest stands at $1.41 billion, which is the lowest it has been since July 2022. 

These figures are based on data collected by Coinglass, a reliable source for tracking such information. It's worth noting that Binance is renowned as the largest digital asset exchange globally, excelling in both spot and crypto futures markets when it comes to trading volume and open interest.

Binance looks to cancel debit card services in the Middle East and Latin America 

From August 25th, Binance, the cryptocurrency exchange, will temporarily halt its crypto debit card services in Latin America and the Middle East. This unique debit card functioned similarly to traditional ones by enabling users to conveniently make payments for their daily expenses. However, what set it apart was that the funds on these cards were backed by cryptocurrencies instead of fiat currency.

PancakeSwap V3 goes live on Ethereum Layer 2

PancakeSwap version 3 (v3) has recently extended its reach to the Linea mainnet, which is a blockchain developed by Consensys, a well-known Ethereum development lab. The purpose behind this expansion is to draw in fresh users and generate more revenue. In addition to being accessible on Ethereum, BNB Chain, Aptos, Polygon zkEVM, and Arbitrum, PancakeSwap can now also be found on the Linea mainnet.

Other breaking news

Wrapping up

Wrapping up today's edition of Datawallet Daily, the digital asset market has been marked by substantial moves such as the PEPE team's $15 million dump and FTX's partnership with Galaxy Digital. Add to that the lowest open interest in Ether futures since mid-2022 and Binance's changes to its debit card services, along with PancakeSwap's expansion to Ethereum Layer 2, and you have a snapshot of an industry in constant flux. 

Stay connected for the latest insights and developments in this ever-evolving crypto landscape.