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FTX could rake in about $1 million from election betting, insiders say

The nail-biter of a 2020 U.S. presidential election is one for the history book — and it’s technically not even over.

Fueling the intensity of the battle were nascent new crypto-native prediction markets, including Polymarket and FTX, which both offer a spot for traders to place bets on whether President Donald Trump or former Vice President Joe Biden will be the one to clinch an electoral victory. 

Volumes for these markets surged over the course of the last several trading days ahead of the election. Polymarket, which offers information markets for the election as a whole and well as for specific state results, saw cumulative volumes for its Trump market jump above $8 million, as per data compiled by The Block.

Daily volumes for the FTX U.S. 2020 election — which spans contracts tied to both Trump and Biden — soared above $10 million on November 4, according to data pulled from TradingView. 

Traders engaging with this market naturally have to pay a fee to participate. For FTX, specifically, the addition of the political market added an additional revenue stream for the Hong Kong-based firm, a high-up source at the company told The Block.

The source, who declined to speak on the record, said that the company was still dealing with limited data given the official election results are still pending.

Still, the person estimates that when all is said and done, the firm could rake in approximately $1 million in fees from its election-related trading products. 

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Frank Chaparro

‘Economics Will No Longer Be the Handmaiden of Politics’: A History of the Cypherpunks, Feat. Jim Epstein

An enlightening conversation with Reason’s Jim Epstein, who just released a four-part YouTube documentary on the cypherpunk movement.

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Author: Nathaniel Whittemore

US Prosecutors Seek ‘Substantial’ Prison Sentence for Centra Tech Co-Founder in $25M Fraud Token Sale

According to court documents, U.S. federal prosecutors are asking that one of Centra Tech’s co-founders, Robert Farkas, be sentenced to prison instead of his request for home confinement and community service.

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Author: Jaspreet Kalra

4 Charts Showing Why Financial Advisers Should Care About Bitcoin

From a hedge against inflation to its uncorrelated relationship with stocks, advisers have plenty of reasons to be interested in bitcoin.

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Author: Damanick Dantes

FTC Sending More Than $470K to People Duped by Bitcoin Funding Team, My7Network Scams

Most of the the participants in the schemes failed to recoup their initial investments, the FTC said.

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Author: Kevin Reynolds

69,000 bitcoins that moved on Tuesday likely tied to Silk Road dark market: Elliptic

The Block previously reported that 69,369 bitcoins — nearly $1 billion in value — moved from wallet address 1HQ3Go3ggs8pFnXuHVHRytPCq5fGG8Hbhx, the fourth-largest bitcoin wallet. 

Now, blockchain analytics firm Elliptic is saying the moved bitcoin could be connected to the Silk Road darknet marketplace, which launched in 2011 and was shut down in October 2013. Site founder Ross Ulbricht was arrested at the time of the shutdown and was later sentenced to life in prison. 

“The Silk Road attracted close to 150,000 buyers and 4,000 vendors, and facilitated total sales of $183 million. The FBI seized approximately 174,000 bitcoins from Ulbricht, worth around $105 million by that time due to bitcoin’s growing value. These bitcoins were later sold at auction by the US government,” Elliptic wrote in the post.

Source: Elliptic

Another potential reason for the move could be that hackers seized control of the wallet, or the original wallet owner fears the threat of a hack.

“Either the password on the file has been cracked and the bitcoins taken, or the person controlling the funds might be worried about the possibility of it being cracked, and has therefore moved the funds to another wallet,” Robinson told The Block. 

As he expanded on in a blog post:

“The movement of these bitcoins today, now worth around $955 million, may represent Ulbricht or a Silk Road vendor moving their funds. However it seems unlikely that Ulbricht would be able to conduct a bitcoin transaction from prison. Alternatively, the encrypted wallet file may have been real, and the password has now been cracked – allowing the bitcoins to be moved.”

Whatever reasons spur the movement of bitcoin, Robinson writes in a blog post, exchanges should be on the lookout for bitcoin deposits that can be traced back to the address.

 

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: MK Manoylov

Crypto.com: We Got the Highest Ratings on Privacy, Security Based on US Standards

The crypto exchange and finance platform said it got high ratings for privacy and security using standards developed by a U.S. government agency.

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Author: Jaspreet Kalra

Bitcoin’s price hits new 2020 high above $14,200

The price of bitcoin shot above $14,200 for the first time in 2020, bringing the cryptocurrency to a new high for the year.

Market data from TradingView indicates that major markets reached highs in the $14,260-$14,270 range. Coinbase, for example, saw a spike to $14,273.60 — at time of writing, BTC is trading hands on the U.S.-based exchange at around $14,170.

All told, bitcoin’s price is up about 3% on the day. 

The development comes as the U.S. presidential election results are still being tabulated, with incumbent President Donald Trump and challenger Joe Biden both looking at the prospect of narrow victories. Equity markets appear to be reacting positively to the results thus far — the Nasdaq is up 4.45% at time of writing, and the Dow Jones Industrial Average is up 2.75%.

The price of gold is down 0.76% at time of writing, according to Kitco data. 

 

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Michael McSweeney

Blockchain Bites: Ethereum 2.0’s Deposit Contract Goes Live as ETH Miner Revenues Dwindle

Ethereum stakers can now begin depositing the 32 ether (ETH) required to stake on Eth 2.0.

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Author: Daniel Kuhn

$14.1K: Bitcoin Breaks New 2020 High With US Election Still Undecided

Bitcoin has broken fresh 2020 highs as uncertainty remains in the U.S. presidential election.

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Author: Sebastian Sinclair