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Letter

3Commas Denies API Hack: Crypto Weekly Newsletter #030

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Uniswap governance vote, Coinbase USDT to USDC campaign, proof-of-reserves metrics, and more.

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Letter
One Button Capital
December 12, 2022
Dec 12

Welcome,

Although cryptocurrency prices consolidated last week, the industry is moving faster than ever. Centralized exchanges rush to provide proof-of-reserves data, and analyst firms are catching up by releasing transparency monitoring tools.

Source: DefiLlama

DeFi, on the hand, keeps trending, and Uniswap will have a vote on a series of governance changes on Dec. 14 that seek to “improve the efficiency and efficacy” of the DAO.

Now, let’s look at the latest market snapshot and cryptocurrency news.

Market update

Bitcoin is fighting to maintain a price above $17,000, while Ethereum is trading at a -0.48% change from last week. The total global market cap is $861Bn, and BTC compromised 37.72% of it, according to Messari’s data. DOGE lost -13.04% after a few rally weeks.

Data from Dec 12, 2022, at 19:00 UTC via Messari.io.

Latest news:

Binance API Keys Issues: 3Commas Denies Hacks or Leaks

The cryptocurrency trading company 3Commas has denied that its employees stole users’ API keys, claiming that screenshots making the rounds on social media is fake, and has urged those affected to contact the police to prevent the thieves from stealing their money.

According to 3Commas, phishing attack evidence has been identified as a “contributory factor” in thefts. The company claims malicious actors began phishing attacks in October and experimented with various methods.

Read: How to secure your API keys for crypto trading.

Stablecoin Wars Update: Coinbase Asks Users to Switch USDT for USDC

Crypto exchange Coinbase is canceling conversion fees for users who transfer from USDT to a “trusted stablecoin” as part of a new campaign highlighting the quality of reserves backing the stablecoin, USDC, which Coinbase co-founded.

Earlier this year, Binance discontinued support for USDC, automatically transferring user holdings to its stablecoin, BUSD.

Largest Crypto Fund Trades At 50% Below BTC

FUD around Grayscale’s Bitcoin Trust (GBTC) keeps rising, as it is currently trading at a 50% discount to its underlying asset, Bitcoin. At the same time, Grayscale’s sister company Genesis has halted withdrawals on its platform after FTX’s downfall.

Furthermore, the parent company, Digital Currency Group (DCG), is currently $2Bn in debt, and there is a delay in releasing GBTC’s proof of reserves due to ‘security concerns.

Between all of this, the company released a new decentralized finance (DeFi) fund that has started trading on over-the-counter markets.

Other news

Our research

Read the November Crypto report in one click.

Crypto market summary, DEX Trends, Future of Web3, AI asset management, and 1CC’s 2023 roadmap.

One Click Crypto performance

Aggregated return of One Click Crypto vs. BTC and ETH

One Click Crypto remained around the average performance of Bitcoin and Ethereum last week. 1CC lost -0.63%, while BTC dropped -0.60%, and ETH declined by -1.84%.

The average returns for 7 and 30 days, measured on Dec 11 at 23:59 UTC. Source: 1CC Stats

Top trading strategy

Last week, the trading AI’s role was to negate the market’s slight losses. On average, the Explorer strategy at One Click Crypto performed best at +0.01% ROI.

Top-performing AI strategies between Dec 05 00:00 UTC and Dec 11 23:59 UTC. Source: 1CC Stats

Top-performing market pairs

Furthermore, the Explorer strategy gained +6.49% against EOS: BUSD and +1.48% in EGLD: USDT, while Performer v2 netted +1.32% in ETH: EUR.

The best market pairs for 1CC AI bots between Dec 05 00:00 UTC and Dec 11 23:59 UTC.

Product updates

Below are the latest updates that our development team has made.

December 2, 2022
- Added new functionality to archive multiple bots in bulk
- Removing all FTX-related resources from the app

December 1, 2022
- Updated representation for Binance “Spot & Margin Trading” permission expiration time for API keys that include IPs
- Resolved issue with wrong expiration dates for Binance API keys that include “Spot & Margin Trading” permission

Final word

While centralized exchanges continue to fight over stablecoins and proof-of-reserves, crypto funds are falling. Decentralized finance is gaining popularity in the middle of everything, and large players are rushing to release their DeFi products.

If current trends continue, most of the crypto landscape will revolve around DEXs, dApps, DeFi wallets, and cross-chain bridges next year.

For a one-click solution to all of that, you can read our 2023 product roadmap.

Max Yampolsky,
CEO at One Click Crypto
ir@oneclick.fi

DISCLAIMER:
This is not financial advice. This newsletter is strictly educational and does not provide investment advice, solicit the purchase or sale of any assets, or encourage readers to make financial decisions. Please use caution and conduct independent research.

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