Weekly Yields

The $570M Binance Hack: Weekly Newsletter #021

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Two bad crypto events were not enough to plummet the market even further down.

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Weekly Yields
Danail Velchovski
October 10, 2022
Oct 10

Welcome to One Button Capital’s newsletter.

Bitcoin and other cryptocurrencies fell on Monday as investor sentiment toward risky assets remained negative following the release of the US jobs report on Friday. With key inflation data on the horizon, cryptocurrency investors should brace themselves for more volatility in the coming days.

Market update

At the time of writing, Bitcoin is trading at $19,192, or -2.02% from 7 days ago. Ethereum, on the other hand, lost -1.36%. Overall, the market is down by -0.99% with XPR being the only significant winner in the top 10 list at +11.70%. The market cap remains under $960B.

Data from Oct 10, 2022, at 16:30 UTC via Messari.io.

Latest news:

Binance Blockchain Suffers $570M Hack

Hackers stole $570M in tokens from Binance, the world’s largest cryptocurrency exchange. The hack targeted the BSC Token Hub, which serves as a link between two Binance systems.

The stolen assets have been steadily frozen by Binance’s security team and other crypto network operators. A Binance spokesperson said Friday afternoon that there was approximately $100M in unrecovered funds.

According to Binance CEO Changpeng Zhao, the hack took advantage of a flaw that resulted in the creation of extra BNB tokens on the network. The company has requested that the validators who secure the system on the affected network pause their work.

Bankrupt Crypto Lender Celsius Leaked Users’ Data

Crypto lender Celsius has revealed the names and transaction history of hundreds of thousands of its customers in a court filing. The 14,500-page long document contained information such as customer names, crypto wallet IDs, transaction types and amounts, and which services the customer had used.

The data leak received widespread condemnation on social media.

Mastercard Pushes Deeper Into Crypto With New Tool for Combating Fraud

Mastercard is expanding its crypto presence by releasing a new fraud-fighting tool. The new Crypto Secure service will assist banks in assessing the risks associated with crypto merchants on their network. CipherTrace, a blockchain security startup acquired by Mastercard last year, will power the product.

Other news

Our research

The September One Button Capital Report is here.

Other articles:

How AI Took Over The Financial World
15 Crypto Funds 2021–2022 Performance
World’s Richest Gamblers (Investors)
AI Trading Bot Patterns & Behavior

One Button performance

Aggregated return of OB Capital vs. BTC and ETH

Bitcoin and Ethereum remained “sideways,” with BTC gaining +1.33% and ETH gaining +1.79% in the previous calendar week. Concurrently, One Button Capital returned +1.17% on average.

Aggregated return for 7 and 30 days, measured on Oct 09 23:59 UTC. Source: OB Capital Stats

Top trading strategy

Horizon lived up to its “sideway pirate” nickname from 2021, topping the list of the week’s most profitable AIs with a +1.94% ROI. Explorer gained +1.55%, while Astral v2 went up +1.11%.

Top-performing AI strategies between Oct 03 00:00 UTC and Oct 09 23:59 UTC. Source: OB Capital Stats

Top-performing market pairs

Quant (QNT) gained over +80% in the last 90 days, and the trading bots seized the moment. Last week, Explorer traded to gain +20.94% in QNT: USDT. On the other hand, Performer v2 had a successful week against EGLD: BUSD and ETH: EUR, returning ~ +8.70% on each pair.

Best market pairs and used strategy between Oct 03 00:00 UTC and Oct 09 23:59 UTC. Source: OBC Stats

Product updates

October 6, 2022
- Added FTX subaccount support

October 5, 2022
- Indicators for high fees depending on the exchange
- Improved trade history parameters for signal strength and crypto/fiat ratio for each trade
- Improved bot trades chart in order to indicate the signal strength of the bot
- Improved functionality to show/hide sensitive information on the “lite view” portfolio overview
- Resolved bug with “over-spilling” of notification preferences field
- Resolved external link problems for certain in-app notifications

October 3, 2022
- Resolved bug with fetching limit order details for FTX

Final word

Despite the recent poor market conditions and bearish news, crypto has continued its consolidation period. This supports some analysts’ belief that cryptocurrencies have bottomed and a potential Q4 uphill is on its way.

At the time of writing, OB Capital’s bots have 41.67% allocated in crypto, an increase since the beginning of the month but still not decisive enough for a bull market. We will see what October has to bring in the next few weeks, and how the bots will react.

In the meantime, you can come and meet our team this week (Oct 10–14) at Gitex Global, in the Dubai World Trade Centre. More info at https://www.gitex.com/

Max Yampolsky,
CEO at One Button Capital

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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Danail Velchovski

Danail masterfully combines his deep knowledge of blockchain technology and his strong writing skills to deliver crisp, comprehensive content. With his early immersion in the web3 domain, he navigates the complexities of this revolutionary technology with ease, turning intricate concepts into engaging, digestible pieces. His research acumen and keen insight into the rapidly evolving world of decentralized networks make him an invaluable asset in educating audiences about web3's potential and its ever-evolving landscape.

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