ByteX launches non-custodial wallet, Sherlock could lose 4 million USDC following FTX collapse

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ByteX, a collateral-free crypto lending and exchange platform, has announced the launch of a non-custodial setup that allows users to choose between an exchange wallet and a Metamask wallet to store their digital assets. This follows the collapse of FTX which wiped around $100 billion from the crypto market capitalization.

While the crypto market is still in shock, ByteX, along with several other projects, is working to regain lost faith and keep its wheels on track. With measures such as reserve, non-holding, or self-holding evidence configurations, these projects go above and beyond to gather and display all of their resources to the public and restore trust and transparency to the space.

Sherlock could lose 4 million USDC following the collapse of FTX

M11 Credit, a staking pool, informed Sherlock, a smart contract auditing platform, that Orthogonal Trading would not be able to repay its loans.

Sherlock now holds five million USDC in the unauthorized USDC Maple pool operated by M11 Credit.

Sherlock was warned that this pool would recover around 20-25% resulting in a loss of four million USDC for the Sherlock staking pool. This incident is expected to cost investors around 33-35% of their capital, according to a blog post by Sherlock.

CoinAgenda launches self-custodial wallet

MegaMask is an innovative crypto wallet that aims to redefine the standard for cross-chain interoperability and asset transfers. The wallet allows users to easily store, view and transfer non-fungible tokens (NFTs), cryptocurrencies and other digital assets from various Blockchains in a single wallet.

To do this, Megamask relies on the wired network. The network’s new Universal Polymorphic Addressing Protocol (UPAP) enables cross-chain transactions without the need for a traditional bridge.

“This is a major pivot point in Blockchain technology as we move away from the vulnerable fragmentation of traditional cryptographic architecture,” said Ken Dicross, CEO of Wire Network.

Gate.io will create a fund of 100 million dollars

To mitigate the adverse effects of a crypto winter and ecosystem outages, Gate.io, a crypto exchange, established a liquidity support fund with an initial contribution of $100 million.

Market liquidity concerns are an urgent threat to failing crypto firms as investors move their money from exchanges to self-custody wallets. Gate.io’s $100 million commitment is intended to help businesses restructure and adapt to changing market dynamics.

Fir Tree Capital Management sues Grayscale

A New York-based hedge fund, Fir Tree Capital Management is suing Grayscale, a crypto investment firm, according to a Bloomberg report.

Their Bitcoin Grayscale Bitcoin Trust is down 65.83% in the past 12 months, according to Grayscale’s website. Fir Tree Capital wants to get its hands on Grayscale’s book to check whether the company is using fraudulent practices in light of FTX’s recent collapse.

Grayscale is a product regulated by the United States Securities and Exchanges Commission (SEC). The hedge fund claims in its complaint that approximately 850,000 retail investors have been “harmed by actions hostile to Grayscale shareholders.”

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