GM Readers!📪 It's BitDegree Insider, and it's Fridaying time.

⭐️Today's selection:

• 💵 FTX Liquidators Lose Around $74K
• 🎓Learn & Earn Opportunity
• 🏛SEC Sues Genesis & Gemini
• 🧩️Answer To Yesterday's Puzzle
• 👌Selected Meme of The Day
• 📰Bite-Sized News

FTX LIQUIDATORS LOSE AROUND $74K

Apparently, the liquidators of the FTX crypto exchange need a DeFi specialist.

Otherwise, they will simply squander the company's entire stock of funds by making "childish" mistakes in their handling of decentralised protocols.

One such incident has been highlighted by analysts at Arkham Intelligence. According to their data, FTX liquidators lost 4 BTC when they tried to transfer them into a multi-signature Alameda wallet.

The transaction went through Aave. As a reminder, this protocol works with over-collateralisation, which means that the collateral must exceed the amount borrowed.

Otherwise, the position will be forcibly liquidated. Which is exactly what happened.

Those who approved the transfer of 4 BTC in aWBTC format did not seem to be aware of this. They should have simply repaid the debt and then taken the collateral.

Instead, the excess collateral was removed from the position. As a result, it was liquidated and the company lost about $74,000. And these are not all of the liquidators' failures.

Arkham Intelligence, for example, claims there have been at least 10 attempts to transfer LDO worth around $1.5 million, and none of them has been successful.

The status of other wallets is in question. One of the Alameda accounts, according to Etherscan, only has about $300 in it, but Aurora's statistics show it has $4.4 million worth of ETH. Wtf?

Clearly, the blockchain and cryptocurrency sphere remains a "dark forest" for professionals who are used to working with traditional businesses.

Even the new CEO of FTX has stated that it is extremely difficult to collect money from the company's hundreds of bank and crypto accounts.

But whenever you combine FTX and Money... You get surprises. So there have been more updates about the ongoing case.

Lawyers for cryptocurrency exchange FTX have recovered $5 billion in assets, including cash, liquid crypto assets, and liquid investments.

This money could potentially be used to pay off creditors as part of FTX's bankruptcy proceedings.

However, some are questioning how this large sum of money could have been overlooked in previous financial audits.

Lawyer Adam Cochran has suggested that the former CEO, Sam Bankman-Fried, may have disclosed the location of the funds in order to receive a lighter prison sentence.

The official reports on FTX's deficit, which will determine how much the company owes creditors, will be provided by the new FTX management no later than March 15th.

TL;DR: Due to a lack of technical knowledge, FTX liquidators lost 4 BTC, worth around $74k. In the meantime, FTX lawyers have recovered $5 billion in assets that have previously been thought to be lost.

NEW LEARN & EARN COURSE!

It's always the right time to learn stuff. It's never too late, nor it is too early. I mean, imagine not learning. Couldn't be us. So here comes the awesome part.

Learnoverse and KyberSwap are proud to present you with their newest Learn & Earn course. 

Students who complete the course will get a reward of 5 KNC tokens. It will be transferred directly to Metamask wallets, so make sure to have one.

They're also organizing a case study that looks at how DEXs are used from the perspective of a new user to help you understand how to apply the knowledge you've gained in the course to the real world.

By the end of the course, you'll have a solid understanding of the importance of DEXs and how you can leverage them to your advantage. 

Here, we prepared a short test about your general knowledge about DEXs (btw, DEXs stand for Decentralized Exchanges, but you know that, we know you do).

Maybe it's the right time to deepen that decentralized knowledge? Check out the course right here!

SEC SUES GENESIS & GEMINI

The US Securities and Exchange Commission (SEC) has filed a complaint against cryptocurrency lender Genesis Global Capital and exchange Gemini Trust.

They are accused of selling unregistered securities to retail investors under the Earn lending programme.

The regulator said in a statement that the accused violated the Securities Act of 1933.

Allegedly, they sold billions of dollars worth of crypto-assets to "hundreds of thousands of investors" through the Gemini Earn programme, and promised depositors high-interest returns.

"We allege that Genesis and Gemini offered unregistered securities to the public to circumvent disclosure requirements designed to protect investors," SEC Chairman Gary Gensler wrote in a statement.

Gemini co-founder Tyler Winklevoss commented on the SEC's statement:

He considers the commission's action to be 'completely counterproductive'.

Future litigation is not conducive to the company's efforts to recover crypto assets from customers.

Yesterday, Gemini officially shut down the Earn programme.

This came amid payment delays and a Twitter spat between Barry Silbert (founder of DCG) and Cameron Winklevoss (Gemini co-founder).

Winklevoss claims that DCG's Genesis division owes Gemini users $900m.

DSG owns more than just this organisation. The conglomerate has an extensive venture capital portfolio, as well as crypto-media Coindesk and Grayscale Investments.

To stabilise the situation, DCG plans to dispose of some of its assets. The conglomerate's portfolio includes more than 200 projects with a total valuation in excess of $500 million.

TL;DR: SEC has filed a complaint against cryptocurrency lender Genesis Global Capital and exchange Gemini Trust. They are accused of selling unregistered securities to retail investors.

ANSWER TO YESTERDAY'S PUZZLE

Yesterday we asked you this:

We used all of our creative resources to come up with all the ridiculous wrong answers for the poll. 

The most popular answer was that this was the day when Satoshi Nakamoto published the legendary Whitepaper. Well...

That's wrong. The whitepaper was published on October 31, 2008

And the correct answer was... The First Bitcoin transfer. On January 12, 2009, Satoshi Nakamoto transferred 10 BTC to computer programmer Hal Finney.

Gotta keep that crypto history knowledge in shape, man!

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Huobi and Solaris Partner to Bring Crypto-to-Fiat Card to Europe. Despite hardships, they strive for greatness.
• Selected BitConnect Victims To Receive $17M Restitution. You can already hear the meme in your head.
• Crypto.com Lays Off 20% of Staff as Industry Reels from Economic Turmoil. Another day, another layoff.