CHZ Surged Following Fan Token Listing on UPbit; 3AC Co-Founders Served Subpoenas

Daily Top Mover — Chiliz (CHZ)

Major U.S. equity indices shed over 1% in the wake of the release of ADP private payrolls, which indicates the labor market is tight in support of a hawkish Fed. However, there have been significant divergences between ADP private payrolls and nonfarm payrolls in the post-pandemic era. Thus the labor market situation may turn clearer after Friday’s release of nonfarm payroll data. Meanwhile, the broader cryptocurrency market behaved unimpressively, with Bitcoin and Ether up 0.38% and 0.01%, respectively, in the past 24 hours. The top mover for today, CHZ, which registered a 24-hour return of 7.05% as of the time of writing, has outperformed the market, likely due to UPbit’s listing. 

CHZ is the native token of Chiliz Chain and is used for transactions of fan tokens on the prominent football fan engagement platform, Socios.com. Chiliz, the team behind the ecosystem, has expanded to other sports fields. CHZ’s outperformance came as UPbit, Korea’s largest exchange, announced the listing of some football fan tokens issued by Chiliz. This includes ACM and CITY, among others, all of which chalked off big gains in token prices in the past 24 hours. UPbit supports deposits from the Chiliz Chain, sending a headwind to the adoption of the native token CHZ. Meanwhile, the daily CHZ transactions have soared, likely contributing to the surge in token price as well. 

Check Out the Latest Prices, Charts, and Data for CHZ/USDT!

Talk of the Town

While FTX founder Sam Bankman-Fried has been sent to the U.S. after extradition from the Bahamas, the founders of now-defunct Three Arrows Capital (3AC) have been on the run. The 3AC liquidators informed 3AC co-founders, Su Zhu and Kyle Davies, of subpoenas from U.S. and Singapore authorities via Twitter. The subpoenas seek information from 3AC founders to assist in the liquidation process. The whereabouts of Su Zhu and Kyle Davies have been unknown since 3AC filed for bankruptcy. However, Su Zhu has been active via Twitter to voice out his personal opinion on witnessing FTX’s collapse.

Check out what else is buzzing in the crypto scene today:

DOJ seized Robinhood shares from FTX. (Link)

SEC filed a limited objection to Binance US’s proposal to acquire Voyager. (Link)

Genesis said it needed more time to find a solution after it halted loan redemption in November. (Link)

Animoca cut its $2 billion capital raising target in half for a new web3 fund. (Link)

Silvergate shares plunged as it cut 40% of its staff. (Link)