Hodler’s Digest

Top Stories This Week

Bankman-Fried may enter plea in NY federal court next week before Judge Lewis Kaplan

Former FTX CEO Sam Bankman-Fried is scheduled to appear in court on the afternoon of Jan. 3 to enter a plea on two counts of wire fraud and six counts of conspiracy against him in relation to the collapse of the FTX cryptocurrency exchange. After being released on a $250 million bail bond, Bankman-Fried reportedly met with Michael Lewis, author of The Big Short: Inside the Doomsday Machine, a bestseller that was turned into a movie, spurring speculation that a film about the disgraced exchange’s saga is on the way.

SBF borrowed $546M from Alameda to fund Robinhood share purchase

In another headline related to Sam Bankman-Fried, an affidavit by the founder of FTX revealed that he previously borrowed over $546 million from Alameda Research to fund a purchase of Robinhood shares. Later, those same shares were used by Bankman-Fried as collateral for a $600 million loan taken by Alameda from digital asset lender BlockFi. The shares are currently frozen and are worth around $450 million. BlockFi filed a lawsuit seeking to receive the collateral shares in November.

Argo Blockchain sells top mining facility to Galaxy Digital for $65M

In a bid to survive the ongoing bear market, cryptocurrency mining firm Argo Blockchain sold its Texas flagship mining facility, Helios, for $65 million. The new owner is Mike Novogratzs crypto investment firm Galaxy Digital, which will also provide Argo with a new $35 million equipment finance loan to help the company reduce its debt. The deal will allow Argo’s mining operations to continue while reducing total debt, improving liquidity and improving operating structure..

Mango Markets exploiter arrested on fraud charges Maybe it was illegal

Avraham Eisenberg, the hacker who drained $110 million from decentralized exchange Mango Markets, was arrested in Puerto Rico. Eisenberg called the exploit a highly profitable trading strategy and noted that he considered all his actions to be legal open market actions. It appears, however, that the U.S. Federal Bureau of Investigation (FBI) has a different interpretation of the facts. According to the FBI complaint, Eisenberg’s actions constitute both fraud and market manipulation.

Celsius wants to extend the deadline for claims as lawyer fees mount

Celsius Network is planning to file a motion to extend the deadline for users to submit claims by another month, extending the time limit to early February. Creditors of Celsius, however, do not seem to support the move, as fees for bankers, lawyers, and advisers have already reached $53 million in the bankruptcy case.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $16,554, Ether (ETH) at $1,196 and XRP at $0.34. The total market cap is at $794.23 billion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are BitDAO (BIT) at 17.58%, OKB (OKB) at 12.68% and Internet Computer (ICP) at 11.46%.

The top three altcoin losers of the week are Chain (XCN) at -32.93%, Solana (SOL) AT -16.57%, and Axie Infinity (AXS) at -15.45%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

I want Bitcoin to go down a lot further so I can buy some more.

Mark Cuban, billionaire entrepreneur

We expect that 2023 could be the year of decentralization and accelerated development of decentralized apps.

Nikita Zuborev, chief analyst at BestChange

British financial institutions and banks […] continue to want to participate in the digitalization of commerce, which starts with digital assets, monies and commodities.

Mitch Mechigian, partner at Blockchain Coinvestors

Customer class members should not have to stand in line along with secured or general unsecured creditors in these bankruptcy proceedings just to share in the diminished estate assets of the FTX Group and Alameda.

Creditors of FTX Group and Alameda Research

Fraudsters love volatility and current events. Anytime they can try to surf the contours of something very disruptive in the marketplace, they have a great deal of success.

Clayton LiaBraaten, senior executive adviser at Truecaller

Listening to these companies talk about Web3 initiatives, its clear they see digital engagement with customers and fans as a new aspect of the retail experience.

Steven Goulden, senior research analyst at Cumberland

Prediction of the Week 

Bitcoin not undervalued yet, says research as BTC price drifts nearer to $16K

Bitcoins price has been hovering around $17,000 for the majority of December, according to Cointelegraphs BTC price index.  

Based on the analysis of MAC_D, a pseudonymous contributor to the on-chain platform CryptoQuant, Bitcoin is not undervalued yet, as an indicator tracking transactions in profit and loss has yet to repeat its traditional bear market bottom sequence. 

Therefore, the BTC is likely to fall further, and spot hedging and down trend trading are required, noted MAC_D.

FUD of the Week 

Midas Investments closes down amid $63M DeFi portfolio deficit

While the FTX contagion continues, custodial investment platform Midas Investments has announced that it will cease operations due to a $63.3 million deficit in its decentralized finance portfolio. Midas has experienced some difficulties following the collapses of Terra, Celsius and FTX, which led to users withdrawing 60% of their funds over the course of six months.

Kraken quits Japan for the second time, blaming a weak crypto market

Cryptocurrency exchange Kraken has shut down its operations in Japan for the second time, blaming a weak crypto market. A blog post by the exchange announced the decision on Dec. 28. After closing in 2018, Kraken reopened its Tokyo headquarters during the bull market of 2020, offering spot trading on five major assets with plans to expand. Kraken’s clients in Japan will have until Jan. 31 to withdraw their funds from the exchange.

3Commas API leak victims demand refunds and apology for ‘gaslighting’

After months denying any hack or breach on its platform, 3Commas and its CEO Yuriy Sorokin finally admitted to a sizable API leak, recognizing that a database shared by a hacker was legitimate. Now, victims of the leak are demanding refunds and an apology from the crypto trading platform for being gaslighted. 3Commas has engaged in a back-and-forth with victims in recent months, denying leaks and claiming customers were phished.

Best Cointelegraph Features

Make sure Ethereum wins Steve Newcomb reveals zkSyncs prime directive

Silicon Valley veteran Steve Newcomb is on a mission to scale Ethereum to 10 million transactions per second with zk-Rollups. History suggests you shouldnt bet against him.

Mati Greenspans boss bribed him with 1 BTC to join Twitter: Hall of Flame

Quantum Economics founder Mati Greenspan signed up for Twitter and got into Bitcoin on the same day back in 2012.

Making the case that Bitcoin is not freedom: Pacific Bitcoin Panel

Is Bitcoin really bringing freedom to the world? Experts discussed the complexities of using Bitcoin as a tool for emancipation at a panel at Pacific Bitcoin.

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Top Stories This Week

SBF sent home after his parents put up their house to cover his astronomical bail bond

Sam Bankman-Fried will spend the holidays with his family in Palo Alto, California, after his parents secured $250 million in bail funds with the equity in their home. Among the conditions of the bail are home detention, location monitoring and his passport surrender. The former FTX CEO signed surrender documents on Dec. 20, allowing his extradition from the Bahamas to the United States, where he faces eight charges that could keep him behind bars for the rest of his life. Bankman-Fried will now wait for his sentence at home with his family.

Caroline Ellison and Gary Wang plead guilty to fraud charges

Former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang have pleaded guilty to federal fraud charges. Ellison, however, is working on a plea deal with the Office of the United States Attorney for the Southern District of New York, which would evade all the seven charges against her, resulting in a $250,000 bail bond and prosecution only for criminal tax violations. The agreement doesnt provide protection against any other charges that Ellison might face from any other authorities. Wang and Ellison are reportedly cooperating with U.S. authorities on investigations related to FTX’s collapse.

Genesis and DCG seek path for the recovery of assets amid liquidity issues

Global investment bank Houlihan Lokey has proposed a plan to resolve the liquidity issues at crypto lender Genesis and its parent company, Digital Currency Group (DCG). The plan, devised by Houlihan on behalf of a committee of creditors, would further provide a path for clients of crypto exchange Gemini to recover assets owed by Genesis and DCG. Genesis platform withdrawals have been suspended since Nov. 16, days after the company disclosed that nearly $175 million of its funds are stuck in an FTX account.

Binance.US set to acquire Voyager Digital assets for $1B

With a bid of $1.022 billion, Binance.US will acquire the assets of bankrupt crypto lender Voyager Digital. The sale, however, is subject to a creditor’s vote and closing requirements. A hearing will also be held by the presiding bankruptcy court to approve the purchase agreement on Jan. 5, 2023. In good faith, Binance has agreed to deposit $10 million and reimburse Voyager for certain expenses up to a maximum of $15 million.

Twitter adds BTC and ETH price indexes to search function

In its latest move into the crypto space, Twitter has added price indexes for Bitcoin and Ether to its search function. The new feature allows users to simply search for the ticker symbol, whether for a stock or crypto, and check price’s graph. Other cryptocurrencies, including Dogecoin, did not make the list. The company plans to expand its coverage in the coming weeks.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $16,835, Ether (ETH) at $1,218 and XRP at $0.35. The total market cap is at $811.38 billion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are XDC Network (XDC) at 14.04%, Ether (ETH) at 2.13%, and Pax Dollar (USDP) at 1.47%.

The top three altcoin losers of the week are Chain (XCN) at -39.75%, Filecoin (FIL) at -21.77%, and Trust Wallet Token (TWT) at -19.43%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis. 

Most Memorable Quotations

Regulation should focus on intermediaries (the centralized actors in cryptocurrency), where additional transparency and disclosure is needed.

Brian Armstrong, CEO of Coinbase

This is why you have situations like the Mango exploit happen where the exploiter will first steal the funds and then start negotiating. There’s no proper incentive to report.

Web3 developer

If you can make a wallet that a billion people use thats a huge opportunity.

Vitalik Buterin, co-founder of Ethereum

Decentralization will include blockchain as a foundational element, but other technologies will expand the potential in new ways that blockchain was never designed to do. 

Alex Page, CEO of Nillion

Argentina is becoming a hub for bringing tech development and resources to Latin America from the rest of the world.

Ryan Dennis, senior manager at the Stellar Development Foundation

The most challenging thing for [blockchain analytics] firms working on this today is when money moves off chain and into the banking system because theyre no longer able to track it.

Peter Smith, founder and CEO of Blockchain.com

Prediction of the Week 

Bitcoin dips below $16.7K as US GDP meets fresh BTC price ‘death cross’

Bitcoin prices dip below $16,700 at the end of the week, after recovering some ground on the previous day.

A Santa Claus rally for Bitcoin is unlikely to happen, as the mood among some pundits is firmly bearish.

Pseudonymous Twitter user Daan Crypto Trades called attention to Bitcoins yearly close, which is likely to be Bitcoins third negative performance year. The percentage loss this year is sitting right in between the other two negative years, being 2014 and 2018, he noted on Twitter.

FUD of the Week 

Crypto platform Paxful removes ETH from its marketplace

Ethereum’s native token, Ether, is no longer available on Paxful, a peer-to-peer cryptocurrency exchange. Ray Youssef, CEO of Paxful, announced the move in a message to the roughly 11.6 million users of the platform. Among the reasons to unlist the token, Youssef mentioned Ethereums switch from a proof-of-work to proof-of-stake consensus, claiming the transition has turned ETH into a digital form of fiat.

California regulators order MyConstant to cease crypto-lending services

Over alleged violations of state securities laws, the California Department of Financial Protection and Innovation has ordered crypto lending platform MyConstant to cease operating. Mentioning peer-to-peer lending services and unlicensed loan brokering, the authority said MyConstant offered and sold unqualified non-exempt securities.

South Korean court freezes $92M in assets related to Terra tokens

South Korean authorities continue to investigate and freeze funds of the people involved with the Terra ecosystem. By order of the local court, several assets of Kernel Labs, a Terraform Labs affiliate, valued at $92 million have been frozen. Kernel Labs CEO Kim Hyun-Joong reportedly holds the largest amount of illegal proceeds from Terra. In November, assets worth over $104 million were also frozen following a request from South Korean prosecutors in the case.

Best Cointelegraph Features

What its actually like to use Bitcoin in El Salvador

Cointelegraph’s reporter Joe Hall attempted to spend two weeks in El Salvador living on Bitcoin. Spoiler alert, he failed.

The Metaverse is awful today but we can make it great: Yat Siu, Big Ideas

We spend half our lives on the Internet, so we’re already in an early version of the Metaverse. But Animoca co-founder Yat Siu tells Magazine theres a much better way forward.

The most eco-friendly blockchain networks in 2022

This year saw the realignment of the crypto industry toward greener, more energy-efficient blockchains.

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Top Stories This Week

FTX founder Sam Bankman-Fried arrested, set to be extradited to US

Sam Bankman-Fried was taken into custody by the Royal Bahamas Police Force and is likely to stay there until February, after his application for bail was denied in Bahamian court. A second application for bail has been reportedly filed by SBF in the Supreme Court of the Bahamas. His arrest came after the United States government officially filed criminal charges against him including eight counts of fraud. If convicted, Bankman-Fried could face 115 years in jail, but legal commentators have told Cointelegraph there is a lot to play out in the case. The domino effect resulting from FTX’s meltdown has also impacted the professional lives of Bankman-Fried’s parents, resulting in their courses at Stanford Law School being canceled. In other recent developments regarding FTX, a class-action lawsuit against Silvergate Bank was filed in California, aiming to hold the bank accountable for its alleged roles in placing FTX user deposits into the bank accounts of Alameda Research.

Binance ‘put FTX out of business’ Kevin O’Leary

Venture capital investor Kevin O’Leary claimed at a U.S. Senate committee hearing that Binance and FTX were at war with each other, and one put the other out of business intentionally. The hearing was part of a larger investigation by lawmakers into FTX’s collapse, in which Binance had a significant role, OLeary claimed. Recent days have seen Binance beset by fear, uncertainty, and doubt (FUD), resulting in a drop in the exchange’s liquidity. Crypto analytics firm Nansen reports that Binance had net withdrawals of more than $3.6 billion from Dec. 7 to Dec. 13.

Rep. Tom Emmer mulls bringing back bill aimed at reducing crypto red tape

United States lawmakers are under pressure to enact crypto regulations in light of the collapse of FTX, and Congressman Tom Emmer believes that this is probably a good time to re-introduce a bipartisan bill that would lift requirements for certain crypto businesses and projects to register as Virtual Asset Service Providers (VASPs). The bill, titled the Blockchain Regulatory Certainty Act, aims to remove some hurdles and requirements for blockchain developers and service providers, such as miners, multi-signature service providers and decentralized finance platforms.

No more proof-of-reserve checks? Auditors quietly drop crypto projects from portfolios

Two of the most prominent auditors have suddenly stopped offering crypto auditing services. At a critical moment for the crypto industry, Mazars Group removed Binance’s proof-of-reserve audits from its website just days after confirming the crypto exchange controlled 575,742 Bitcoin. The decision affected other crypto exchanges using Mazars’ services, such as Crypto.com and KuCoin. Later, Mazars explained the pause was due to concerns regarding the way these reports are understood by the public. Accounting firm Armanino has also ended its crypto auditing services. Armanino has worked with several crypto trading platforms like OKX, Gate.io and the embattled FTX exchange.

MetaMask to allow users to purchase and transfer Ethereum via PayPal

In another move into the crypto space, PayPal teamed up with MetaMask parent company ConsenSys to allow the purchase and transfer of Ether (ETH) through its platform. By logging into the MetaMask app, users will be able to access their PayPal account and complete transactions. Initially, only selected PayPal users in the United States will be able to test the service. Other traditional payments companies are seeking to integrate crypto into their services. In October, Western Union also filed three trademarks for managing digital wallets and exchanging digital assets.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $16,826, Ether (ETH) at $1,194 and XRP at $0.35. The total market cap is at $817.82 billion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Toncoin (TON) at 30.36%, Bitcoin SV (BSV) at 10.11%, and OKB (OKB) at 9.77%.

The top three altcoin losers of the week are Neutrino USD (USDN) at -33.77%, Trust Wallet Token (TWT) at -27.43%, and Chain (XCN) at -23.42%.
For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

“Binance is a massive unregulated global monopoly now, and they put FTX out of business.”

Kevin O’Leary, venture capital investor

I supposed it made sense. The kid was young, the principles were revolutionary, the ideas were golden. […] Who was I to challenge that?

Danielle Cloud, former FTX employee

Our experience to date of [crypto] platforms, whether FTX or others, is that they are deliberately evasive, they are a method by which money laundering happens in size.

Ashley Alder, appointed chair of the United Kingdom’s Financial Conduct Authority

Just as we are protective of our physical assets, we need to make sure that people protect their digital assets and personal information within the metaverse.

Andrew Newman, chief technology officer and co-founder of ReasonLabs

Looking forward, pretty much everyone who could go bankrupt has gone bankrupt.

Arthur Hayes, former CEO of BitMEX

Prediction of the Week 

Bitcoin dips under $17K as craziest rumors over Binance sink BTC price

Bitcoin fell below $17,000 as traders remained wary over Binance’s FUD triggering overly bearish BTC price action. On Bitstamp, BTC/USD reached multi-day lows of $16,928 on Dec. 16, according to Cointelegraph Markets Pro and TradingView data. The pair retraced its entire run to one-month highs courtesy of the latest macroeconomic data and policy update from the United States.

Interesting to see everyone suddenly so bearish on BTC as if it’s solely acting so weak. SPX is doing exactly the same, maybe even weaker, noted Michal van de Poppe, founder and CEO of trading firm Eight, questioning whether the Binance FUD really had a role to play in the markets.

FUD of the Week 

Microsoft bans cryptocurrency mining on cloud services

Microsoft has quietly banned crypto mining from its online services to increase the stability of its cloud services and better protect customers from risks like cyber fraud, attacks and unauthorized access to resources, according to a report. The new restrictions were introduced on Microsoft’s universal license terms, citing that mining cryptocurrency is prohibited without prior Microsoft approval. With this move, Microsoft joins other cloud computing providers, including Google, who also prohibit customers from mining cryptocurrency without prior written consent.

‘Third-party incident’ impacted Gemini with 5.7 million emails leaked

Gemini appears to have suffered a data breach from a third-party vendor. Hackers gained access to 5,701,649 lines of information related to Gemini customers’ email addresses and partial phone numbers, per documents obtained by Cointelegraph. According to Gemini, the breach was caused by a third-party vendor, but it also warned of ongoing phishing campaigns. The leaked database did not contain any sensitive personal information such as names, addresses and other Know Your Customer information.

SEC sues Atlas Trading for $100M stock manipulation scheme

The United States Securities and Exchange Commission (SEC) filed a claim against eight individuals associated with the Discord-based forum Atlas Trading for alleged stock manipulation. The SEC reported that bloggers made at least $100 million by acquiring substantial positions in securities, recommending them to their followers, and then selling their shares to capitalize on the demand they generated by their deceptive promotions. Cryptocurrencies and other digital assets were not mentioned in the complaint.

Best Cointelegraph Features

Should crypto projects ever negotiate with hackers? Probably

Some security experts think negotiating is a smart way to get back most of the stolen funds, while others argue you should never give in to extortion.

Can Bitcoin survive a Carrington Event knocking out the grid?

A massive Carrington Event-level solar storm could knock out the majority of electronics on earth. Would crypto survive everything going offline at once?

Listen up! Cointelegraph launches crypto podcasts, starting with 4 shows

Want more crypto content? Cointelegraphs new podcast section features four separate shows exploring a variety of impactful topics.

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Top Stories This Week

7 class action lawsuits have been filed against SBF so far, records show

Former FTX CEO Sam Bankman-Fried has been named in seven class action lawsuits filed since the fall of his crypto empire. These lawsuits, however, are separate from the numerous probes and investigations examining the crypto exchange and its founder, including a reported market manipulation probe by federal prosecutors. Another headline shows the United States House of Representatives has called on SBF to speak at a hearing on Dec. 13. Amid investigations by lawmakers and a flurry of civil litigation, SBF hired former federal prosecutor Mark Cohen to act as his defense attorney. A team of financial forensic investigators was also hired by FTX’s new management to track down the billions of dollars worth of missing customer crypto.

3AC subpoenas issued as dispute grows over claims of Terraform dump

An order signed by a federal judge overseeing the bankruptcy proceedings of Three Arrows Capital has authorized subpoenas for the company’s former leadership, including co-founders Su Zhu and Kyle Davies. Under the authorized subpoenas, Zhu and Davies are required to hand over any recorded information, including books, documents, records, and papers related to the firm’s financial affairs or property. The founders will not be served on Twitter, as previously required by the advisory firm and liquidator in this case, Teneo.

USDC issuer Circle terminates SPAC merger with Concord

Stablecoin issuer Circle will not merge with special purpose acquisition company (SPAC) Concord Acquisition due to a mutual decision by the two entities. Circles original plans, unveiled in July 2021, included going public via a merger with Concord. Between then and February 2022, Circles valuation grew from $4.5 billion to $9 billion. Circle still plans to go public at some point, however, according to comments from CEO Jeremy Allaire. The company had a profitable third quarter for 2022 amid the backdrop of the crypto bear market.

Bankruptcy judge orders $44M in crypto to be returned to Celsius customers

Bankrupt crypto lending firm Celsius has been ordered to give back roughly $44 million to customers who kept their digital assets on the platform’s custody accounts. U.S. Bankruptcy Judge Martin Glenn issued the ruling, expressing his wishes for a speedy resolution for creditors. The crypto return falls under certain specifications, only applying to assets that never interacted with Celsius Earn product and stayed in custody accounts.

Goldman Sachs reportedly looking to buy crypto firms after FTX collapse

Goldman Sachs wants to invest millions in crypto firms as the FTX meltdown has affected crypto market prices. Mathew McDermott, an executive at Goldman Sachs, said in a recent interview that big banks are seeing opportunities that are priced more sensibly and are already doing due diligence on some crypto companies. The FTX collapse also highlighted the need for more regulation within the industry, according to the executive.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $17,118, Ether (ETH) at $1,263 and XRP at $0.38. The total market cap is at $852.99 billion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Axie Infinity (AXS) at 14.67%, EOS (EOS) at 9.38%, and Trust Wallet Token (TWT) at 7.83%.

The top three altcoin losers of the week are 1inch Network (1INCH) at -12.41%, Chiliz (CHZ) at -11.13% and Helium (HNT) at -10.35%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

When youre looking at countries like Iran and North Korea, from a U.S. perspective, crypto has in fact been comprehensively sanctioned.

Andrew Fierman, head of sanctions strategy for Chainalysis

Greed cannot be regulated.

Jaime Zulueta, retail crypto investor

I do not think the FTX collapse will spill into the real economy.

Elvira Sojli, associate professor of finance at the University of New South Wales

Stablecoins and CBDCs may coexist in some way in the future, depending on how restricted the regulations would be on stablecoins and the adoption rate of CBDCs.

Gracy Chen, managing director of Bitget

It is kind of a no-brainer for Twitter to have payments, both fiat and crypto.

Elon Musk, CEO of Twitter

If the SEC had done the due diligence of thoroughly investigating the financials of FTX, there would have been a greater likelihood of exposing the crypto exchange for what it truly is: a house of car[d]s built on monopoly money printed out of thin air.

Ritchie Torres, U.S. representative

Prediction of the Week 

Bitcoin takes liquidity near $17K as US dollar shows weakness pre-CPI

Bitcoin largely traded between $16,800 and $17,400 this week, showing some support around the $16,800 level, according to Cointelegraphs BTC price index.

Were probably entering the final phase of the bear, pseudonymous Twitter commentator Byzantine General said on Dec. 7 after noting declining Bitcoin perpetual futures trading volume and other points. But that last phase can last pretty long, he added. His tweets on the subject included accompanying charts. 

FUD of the Week 

Bank of Russia wants to ban miners from selling crypto to Russians

In another setback for the crypto industry in Russia, the central bank is proposing to ban local miners from selling coins to the country’s population. The news comes just weeks after the Central Bank of the Russian Federation supported the idea of legalizing cryptocurrency mining in Russia through a draft bill introduced in mid-November 2022. Crypto sales, however, should be allowed only on foreign exchanges and to non-residents, according to the countrys central bank.

Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

Nigeria has lowered the limits for cash withdrawals via banks and ATMs in another step to its transition to digital money systems. Citizens will only be able to withdraw $225 worth of nairas in cash each week total. Anything above those limits at banks would incur a fee. The country had prior restrictions in terms of cash withdrawals, but the limit was $338 daily per person. Since the launch of its central bank digital currency in 2021, Nigeria has seen minimal usage of the asset in the country.

Iran set to freeze bank accounts of women who refuse to wear a hijab

Iranian officials plan to financially penalize women who do not wear a hijab in public. Individuals who refuse to comply with two warnings could have their bank accounts frozen, lawmakers said on Dec. 6. Hossein Jalali, a member of the Cultural Commission of the Islamic Consultative Assembly, told Iranian media that unveiled persons would receive an SMS message advising them to observe the law, before entering a warning phase and having their bank accounts potentially frozen.

Best Cointelegraph Features

Decentralized identity: Proving its really you in the 21st Century

An NFT of a diploma in your crypto wallet, for instance, would turn into a permanent academic certification.

Inside South Koreas wild plan to dominate the metaverse

South Koreans are obsessed with technology. More than half the population plays video games, and crypto adoption is high both of which are very promising signs that its plan to dominate the Metaverse will succeed.

Blockchain is the only viable path to privacy and censorship resistance in the 21st century

Decentralized file-sharing services that Big Tech companies cant control are the only way internet users will be able to maintain their freedom in the years ahead.

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Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link.

Top Stories This Week

BlockFi files for bankruptcy, cites FTX collapse for its troubles

Digital asset lending company BlockFi announced on Nov. 28 that it has filed for Chapter 11 bankruptcy in New Jersey. The bankruptcy filing revealed, among other details, that BlockFi aims to restructure and keep specific employees on board. BlockFi has eight daughter companies that are also included in the bankruptcy motion. Later news revealed bankruptcy proceeding details, including BlockFis attorney reporting that $355 million of the organizations capital is sitting frozen on FTX.

Kraken settles with US Treasury’s OFAC for ‘apparent’ sanctions violations

In a settlement with the United States Office of Foreign Assets Control (OFAC), U.S. crypto exchange Kraken will pay a fine of approximately $362,000 for breaking sanctions against Iran. The firm self-reported the violation to the OFAC, according to comments from Marco Santori, Krakens chief legal officer. Kraken allegedly allowed usage of its exchange by Iran-based participants and did not have a proper system in place for banning certain IP addresses. The firm has agreed to put $100,000 toward sanctions compliance measures as part of the settlement, in addition to the $362,000 fine.

FTX was the fastest corporate failure in US history Trustee calls for probe

FTX headlines keep rolling in as events unfold. FTXs bankruptcy case has prompted the U.S. trustee working the case to request an independent examiner to come look into the details surrounding FTXs downfall. Another headline revealed that bank accounts of sister entity Alameda Research were reportedly used for FTX customer fund activities without the exchange working with a bank directly. FTX was also the subject of a Dec. 1 meeting of the U.S. Senate Committee on Agriculture, Nutrition and Forestry. Additionally, Bahamian authorities are investigating FTX.

Binance hires audit firm that served Donald Trump to verify crypto reserves

Binance continued to work on increasing its transparency regarding its reserves. The crypto exchange hired Mazars, an accounting firm known for retaining former U.S. President Donald Trump as a long-time client, to perform its proof-of-reserves (PoR) audit. Mazars and the Trump family cut ties in 2022. In another development related to the PoR audit, Binance has recently moved large amounts of cryptocurrencies, raising concerns in the crypto community.

3AC bankruptcy process faces challenges amid unknown whereabouts of founders

Three Arrows Capital liquidators are having difficulties engaging with Su Zhu and Kyle Davies, the hedge fund’s founders. During a virtual hearing in the Southern District of New York Bankruptcy Court, lawyers representing the liquidators said the founders did not engage with them in recent months, despite being active on social media. Zhu and Davies are believed to be currently based in Indonesia and the United Arab Emirates, where it is difficult to enforce foreign court orders.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $17,002, Ether (ETH) at $1,288 and XRP at $0.39. The total market cap is at $857.72 billion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Fantom (FTM) at 32.0%, ApeCoin (APE) at 20.85% and GMX (GMX) at 20.67%. 

The top three altcoin losers of the week are BinaryX (BNX) at -18.11%, Nexo (NEXO) at -9.53% and Convex Finance (CVX) at -7.48%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

I think that the crypto industry will have to take a more focused approach, shifting from hype cycles toward building real utility.

Rahul Advani, APAC policy director at Ripple

If youre a Brazilian or youre from Venezuela or Argentina, it becomes much easier to understand the power of a decentralized currency.

Marcel Pechman, markets analyst and Cointelegraph contributor

DeFi-centric platforms simply cannot fall victim to shady business practices because code is law for them.

Aishwary Gupta, DeFi chief of staff at Polygon

We have definitely noticed more people buying Bitcoin due to the FTX crash.

Imo Bbics, chief marketing officer at Relai

I do think Apple has sort of singled themselves out as the only company that is trying to control unilaterally what apps get on a device and I dont think that’s a sustainable or good place to be.

Mark Zuckerberg, CEO of Meta

Clearly, I made a lot of mistakes or things I would give anything to be able to do over again.

Sam SBF Bankman-Fried, former CEO of FTX

Prediction of the Week 

Bitcoin will teleport to $14K or worse if BTC breaks $16K Analyst

Bitcoin spent some time at over $17,000, although the asset has played above and below the level multiple times in the past days, according to Cointelegraphs BTC price index. 

Early in the week, pseudonymous digital asset analyst il Capo Of Crypto tweeted that danger possibly lies ahead for BTC if the asset falls under the $16,000 mark. When it breaks below 16k, it teleports to 12k-14k, the analyst said on Nov. 28.

Other notable factors and analysis were also mentioned in the article, including the potential importance of Novembers monthly candle close.

FUD of the Week 

Libertex crypto exchange head Vyacheslav Taran dies in helicopter crash in France

A third unexpected death recently shook the crypto space. Vyacheslav Taran, the 53-year-old billionaire Russian president of Libertex Group, died in a helicopter accident on Nov. 25, confirmed in an official statement from Libertex. Taran also founded Forex Club and had a hand in multiple crypto endeavors. The helicopter trip to Monaco from Switzerland only had Taran and the pilot on board, both killed in the crash. Amber Groups 30-year-old co-founder, Tiantian Kullander, and MakerDAOs 29-year-old co-founder, Nikolai Mushegian, also both unexpectedly died in November and October, respectively.

EmpiresX ‘head trader’ to face 4 years of prison over $100M crypto ‘Ponzi’

Joshua David Nicholas received a prison sentence of approximately four years for his involvement in EmpiresX, a $100 million crypto Ponzi operation. Nicholas served as head trader for the scheme, claiming the promise of profits based on bot trading, although the operation was actually a Ponzi scheme that misused customer funds. Still at large, Emerson Pires and Flavio Goncalves also played roles in the scam, which ran from 2020 to 2022.

Bankman-Fried on the hook in Texas, called to appear at Feb. hearing

An investigation by the Texan securities regulator is looking into whether Sam Bankman-Fried and FTX US violated Texas securities laws. Bankman-Fried must appear in court on Feb. 2 as part of the investigation. According to a notice of hearing filed by Texas State Securities Board Director Joseph Rotunda and served to Bankman-Fried on Nov. 29, FTX US offered unregistered securities to Texans through its EARN accounts.

Best Cointelegraph Features

South Koreas unique and amazing crypto universe

Theres this whole other side of crypto that we just dont hear about thats based on Asian culture. And thats all originating in South Korea.

Socios boss goal? To knock crypto out of the park

As an entrepreneur, I always try to find new opportunities At the end of 2017, I started to look at crypto from a sports angle.

How stable are stablecoins in the FTX crypto market contagion?

The collapse of crypto-exchange FTX hit the crypto world like a tropical storm. It bears asking once again: How stable are stablecoins?

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Top Stories This Week

Tornado Cash developer Alexey Pertsev to stay detained until next years hearing

Amid an ongoing investigation into crypto mixer Tornado Cash, the products developer, Alexey Pertsev, will be subject to at least another three months of detainment, as per a court ruling this week. Earlier in 2022, United States authorities flagged Tornado Cash as a tool nefarious parties allegedly used to launder funds. Pertsev was detained for suspicions of foul play, although the situation has drawn controversy.

US Senate committee schedules FTX hearing for Dec. 1, CFTC head to testify

A U.S. senate hearing slated for Dec. 1 will aim to look into FTX and the events surrounding its downfall. Titled Why Congress Needs To Act: Lessons Learned From The FTX Collapse, the hearing will feature Commodity Futures Trading Commission Chairman Rostin Behnam, among other witnesses. According to recent documentation from FTXs Chapter 11 bankruptcy case, FTX Trading Ltd. owes a combined sum of more than $3 billion to its 50 largest creditors.

American CryptoFed registration at risk as SEC alleges filing anomalies

American CryptoFed DAO is at risk of losing its registration as a legal entity after the United States Securities and Exchange Commission (SEC) dug up anomalies in the Form S-1 registration statement filed by the firm in September. According to the SEC, the form lacks vital information regarding American CryptoFed DAO, such as audited financial statements and details about its business and management. CryptoFed was the first decentralized autonomous organization (DAO) to get legal recognition in the United States in July 2021.

Bankrupt crypto exchange FTX begins strategic review of global assets

Defunct crypto exchange FTX launched a strategic review of its global assets as part of its recent bankruptcy filing, attempting to maximize recoverable value for stakeholders. The assets of 101 of 130 companies affiliated with FTX are also being reviewed. According to John J. Ray III, the new CEO of FTX, the affiliates are solvent and can be sold or restructured in order to reduce losses.

Amber Groups co-founder Tiantian Kullander passes away at 30

Tiantian TT Kullander, co-founder of Amber Group, unexpectedly passed away in his sleep on Nov. 23, per a statement released by the firm. He was 30 years old and leaves behind a wife and a son. Kullander also sat on the board of the esports company Fnatic and founded KeeperDAO. Previously in his career, he worked in structured credit trading at Goldman Sachs and as an emerging markets trader at Morgan Stanley.  

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $16,531, Ether (ETH) at $1,200 and XRP at $0.40. The total market cap is at $834.17 billion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Huobi Token (HT) at 43.84%, Curve DAO Token (CRV) at 23.52%, and Litecoin (LTC) at 19.45%.  

The top three altcoin losers of the week are Chiliz (CHZ) at -35.17%, Chain (XCN) at -21.83%, and Algorand (ALGO) at -16.09%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

If you go to a person who is not crypto savvy and you try to convince him to invest, especially in Brazil the population has always been very skeptical of crypto. Now it’s harder.

Thiago Csar, CEO of Transfero Group

A general rule of thumb is if a company prints a token out of thin air and either sells it to retail, or relies on it as an asset, you should expect them to collapse eventually.

Samson Mow, CEO of JAN3

The NFT space is sure to stabilize and consolidate around the strongest communities, then we will see a second generation of smarter, more sustainable NFT models.

Oscar Franklin Tan, chief financial officer and chief legal officer for Enjin

If you see FUD out there – remember, our financials are public (we’re a public company).

Brian Armstrong, CEO of Coinbase

I was initially a crypto skeptic, but […] I have come to believe that crypto can enable the formation of useful businesses and technologies that heretofore could not be created.

Bill Ackman, founder and CEO of Pershing Square Capital Management

The recent implosion of FTX, a cryptocurrency exchange, has made it abundantly clear the digital asset industry has serious problems.

Letter from U.S. Senators Richard Durbin, Tina Smith and Elizabeth Warren

Prediction of the Week 

Bitcoin price levels to watch as traders bet on sub-$14K BTC

Bitcoins price has largely struggled under $20,000 for much of November, according to Cointelegraphs BTC price index.  

Pseudonymous Twitter user The London Crypto sees possible further downward price action for BTC based on history. BTC has made a 77% correction in this bear market, compared to 84% in 2013 and 83% in 2017, he tweeted on Nov. 21 with an accompanying chart.

Studying our previous cycles high vs lows, we can estimate the low for this bear to be the $10k-$12k range, followed by a high of $175k in 2024-2025.

FUD of the Week 

HashFlare founders arrested in astounding $575M crypto fraud scheme

Recently publicized court documentation revealed the arrest of Ivan Turgin and Sergei Potapenko, founders of HashFlare an allegedly fraudulent Bitcoin cloud mining operation. Started in 2015, HashFlare posed itself as a Bitcoin cloud mining company, but on the backend, its founders allegedly conducted multiple criminal acts, including numerous instances of wire fraud. HashFlare has seemingly not been active since 2019.

New York governor signs PoW mining moratorium into law

After passing multiple stages of approval in 2022, a two-year ban on proof-of-work (PoW) mining has been signed into law by New Yorks governor, Kathy Hochul. The moratorium means new PoW mining operations cannot open in the state unless they utilize 100% renewable energy. Current PoW mining outfits in New York also will not be granted license renewal during the two-year ban.

American regulators to investigate Genesis and other crypto firms

Genesis Global Capital’s saga saw another chapter on Nov. 25, after the Alabama Securities Commission disclosed an ongoing investigation against the company and several other crypto firms in different U.S. states to determine whether they influenced investors on crypto-related securities without obtaining proper registration. Genesis has been in the spotlight since it revealed around $175 million worth of its funds are stuck in an FTX trading account. The company hired restructuring advisers to explore all possible options to avoid potential bankruptcy amid difficulties raising funds for its lending unit.

Best Cointelegraph Features

Election tally: Does blockchain beat the ballot box?

With election integrity under assault in the United States and elsewhere, is blockchain technology part of the solution? Greenland explores voting options.

My story of telling the SEC I told you so on FTX

I asked the SEC to take public comments on issues related to cryptocurrency custodians and intermediary conflicts. The SEC declined to take my advice, and FTX fell apart soon after.

House on a hill: Top countries to buy real estate with crypto

More countries are beginning to allow real estate purchases using crypto, here are some of the top destinations.

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Top Stories This Week

SBF received $1B in personal loans from Alameda: FTX bankruptcy filing

Documentation related to FTXs bankruptcy proceedings revealed the firm was mismanaged on multiple levels. FTX Group was reportedly composed of multiple companies categorized into four silos. A $1 billion personal loan was reportedly allocated to former FTX CEO Sam Bankman-Fried from one of those silos. The documentation also revealed many other holes and oddities relating to the function of FTX. Several regulators are reportedly looking into FTX, including the Securities Commission of the Bahamas. The Financial Industry Regulatory Authority, a self-regulatory U.S. organization, has also opened a broader investigation into crypto-involved companies in general, evaluating their communications with the retail public.

Binance creates industry recovery fund to help projects struggling with liquidity

Binance CEO Changpeng Zhao unveiled his work on a new fund to help the struggling crypto sector a sector which has been negatively affected by the fall of FTX. Zhaos new fund looks to help by assisting strong crypto industry companies that have liquidity issues, the CEO said in a Nov. 14 tweet. Such companies should reach out to Binance Labs, as well as players looking to add capital to the fund. The fund will not go toward helping FTX, however, as specified by Zhao.

NY Fed launches 12-week CBDC pilot program with major banks

For the next three months, the Federal Reserve Bank of New Yorks Innovation Center will test a simulated central bank digital currency (CBDC) system with the cooperation of multiple banking behemoths. Citigroup, PNC Bank, BNY Mellon, Wells Fargo and others will transact simulated tokenized money via a distributed ledger, settled against simulated central bank reserves.

The FTX contagion: Which companies were affected by the FTX collapse?

The recent downfall of FTX has impacted the overall crypto space in multiple ways from increased regulatory watch to companies having assets stuck with FTX. More than 10 companies have reported having felt negative effects from the FTX ordeal, often with millions of dollars in jeopardy. Companies include Galaxy Digital, Sequoia Capital, BlockFi, Crypto.com and Pantera Capital, among others. At this stage, the impacts on the affected companies do not appear to be devastating for the most part, although the details vary.

SEC pushes deadline to decide on ARK 21Shares spot Bitcoin ETF to January 2023

The wait continues for a decision on ARK 21Shares spot Bitcoin exchange-traded fund (ETF) from the United States Securities and Exchange Commission (SEC). The regulator has pushed its decision deadline to Jan. 27, 2023 regarding a rule change that would allow listing of the mainstream Bitcoin product. The commission has delayed its decision twice before on this particular product. Numerous Bitcoin ETFs have faced denials from the SEC in the past.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $16,577, Ether (ETH) at $1,205 and XRP at $0.38. The total market cap is at $828.34 billion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Trust Wallet Token (TWT) at 93.40%, GMX (GMX) at 20.40% and Toncoin (TON) at 18.41%.

The top three altcoin losers of the week are Casper (CSPR) at -20.66%, Solana (SOL) at -20.25% and Cronos (CRO) at -18.58%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

In systems where there is no self-custody, the custodians accumulate too much power and then they can abuse that power.

Michael Saylor, executive chairman of MicroStrategy

Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.

John Ray III, new CEO of FTX

I repeat… EXIT ALL THE MARKETS

Il Capo Of Crypto, independent cryptocurrency trader and analyst

Everything would be ~70% fixed right now if I hadn’t [filed for Chapter 11 bankruptcy]. […] But instead I filed, and the people in charge of it are trying to burn it all to the ground out of shame.

Sam Bankman-Fried, former CEO of FTX

Im sure there are multiple players that will probably get impacted […] in the following weeks, you know, small, large but I would say [FTX] in terms of magnitude will be one of the larger ones before the whole cycle really ends.

CK Zheng, co-founder of ZX Squared Capital

To date, efforts by billionaire crypto bros to deter meaningful legislation by flooding Washington with millions of dollars in campaign contributions and lobbying spending have been effective.

Brad Sherman, United States Congressman

Prediction of the Week 

Bitcoin price may still drop 40% after FTX Lehman moment Analysis

Bitcoin fell below $16,000 early in the week. The asset subsequently rallied back to $17,000, only to face rejection around the level on multiple occasions throughout the week, according to Cointelegraphs BTC price index. 

Due to the FTX situation, QCP Capital now expects that BTC may possibly fall to $12,000, according to its Elliot Wave theory chart analysis. 

This underperformance of all crypto assets is here to stay until the bulk of uncertainty has cleared up likely only near the turn of the new year, QCP said on Telegram.

FUD of the Week 

Crypto.com accidentally sends 320k ETH to Gate.io, recovers funds days after

Speculation about the health and solvency of Crypto.com reached a boiling point this week after the digital asset exchange sent 340,000 ETH to Gate.io. The transfer was flagged as suspicious by some members of the crypto community because it occurred around the time that exchanges were publishing proof-of-reserves in the wake of FTXs collapse. Crypto.com claims that 100% of user-owned cryptocurrencies are held in cold storage, so the transfer to Gate.io was confusing to some crypto sleuths. Crypto.com CEO Kris Marszalek later revealed that the funds were sent to Gate.io accidentally.

Huobi and Gate.io under fire for allegedly sharing snapshots using loaned funds

Speaking of Gate.io, it along with crypto exchange Huobi has been under fire for allegedly sharing outdated snapshots of its digital asset reserves that included loaned funds. Obviously, some investors were suspicious that Gate.io received a top-up from Crypto.com before publishing its proof-of-reserves. However, Gate.io founder Lin Han revealed that the snapshot in question was taken on Oct. 19, two days before Crypto.com accidentally transferred 240,000 ETH. Huobi, meanwhile, has yet to explain why it transferred 10,000 ETH to Binance and OKX wallets soon after releasing its snapshot.

FTX crisis could extend crypto winter to the end of 2023: Report

The 2022 bear market has been unlike anything weve ever seen in crypto, with the collective failures of Terra (LUNA), Celsius, Voyager, FTX and BlockFi still reverberating across the industry. According to new research from Coinbase, the FTX collapse and its resulting contagion effects could extend crypto winter for another year. The unfortunate events surrounding FTX have undoubtedly damaged investor confidence in the digital asset class, the report read. Remediation will take time, and very likely this could extend crypto winter by several more months, perhaps through the end of 2023 in our view.

Best Cointelegraph Features

Blockchain and the worlds growing plastic problem

People are being asked to make changes to help mitigate climate change, but I cant pull a CO2 molecule from the air and show it to you.”

Designing the metaverse: Location, location, location

People imagine this as a second life in the virtual world, people can have a better virtual house than others.

Banks still show interest in digital assets and DeFi amid market chaos

Traditional financial institutions continue to demonstrate use cases for digital asset support, along with DeFi capabilities, despite current market conditions.

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Top Stories This Week

FTX and Binances ongoing saga: Everything thats happened until now

An earthquake rattled the crypto space this week, its impact felt in numerous related stories regarding FTX, Alameda Research and Binance. Although the bad news came rolling in this week, suspicions relating to FTXs status appear to have started on Nov. 2. The concerns had to do with a large number of FTX Token (FTT) held by Alameda (Sam Bankman-Fried, aka SBF, founded Alameda and co-founded FTX). By Nov. 6, Binance had decided it would sell its sizable position in FTT. FTX withdrawal issues surfaced on Nov. 7, symptomatic of a bank run. Binance expressed interest in buying FTX but declined the purchase, citing concerns on Nov. 9. 

Other developments throughout the week included SBF reportedly requesting $8 billion to cover exchange withdrawals and news of the situation affecting other big players such as Sequoia Capital, as well as related regulatory headlines. 

Nov. 11 saw SBFs resignation as well as FTX, Alameda and FTX US applying for Chapter 11 bankruptcy in the United States. About 130 entities under FTX Group are filing for bankruptcy.

Breaking: Bahamas securities regulator freezes FTX assets

On Nov. 10, FTX saw its assets frozen and its registration suspended by the Securities Commission of The Bahamas, based on suspicions of mishandled client funds. A provisional liquidator was elected by the Bahamian Supreme Court, meaning FTX must now obtain permission to touch any of its assets. FTX is primarily based in the Bahamas, falling under its jurisdiction. The situation regarding FTX user withdrawals has been touch and go, with some withdrawals seemingly approved and funds leaving the exchange. Additionally, FTX negotiated a deal with Tron to allow holders of TRX, BTT, JST, SUN, and HT to swap assets from FTX to external wallets without penalty.

Chainlink Labs offers proof-of-reserve service for embattled exchanges

Given the situation with FTX, talk has arisen around requiring crypto exchanges to come forward with proof-of-reserves, which would essentially give assurance that exchanges have enough assets to cover their liabilities. Chainlink Labs has developed a product that aims to ease that process for exchanges. Multiple crypto exchanges have come forward with intent to provide some kind of proof-of-reserves system (not necessarily Chainlinks product, but some type of system in general), including Binance, which has already made headway on a proof-of-reserves system.

White House says prudent regulation of cryptocurrencies is needed, hinting at situation with FTX

This weeks turmoil has driven United States President Joe Bidens administration to keep an eye on the crypto space, with the help of U.S. regulatory bodies for enforcement. The administration […] has consistently maintained that without proper oversight, cryptocurrencies risk harming everyday Americans, White House Press Secretary Karine Jean-Pierre said during a press briefing on Nov. 10. The most recent news further underscores these concerns and highlights why prudent regulation of cryptocurrencies is indeed needed.

Post-election roundup: Who were the pro- and anti-crypto winners and losers from the US Midterms?

The U.S. Midterm elections occurred on Nov. 8. The crypto space had a presence in the elections, spanning a broad number of stances and positions on industry regulation held by involved politicians. Among the mix, J.D. Vance, a known Bitcoin owner, won an Ohio Senate seat. Tom Emmer and Patrick McHenry, two figures in favor of crypto, also retained their positions in Minnesota and North Carolina, respectively. Brad Sherman, who is less favorable toward the crypto space, achieved re-election in California, however.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $16,932, Ether (ETH) at $1,274 and XRP at $0.37. The total market cap is at $859.61 billion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are PAX Gold (PAXG) at 5.69%, Gemini Dollar (GUSD) at 0.71% and Dai (DAI) at 0.14%.

The top three altcoin losers of the week are FTX Token (FTT) at -89.18%, Solana (SOL) at -50.30% and Loopring (LRC) at -38.47%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

If the world economy is a circulatory system, it is stagnant. Parts are dying.

Michel Khazzaka, cryptographer and founder of Valuechain

If you look at it closely, fractional NFTs represent the very essence of the Web3 concept.

Alexei Kulevets, co-founder and CEO of Walken

I think what people often misunderstand is that Web3 is not an exclusive new internet. Inside Web3 we also find Web2, the same way we found the former World Wide Web within Web2.

Max Kordek, president of Lisk

With a global MiCA [Markets in Crypto-Assets regulatory framework], the FTX crash would not have happened.

Stefan Berger, member of the European Parliament Committee on Economic and Monetary Affairs

All crypto exchanges should do merkle-tree proof-of-reserves.

Changpeng CZ Zhao, CEO of Binance

FTX.com was an offshore exchange not regulated by the SEC. The problem is that the SEC failed to create regulatory clarity here in the US, so many American investors (and 95% of trading activity) went offshore. Punishing US companies for this makes no sense.

Brian Armstrong, CEO of Coinbase

Prediction of the Week 

Bitcoin price bottom takes shape as old coins hit a record 78% of supply

Bitcoin started the week above $21,000, although the asset fell notably after the FTX news broke, dipping below $16,000 on Nov. 9, according to Cointelegraphs BTC price index. BTC subsequently bounced back up to $18,000, but then declined once again. 

Pseudonymous Decentrader co-founder Filbfilb explained why the FTX situation is such a big industry event. His explanation essentially stated that all was fine during the most recent crypto industry bull market, but players became overextended. Then the bear market came along and declining prices created holes in company balance sheets. He explained that a healthy recovery could be a multi-year effort.

FUD of the Week 

Report: Tether freezes $46M of FTXs USDT, setting new precedent

Stablecoin issuer Tether Limited has seemingly frozen about $46 million worth of USDT held in FTXs Tron blockchain wallet, based on blockchain observations from Whale Alert on Nov. 10. Tether has not previously frozen a company or exchange wallet, only privately-owned wallets in tandem with regulatory investigations. In comments to Cointelegraph, a Tether spokesperson did not confirm the suspected freeze but noted the firms regular communication with law enforcement.

Bitcoin miner Iris Energy faces $103M default claim from creditors

Bear market casualties continued this week, as news surfaced of renewable energy Bitcoin mining operation Iris Energys financial struggles. According to a default notice issued by mining rig manufacturer Bitmain Technologies, the firm reportedly owes $103 million in total. Multiple factors have seemingly contributed to Iris Energys declining financial position, such as Bitcoins depressed price and electrical cost hikes. 

BlockFi limits platform activity, including a halt on client withdrawals

Withdrawals and other features have been paused on BlockFi, with the digital asset lending platform explaining that it is waiting for clarity around the FTX ordeal. Additionally, BlockFi noted that customers should refrain from depositing on BlockFi wallets or its interest platform. BlockFi and FTX US previously struck a deal involving a $400 million line of credit given to BlockFi.

Best Cointelegraph Features

How to stop your crypto community from imploding

There were a lot of cypherpunks at those early Bitcoin meetups that I went to.

Some central banks have dropped out of the digital currency race

There are at least four countries that have either scrapped or halted CBDC plans so far, and each central bank has its own reasoning for not launching one.

Could Bitcoin have launched in the 1990s Or was it waiting for Satoshi?

With the internet, elliptic curve cryptography, even Merkle trees and PoW protocols all present, Bitcoin was technically possible in 1994.

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Top Stories This Week

JPMorgan executes first DeFi trade on public blockchain

A cross-border currency swap was carried out on a public blockchain by JPMorgan as part of a pilot program involving the Monetary Authority of Singapores (MAS) Project Guardian, SBI Digital Asset Holdings, Oliver Wyman Forum and DBS Bank. The Polygon blockchain hosted the swap between tokenized deposits of the Japanese yen and the Singapore dollar, helped by smart contract technology from Aave.

UnionBank of the Philippines launches Bitcoin and Ethereum trading

Philippine banking giant UnionBank now offers certain retail clients access to Bitcoin and Ether trading and custody, thanks to a collaborative pilot between the bank and crypto company Metaco. The offering from UnionBank utilizes Harmonize, a platform from Metaco. UnionBank operates under the regulatory approval of the Bangko Sentral ng Pilipinas, the central bank of the Philippines. The offering has been almost a year in the making, the result of a January 2022 partnership between Metaco and UnionBank. This is also not UnionBanks first foray into the crypto sector.

Come one, come all! Meta to bring NFT minting and trading to Instagram

New upcoming features on Instagram will help users create, show off and also sell nonfungible tokens (NFTs) on the social media platform. A social media operation under Meta (formerly Facebook), Instagram will provide an end-to-end toolkit for NFTs, according to a recent announcement from Meta. NFTs created on Instagram can be sold on the platform as well as off of it. The Solana blockchain was also added to the list of compatible blockchains for Instagram, as per the announcement. 

Elon Musk faces class-action suit over mass Twitter layoffs

Elon Musk has already implemented several changes to Twitter since finalizing its acquisition on Oct. 27. After firing top-level Twitter brass, Musk has reportedly begun significant staff layoffs. The affected staff are reportedly fighting back via a class-action lawsuit aimed at Musk that essentially claims the layoffs required more advance notice. A regulatory filing also recently publicized Musk as Twitters only board member after he removed all others.

You have our swords: 12 independent entities pledge legal support for Ripple

The United States Securities and Exchange Commissions (SEC) legal case against Ripple continues after nearly two years. The latest developments see official support from 12 different entities backing Ripple in the form of submitted amicus briefs. The Chamber of Digital Commerce and Coinbase sit among the list of supporters. The SEC claims Ripples XRP sale was an unregistered securities offering. The case’s outcome can potentially affect the crypto industry as a whole.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $20,861, Ether (ETH) at $1,626 and XRP at $0.49. The total market cap is at $1.03 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Loopring (LRC) at 45.27%, Dogecoin (DOGE) at 41.72% and Arweave (AR) at 40.73%.  

The top three altcoin losers of the week are Aptos (APT) at -11.80%, Klaytn (KLAY) at -7.22% and Terra Classic (LUNC) at -6.77%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

If the world economy is a circulatory system, it is stagnant. Parts are dying.

Ray Youssef, co-founder and CEO of Paxful

I think DeFi will replace institutions based on innovative use cases that we are starting to see today.

Mike Belshe, co-founder and CEO of BitGo

Great cryptocurrencies have to go through several collapses.

Charles Hoskinson, founder of Cardano

Crypto exchanges often determine the winners and losers of the crypto world, as listed on one is an almost surefire way to raise your token price and provide early investors an opportunity for liquidity.

Habeeb Syed, senior associate attorney at Vicente Sederberg

I think people care about compounding value rather than going public or being private.

Guillaume Pousaz, founder and CEO of Checkout.com

“Its easier to hire talent in the bear market.

Changpeng CZ Zhao, CEO of Binance

Prediction of the Week 

Bitcoin price bottom takes shape as old coins hit a record 78% of supply

Bitcoin saw some price volatility this week, making a move past $21,000 on Nov. 4, according to Cointelegraphs BTC price index. The U.S. Federal Reserve also raised interest rates another 0.75%, coinciding with some of Bitcoins volatility.   

According to data from Glassnode, the number of Bitcoin held for six months or longer now accounts for most of Bitcoins circulating supply over 78% as of Octobers end. This could mean lessened odds of significant selling activity ahead.

FUD of the Week

Deribit crypto exchange halts withdrawals amid $28M hot wallet hack

Crypto derivatives exchange Deribit suffered a hot wallet attack this week, with $28 million stolen. The exchange, however, will use its reserves to pay for the loss, and customers should not feel any effects aside from the platform pausing withdrawals while it ensures sound security. Other than that, the exchange is reportedly functioning normally. Deribit typically holds 99% of customers assets in cold storage, which limited the hack. 

Everything is fine Gala Games calls for calm after fears of multi-billion dollar hack

FUD surrounding Gala Games this week turned out to be unfounded. In short, fear ensued after PeckShield noticed $2 billion in GALA tokens were seemingly created by a lone wallet address. GALA fell notably in price as a result. The real reason for the odd wallet activity? Gala Games affiliated bridge pNetwork drained a vulnerable liquidity pool before anyone could hack it. GALAs price regained some losses after the explanation was communicated to the public.

Santander UK limits crypto transactions for its customers

Effective on Nov. 15, banking customers of Santander in the United Kingdom will not be able to send more than 1,000 pounds to crypto exchanges in any given transaction, and not more than 3,000 pounds total per month. The bank claims the limits will help protect customers, given the lack of regulatory protections in crypto. The limits pertain to all outgoing pound transactions that relate to crypto. Santander also hinted at further restrictions in the future.

Best Cointelegraph Features

Andy Warhol would have loved (or possibly hated) NFTs

There were a lot of cypherpunks at those early Bitcoin meetups that I went to.

Can internet outages really disrupt crypto networks?

Were going to use whatever seems easiest whatevers going to work. And when its not working, were going to ditch it.

Developers need to stop crypto hackers or face regulation in 2023

One report indicates that more than $2.5 billion in crypto was lost to cross-chain bridge hacks over the last two years alone.

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Top Stories This Week

Twitters top brass gutted as Elon Musks takeover begins

Elon Musks purchase of Twitter became final this week, after which he reportedly fired three top-level executives: CEO Parag Agrawal, head of legal and policy Vijaya Gadde and chief financial officer Ned Segal. Musk reportedly claims the three were dishonest about Twitter spam accounts an issue that almost caused Musk to abandon the Twitter deal. On a more positive note, Musk said he has big plans for Twitter, including ensuring free speech on the platform. Twitter also commanded other headlines this week as Binance invested $500 million in the platform, and the New York Stock Exchange delisted the now-private company.

Kazakhstan to build central bank digital currency on BNB Chain

Binances BNB Chain will host Kazakhstans central bank digital currency (CBDC), according to Binance CEO Changpeng Zhao. CBDCs have made headlines in recent years as regions across the globe have taken various steps toward the new form of money. The digital tenge, a product of the National Bank of Kazakhstan, will operate on BNB Chain. Binance has made regulatory strides in Kazakhstan a country that has shown interest in crypto.

Report: Vast majority of blockchain energy studies lack scientific rigor

Much of the information floating around about blockchain carbon emissions lacks validity on several levels, according to a preprint produced by researchers from multiple universities. In short, the preprint states that numerous studies on blockchain energy consumption use incomplete data, lack clarity on electricity costs, and have made assumptions based on old data, among other points. Blockchains and their energy requirements have been a topic of much debate.

Aussie federal budget reaffirms BTC wont be treated as foreign currency

Australia will not be making Bitcoin legal tender, according to the countrys latest federal budget. The document detailing the budget indicated that Bitcoin will be taxed in the same category as other crypto assets and not as a foreign currency, despite El Salvadors move to make BTC legal tender. El Salvador classified Bitcoin as legal tender in 2021. The Central African Republic also classifies Bitcoin as currency. Since 2014, Australias tax authority has classified crypto in general as a type of investment rather than a form of currency, according to comments from Koinly head of tax Danny Talwar.

Equifax, known for huge data breach, is building a Web3 KYC solution

Equifax is working with blockchain firm Oasis Labs on a decentralized identity product that may improve Know Your Customer practices. Hosted on Oasis platform and working with application programming interface (API) keys from Equifax, the solution will essentially let individuals provide identity confirmation without exposing sensitive information, with the information maintaining a trail on the organization’s blockchain. Tech specifics for the solution were not revealed, however. Equifaxs reputation is overshadowed by a significant global data breach it suffered in 2017.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $20,485, Ether (ETH) at $1,536 and XRP at $0.46. The total market cap is at $994.97 billion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Klaytn (KLAY) at 77.92%, Dogecoin (DOGE) at 46.52% and TerraClassicUSD (USTC) at 18.72%.  

The top three altcoin losers of the week are Chain (XCN) at -23.33%, Maker (MKR) at -13.67% and Casper (CSPR) at -9.28%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

Blockchain is not simply a technological change but also one that enables socio-political change.

Yat Siu, co-founder and executive chairman of Animoca Brands

The U.K. government has a policy vision that the U.K. will become an international hub of cryptocurrency and digital assets.

Lisa Cameron, member of U.K. Parliament

Traditional assets are driven by economic growth, Fed policies, inflation. Crypto is driven by the technology itself, millennial adoption.

Mark Yusko, CEO and founder of Morgan Creek Capital Management

I do believe that the IMF is an implacable foe of crypto.

David Tawil, co-founder and president at ProChain Capital

When [China] loves crypto, the bull market will come back. It will be a slow process, but the red shoots are budding.

Arthur Hayes, former CEO of BitMEX

Knowledge drives empowerment and confidence.

Flori Marquez, co-founder and chief operating officer of BlockFi

Prediction of the Week 

Analyst puts Bitcoin price at $30K next month with breakout due

Early in the week, Bitcoin traded sideways between $19,000 and $20,000 with relatively little price fluctuation. On Oct. 25, the asset began moving up toward $21,000, finding resistance at the level on Oct. 26 before retracing back toward $20,000 on Oct. 27, according to Cointelegraphs BTC price index. 

On Oct. 25, Eight CEO Michal van de Poppe forecasted a possible near-term surge up to $30,000 for BTC. Within 2-3 weeks, #Bitcoin will break out significantly, he tweeted, adding: My take is the upside. My guess is probably $30K.

FUD of the Week

CFTC commissioner compares crypto contagion risk to 2008 financial crisis

Commodity Futures Trading Commission head Christy Goldsmith Romero recently requested additional power from the United States government to ensure crypto problems do not affect mainstream finance. Romero drew parallels between the 2008 financial crisis and the current atmosphere by citing Terras downfall as a contagion risk for mainstream markets. She noted that the crypto sector could negatively impact mainstream finance due to increasing crossover activity between the two worlds.

3Commas issues security alert as FTX deletes API keys following hack

Following investigations, crypto exchange FTX and digital asset trading bot service 3Commas found the cause of suspicious DMG cryptocurrency trading on FTX. Hackers phished victims out of their FTX API keys via fake websites that looked like 3Commas’, resulting in unauthorized trades for DMG asset pairs on FTX. Other methods, including malware, may also be at fault.

Bithumb ex-chairman could face 8 years in prison over alleged $70M fraud

Bithumb ex-chairman Lee Jung-hoon faces fraud charges in South Korea for allegedly defrauding prospective Bithumb buyer Kim Byung-gun out of $70 million. Jung-hoon allegedly received $70 million from Byung-gun as a down payment for the purchase of the Bithumb exchange. However, the deal was contingent on Bithumb listing crypto asset BXA, which allegedly never occurred. If deemed guilty on Dec. 20, Jung-hoon could face eight years in prison.

Best Cointelegraph Features

Crypto City: Guide to San Francisco Bay Area

There were a lot of cypherpunks at those early Bitcoin meetups that I went to.

Building community resilience to crises through mutual aid and Web3

Were going to use whatever seems easiest whatevers going to work. And when its not working, were going to ditch it.

Ethereum at the center of centralization debate as SEC lays claim

Ethereums transition to PoS was celebrated as a key upgrade. However, a month after the move, centralization concerns are mounting high.

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