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Crypto Weekly Roundup: “Didn’t Steal Funds,” Says SBF And More

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crypto-weekly-roundup:-“didn’t-steal-funds,”-says-sbf-and-more

In a noteworthy week, Bitcoin has started to recover and has even crossed the $20K mark. Furthermore, the total crypto market cap crossed the $1 trillion mark. Let’s find out more. 

Bitcoin

Bitcoin crossed a major trendline last Sunday after seven daily green bars saw its price breakthrough major resistances and hit a high of over $21,200.

Samsung launched the 2nd Bitcoin Futures ETF in the whole of Asia, which will start trading on January 13.

In a landmark move, El Salvador has opened the doors for issuing a Bitcoin-backed bond called the “Volcano Bond.” 

DeFi

The United States Department of Justice has reportedly begun an investigation into the founders of Saber Labs, who allegedly used various pseudonyms to orchestrate inaccurate crypto gain metrics.

The notorious Avraham Eisenberg, also known for masterminding the $117 million hack on Mango Markets, has been charged with market manipulation by the CFTC. 

Altcoins

After two years of waiting for the Flare Network project to bring smart contract functionality to the XRP ecosystem, the FLR token was finally dropped to all XRP holders. 

A huge pump to the upside has seen the total market cap of crypto push through the $1 trillion mark, a level not seen since early November 2022.

According to blockchain researcher and journalist Colin Wu, Solana’s RPC Endpoints and Mainnet explorer went offline due to a bug in its latest release. 

Technology

North Korea reportedly stole over $1 billion from the cryptocurrency sector last year through the activities of the Lazarus Group, accounting for one-third of crypto cyber losses. 

Cryptocurrency data aggregator CoinGecko has announced plans to incorporate Proof of Reserves into its Trust Score 3.0 methodology for centralized cryptocurrency exchanges. 

The United Kingdom has made it clear that it remains dedicated to becoming a world leader in the cryptocurrency industry and that stablecoins will receive immediate attention. 

Business

Cryptocurrency exchange Crypto.com announced that it would be cutting jobs by 20% as a result of the “significant damage” the industry has suffered due to the fall of FTX.

Disgraced FTX founder Sam Bankman-Fried, in an astonishing and highly unusual blog post, stated that he did not steal any funds or stash away billions as claimed. 

The SEC on Thursday charged cryptocurrency firms Genesis and Gemini for allegedly selling unregistered securities.

Beleaguered crypto lender Hodlnaut is facing possible liquidation after the firm’s creditors reject the company’s proposed restructuring plan.

Sweden has become the seventh EU member state to grant regulatory approval to the Binance crypto exchange. 

A Florida judge has ordered the cancellation of FTX’s sponsorship of the Miami Heat’s stadium, paving the way for new bids for the sports arena. 

Ava Labs, the company behind the Avalanche blockchain, has partnered with AWS to bring scalable blockchain solutions to enterprises and governments. 

Voyager Digital, the bankrupt crypto lender, has received initial court approval for the proposed sale of its assets to Binance.US. 

Crypto exchange FTX has recovered more than $5 billion, but the extent of customer losses in its collapse is still unknown.

The co-founder of cryptocurrency exchange Gemini, Cameron Winklevoss, has launched a scathing attack on Barry Silbert, stating that the Digital Currency Group CEO was unfit to run the company. 

Billionaire investor Mark Cuban will be deposed in court as part of a continuing lawsuit against him by customers of the bankrupt crypto lender Voyager Digital.

Coinbase has recently announced plans to lay off a significant portion of its workforce. This will be the second time the company has laid off employees in the span of a year. 

Metropolitan Commercial Bank has announced that it will be closing down its crypto business due to the regulatory environment.

Hong Kong has expressed its desire to become the world’s leading crypto hub as the industry reels from the fallout of the collapsed crypto exchange FTX.

Digital asset manager Osprey Funds has laid off 15 employees and is currently operating with fewer than 10 employees.

Beleaguered crypto payments provider Wyre is continuing to operate. The company is exploring strategic options and has set a customer withdrawal limit of 90%.

Regulation

The crypto market is set to come under increased scrutiny from the U.S. House of Representatives with the formation of a new subcommittee

The US Department of Justice has ordered over $17 million in restitution to 800 victims of the BitConnect fraud.

Crypto lender Nexois is being investigated by Bulgarian authorities for allegations of money laundering, computer fraud, tax offenses, and other crimes. 

The government of Argentina has proposed a new bill that encourages its citizens to disclose their cryptocurrency holdings with the promise of discounted tax rates.

Thailand’s Securities and Exchange Commission is reportedly investigating the crypto exchange Zipmex on the grounds of a potential breach of rules. 

Crypto.com has announced that it will no longer facilitate USDT transactions as it looks to comply with the latest regulations issued by the Ontario Securities Commission (OSC). 

Internet and email service providers have been ordered by the Nepalese telecommunications regulator to block access to any cryptocurrency-related trading websites or face possible legal action.

The Hong Kong regulator, the FSTB, is looking to open up crypto more to retail investors but within robust, market-driven regulations.

Chainalysis has published a report on the efficacy of OFAC adding crypto addresses to its SDN sanction list.

NFT

YouTuber Logan Paul has promised to drop his threats of filing a defamation lawsuit over a three-part documentary that painted Paul’s CryptoZoo project as a “scam.” 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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