Top news this week
Sam Bankman-Fried: “I haven’t stolen money, and I certainly haven’t hidden billions.”
In a ‘before-death overview’ of the FTX bankruptcy, Sam Bankman-Fried denied allegations of improper use of client funds stored on the cryptocurrency exchange, attributing responsibility for the company’s dramatic fall to the 2022 market crash and Binance CEO Changpeng Zhao’s PR campaign. against FTX. In Bankman-Fried’s view, a bank run turned illiquidity issues into bankruptcies. Among recent developments in the bankruptcy proceedings, a bipartisan group of US senators has criticized one of the law firms involved in the case on the grounds of a conflict of interest, and the US Bankruptcy Court has called for the District of Delaware to appoint an independent examiner into FTX’s activities. Also in the headlines, FTX attorney Andy Dittderich said the company has recovered $5 billion in cash and liquid cryptocurrency.
Gemini and Genesis have been accused by the US Securities and Exchange Commission of selling unregistered securities
Crypto firms Genesis Global Capital and Gemini have been mandated by the US Securities and Exchange Commission (SEC) to offer unregistered securities through the Gemini Earn Program. Genesis and Gemini partnered on a product in 2020 that offered customers the opportunity to borrow cryptocurrency with the promise of paying back later with interest. The SEC stated that the Gemini Earn program represented an offer and sale of securities, and it had to be registered with the commission. Gemini co-founder Tyler Winklevoss said the SEC’s action was “completely counterproductive,” and noted that Gemini had been discussing the Earn program with the regulator for “more than 17 months.”
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DCG owes creditors more than $3 billion, factoring in the $500 million sale of its VC portfolio
It’s been a tough week for Genesis Global Trading and its parent company, Digital Currency Group (DCG), as reports have revealed that Genesis owes its creditors more than $3 billion. To make up for the shortfall, DCG, which also owns Grayscale Investments, is seeking to sell part of its venture capital holdings with more than 200 cryptocurrency-related ventures, including cryptocurrency exchanges, banks and custodians in at least 35 countries, for a total of about $500 million in equity. Evaluation. .
El Salvador passes a historic crypto bill, paving the way for Bitcoin-backed bonds
in january. On September 11, El Salvador passed a landmark Digital Asset Issuance Act that sets out the legal framework for issuing Bitcoin-backed bonds to pay off sovereign debt and fund the construction of a so-called “Bitcoin City.” The bonds are expected to raise $1 billion for the country, half of which will be used to build the special economic zone. The legislation also creates a regulatory body and sets a legal framework for all digital assets in the country.
The Abu Dhabi-based Venom Foundation has launched a $1 billion fund for Web3 and blockchain networks
The Venom Foundation, an Abu Dhabi-based blockchain platform, and Iceberg Capital have announced a new partnership that will allocate $1 billion to Web3 and blockchain companies, including decentralized applications focused on payments, asset management, decentralized finance, and GameFi products and services. The investment fund will seek to attract startups and technology companies to use Venom’s proof-of-stake blockchain solution.
Winners and losers
At the end of the week, Bitcoin (BTC) in $19,297ether (ETH) in $1,418 And XRP in $0.37. The total market value of $916.5 billion, according to CoinMarketCap.
Among the top 100 cryptocurrencies, the three biggest gainers of the week are Gala Favorite by 125.9%, Aptos (suitable) 77.52% optimism (OP) by 45.28%.
The top three altcoin losers for the week are Fei USD (FEI) at -2.53%, Nexo Favorite by -2.29% and UNUS SED LEO (LEO) by 0.07%.
For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.
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Most memorable quotes
“There are still some moves — DCG, Genesis, Gemini — that will start next quarter. That wouldn’t be great.”
Mike NovogratzCEO of Galaxy Digital Holdings
“History tells us that there is not much room for small currencies, and that means, you know, we have the US dollar and Europe has the euro and the like.”
Gary GenslerChairman of the US Securities and Exchange Commission
“As long as there is interest in the cryptocurrency market, the number of hackers will not decrease.”
Tommy DengManaging Director of Beosin Corporation
People talk about [Bitcoin] Volatility is a problem, but that means nothing when you live in a place where your money can easily lose half its value in a year.”
Megaslythe first Lightning knot runner in Nigeria
“There is no way forward as long as Barry Silbert remains CEO of DCG.”
Cameron WinklevossGemini co-founder
He added, “It was a political act, not a financial gesture. Like those who grow mustaches in November to fight prostate cancer. I put this salary in bitcoins into a cold wallet every month and never touched it.”
Christophe de Boeckelera Belgian legislator
predict the week
Bitcoin price wants to retest its 2017 high near $20,000
Bitcoin price has jumped in recent days and settled near $19,000 this weekend, according to data from Cointelegraph Markets Pro and TradingView.
On-chain analytics provider Material Indicators predicts that there may be a retest of the $20,000 mark. “Looks like BTC is poised to retest the resistance on the 2017 Top,” she wrote on Twitter.
According to the analytics firm, “Whether we see a great hack or a fake has yet to be seen. Time for patience and discipline.”
Police reportedly raided Nexo’s offices in Bulgaria
Bulgarian regulators have increased pressure on cryptocurrency lender Nexo, after a group of prosecutors, investigators and foreign agents searched the company’s offices in the Bulgarian capital Sofia on January 3rd. 12. The operation began a few months ago, targeting a large-scale financial criminal scheme that allegedly involved money laundering and violations of international sanctions against Russia. Nexo has complained about the actions of the law enforcement authorities and is preparing to file a lawsuit against the authorities to claim damages caused by the sudden police outage.
Scam Alert: MetaMask warns cryptocurrency users of address poisoning
Digital wallet provider MetaMask has warned users about an “address poisoning scam,” in which attackers “corrupt” transaction history. The attack did not allow hackers to access users’ wallets, but those who used to copy their wallet addresses from transaction records could send money to fake addresses.
Crypto.com CEO Announces 20% Staff Cut, ‘Didn’t Consider’ FTX’s Collapse
Crypto.com has announced a new wave of layoffs, which will reduce the global workforce by 20% after “recent industry events.” Also struggling to survive in the bear market, Coinbase is closing most of its Japanese operations as part of a restructuring plan that aims to cut 20% of the exchange’s staff..
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