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Top news this week

The guarantors of the $250 million bail must be declared to SBF, according to the rules judge

The identities of two people who helped former FTX CEO Sam Bankman-Fried with his $250 million bail bond could be revealed next month following a recent ruling by US District Judge Lewis Kaplan. Bankman Fried’s legal counsel has until February 4th. 7 to appeal the decision. With bankruptcy proceedings still ongoing, FTX and the affected parties requested subpoenas for information and documents from Bankman-Fried’s next of kin, claiming that not all members of his inner circle responded to requests for information. Other recent news includes Alameda Research suing bankrupt crypto lending company Voyager Digital in an attempt to recover $445.8 million in loan payments made before the FTX crash.

The UK Treasury publishes a crypto working paper: here’s what’s inside

The UK Treasury has published a long-awaited advisory paper for the upcoming crypto regulation. The document covers a wide range of topics, from algorithmic stablecoins to non-fungible tokens to initial coin offerings. The authority aims to level the playing field between cryptocurrency and traditional finance by incorporating digital assets into the UK’s Financial Services and Markets Act 2000.

Celsius publishes a list of users who are eligible to withdraw the majority of assets

Bankrupt crypto lending company Celsius reached a withdrawal of users with funds in its custody in June 2022, when the company stopped withdrawing. Celsius has released an official update on upcoming withdrawals, providing a list of eligible users to access approximately 94% of eligible custodian assets. Users will also receive specific gas-related details and transaction fees associated with upcoming actions.

Silvergate faces a Department of Justice investigation into FTX and Alameda’s dealings

Crypto bank Silvergate is being investigated by the US Department of Justice’s Fraud Unit over its involvement with the bankrupt FTX exchange and its affiliates. Investigators are trying to figure out how deep FTX and Alameda Research’s dealings with the California-based bank were. According to Silvergate, Alameda opened an account in 2018, before launching FTX. Silvergate was hit hard by FTX’s collapse in November, posting a $1 billion loss in the most recent quarter.

Meta CEO Zuckerberg is steadfast in the plans for the metaverse despite the $13.7 billion setback

Meta CEO Mark Zuckerberg said the company plans to stay committed to its long-term strategy for the metaverse despite Reality Labs’ business suffering an operating loss of $13.7 billion in 2022 — the largest annual loss on record for a metaverse-building division. . The company’s total revenue for the fourth quarter was $32.1 billion, beating Wall Street expectations.

Winners and losers

At the end of the week, Bitcoin (BTC) in $23,572ether (ETH) in $1,661 And XRP in 0.40 USD. The total market value of 1.09 USD trillion, according to CoinMarketCap.

Among the top 100 cryptocurrencies, the three biggest digital currency gainers of the week were Render Token (RNDR) by 94.86%, per day (DYDX) by 45.84% and ImmutableX (IMX) by 43.41%.

The three biggest altcoin losers this week are UNUS SED LEO (LEO) at -12.30%, eCash (XEC) at -5.50% and Toncoin (ton) by -5.30%.

For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.

Most memorable quotes

“Regulators are rightly going to scrutinize this industry a lot more difficult, which is probably a good thing, to be honest.”

Changpeng “CZ” ZhaoFounder and CEO of Binance

“The fact that both the Securities and Exchange Commission (SEC) and the CFTC have taken action against market manipulation by an alleged fraudulent trader is a positive credit to the industry as a whole.”

Cristiano Ventrichelliassistant vice president of decentralized finance at Moody’s Investor Service

“None of the signs I’ve seen so far suggest that we should change Reality Labs’ long-term strategy.”

Mark ZuckerbergFounder and CEO, Meta

“Behind the scenes, Celsius conducted its business in a very different way from how it markets itself to its customers in all key aspects.”

Shobha Pillaiformer federal prosecutor and partner at Jenner & Block

“We believe bitcoin mining is unfairly targeted and double taxed by the IRS, currently.”

Dennis PorterCEO of the Satoshi Action Fund

“[Bitcoin is] Not an effective store of wealth. But we are in a world where money as we know it is at risk.”

Ray DalioBillionaire investor and businessman

predict the week

$25,000 Bitcoin Now ‘Business Crowd’

The Federal Reserve raised interest rates by 0.25% this week, in line with almost all expectations, sending the BTC/USD pair above $24,000 for the second time in as many days, with market participants still hoping for a trip to $25,000 before further bounce. big.

“BTC made a clear break above the overall downtrend line + backtest,” investment research source Game of Trades stated on Twitter, adding that “the next big resistance to point out is the $25k region.”

Anonymous trader Crypto Tony admitted that the goal may not be achieved. “$25,000 is my main goal, but now I see a lot of people asking for it and it’s becoming a busy business,” he wrote.

FUD week

BonqDAO suffered a $120 million loss after the Oracle hack

The decentralized autonomous organization BonqDAO suffered a smart contract exploit that led to the theft of millions of dollars via an oracle hack that allowed the exploiter to manipulate the price of the AllianceBlock (ALBT) token. An independent analysis from blockchain security firm PeckShield estimated the loss at $120 million, of which $108 million came from the 98.65 million Euro Bunkey (BEUR) and $11 million from the 113.8 million Wrapped AllianceBlock Tokens (WALBT).

South Korean owner of Bithumb arrested for embezzlement

A man suspected of being the true owner of South Korea’s largest cryptocurrency exchange, Bithumb, has been arrested for embezzlement. According to prosecutors, he and his brother, the chairman of Bithumb subsidiary Inbiogen, colluded to embezzle company funds and manipulate Inbiogen stock prices. Among other headlines, Spanish authorities have arrested the CEO of Hong Kong cryptocurrency exchange Bitzlato in a joint effort by France, Portugal, Cyprus and the United States to enforce the law.

Kraken closes its Abu Dhabi office and stops support for the UAE dirham

Crypto exchange Kraken has closed its Abu Dhabi office less than a year after receiving regulatory approval to operate in the region. According to the company, existing users will still be able to access the platform using other fiat currencies. Many employees are also expected to remain in the region. The move in the Middle East comes after Kraken announced plans to cut its workforce by 30% — more than 1,000 people — in a bid to survive the crypto winter.

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