[ad_1]
High Tales This Week
Grayscale information for brand spanking new spot Bitcoin ETF on NYSE Arca
Main cryptocurrency funding agency Grayscale Investments has filed a brand new software with the U.S. Securities and Alternate Fee for a brand new spot Bitcoin exchange-traded fund (ETF). The brand new submitting aligns with Grayscale’s ongoing effort to transform its Grayscale Bitcoin Belief right into a spot Bitcoin ETF, in line with a press release from the agency. The information comes weeks after Grayscale received an SEC lawsuit for its spot Bitcoin ETF evaluation, with a court docket of appeals ordering the SEC to clarify why it rejected Grayscale’s software in June 2023. The corporate additionally filed with the SEC to checklist an Ether futures ETF in September.
New York Lawyer Common sues Gemini, Genesis, DGC for allegedly defrauding traders
New York’s legal professional basic has filed a lawsuit towards cryptocurrency companies Gemini, Genesis and Digital Forex Group (DCG) for allegedly defrauding greater than 23,000 traders by the Gemini Earn funding program. The go well with claims that Gemini assured traders that this system was a low-risk funding, whereas investigations carried out by the workplace of New York State Lawyer Common Letitia James discovered that Genesis’ financials “have been dangerous.” The lawsuit additionally prices Genesis’ former CEO, Soichiro Moro, and its mum or dad firm’s CEO, Barry Silbert, with defrauding traders by making an attempt to hide greater than $1.1 billion in losses. As well as, the court docket case appears to ban Gemini, Genesis and DCG from working within the monetary funding trade in New York.
Former FTX engineering director faces as much as 75 years in jail following responsible plea
Nishad Singh, the previous engineering director at now-defunct crypto change FTX, faces as much as 75 years in jail for prices associated to defrauding customers of the crypto change. He pleaded responsible to fraud prices as a part of his cooperation settlement with the U.S. prosecutors. Throughout his testimony this week, Singh mentioned that when liquidity points at FTX started in November 2022, he felt “suicidal for some days” whereas coping with alleged inconsistencies between the change’s public statements and its actions behind the scenes. Singh additionally claimed that Bankman-Fried had the behavior of deciding on purchases by Alameda Analysis by himself.
Binance shutting down European Visa debit card in December
Binance Visa debit card providers will shut down within the European Financial Space in December, marking the most recent setback for Binance. The termination of the cardboard providers was introduced a day after the change restored euro deposits and withdrawals, which had been unavailable for a month after funds processor Paysafe dropped the change. Binance continues to be not onboarding new customers in the UK as a result of lack of a third-party service supplier.
Elon Musk, Mark Cuban workforce as much as contest SEC trial methods
Elon Musk, Mark Cuban and others have collaboratively submitted a shared amicus transient to the Supreme Courtroom of the USA to lift considerations in regards to the U.S. Securities and Alternate Fee’s (SEC) method to conducting inner proceedings with out the inclusion of juries. The context of this authorized problem facilities across the SEC vs. Jarkesy case. George Jarkesy argues that the SEC’s inner adjudication course of, which lacks a jury and is overseen by an administrative legislation choose appointed by the fee, contradicts his Seventh Modification rights. Successfully leading to a single entity fulfilling the roles of choose, jury and enforcer.
Winners and Losers
On the finish of the week, Bitcoin (BTC) is at $29,590, Ether (ETH) at $1,607 and XRP at $0.52. The whole market cap is at $1.12 trillion, in line with CoinMarketCap.
Among the many largest 100 cryptocurrencies, the highest three altcoin gainers of the week are Bitcoin SV (BSV) at 59.00%, Stacks (STX) at 25.91% and MX TOKEN (MX) at 25.26%.
The highest three altcoin losers of the week are Conflux (CFX) at -8.03%, Frax Share (FXS) and Sui (SUI) at -6.35%.
For more information on crypto costs, be certain that to learn Cointelegraph’s market evaluation.
Learn additionally
Most Memorable Quotations
“We’re all a part of an even bigger sport, and Bitcoin is likely one of the strongest levers in that.”
Edward Snowden, technologist and whistleblower
“Utilizing publicly out there info to study just isn’t stealing. Neither is it an invasion of privateness, conversion, negligence, unfair competitors, or copyright infringement.”
“I felt betrayed, something I’d put in blood, sweat and tears for five years turning out so horrible.”
Nishad Singh, former engineering director of FTX
“The games funded 2 years ago are going live over the next 12 months. We will see hits.”
Robbie Ferguson, co-founder and president of Immutable
“After extensive DAO forum discussion followed by community vote, the sunsetting of the Lido on Solana protocol was approved by Lido token holders and the process will begin shortly.”
Lido Finance
“Any innovation — especially this one with financial impact, cultural value and status — will attract questioning during its downs.”
Anjali Young, co-founder of Collab.Land
Prediction of the Week
BTC price hits 2-month high amid bet Bitcoin will break $32K ‘soon’
On Oct. 20, data from Cointelegraph Markets Pro and TradingView captured new two-month Bitcoin highs of $30,233 on Bitstamp. BTC price showed continued strength during the Asia trading session on the same day, with a slight comedown taking the spot price back below $29,500.
With volatility still evident, market participants argued that a weekly candle close was needed in order to establish the rally’s true staying power. For Keith Alan, co-founder of monitoring resource Material Indicators, the 100-week moving average (MA) at $28,627 was of particular importance.
“This move is one to watch, but what I’m watching for right now is to see if this Weekly candle closes above the 100-Week MA and if next week’s candle can stay above it with no wicks below,” Alan wrote in part of an X post on the day. “Some might consider that a confirmation of a bull breakout, but this market is known for squeezes and fake outs so I’m looking for more confirmations. For me BTC will also need to take out prior resistance at $30.5k, $31.5k and ultimately $33k to call a bull breakout confirmed and validated.”
FUD of the Week
Fantom Foundation hot wallet hacked for $550K
The Fantom Foundation, the developer of the Fantom network, has been hacked for over $550,000 worth of cryptocurrency. The foundation confirmed the attack on X, claiming that most of the funds stolen belonged to other users and that 99% of the foundation’s funds remain safe. Blockchain security researchers initially reported that the attacker stole approximately $7 million in crypto. The Fantom Foundation later released an official statement saying that some of the wallets labeled “Fantom: Foundation wallet” were mislabeled by block explorers and that not all the stolen funds were from the foundation.
TrueCoin’s third-party vendor breach potentially leaks TUSD user data
TrueUSD (TUSD) announced a potential leak of certain Know Your Customer (KYC) and transaction history data after one of TrueCoin’s third-party vendors was compromised. The company was the operator of the TUSD stablecoin until July 13, 2023. The impact of the attack and the resultant data leak is yet to be identified, as the total number of users’ data was not revealed during the announcement. Data collected from such breaches — names, email addresses and phone numbers, among others — are typically used for phishing attacks. Attackers reach out to unwary investors by mimicking various crypto services, often promising high profits in short amounts of time.
Web3 game project allegedly hired actors to pose as executives in $1.6M exit scam
The development team for gaming project FinSoul carried out an alleged exit scam, siphoning away $1.6 million from investors through market manipulation, according to a recent report from blockchain security platform CertiK shared with Cointelegraph. The FinSoul team allegedly hired paid actors to pretend to be its executives, then raised funds for the sole purpose of developing a gaming platform. However, instead of actually creating the platform, the FinSoul team allegedly transferred $1.6 million in bridged Tether from investors to itself. Blockchain data indicates developers then laundered the funds through cryptocurrency mixer Tornado Cash.
Big Questions: What did Satoshi Nakamoto think about ZK-proofs?
What was once a passing interest of Bitcoin inventor Satoshi Nakamoto, zero-knowledge-proof technology is now a major part of the crypto world.
Ethereum restaking: Blockchain innovation or dangerous house of cards?
“Restaking” involves reusing staked Ether to earn fees and rewards. The restaked tokens can then help secure and validate other protocols. But many fear restaking could disrupt Ethereum’s chain itself.
Bitmain’s revenge, Hong Kong’s crypto rollercoaster: Asia Express
Bitmain allegedly fires staff for speaking out against salary cuts, Hong Kong investors lose faith in crypto after JPEX scandal, Bitget gets a new crypto credit card and more.
Subscribe
The most engaging reads in blockchain. Delivered once a
week.
Editorial Staff
Cointelegraph Magazine writers and reporters contributed to this article.
[ad_2]
Source link