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High Tales This Week
SBF’s $250M bail guarantors should be made public, rules judge
The identities of two individuals who helped former FTX CEO Sam Bankman-Fried with his $250 million bail bond could be revealed next month following a recent ruling by United States District Judge Lewis Kaplan. Bankman-Fried’s legal counsel has until Feb. 7 to contest the decision. As bankruptcy proceedings continue, FTX and affected parties have requested subpoenas for information and documents from close relatives of Bankman-Fried, claiming not all members of his inner circle have responded to requests for information. Other recent news includes Alameda Research suing bankrupt crypto lender Voyager Digital in an attempt to claw back $445.8 million in loan repayments made before FTX collapsed.
UK Treasury publishes crypto framework paper: Here’s what’s inside
The United Kingdom’s HM Treasury published a long-anticipated consultation paper for its upcoming crypto regulation. The document covers a broad range of topics, from algorithmic stablecoins to nonfungible tokens to initial coin offerings. The authority aims to level the playing field between crypto and traditional finance by incorporating digital assets into the U.K.’s Financial Services and Markets Act 2000.
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Celsius publishes listing of customers eligible to withdraw majority of property
Bankrupt crypto lending agency Celsius got here up with a withdrawal course of for customers who had funds in its custody in June 2022, when the corporate ceased withdrawals. Celsius launched an official replace on upcoming withdrawals, offering the listing of customers eligible to entry roughly 94% of certified custody property. Customers may also obtain particular particulars associated to fuel and transaction charges related to the upcoming procedures.
Silvergate faces DOJ investigation over FTX and Alameda dealings
Crypto bank Silvergate is being probed by the United States Department of Justice fraud unit over its involvement with the bankrupt FTX exchange and its affiliates. Investigators are trying to find out how deep the FTX and Alameda Research dealings went with the California-based bank. According to Silvergate, Alameda opened an account in 2018, before the launch of FTX. Silvergate was heavily impacted by the collapse of FTX in November, reporting a $1 billion loss last quarter.
Meta CEO Zuckerberg steadfast on metaverse plans despite $13.7B setback
Mark Zuckerberg, CEO of Meta, said the company plans to remain committed to its long-term strategy for the metaverse despite its Reality Labs business suffering operating losses amounting to $13.7 billion in 2022 — the largest ever yearly losses recorded for its metaverse-building division. The company’s overall revenue for the fourth quarter was $32.1 billion, surpassing Wall Street expectations.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $23,572, Ether (ETH) at $1,661 and XRP at $0.40. The total market cap is at $1.09 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Render Token (RNDR) at 94.86%, dYdX (DYDX) at 45.84% and ImmutableX (IMX) at 43.41%.
The top three altcoin losers of the week are UNUS SED LEO (LEO) at -12.30%, eCash (XEC) at -5.50% and Toncoin (TON) at -5.30%.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
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Most Memorable Quotations
“Regulators rightfully will scrutinize this business a lot, a lot more durable, which might be a superb factor, to be trustworthy.”
Changpeng “CZ” Zhao, founder and CEO of Binance
“The truth that each the SEC and CFTC took motion in opposition to market manipulation by an alleged rogue dealer is a credit score constructive for the business as an entire.”
Cristiano Ventricelli, assistant vice chairman of decentralized finance at Moody’s Investor Service
“Not one of the indicators that I’ve seen up to now recommend that we must always shift the Actuality Labs technique long run.”
Mark Zuckerberg, founder and CEO of Meta
“Behind the scenes, Celsius performed its enterprise in a starkly totally different method than the way it marketed itself to its clients in each key respect.”
Shoba Pillay, former federal prosecutor and accomplice at Jenner & Block
“We consider that Bitcoin mining is being unfairly focused and double-taxed by the IRS, presently.“
Dennis Porter, CEO of Satoshi Motion Fund
“[Bitcoin is] not an efficient retailer of wealth. However we’re in a world the place cash as we all know it’s in jeopardy.”
Ray Dalio, billionaire investor and entrepreneur
Prediction of the Week
$25,000 Bitcoin now ‘crowded commerce’
The Federal Reserve raised rates of interest by 0.25% this week, according to virtually all expectations, main the BTC/USD pair spiking above $24,000 for the second time in as many days, with market individuals nonetheless looking forward to a visit to $25,000 earlier than a extra important retracement.
“BTC has had a clear breakout above its macro downtrend line + a backtest,” funding analysis useful resource Recreation of Trades acknowledged on Twitter, including that “the following massive resistance to clear is the $25ok area.”
Pseudonymous dealer Crypto Tony acknowledged that the goal could now not materialize. “$25,000 is my principal goal, however I’m seeing now lots of people asking for this, and is turning into a crowded commerce,” he wrote.
FUD of the Week
BonqDAO protocol suffers $120M loss after oracle hack
Decentralized autonomous organization BonqDAO has suffered a smart contract exploit that led to millions of dollars being stolen 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 has estimated the loss to reach $120 million, comprising $108 million from 98.65 million Bonq Euro (BEUR) tokens and $11 million from 113.8 million Wrapped AllianceBlock Tokens (WALBT).
Bithumb owner arrested in South Korea over alleged embezzlement
A man suspected of being the real owner of South Korea’s largest crypto exchange, Bithumb, has been arrested for embezzlement. According to prosecutors, he and his brother, head of Bithumb affiliate Inbiogen, colluded to embezzle corporate funds and manipulate the stock prices of Inbiogen. Among other headlines, Spanish authorities have arrested the CEO of Hong Kong cryptocurrency exchange Bitzlato in a joint effort between France, Portugal, Cyprus and United States law enforcement.
Kraken shuts down Abu Dhabi office, suspends support for AED
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 have access to the platform using other fiat currencies. Several employees are also expected to remain in the area. The move in the Middle East comes after Kraken announced plans to cut its workforce by 30% — more than 1,000 people — in an effort to survive the crypto winter.
Best Cointelegraph Features
Is the Metaverse really turning out like ‘Snow Crash’?
Snow Crash foretold many of the issues with the Metaverse back in the 1990s. Here are some of the problems that still need to be solved.
Tiffany Fong flames Celsius, FTX and NY Post: Hall of Flame
Tiffany Fong stumbled into Twitter fame after getting burned in the Celsius bankruptcy. She says she has no idea where it will lead.
Why are crypto fans obsessed with micronations and seasteading?
From repurposed cruise ships like MS Satoshi to the blockchain-governed Liberland and Satoshi Island, crypto fans are trying to create utopian new communities built around new rules.
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