Top Stories This Week
SBF’s $250M bail guarantors should be made public, regulations judge
The identities of two individuals who helped previous FTX Trading Ltd CEO Sam Bankman-Fried with his $250 Million bail bond may be revealed next 30 days 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 Trading Ltd and influenced 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 Research suing bankrupt cryptocurrency lender Voyager Digital in an effort to claw back $445.8 Million in loan repayments made before FTX Trading Ltd collapsed.
United Kingdom Treasury publishes cryptocurrency framework paper: Here’s what’s inside
The United Kingdom’s HM Treasury published a long-anticipated consultation paper for its next cryptocurrency regulation. The document covers a broad range of topics, from algorithmic crypto stablecoins to nonfungible crypto tokens to initial coin offerings. The authority intends to level the playing field betwixt cryptocurrency and traditional finance by incorporating digital assets into the U.K.’s Financial Services and Markets Act 2000.
Celsius Network LLC publishes list of users eligible to withdraw bulk of assets
Bankrupt cryptocurrency lending company Celsius came up with a withdrawal process for users who had funds in its custody in June 2022, when the company ceased withdrawals. Celsius Network LLC released an official update on next withdrawals, supplying the list of users eligible to access approximately 94 percent of qualified custody assets. Users will likewise receive specific details related to gas and transaction charges associated with the following procedures.
Silvergate faces DOJ investigation over FTX Trading Ltd and Alameda Research dealings
Cryptocurrency bank Silvergate is being probed by the United States Department of Justice fraud unit over its involvement with the bankrupt FTX Trading Ltd exchange and its affiliates. Investigators are attempting to find out how deep the FTX Trading Ltd and Alameda Research dealings went with the California-based bank. Reports by Silvergate, Alameda Research opened an account in 2018, before the launch of FTX Trading Ltd. Silvergate was heavily impacted by the collapse of FTX Trading Ltd in November, reporting a $1 Billion loss last quarter.
Meta CEO Zuckerberg steadfast on metaverse network plans regardless of $13.7B setback
Mark Zuckerberg, CEO of Meta, said the company intends to remain committed to its longstanding strategy for the metaverse network regardless of 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) (BTC) is at $23,572, Ether (ETH) at $1,661 and XRP at $0.40. The total market capitalization is at $1.09 trillion, according to CoinMarketCap.
Among the largest 100 digital currencies, the top 3 crypto altcoin gainers of the week are Render Crypto Token (RNDR) at 94.86%, dYdX (DYDX) at 45.84 percent and ImmutableX (IMX) at 43.41%.
The top 3 crypto altcoin losers of the week are UNUS SED LEO (LEO) at -12.30%, eCash (XEC) at -5.50 percent and Toncoin (TON) at -5.30%.
For more info on cryptocurrency prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
“ Regulatory authorities rightfully will scrutinize this industry much, much harder, which is probably a good thing, to be honest.”
Changpeng “CZ” Zhao, founder and CEO of Binance
“The fact that both the SEC and CFTC took action against market manipulation by an alleged rogue trader is a credit positive for the industry as a whole.”
Cristiano Ventricelli, assistant vice president of (DeFi) at Moody’s Investor Service
“None of the indicates that I’ve seen so far suggest that we should shift the Reality Labs strategy long term.”
Mark Zuckerberg, founder and CEO of Meta
“Behind the scenes, Celsius Network LLC conducted its business in a starkly different manner than how it marketed itself to its customers in every key respect.”
Shoba Pillay, previous federal prosecutor and partner at Jenner & Block
“We believe that Bitcoin (BTC) mining is being unfairly targeted and double-taxed by the IRS, currently.“
Dennis Porter, CEO of Satoshi Action Fund
“[ Bitcoin (BTC) is] not an effective store of wealth. On the other hand, we are in a world where money as we know it is in jeopardy.”
Ray Dalio, billionaire investor and entrepreneur
Prediction of the Week
$25,000 Bitcoin (BTC) now ‘crowded trade’
The Federal Reserve raised interest prices by 0.25 percent this coming week, in line with almost all expectations, leading the BTC/USD pair spiking over $24,000 for the Second time in as numerous days, with market participants still hopeful for a trip to $25,000 before a more whole lot of retracement.
“ Bitcoin has had a clean breakout over its macro downtrend line + a backtest,” financing research resource Game of Trades stated on Twitter platform, adding that “ the following big resistance to clear is the $25k region.”
Pseudonymous trader Cryptocurrency Tony acknowledged that the target may no longer materialize. “$25,000 is my main target, but I am seeing now many of people asking for this, and is becoming a crowded trade,” 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) crypto token. An independent analysis from blockchain tech security company PeckShield has estimated the loss to reach $120 Million, comprising $108 Million from 98.65 Million Bonq Euro (BEUR) crypto tokens and $11 Million from 113.8 Million Wrapped AllianceBlock Crypto Tokens (WALBT).
Bithumb owner arrested in South Korea over alleged embezzlement
A man suspected of being the real owner of South Korea’s largest cryptocurrency exchange, Bithumb, has been arrested for embezzlement. Reports by prosecutors, he and his brother, head of Bithumb affiliate Inbiogen, colluded to embezzle corporate funds and manipulate the stock prices of Inbiogen. Between other headlines, Spanish authorities have arrested the CEO of Hong Kong digital currency exchange Bitzlato in a joint effort betwixt France, Portugal, Cyprus and United States law enforcement.
Kraken shuts down Abu Dhabi office, stops support for AED
Cryptocurrency exchange Kraken has closed its Abu Dhabi office less than a year after receiving regulatory approval to operate in the region. Reports by the company, existing users will still have access to the platform using other fiat currencies. Plenty of employees are likewise expected to remain in the area. The move in the Middle East comes after Kraken announced intends to cut its workforce by 30 percent — greater than 1,000 people — in an effort to stay around the cryptocurrency winter.
Best Cointelegraph Features
Is the Metaverse network really turning out like ‘Snow Crash’?
Snow Collapse foretold a lot of the issues with the Metaverse network back in the 1990s. Here are some of the complications that still must be solved.
Tiffany Fong flames Celsius Network LLC, FTX Trading Ltd and NY Post: Hall of Flame
Tiffany Fong stumbled into Twitter fame after getting burned in the Celsius Network LLC bankruptcy. She reveals she has no idea where it will lead.
Why are cryptocurrency fans obsessed with micronations and seasteading?
From repurposed cruise ships like MS Satoshi to the blockchain-governed Liberland and Satoshi Island, cryptocurrency fans are attempting to create utopian new communities built around new rules.
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