News of war and persistent inflation have caused a decline in crypto prices this week as investors seek to hedge against political and economic uncertainty. The Palestinian militant group Hamas, recognized as a terrorist organization, infiltrated the Israeli border and launched attacks. Yogi, a DeFi enthusiast, warned Binance that Hamas was using its network for collecting donations. Crypto newsletter writer Cryptadamus also flagged exchanges believed to host accounts linked to Hamas.
Meanwhile, transactions on Ethereum Layer 2s have seen significant growth, accounting for 61% of all Ethereum transactions in Q3. XRP has lost all its price gains following favorable court rulings in the SEC’s lawsuit against Ripple. Coinbase’s director Conor Grogan revealed that nearly half of all Tether in circulation was minted by Alameda Research, which was directly controlled by Sam Bankman-Fried, the disgraced former CEO of the bankrupt exchange FTX.
Bitcoin analysts amused themselves by trying to connect the price of Bitcoin to the return of McDonald’s McRib burger. A Dogecoin reference was found on a Tesla webpage, likely linked to CEO Elon Musk. An economist shared survey results showing that people mainly own crypto for price appreciation and curiosity about the technology.
In court proceedings against Sam Bankman-Fried, FTX co-founder Gary Wang revealed that $100 million was being withdrawn per hour during a specific period. An activist used blockchain to protest the detention of Julian Assange. A former Alameda Research employee highlighted lax security practices at the company.
Bloomberg ETF analyst Eric Balchunas analyzed Ark Invest’s application for a Bitcoin spot ETF and noted progress in addressing SEC comments. Tether CTO Paolo Ardoino will take over as CEO starting in December. Crypto lender Genesis faced reports of halted withdrawals again, with some humorously noting their insolvency status.
In a new legal filing, Genesis proposed that FTX and affiliates can claim $175 million if they withdraw other debt claims against the lender.
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