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High Tales This Week
FTX founder Sam Bankman-Fried arrested, set to be extradited to US
Sam Bankman-Fried was taken into custody by the Royal Bahamas Police Pressure and is more likely to keep there till February, after his software for bail was denied in Bahamian court docket. A second application for bail has been reportedly filed by SBF within the Supreme Courtroom of the Bahamas. His arrest got here after the US authorities formally filed criminal charges against him — together with eight counts of fraud. If convicted, Bankman-Fried might face 115 years in jail, however authorized commentators have told Cointelegraph there’s a “lot to play out” within the case. The domino impact ensuing from FTX’s meltdown has additionally impacted the professional lives of Bankman-Fried’s parents, ensuing of their programs at Stanford Regulation College being canceled. In different latest developments concerning FTX, a class-action lawsuit against Silvergate Bank was filed in California, aiming to carry the financial institution accountable for its alleged roles in putting FTX consumer deposits into the financial institution accounts of Alameda Analysis.
Binance ‘put FTX out of business’ — Kevin O’Leary
Venture capital investor Kevin O’Leary claimed at a U.S. Senate committee listening to that Binance and FTX “have been at struggle with one another, and one put the opposite out of enterprise deliberately.” The listening to was half of a bigger investigation by lawmakers into FTX’s collapse, during which Binance had a big function, O’Leary claimed. Latest days have seen Binance beset by concern, uncertainty, and doubt (FUD), resulting in a drop in the exchange’s liquidity. Crypto analytics agency Nansen experiences that Binance had internet withdrawals of greater than $3.6 billion from Dec. 7 to Dec. 13.
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Rep. Tom Emmer mulls bringing back bill aimed at reducing crypto red tape
United States lawmakers are under pressure to enact crypto laws in mild of the collapse of FTX, and Congressman Tom Emmer believes that that is “most likely a superb time” to re-introduce a bipartisan invoice that will elevate necessities for sure crypto companies and initiatives to register as Digital Asset Service Suppliers (VASPs). The invoice, titled the Blockchain Regulatory Certainty Act, goals to take away some hurdles and necessities for “blockchain builders and repair suppliers,” equivalent to miners, multi-signature service suppliers and decentralized finance platforms.
No more proof-of-reserve checks? Auditors quietly drop crypto projects from portfolios
Two of the most prominent auditors have all of a sudden stopped providing crypto auditing companies. At a essential second for the crypto trade, Mazars Group removed Binance’s proof-of-reserve audits from its web site simply days after confirming the crypto change managed 575,742 Bitcoin. The choice affected different crypto exchanges utilizing Mazars’ companies, equivalent to Crypto.com and KuCoin. Later, Mazars defined the pause was because of “considerations concerning the best way these experiences are understood by the general public.” Accounting agency Armanino has additionally ended its crypto auditing companies. Armanino has labored with a number of crypto buying and selling platforms like OKX, Gate.io and the embattled FTX change.
MetaMask to allow users to purchase and transfer Ethereum via PayPal
In another move into the crypto space, PayPal teamed up with MetaMask father or mother firm ConsenSys to permit the acquisition and switch of Ether (ETH) by its platform. By logging into the MetaMask app, customers will be capable to entry their PayPal account and full transactions. Initially, solely chosen PayPal customers in the US will be capable to take a look at the service. Different conventional funds firms are searching for to combine crypto into their companies. In October, Western Union also filed three trademarks for managing digital wallets and exchanging digital property.
Winners and Losers
On the finish of the week, Bitcoin (BTC) is at $16,826, Ether (ETH) at $1,194 and XRP at $0.35. The full market cap is at $817.82 billion, according to CoinMarketCap.
Among the many greatest 100 cryptocurrencies, the highest three altcoin gainers of the week are Toncoin (TON) at 30.36%, Bitcoin SV (BSV) at 10.11%, and OKB (OKB) at 9.77%.
The highest three altcoin losers of the week are Neutrino USD (USDN) at -33.77%, Belief Pockets Token (TWT) at -27.43%, and Chain (XCN) at -23.42%.
For more information on crypto costs, make sure that to learn Cointelegraph’s market analysis.
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Most Memorable Quotations
“Binance is a large unregulated world monopoly now, and so they put FTX out of enterprise.”
Kevin O’Leary, enterprise capital investor
“I supposed it made sense. The child was younger, the ideas have been revolutionary, the concepts have been golden. […] Who was I to problem that?”
Danielle Cloud, former FTX worker
“Our expertise up to now of [crypto] platforms, whether or not FTX or others, is that they’re intentionally evasive, they’re a way by which cash laundering occurs in dimension.”
Ashley Alder, appointed chair of the UK’s Monetary Conduct Authority
“Simply as we’re protecting of our bodily property, we have to ensure that folks defend their digital property and private info throughout the metaverse.”
Andrew Newman, chief know-how officer and co-founder of ReasonLabs
“Trying ahead, just about everybody who might go bankrupt has gone bankrupt.”
Arthur Hayes, former CEO of BitMEX
Prediction of the Week
Bitcoin dips under $17K as ‘craziest rumors’ over Binance sink BTC price
Bitcoin fell below $17,000 as traders remained wary over Binance’s FUD triggering overly bearish BTC value motion. On Bitstamp, BTC/USD reached multi-day lows of $16,928 on Dec. 16, in line with Cointelegraph Markets Professional and TradingView knowledge. The pair retraced its whole run to one-month highs courtesy of the newest macroeconomic knowledge and coverage replace from the US.
“Fascinating to see everybody all of a sudden so bearish on BTC as if it’s solely appearing so weak. SPX is doing precisely the identical, possibly even weaker,” famous Michaël van de Poppe, founder and CEO of buying and selling agency Eight, questioning whether or not the Binance FUD actually had a job to play within the markets.
FUD of the Week
Microsoft bans cryptocurrency mining on cloud services
Microsoft has quietly banned crypto mining from its on-line companies to extend the steadiness of its cloud companies and higher defend prospects from dangers like cyber fraud, assaults and unauthorized entry to assets, in line with a report. The brand new restrictions have been launched on Microsoft’s common license phrases, citing that “mining cryptocurrency is prohibited with out prior Microsoft approval.” With this transfer, Microsoft joins different cloud computing suppliers, together with Google, who additionally prohibit prospects from mining cryptocurrency with out prior written consent.
‘Third-party incident’ impacted Gemini with 5.7 million emails leaked
Gemini appears to have suffered a data breach from a third-party vendor. Hackers gained entry to five,701,649 strains of knowledge associated to Gemini prospects’ e mail addresses and partial telephone numbers, per paperwork obtained by Cointelegraph. In response to Gemini, the breach was brought on by a third-party vendor, but it surely additionally warned of ongoing phishing campaigns. The leaked database didn’t comprise any delicate private info equivalent to names, addresses and different Know Your Buyer info.
SEC sues Atlas Buying and selling for $100M inventory manipulation scheme
The United States Securities and Exchange Commission (SEC) filed a declare towards eight people related to the Discord-based discussion board Atlas Buying and selling for alleged inventory manipulation. The SEC reported that bloggers made not less than $100 million by buying substantial positions in securities, recommending them to their followers, after which promoting their shares to capitalize on the demand they generated by their “misleading promotions.” Cryptocurrencies and different digital property weren’t talked about within the criticism.
Greatest Cointelegraph Options
Should crypto projects ever negotiate with hackers? Probably
Some security experts think negotiating is a brilliant approach to get again a lot of the stolen funds, whereas others argue you must by no means give in to extortion.
Can Bitcoin survive a Carrington Event knocking out the grid?
A massive Carrington Event-level solar storm might knock out nearly all of electronics on earth. Would crypto survive every little thing going offline directly?
Hear up! Cointelegraph launches crypto podcasts, beginning with 4 exhibits
Want more crypto content? Cointelegraph’s new podcast part options 4 separate exhibits exploring quite a lot of impactful matters.
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