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Tag: SBF Trial

  • BlackRock revises BTC ETF filing, El Salvador’s crypto citizenship trending, and more: Hodler’s Digest, Dec. 10-16

    BlackRock revises BTC ETF filing, El Salvador’s crypto citizenship trending, and more: Hodler’s Digest, Dec. 10-16

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    Top Stories This Week

    BlackRock revises spot Bitcoin ETF to enable easier access for banks

    BlackRock has revised its spot Bitcoin exchange-traded fund (ETF) application to make it easier for Wall Street banks to participate by creating new shares in the fund with cash rather than just crypto. The new in-kind redemption “prepay” model will allow banking giants such as JPMorgan or Goldman Sachs to act as authorized participants for the fund, letting them circumvent restrictions that prevent them from holding Bitcoin or crypto directly on their balance sheets.

    El Salvador expects to sell out Bitcoin ‘Freedom Visa’ by end of year

    El Salvador’s National Bitcoin Office says its $1 million Freedom Visa program has already received hundreds of inquiries since its launch on Dec. 7 and expects it to sell out before the end of 2023. Launched by the local government in partnership with stablecoin issuer Tether, the Freedom Visa is a citizenship-by-donation program that grants a residency visa and pathway to citizenship for 1,000 people willing to make a $1 million Bitcoin or Tether donation to the country. The program is limited to 1,000 slots per calendar year.

    Sam Bankman-Fried’s lawyer says FTX fraud trial was “almost impossible” to win: Report

    The lawyer responsible for Sam “SBF” Bankman-Fried’s criminal trial defense has admitted that the case was “almost impossible” to win from the outset. During an interview, Stanford Law School professor David Mills said he recommended the legal defense of SBF admit to the allegations of witnesses and state prosecution and convince the jury that Bankman-Fried intended to save the company. Mills also disclosed that he had agreed to lend his expertise to Bankman-Fried’s defense at the behest of the FTX CEO’s parents, and described Bankman-Fried “as the worst person I’ve ever seen do a cross-examination.”

    Yearn.finance pleads arb traders to return funds after $1.4M multisig mishap

    Yearn.finance is hoping arbitrage traders will return $1.4 million in funds after a multisignature scripting error resulted in a large amount of the protocol’s treasury being drained. The error occurred while Yearn was converting its yVault LP-yCurve — earned from performance fees on vault harvests — into stablecoins on the decentralized exchange CoW Swap. Yearn suffered significant slippage when it received 779,958 DAI yVault tokens from the trade, resulting in a 63% drop in the liquidity pool value.

    SEC pushes deadline for decision on Invesco Galaxy spot Ethereum ETF to 2024

    The United States Securities and Exchange Commission has delayed its decision on whether to approve or reject a spot Ether ETF proposed by Invesco and Galaxy Digital. The companies filed the spot ETH ETF application in September. The proposed spot crypto investment vehicle is one of many being considered by the commission, which, to date, has never approved an ETF with direct exposure to Ether, Bitcoin or other cryptocurrencies.

    Winners and Losers

    At the end of the week, Bitcoin (BTC) is at $42,222, Ether (ETH) at $2,250 and XRP at $0.62. The total market cap is at $1.6 trillion, according to CoinMarketCap.

    Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Bonk (BONK) at 131.38%, WOO Network (WOO) at 78.34% and Helium (HNT) at 77.66%. 

    The top three altcoin losers of the week are Terra Classic (LUNC) at -15.84%, Sei (SEI) at -14.48% and Pepe (PEPE) at -12.10%.

    For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

    Read also


    Features

    Crypto kids fight Facebook for the soul of the Metaverse


    Art Week

    Defying Obsolescence: How Blockchain Tech Could Redefine Artistic Expression

    Most Memorable Quotations

    “I’m a big fan of this stablecoin called Tether…I hold their treasuries. So I keep their treasuries, and they have a lot of treasuries.”

    Howard Lutnick, CEO of Cantor Fitzgerald

    “This [blockchain] can be leveraged to ensure proper recycling and handling of waste materials by tracking them from origin to destination.”

    Dominic Williams, founder and chief scientist at Dfinity

    “Digital currencies are the natural evolution of the world’s payment system, and Europe […] is paving the way for this inevitable shift.”

    Michael Novogratz, CEO of Galaxy Digital

    “I thought it was almost impossible to win a case when three or four founders are all saying you did it.”

    David Mills, criminal trial attorney of Sam Bankman-Fried

    “Our bipartisan bill is the toughest proposal on the table cracking down on crypto’s illicit use and giving regulators more tools in their toolbox.”

    Elizabeth Warren, U.S. senator

    “We have to understand that the Central Bank is a scam. What Bitcoin represents is the return of money to its original creation, the private sector.”

    Javier Milei, president of Argentina

    Prediction of the week

    ‘No excuse’ not to long crypto: Arthur Hayes repeats $1M BTC price bet

    Bitcoin and altcoins are a no-brainer bet in the current macro climate, Arthur Hayes says. In a post on X (formerly Twitter) on Dec. 14, the former CEO of exchange BitMEX said that investors have “no excuse” to short crypto.

    Going long on crypto is the key to success as markets bet on the United States Federal Reserve lowering interest rates next year, Hayes argues. “At this point, there is no excuse not to be long crypto,” part of his post stated.

    “How many more times must they tell you that the fiat in your pocket is a filthy piece of trash,” he wrote. Hayes further reiterated a longstanding $1 million BTC price prediction as a result of macro tides eroding the value of national currencies.

    FUD of the Week

    Ledger patches vulnerability after multiple DApps using connector library were compromised

    The front end of multiple decentralized applications using Ledger’s connector were compromised on Dec. 14. Ledger announced that it had fixed the problem three hours after the initial reports about the attack. Protocols affected include Zapper, SushiSwap, Phantom, Balancer and Revoke.cash, stealing at least $484,000 in digital assets. The attacker utilized a phishing exploit to gain access to the computer of a former Ledger employee. The hack sparked criticism about Ledger’s security approach.

    Bitcoin inscriptions added to US National Vulnerability Database

    The National Vulnerability Database flagged Bitcoin’s inscriptions as a cybersecurity risk on Dec. 9, calling attention to the security flaw that enabled the development of the Ordinals Protocol in 2022. According to the database records, a datacarrier limit can be bypassed by masking data as code in some Bitcoin Core and Bitcoin Knots versions. As one of its potential impacts, the vulnerability could result in large amounts of non-transactional data spamming the blockchain, potentially increasing network size and adversely affecting performance and fees.

    SafeMoon falls 31% in five hours after filing for Chapter 7 bankruptcy

    The token of decentralized finance protocol SafeMoon has fallen 31% in five hours after the company behind it filed for bankruptcy. SafeMoon officially applied for Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” on Dec. 14. The latest blow comes only a month after the U.S. Securities and Exchange Commission charged SafeMoon and its executives with violating securities laws in what the regulator described as “a massive fraudulent scheme.” Several former SafeMoon supporters expressed frustration on Reddit regarding the bankruptcy, alleging they were rug-pulled by the SafeMoon developers.

    Read also


    Features

    ‘Account abstraction’ supercharges Ethereum wallets: Dummies guide 


    Features

    Sweden: The Death of Money?

    Top Magazine Pieces of the Week

    Terrorism & Israel-Gaza war weaponized to destroy crypto

    Draconian anti-crypto legislation could soon be passed to solve a terrorism funding “crisis” that many argue is vastly overstated.

    Korean crypto firm raises $140M, China’s $1.4T AI sector, Huobi battle: Asia Express

    Line Next raises $140M, China’s AI market surpasses $1.4T, Sinohope stagnates due to stuck FTX deposit, and more!

    J1mmy.eth once minted 420 Bored Apes… and had NFTs worth $150M: NFT Creator

    NFT collector J1mmy.eth trades like Warren Buffett, his collection peaked at $150 million, and he once minted 420 Bored Apes with Pranksy.

    Editorial Staff

    Cointelegraph Magazine writers and reporters contributed to this article.

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    Cointelegraph by Editorial Staff

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  • A new generation of companies is moving up in San Francisco — into nicer, more central office space | TechCrunch

    A new generation of companies is moving up in San Francisco — into nicer, more central office space | TechCrunch

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    Ten years ago, Pear VC, then a tiny new venture firm, operated out of a nondescript office in Palo Alto that was enlivened by bright, computer-themed art. Last week, the outfit – which closed its largest fund to date in May – quietly inked a deal to sublease 30,000 square feet of “Class A” office space in San Francisco’s Mission Bay neighborhood from the file-storage giant Dropbox.

    It’s among a number of fast-growing outfits taking up more space in San Francisco as an earlier generation of companies shrinks its physical footprint.

    As the San Francisco Chronicle first reported last week, ChatGPT creator OpenAI also just subleased two buildings totaling a collective 486,600 of square feet from Uber. The ride-share giant, which originally leased a grouping of four buildings down the street from Dropbox and will continue to occupy two of these, told the paper it is “right-sizing.”

    Meanwhile, a rival to OpenAI – Anthropic – also just reportedly closed a sizable subleasing deal. Its plan: to take over the entire 250,000-square-foot building in downtown San Francisco that was previously Slack’s headquarters.

    Salesforce, which acquired Slack in 2021, is an investor in Anthropic. Meanwhile, Pear VC co-founder Pejman Nozad wrote one of the first small checks to Dropbox when he was still relatively new to the U.S. from Iran and selling Persian rugs to Silicon Valley bigwigs. Such subleases don’t necessarily begin with hand-shake deals, however. Asked if Nozad zeroed in on Pear’s new space owing to his connection to Dropbox, he scoffs. The office — which has room for more than 200 desks, features more than 20 conference and call rooms, and has dedicated events space to host talks — “was a business deal for them,” says Nozad. “The founders were not involved. As you know, I sold rugs for 17 years, so I have some skills in negotiation,” he adds with a laugh.

    Certainly, it’s a good time to strike a subleasing deal if you’re a well-funded company on the rise. According to Colin Yasukochi, an executive director at the commercial real estate services firm CBRE, subleases in prime areas like Mission Bay and the city’s Financial District currently range from $60 to $80 per square foot. The higher the floor and the more plentiful the amenities, the higher the price. For startups willing to sublease space with less than five years left on the lessee’s contract, the better the terms (as they’ll need to lease again somewhere else in the not-too-distant future). In comparison, office lease rates passed the $75 per square foot mark in September 2019 before the pandemic turned the city upside down.

    There’s also no shortage of options right now. San Francisco’s commercial buildings are currently 35% vacant, and there are still more tenants flowing out the door than entering them.

    But a tipping point is seemingly in sight. There was “negative net absorption” of 1.85 million square feet in San Francisco in the third quarter of this year, according to CBRE data; at the same time, market demand reached 5.2 million square feet, which is the highest increase since the first quarter of 2020. Much of that shift can be traced to companies like OpenAI, suggests Yasukochi, who says that a new spate of outfits is starting to set up shop, enticed by the opportunity to rent sleeker space for the same or better prices than was possible several years ago, and in more central areas of the city. “It’s a huge opportunity for companies that are trying to bring back their employees,” says Yasukochi. (OpenAI CEO Sam Altman has long said he thinks companies are more effective when employees convene in person.)

    Indeed, Yasukochi anticipates that if the economy improves in the second half of new year and interest rates come down, tech outfits in particular will be positioned to recover faster —  and pull the city along with them. “Many tech companies were quick to cut excess employees, along with real estate and other costs,” says Yasukochi. He also says that while tech outfits are typically “early to cut back, they’re also early to grow. I don’t see any other industry that generate the volume of growth that tech can.”

    Worth noting: Yasukochi does not think those tech companies will necessarily be growing in San Francisco’s Hayes Valley. Though the neighborhood has led a resurgence of interest in San Francisco and eagerly embraced the moniker “Cerebral Valley,” owing to its concentration of AI communities, most of those teams, he observes, are “meeting in restaurants and bars and working out of their apartments. There isn’t a lot of office space there.”

    Pictured above: 1800 Owens Street in San Francisco, which is the site of Dropbox’s headquarters and now, Pear VC’s San Francisco office, too.

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    Connie Loizos

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  • SBF takes the stand, ‘buy Bitcoin’ searches soar and other news: Hodler’s Digest, Oct. 22-28

    SBF takes the stand, ‘buy Bitcoin’ searches soar and other news: Hodler’s Digest, Oct. 22-28

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    Top Stories This Week

    Sam Bankman-Fried takes the stand on FTX’s collapse

    Sam “SBF” Bankman-Fried testified this week in his ongoing criminal trial in the Southern District of New York, denying any wrongdoing between FTX and Alameda Research while acknowledging making “big mistakes” during the companies’ explosive growth. Highlights of his testimony include denying directing his inner circle to make significant political donations in 2021, as well as claims that FTX’s terms of use covered transactions between Alameda and the crypto exchange. Additionally, Bankman-Fried testified that he requested additional hedging strategies for Alameda in 2021 and 2022, but they were never implemented. The trial is expected to conclude within the next few days.

    ‘Buy Bitcoin’ search queries on Google surge 826% in the UK

    Google searches for “buy Bitcoin” have surged worldwide amid a major crypto rally, with searches in the United Kingdom growing by more than 800% in the last week. According to research from Cryptogambling.tv, the search term “buy Bitcoin” spiked a staggering 826% in the U.K. over the course of seven days. In the United States, data from Google Trends shows that searches for “should I buy Bitcoin now?” increased by more than 250%, while more niche searches, including “can I buy Bitcoin on Fidelity?” increased by over 3,100% in the last week. Zooming out further, the search term “is it a good time to buy Bitcoin?” saw a 110% gain worldwide over the last week.

    US court issues mandate for Grayscale ruling, paving way for SEC to review spot Bitcoin ETF

    The United States Court of Appeals has issued a mandate following a decision requiring Grayscale Investments’ application for a spot Bitcoin exchange-traded fund (ETF) to be reviewed by the Securities and Exchange Commission (SEC). In an Oct. 23 filing, the “formal mandate” of the court took effect, paving the way for the SEC to review its decision on Grayscale’s spot Bitcoin ETF. The mandate followed the court’s initial ruling on Aug. 29 and the SEC’s failure to present an appeal by Oct. 13. To date, the SEC has yet to approve a single spot crypto ETF for listing on U.S. exchanges but has given the green light to investment vehicles linked to Bitcoin and Ether futures.



    Coinbase disputes SEC’s crypto authority in final bid to toss regulator’s suit

    The U.S. Securities and Exchange Commission overstepped its authority when it classified Coinbase-listed cryptocurrencies as securities, the exchange has argued in its final bid to dismiss a lawsuit by the securities regulator. In an Oct. 24 filing in a New York District Court, Coinbase chastised the SEC, claiming its definition for what qualifies as a security was too wide, and contested that the cryptocurrencies the exchange lists are not under the regulator’s purview. The SEC sued Coinbase on June 6, claiming the exchange violated U.S. securities laws by listing several tokens it considers securities and not registering with the regulator.

    Gemini sues Genesis over GBTC shares used as Earn collateral, now worth $1.6B

    Cryptocurrency exchange Gemini filed a lawsuit against bankrupt crypto lender Genesis on Oct. 27. At issue is the fate of 62,086,586 shares of Grayscale Bitcoin Trust. They were used as collateral to secure loans made by 232,000 Gemini users to Genesis through the Gemini Earn Program. That collateral is currently worth close to $1.6 billion. According to the suit, Gemini has received $284.3 million from foreclosing on the collateral for the benefit of Earn users, but Genesis has disputed the action, preventing Gemini from distributing the proceeds. Genesis filed for bankruptcy in January. It had suspended withdrawals in November 2022, which impacted the Gemini Earn program.

    Winners and Losers

    At the end of the week, Bitcoin (BTC) is at $34,143, Ether (ETH) at $1,789 and XRP at $0.54. The total market cap is at $1.26 trillion, according to CoinMarketCap.

    Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Pepe (PEPE) at 72.08%, Mina (MINA) at 55.47% and FLOKI (FLOKI) at 53.33%. 

    The top three altcoin losers of the week are Bitcoin SV (BSV) at -10.27%, Toncoin (TON) -3.14% and Trust Wallet Token (TWT) at -0.82%.

    For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

    Read also


    Features

    Soulbound Tokens: Social credit system or spark for global adoption?


    Features

    Ethereum restaking: Blockchain innovation or dangerous house of cards?

    Most Memorable Quotations

    “The witness [Sam Bankman-Fried] has an interesting way of responding to questions.”

    Lewis Kaplan, senior judge of the U.S. District Court for the Southern District of New York

    “When it comes to illicit finance, crypto is not the enemy – bad actors are.”

    Cynthia Lummis, U.S. senator

    “I should say, I am not a lawyer, I am just trying to answer based on my recollection. […] At the time [at] FTX, certain customers thought accounts would be sent to Alameda.”

    Sam Bankman-Fried, former CEO of FTX

    “Without prejudging any one asset, the vast majority of crypto assets likely meet the investment contract test, making them subject to the securities laws.”

    Gary Gensler, chair of U.S. Securities and Exchange Commission

    “I do not believe there has been a single serious conversation regarding a settlement between Ripple […] and the SEC. The SEC is pissed and embarrassed and wants $770M worth of flesh.”

    John Deaton, attorney

    “He [Sam Bankman-Fried] thought he was going to take that money, and […] he would out-trade the market and put the money back and end up as a half-a-trillionaire, but it never works like that.”

    Anthony Scaramucci, founder of SkyBridge Capital

    Prediction of the Week 

    Bitcoin beats S&P 500 in October as $40K BTC price predictions flow in

    Bitcoin surfed $34,000 at the end of the week as attention turned to BTC price performance against macro assets. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD holding steady, preserving its early-week gains.

    The largest cryptocurrency avoided significant volatility as the weekly and monthly closes — a key moment for the October uptrend — drew ever nearer.

    “I think Bitcoin will hang around this range for some time,” popular pseudonymous trader Daan Crypto Trades told X subscribers in one of several posts on Oct. 27. “Roughly $33-35K is what I’m looking at as a range. Eyes on potential sweeps of any of these levels for a quick trade,” he wrote.

    FUD of the Week 

    UK passes bill to enable authorities to seize Bitcoin used for crime

    Lawmakers in the United Kingdom have passed legislation allowing authorities to seize and freeze cryptocurrencies like Bitcoin if used for illicit purposes. Introduced in September 2022, the passed legislation aims to expand authorities’ ability to crack down on the use of cryptocurrency in crimes like cybercrime, scams and drug trafficking. One of the provisions of the bill permits the recovery of crypto assets used in crimes without conviction, as some individuals may avoid conviction by remaining remote.

    Scammers create Blockworks clone site to drain crypto wallets

    Phishing scammers have cloned the websites of crypto media outlet Blockworks and Ethereum blockchain scanner Etherscan to trick unsuspecting readers into connecting their wallets to a crypto drainer. A fake Blockworks site displayed a fake “BREAKING” news report of a supposed multimillion-dollar “approvals exploit” on the decentralized exchange Uniswap and encouraged users to visit a fake Etherscan website to rescind approvals. The fake Uniswap news article was posted on Reddit across several popular subreddits.

    Kraken to suspend trading for USDT, DAI, WBTC, WETH and WAXL in Canada

    Kraken will suspend all transactions related to Tether, Dai, Wrapped Bitcoin, Wrapped Ether and Wrapped Axelar in Canada in November and December. The suspensions may not surprise many Canadian cryptocurrency users, as they come on the heels of several other notable exchanges taking similar actions throughout 2023. OKX ceased operations in Canada in June after Binance announced its intention to do so in May.

    5,050 Bitcoin for $5 in 2009: Helsinki’s claim to crypto fame

    Helsinki has a long and fascinating history with cryptocurrency, including the first exchange of Bitcoin for United States dollars.

    Australia’s $145M exchange scandal, Bitget claims 4th, China lifts NFT ban: Asia Express

    Australian police bust $145 million money laundering scam, Bitget gains market share in Q3, China unblocks NFTs, and more.

    How blockchain games fared in Q3, Upland token on ETH: Web 3 Gamer

    $2.3B tipped into Web3 games so far this year, ex-GTA devs’ studio teams up with Immutable, Brawlers to launch on Epic Games Store, and more.

    Editorial Staff

    Cointelegraph Magazine writers and reporters contributed to this article.

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  • NY sues crypto firms, FTX’s Nishad faces 75 years in jail, and Grayscale’s new BTC filing: Hodler’s Digest, Oct. 15-21

    NY sues crypto firms, FTX’s Nishad faces 75 years in jail, and Grayscale’s new BTC filing: Hodler’s Digest, Oct. 15-21

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    Top Stories This Week

    Grayscale files for new spot Bitcoin ETF on NYSE Arca

    Major cryptocurrency investment firm Grayscale Investments has filed a new application with the U.S. Securities and Exchange Commission for a new spot Bitcoin exchange-traded fund (ETF). The new filing aligns with Grayscale’s ongoing effort to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF, according to a statement from the firm. The news comes weeks after Grayscale won an SEC lawsuit for its spot Bitcoin ETF review, with a court of appeals ordering the SEC to explain why it rejected Grayscale’s application in June 2023. The company also filed with the SEC to list an Ether futures ETF in September.

    New York Attorney General sues Gemini, Genesis, DGC for allegedly defrauding investors

    New York’s attorney general has filed a lawsuit against cryptocurrency firms Gemini, Genesis and Digital Currency Group (DCG) for allegedly defrauding more than 23,000 investors through the Gemini Earn investment program. The suit claims that Gemini assured investors that the program was a low-risk investment, while investigations carried out by the office of New York State Attorney General Letitia James found that Genesis’ financials “were risky.” The lawsuit also charges Genesis’ former CEO, Soichiro Moro, and its parent company’s CEO, Barry Silbert, with defrauding investors by attempting to conceal more than $1.1 billion in losses. In addition, the court case looks to ban Gemini, Genesis and DCG from operating in the financial investment industry in New York.

    Former FTX engineering director faces up to 75 years in prison following guilty plea

    Nishad Singh, the former engineering director at now-defunct crypto exchange FTX, faces up to 75 years in prison for charges related to defrauding users of the crypto exchange. He pleaded guilty to fraud charges as part of his cooperation agreement with the U.S. prosecutors. During his testimony this week, Singh said that when liquidity issues at FTX began in November 2022, he felt “suicidal for some days” while dealing with alleged inconsistencies between the exchange’s public statements and its activities behind the scenes. Singh also claimed that Bankman-Fried had the habit of deciding on purchases through Alameda Research by himself.



    Binance shutting down European Visa debit card in December

    Binance Visa debit card services will close down in the European Economic Area in December, marking the latest setback for Binance. The termination of the card services was announced a day after the exchange restored euro deposits and withdrawals, which had been unavailable for a month after payments processor Paysafe dropped the exchange. Binance is still not onboarding new users in the United Kingdom due to the loss of a third-party service provider.

    Elon Musk, Mark Cuban team up to contest SEC trial strategies

    Elon Musk, Mark Cuban and others have collaboratively submitted a shared amicus brief to the Supreme Court of the United States to raise concerns about the U.S. Securities and Exchange Commission’s (SEC) approach to conducting internal proceedings without the inclusion of juries. The context of this legal challenge centers around the SEC vs. Jarkesy case. George Jarkesy argues that the SEC’s internal adjudication process, which lacks a jury and is overseen by an administrative law judge appointed by the commission, contradicts his Seventh Amendment rights. Effectively resulting in a single entity fulfilling the roles of judge, jury and enforcer.

    Winners and Losers

    At the end of the week, Bitcoin (BTC) is at $29,590, Ether (ETH) at $1,607 and XRP at $0.52. The total market cap is at $1.12 trillion, according to CoinMarketCap.

    Among the biggest 100 cryptocurrencies, the top 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 top three altcoin losers of the week are Conflux (CFX) at -8.03%, Frax Share (FXS) and Sui (SUI) at -6.35%.

    For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

    Read also


    Features

    Unforgettable: How Blockchain Will Fundamentally Change the Human Experience


    Features

    The Metaverse is awful today… but we can make it great: Yat Siu, Big Ideas

    Most Memorable Quotations

    “We are all part of a bigger game, and Bitcoin is one of the strongest levers in that.”

    Edward Snowden, technologist and whistleblower

    “Using publicly available information to learn is not stealing. Nor is it an invasion of privacy, conversion, negligence, unfair competition, or copyright infringement.”

    Google

    “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.

    Editorial Staff

    Cointelegraph Magazine writers and reporters contributed to this article.

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