coming every saturday Hodler's Digest It will help you keep track of all the important news that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more – a week at Cointelegraph in one link.
Top news this week
BlockFi files for bankruptcy, cites FTX collapse for its woes
Digital asset lending company BlockFi announced on November 28 that it has filed for Chapter 11 bankruptcy in New Jersey. The bankruptcy filing revealed, among other details, that BlockFi is aiming to restructure and keep specific employees on board. BlockFi has eight affiliated companies that are also included in the bankruptcy filing. Later news revealed details of the bankruptcy proceeding, including BlockFi's lawyer's report that $355 million of the organization's capital is frozen in FTX.
Kraken Reaches Settlement With US Treasury OFAC Over 'Apparent' Sanctions Violations
In an agreement with the US Office of Foreign Assets Control (OFAC), US crypto exchange Kraken will pay a fine of approximately $362,000 for violating sanctions against Iran. The firm self-reported the breach to OFAC, according to comments from Marco Santori, Kraken's chief legal officer. Kraken allegedly allowed Iran-based participants to use its exchange and did not have a proper system for banning certain IP addresses. The firm agreed to put $100,000 toward sanctions enforcement measures as part of the settlement, in addition to the $362,000 fine.
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FTX was 'fastest' corporate failure in US history: Trustee calls for investigation
The FTX headlines keep coming as events unfold. The FTX bankruptcy case has prompted the US trustee working on the case to request that an independent examiner come to investigate the details surrounding the FTX crash. Another headline revealed that sister entity Alameda Research's bank accounts were allegedly used for FTX client funding activities without the exchange working directly with a bank. FTX was also the topic from a December 1 meeting of the US Senate Committee on Agriculture, Nutrition and Forestry. In addition, Bahamian authorities they are investigating FTX.
Binance hires an audit firm that served Donald Trump to verify cryptocurrency reserves
Binance continued to work to increase its transparency regarding its reserves. The cryptocurrency exchange hired Mazars, an accounting firm known for retaining former US President Donald Trump as a longtime client, to conduct its proof of reserves (PoR) audit. Mazars and the Trump family cut ties in 2022. In another development related to the PoR audit, Binance has recently moved large amounts of cryptocurrencyraising concerns in the crypto community.
3AC bankruptcy proceedings face challenges amid founders' whereabouts unknown
The Three Arrows Capital liquidators are having a hard time relating to Su Zhu and Kyle Davies, the founders of the hedge fund. During a virtual hearing in the Bankruptcy Court for the Southern District of New York, attorneys representing the liquidators said the founders had not engaged with them in recent months. despite being active on social media. Zhu and Davies are currently believed to be in Indonesia and the United Arab Emirates, where foreign court orders are difficult to enforce.
Winners and losers
At the end of the week, Bitcoin (BTC) I sat down $17,002Ether (ETH) a $1,288 Y XRP a $0.39. Total market capitalization is $857.72 billion, according to to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Fantom (FTM) at 32.0%, ApeCoin (BOW) at 20.85% and GMX (gmx) at 20.67%.
The top three altcoin losers of the week are BinaryX (BNX) at -18.11%, Nexus (NEXT) at -9.53% and Convex Finance (CLC) at -7.48%.
For more information on cryptocurrency prices, be sure to read Cointelegraph Market Analysis.
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most memorable quotes
“I think the crypto industry will have to take a more focused approach, moving from hype cycles to creating real utility.”
Raul AdvaniAPAC Policy Director at Ripple
“If you are Brazilian or you are from Venezuela or Argentina, it becomes much easier to understand the power of a decentralized currency.”
Marcel Pechman, Market analyst and Cointelegraph contributor
“DeFi-focused platforms simply cannot fall victim to shady business practices because 'code is law' for them.”
Aishwarya GuptaDeFi Chief of Staff at Polygon
“We have definitely noticed more people buying Bitcoin due to the FTX crash.”
imo babics, marketing manager at relay
"I think Apple has branded itself as the only company that is trying to unilaterally control what apps get installed on a device and I don't think that's a sustainable or good place to be."
mark zuckerbergGoal CEO
"Clearly, I made a lot of mistakes or things that I would give anything to be able to do again."
Sam "SBF" Bankman-Friedformer CEO of FTX
prediction of the week
Bitcoin Will 'Teleport' To $14K Or Worse If BTC Breaks $16K - Analyst
Bitcoin spent some time above $17,000, though the asset has been above and below the level several times in the past few days, according to Cointelegraph's BTC Price Index.
Earlier in the week, the pseudonymous digital asset analyst il Capo Of Crypto tweeted that possibly danger looms for BTC if the asset falls below the $16,000 mark. “When it drops below 16k, it teleports to 12k-14k,” the analyst said on Nov. 28.
Other notable factors and analysis were also mentioned in the article, including the potential importance of the November monthly candle close.
FUD of the week
Vyacheslav Taran, head of Libertex cryptocurrency exchange, dies in helicopter crash in France
A third unexpected death recently rocked the crypto space. Vyacheslav Taran, the 53-year-old Russian billionaire chairman of Libertex Group, died in a helicopter crash on November 25, an official Libertex statement confirmed. Taran also founded Forex Club and was involved in multiple crypto projects. The helicopter ride to Monaco from Switzerland had only Taran and the pilot on board, both of whom died in the crash. Amber Group's 30-year-old co-founder Tiantian Kullander and MakerDAO's 29-year-old co-founder Nikolai Mushegian also passed away unexpectedly in November and October, respectively.
EmpiresX 'head trader' to face 4 years in prison for $100M crypto 'Ponzi'
Joshua David Nicholas received a prison sentence of approximately four years for his involvement in EmpiresX, a $100 million crypto Ponzi operation. Nicholas served as the lead trader for the scheme, claiming the promise of profits based on trading bots, even though the operation was actually a Ponzi scheme embezzling client funds. Still on the run, Emerson Pires and Flavio Goncalves also played a role in the scam, which ran from 2020 to 2022.
Bankman-Fried in trouble in Texas, summoned to appear in February hearing
An investigation by the Texas securities regulator is looking into whether Sam Bankman-Fried and FTX US violated Texas securities laws. Bankman-Fried is due to appear in court on February 2 as part of the investigation. According to a notice of hearing filed by Texas State Securities Board Director Joseph Rotunda and delivered to Bankman-Fried on November 29, FTX US offered unregistered securities to Texans through its "EARN" accounts. .
Best Cointelegraph Features
South Korea's Unique and Amazing Crypto Universe
“There is this whole other side of crypto that we just don't hear about that is based on Asian culture. And all of that is originally from South Korea.”
The objective of the head of Partners? To knock crypto out of the park
"As an entrepreneur, I always try to find new opportunities... At the end of 2017, I started looking at crypto from a sports angle."
How stable are stablecoins in the FTX crypto market contagion?
The crash of the FTX crypto exchange hit the crypto world like a tropical storm. It is worth asking once again: How stable are stablecoins?
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