This week's featured stories
SEC Sees Temporary Setback in Binance.US Software Access Request
The United States Securities and Exchange Commission have not been able to gain immediate access to Binance.US software, and the judge said he is "not inclined to allow inspection at this time." The hearing was held on September 18 to discuss the SEC's motion to force Binance to hand over detailed information and make its executives more available for depositions. At the hearing, Judge Faruqui said he was “not willing to allow the inspection at this time.” Alternatively, he proposed that the SEC should file more specific discovery requests and speak to a broader range of witnesses. In another headline, Binance global and its CEO Changpeng “CZ” Zhao requested dismissal of SEC lawsuit filed a lawsuit against them in June, alleging that the regulator overstepped its authority in the case.
Mt. Gox administrator changes payment deadline to October 2024
Trustee of Mount Gox, Nobuaki Kobayashi the refund deadline has officially changed the exchange's creditors from October 31, 2023 to October 31, 2024. Currently, the Mt. Gox estate holds about 142,000 Bitcoin (BTC), 143,000 Bitcoin Cash (BCH), and 69 billion Japanese yen. Mt. Gox was one of the first cryptocurrency exchanges and once facilitated over 70% of all transactions made within the blockchain ecosystem. Following a major hack in 2011, the site collapsed in 2014 due to alleged insolvency; The consequences affected about 24,000 creditors and caused the loss of 850,000 BTC.
Tether authorizes 1 billion USDT to 'replenish' the Tron network
Tether Treasury is expected to provide $1 billion of near-term liquidity for the Tron network. The multi-million dollar authorization was flagged by blockchain tracker WhaleAlert, prompting a quick response from Tether's chief technology officer Paolo Ardoino, who said the USDT tokens would be used as inventory to "replenish" the Tron network. Authorizing USDT in Tether Treasury allows the company to issue USDT instantly once customer funds are received to ensure the issuer maintains 100% of its reserves. Ardoino added that the event was an authorization and not an actual issuance, and that the allocated amount will serve as inventory for upcoming issuance requests and on-chain exchanges of the Tron network.
Parents of FTX founder sue, accused of stealing millions from crypto exchange
FTX debtors have taken legal action against parents Sam "SBF" Bankman-Fried, alleging that they misappropriated millions of dollars through their involvement in the crypto exchange. The plaintiffs argued that Joseph Bankman and Barbara Fried exploited their access and influence within the FTX empire to enrich themselves at the expense of debtors in the FTX bankruptcy estate. The debtors alleged that SBF's parents were "heavily involved" in the FTX business from its inception until its collapse, contrary to SBF's claims. According to the complaint, Bankman and Fried obtained significant unearned rewards for their involvement in FTX Group, including a $10 million cash donation and a $16.4 million luxury property in the Bahamas.
Grayscale Files for New Ether Futures ETF – Official
Grayscale digital currency investment company is the last company to present with the Securities and Exchange Commission for a new Ether (ETH) futures exchange-traded fund (ETF).
Grayscale Ethereum Futures Trust will hold Ether futures contracts with an “approximately constant maturity profile,” according to the document. The trust "will never move futures positions to cash settlement." The nature of the Ether futures contracts in the ETF will not require the trust to use an Ether custodian. Grayscale's filing comes a few weeks after Valkyrie also filed for an Ether futures ETF with the SEC in mid-August, after several other companies filed for ETH futures ETFs.
Winners and losers
At the end of the week, Bitcoin (btc) I sat down $26,525Ether (ETH) in $1,590 and XRP in $0.51. The total market capitalization is $1.05 billion, according to CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoins winners of the week are Immutable (IMX) at 27.07%, Curve DAO token (CRV) at 16.16%, and Aave (GHOST) at 15.92%.
The top three altcoin losers of the week are Gala (GALA) at -8.57%, Axie Infinity (AXIS) at -7.42%, and Optimism (OP) at -7.52%.
To learn more about cryptocurrency prices, be sure to read Cointelegraph Market Analysis.
Read also
Most memorable quotes
“There remains a real risk that the use of AI develops in a way that undermines consumer trust or is dominated by a few actors. […].”
Sarah Cardellchief executive of the UK Competition and Markets Authority
“Don't give up on America. This too shall pass, the confusion shall pass. The United States is a good place to build things and I want to keep it that way.
Hester PeirceCommissioner of the US Securities and Exchange Commission
“If the average end user, who is not a computer scientist, who does not understand blockchain, needs to know their private keys, we are wrong. You have to abstract them.”
James TromansHead of Web3 at Google Cloud
“Bitcoin as a global monetary network is growing while its carbon impact decreases. Few industries can boast of this achievement.”
Jamie Couttscrypto market analyst at Bloomberg
"It is an inevitable future where there will no longer be intermediaries between fans and creators; this is an obvious but untapped potential of blockchain technology."
Leon Leefounder and CEO of Only1
“[The U.S. government] A central bank digital currency can be created if it is open, permissionless and private. It has to emulate cash.”
Tom EmmerUS Representative
Prediction of the week
Bitcoin Fails to Recover Post-Fed Losses as $20K BTC Price Returns to Radar
Bitcoin rolled down Following the US Federal Reserve's decision on interest rates, BTC price predictions of $20,000 resurfaced.
The fallout from the Federal Reserve's interest rate pause on September 20 offered little for Bitcoin bulls, as the BTC/USD pair had fallen nearly $700 the previous day. Data from Cointelegraph Markets Pro and TradingView covered a lackluster 24 hours for BTC price action, with $27,000 disappearing from view.
Now, market participants have once again adopted a more conservative outlook in the absence of tangible volatility. “I would say something like this over the course of October would be perfect,” popular Crypto trader Tony told X (formerly Twitter) subscribers.
"Slowly rises to $28,500, followed by hype and FOMO, then dumped once again."
FUD of the week
Balancer blames 'social engineering attack' on DNS provider for website hijacking
Balancer, automated market maker based on Ethereum create a social engineering attack on their DNS service provider was what led to their website interface being compromised on September 19. leading to an estimated $238,000 in stolen cryptocurrency. Blockchain security companies SlowMist and CertiK reported that the attacker used Angel Drainer phishing contracts. SlowMist said the exploiters attacked Balancer's website through Border Gateway protocol hijacking, a process in which hackers take control of IP addresses by corrupting Internet routing tables. The hacker has already bridged some of the stolen Ether (ETH) addresses with Bitcoin (BTC).
Crypto influencer arrested in Hong Kong over JPEX association
A Hong Kong-based social media influencer has supposedly been arrested After investigations into the JPEX crypto exchange liquidity crisis traced his involvement. According to a local report, the Hong Kong Securities and Futures Commission recently issued a statement blaming JPEX for actively promoting the platform's services and products to the public through online celebrities and over-the-counter exchangers. Another unconfirmed report suggests that Lin Zuo submitted “schemes” to a chat group created for investing in cryptocurrencies. Also related to this story, Hong Kong regulators seek to tighten regulations across the crypto market following the JPEX failure, which led to the arrest of more than six people.
CoinEx Hack: Compromised private keys led to $70 million theft
Hong Kong-based cryptocurrency exchange CoinEx has revealed that compromised private keys allowed hackers to steal more than 70 million dollars token value. According to CoinEx representatives, the amount represents a small percentage of its total assets under management. CoinEx stated that affected users will be fully compensated for any loss of funds. The exchange explained that a preliminary investigation pinned the root cause to a compromised private key for its active wallets. These were used to store foreign exchange assets for deposits and withdrawals.
'AI has killed the industry': EasyTranslate boss talks about adapting to change
If you are not transforming your business If you take advantage of AI now, you will be left behind, says Easy Translate boss Frederik Pedersen.
NFT Collector: William Mapan Explains Generative Art Using a Crayon and Dice
What even is generative art? William Mapan, whose 250-piece Distance collection sold out at 2ETH each, explains how to use a crayon and die.
JPEX Staff Flee Event as Scandal, Mt. Gox Troubles and Cryptocurrency Emerge Diners Club: Asia Express
Hong Kong Cryptocurrency Exchange JPEX arrested in $166 million scam, Mt. Gox delays payments once again, Singapore's oldest credit card company moves to blockchain.
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