Binance’s exec exodus, Nasdaq to trade AI orders and SBF loses bail appeal: Hodler’s Digest, Sept. 3-9

This week's featured stories

Crypto exchange Binance saw 10 key executives leave in 2023. Here's the list

A key talking point in the crypto community has been the continuous exodus of executives of Binance amid growing regulatory problems. Binance has seen the departure of 10 key executives from various departments in the first nine months of 2023. The latest to join the list is Helen Hai, executive vice president of Binance, who announced her resignation from her position on September 6. On the same day, Gleb Kostarev, Binance Vice President for Eastern Europe, Turkey, the Commonwealth of Independent States, Australia and New Zealand, also announced his resignation, as did CIS CEO Vladimir Smerkis. Four senior Binance executives reportedly left on the same day following Binance's response to the US Department of Justice investigation. Changpeng Zhao, CEO of Binance has dispelled recent rumors against your company, ensuring your balance sheet and employee retention remain strong despite recent market uncertainty.

Nasdaq Receives SEC Approval for AI-Based Trading Orders

The United States Securities and Exchange Commission has approved the Nasdaq application to trade its first AI-powered order type on September 8. Called dynamic midpoint extended life order (M-ELO), the new system expands on the M-ELO automated order type by making it “dynamic,” meaning it will use artificial intelligence to update and essentially recalibrate in real time. . The next effect should be a significant acceleration of orders placed in the system. Nasdaq says the dynamic M-ELO demonstrated a “20.3% increase in fill rates and an 11.4% reduction in margins” during its research and testing.

Former FTX CEO Sam "SBF" Bankman-Fried lost an initial appeal to be released again on bail before his criminal trial. His lawyers had petitioned the court for temporary release, arguing that current measures to allow SBF to prepare for his trial were inadequate due to limited Internet access. An appeals court denied the motion on September 6, upholding SBF's detention at the Brooklyn Metropolitan Detention Center. The former FTX CEO had his bail revoked on August 11, following accusations of witness intimidation for leaking personal notes and diary entries of former Alameda Research CEO Caroline Ellison to the New York Times. SBF has approximately four weeks to prepare for its October 3 trial.

Following SEC Delays, ARK Invest and 21Shares File for Ether Spot ETF

ARK Invest and 21Shares petitioned the US Securities and Exchange Commission. approve share listing of a spot Ether ETF on the Cboe BZX Exchange. The investment vehicle, called ARK 21Shares Ethereum ETF, will have cryptocurrency exchange Coinbase act as custodian and measure Ether's performance based on the Chicago Mercantile Exchange's CF Ether-Dollar benchmark rate. The proposal from ARK Invest and 21Shares is one of many crypto spot ETFs that will be reviewed by the SEC in the coming months. The US regulator has been delaying decisions on cryptocurrency investment products lately, especially regarding Bitcoin spot ETF proposals.

Grayscale Calls on SEC to Meet on 'Way Forward' for Bitcoin ETF Conversion

Grayscale has told the US Securities and Exchange Commission that no legal reasoning left to block the conversion of its flagship Bitcoin fund into a spot exchange-traded fund (ETF). Lawyers for the company sent a letter to the SEC requesting that the pair meet to discuss next steps following the regulator's court loss regarding the Grayscale Bitcoin Trust (GBTC) conversion on August 29. Grayscale added that it believes the SEC should conclude that there are “No reasons” to treat GBTC differently than Bitcoin futures ETFs whose filings “the Commission has previously approved.” According to Grayscale, its funding conversion request has been pending for nearly three times longer than the time stipulated by SEC rules.

Winners and losers

At the end of the week, Bitcoin (btc) I sat down $25,871Ether (ETH) in $1,635 and XRP in $0.50. The total market capitalization is $1.04 billion, according to CoinMarketCap.

Among the 100 largest cryptocurrencies, the three altcoins with the biggest gains of the week are Synthetix (SNX) at 12.86%, stellar (XLM) at 9.83% and Render (RNDR) at 9.09%.

The top three altcoin losers of the week are Gala (GALA) at -14.74%, Mantle (TMN) at -7.49% and flare (FLR) at -7.06%.

To learn more about cryptocurrency prices, be sure to read Cointelegraph Market Analysis.

read also


An investment in knowledge generates better interests: the sorry state of financial education


Is the cryptocurrency epicenter moving away from East Asia?

Most memorable quotes

"I feel bad having to tell people that America is probably not where they want to be, but the tide is turning."

David SchwartzRipple CTO

"I believe that the worlds of traditional and blockchain-based financial systems can coexist, and probably will in the new future."

Yida Gaofounder and managing partner of Shima Capital

“DeFi is the future; the volume is between 5% and 10% of CeFi volumes, which is not small, right? […] It is very possible that the next bull run will make DeFi bigger than CeFi.”

Chang Peng ZhaoCEO of Binance

"ChatGPT will allow a group of people who have never had all this training to come together, they can start right now and I'm starting to worry about the morphological design problems buried in there."

kang liCertik security director

“The Bitcoin Ordinal protocol is better designed for decentralization and security than the Ethereum NFT protocol. “High value NFTs will win with Bitcoin.”

Danny Yangco-founder and CEO of Metagood

“Australia would have a regulated digital asset market. Instead, we are near the end of 2023 and the government has no plan to implement these regulations.”

Andrew BraggAustralian senator

Prediction of the week

Bitcoin Price May Reach $46K by 2024, Halving - Interview with Filbfilb

bitcoin has the chance to end 2023 at $35,000 despite going down in the middle, believes veteran analyst pseudonym Filbfilb. In an interview with Cointelegraph, the co-founder of the DecenTrader trading suite revealed some BTC price targets that should resonate with the long-term holder base.

Based on previous cycles, Filbfilb sees a contraction of new supply issued to the market before the halving. “In my opinion, this dynamic, together with the increase in speculative demand, will probably be repeated,” he said in reference to a possible reversal in price behavior due to the next halving.

Regarding BTC's price action in 2023 compared to other years prior to the halving, the analyst notes that "it has not been possible to break the 100-week moving average so far, which is a notable difference." [compared to pre-halving years]” Filbfilb stated, adding that “assuming no black swan event, around $35,000 by the end of the year and possibly up to $46,000 sometime before the halving in the first quarter of 2024 ”.

FUD of the week

US regulators have finally moved to resolve an enforcement case against collapsed trading organization Mirror Trading International (MTI). A district court in Texas ordered MTI to pay $1.7 billion in restitution victims for operating a fraudulent scheme involving digital assets and currencies, the Commodity Futures Trading Commission announced on September 7. MTI went into provisional liquidation in late 2020, after one of its directors allegedly fled the country and seized approximately $1 billion worth of Bitcoin that investors had entrusted to the company.

CEO of Turkish cryptocurrency exchange Thodex receives 11,000-year sentence for $2 billion scam

Former CEO of Turkish crypto exchange Thodex, Faruk Fatih Özer, He was sentenced to 11,196 years in prison by a Turkish court accused of “establishing, managing and being a member of an organization”, “qualified fraud” and “laundering of real estate securities”. The court gave Özer and his two brothers the same prison sentence, along with a fine of $5 million, local media reported. The Turkish cryptocurrency exchange was one of the country's largest digital asset trading platforms before it abruptly imploded in 2021, halting services without warning, and Özer fled the country with user assets totaling $2 billion. in cryptocurrencies.

North Korean group carried out $41 million hack: FBI

The $41 Million Hack on Crypto Betting Site Stake was carried out by the North Korean hacker collective Lazarus Group, the US Federal Bureau of Investigation said in a statement. The group has stolen over $200 million worth of cryptocurrency in 2023. Stake, a crypto betting platform, was the victim of a cyber attack on September 4 that drained more than $41 million worth of cryptocurrency from its hot wallets. The Stake team claimed that the hacker only obtained a small percentage of the funds and that users would not be affected.

Big questions: What's up with all the cryptocurrency deaths?

Full toiletsdismembered in suitcases: cryptocurrencies have been the common denominator in several gruesome murders and mysterious deaths this year.

NFT Collapse and Monstrous Egos Featured in New Murakami Exhibition

famous japanese artist Takashi Murakami's new exhibition comments on digital ego and the unstable state of the NFT industry.

Crypto Lawyer Irina Heaver on Death Threats and Lawsuit Predictions: Hall of Flame

Irina Heaver was moved into cryptocurrencies after he could no longer “sit in the boardroom listening to that corporate bullshit.”

The editorial staff

Cointelegraph magazine writers and reporters contributed to this article.

Leave a Comment


No comments yet. Why don’t you start the discussion?

Leave a Reply

Your email address will not be published. Required fields are marked *