Top news this week
So far, 7 class actions have been filed against SBF, records show
Former FTX CEO Sam Bankman-Fried He has been named in seven class action lawsuits filed since the fall of his crypto empire. These lawsuits, however, are separate from the numerous investigations examining the crypto exchange and its founder, including a market manipulation investigation reported by federal prosecutors. Another headline shows that the US House of Representatives has asked SBF to speak at a hearing on December 13. Amid investigations by lawmakers and a series of civil lawsuits, SBF hired former federal prosecutor Mark Cohen to act as his defense attorney. A team of financial forensics researchers was also hired by the new management of FTX to track down the billions of dollars worth of missing customer crypto.
3AC Summons Issued as Terraform Landfill Claim Dispute Grows
An order signed by a federal judge Overseeing Three Arrows Capital's bankruptcy proceedings has authorized subpoenas for the company's former leaders, including co-founders Su Zhu and Kyle Davies. According to the authorized subpoenas, Zhu and Davies are required to turn over any "recorded information, including books, documents, records and papers" related to the company's financial affairs or property. Founders will not be served on Twitter, as previously required by the advisory firm and trustee in this case, Teneo.
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USDC Issuer Circle Finalizes SPAC Merger With Concord
Circle Stablecoin Issuer will not be merged with special purpose acquisition company (SPAC) Concord Acquisition due to a mutual decision by the two entities. Circle's original plans, laid out in July 2021, included going public through a merger with Concord. Between then and February 2022, Circle's valuation grew from $4.5 billion to $9 billion. However, Circle still plans to go public at some point, according to comments from CEO Jeremy Allaire. The company had a profitable third quarter for 2022 amid the backdrop of the cryptocurrency bear market.
Bankruptcy Judge Orders $44 Million in Crypto to be Returned to Celsius Clients
Crypto lending firm Celsius has been ordered bankrupt to return approximately $44 million to customers who held their digital assets in the platform's custodial accounts. US Bankruptcy Judge Martin Glenn issued the ruling, expressing his wishes for a speedy resolution for creditors. Crypto return is governed by certain specifications, and only applies to assets that never interacted with the Celsius Earn product and remained in custodial accounts.
Goldman Sachs Reportedly Looking To Buy Crypto Firms After FTX Collapse
Goldman Sachs wants to invest Millions in crypto companies as the collapse of FTX has affected the prices of the crypto market. Mathew McDermott, an executive at Goldman Sachs, said in a recent interview that big banks are seeing opportunities that are “more sensibly priced” and are already doing due diligence on some cryptocurrency companies. FTX's collapse also highlighted the need for more regulation within the industry, according to the executive.
Winners and losers
At the end of the week, Bitcoin (BTC) I sat down $17,118Ether (ETH) a $1,263 Y XRP a $0.38. Total market capitalization is $852.99 billion, according to to CoinMarketCap.
Among the largest 100 cryptocurrencies, the top three altcoin gainers of the week are Axie Infinity (AXIS) at 14.67%, EOS (EO) at 9.38% and Trust Wallet Token (TWT) at 7.83%.
The top three altcoin losers of the week are 1-inch Red (1 INCH) and -12.41%, Chiliz (CHZ) to -11.13% and Helium (HNT) at -10.35%.
For more information on cryptocurrency prices, be sure to read Cointelegraph Market Analysis.
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most memorable quotes
“When you look at countries like Iran and North Korea, from the US perspective, cryptocurrencies have, in fact, been comprehensively sanctioned.”
andres fierman, Chainalysis Head of Sanctions Strategy
"Greed cannot be regulated."
Jaime Zuluetaretail crypto investor
"I don't think the FTX collapse will spill over into the real economy."
Elvira Sojli, associate professor of finance at the University of New South Wales
“Stablecoins and CBDCs may co-exist somewhat in the future, depending on how tight the regulations around stablecoins are and the adoption rate of CBDCs.”
Grace Chen, Bitget CEO
"It's kind of a no-brainer that Twitter has payments, both fiat and crypto."
Elon MuskTwitter CEO
“Had the SEC done the due diligence of thoroughly investigating FTX's financials, there would have been a greater chance of exposing the crypto exchange for what it really is: a car house.[d]it is based on monopoly money printed out of thin air.”
Ritchie Torres, US representative
prediction of the week
Bitcoin Takes Liquidity Near $17K as US Dollar Shows Weakness Ahead of CPI
Bitcoin is largely traded among $16,800 and $17,400 this week, showing some support around the $16,800 level, according to Cointelegraph's BTC Price Index.
“We are probably entering the final bear phase,” said pseudonymous Twitter commenter Byzantine General on Dec. 7 after noting declining Bitcoin perpetual futures trading volume and other points. “But that last phase can take quite a long time,” he added. His tweets on the subject included accompanying graphics.
FUD of the week
Bank of Russia Wants to Ban Miners from Selling Crypto to Russians
In another setback for the cryptocurrency industry in Russia, the central bank proposes to ban local miners from selling coins to the country's population. The news comes just weeks after the Central Bank of the Russian Federation supported the idea of legalizing cryptocurrency mining in Russia through a bill introduced in mid-November 2022. However, cryptocurrency sales should only be allowed in foreign and non-resident exchange houses. , according to the country's central bank.
Nigeria bans ATM cash withdrawals of more than $225 a week to force CBDC use
Nigeria has lowered limits for cash withdrawals through banks and ATMs in another step towards their transition to digital money systems. Citizens will only be able to withdraw $225 in cash naira each week in total. Anything above those limits at the banks would incur a fee. The country previously had restrictions on cash withdrawals, but the limit was $338 per person per day. Since the launch of its central bank digital currency in 2021, Nigeria has seen minimal use of the asset in the country.
Iran Set to Freeze Bank Accounts of Women Who Refuse to Wear Hijab
Iranian officials plan to financially penalize women who do not wear hijabs in public. People who refuse to comply with two warnings could have their bank accounts frozen, lawmakers said Dec. 6. Hossein Jalali, a member of the Cultural Commission of the Islamic Consultative Assembly, told Iranian media that "unveiled people" would receive an SMS message advising them to obey the law, before entering a "warning phase" and having their accounts potentially frozen banks.
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