SBF bail guarantor to go public, UK crypto framework and Celsius…

Top news this week

Guarantors of SBF's $250 million bail must be made public, judge rules

The identities of two people. who helped former FTX CEO Sam Bankman-Fried with his $250 million bail could be revealed as soon as next month following a recent ruling by US District Judge Lewis Kaplan. Bankman-Fried's legal counsel has until February 7 to challenge the decision. As bankruptcy proceedings continue, FTX and affected parties have requested subpoenas seeking information and documents from close relatives of Bankman-Fried, alleging that not all members of his inner circle have responded to requests for information. Other recent news includes Alameda Research suing bankrupt crypto lender Voyager Digital in an attempt to recover $445.8 million in loan repayments made before the FTX collapse.

UK Treasury Publishes Crypto Framework Document – ​​Here's What's Inside

Her Majesty's Treasury of the United Kingdom published a long-awaited consultation document for its upcoming crypto regulation. The paper covers a wide range of topics, from algorithmic stablecoins to non-fungible tokens and initial coin offerings. The authority aims to level the playing field between crypto and traditional finance by incorporating digital assets into the UK Financial Services and Markets Act 2000.

Celsius publishes list of users eligible to withdraw most assets

Bankrupt Crypto Lending Firm Celsius devised a withdrawal process for users who had funds in their custody in June 2022, when the company ceased withdrawals. Celsius posted an official update on the upcoming withdrawals, providing the list of users eligible to access approximately 94% of the qualified custodial assets. Users will also receive specific details related to gas and transaction fees associated with upcoming procedures.

Silvergate faces DOJ investigation into dealings with FTX and Alameda

Silvergate Crypto Bank Is Under Investigation by the fraud unit of the United States Department of Justice for its involvement in the bankrupt FTX exchange and its affiliates. Investigators are trying to find out how deep FTX and Alameda Research's dealings with the California-based bank went. According to Silvergate, Alameda opened an account in 2018, before the launch of FTX. Silvergate was hit hard by the FTX collapse in November, reporting a loss of $1 billion Last room.

Meta CEO Zuckerberg Stands Firm on Metaverse Plans Despite $13.7B Setback

Mark Zuckerberg, CEO of Meta, said the company plans to remain committed to its long-term strategy for the metaverse even as its Reality Labs business suffered $13.7 billion worth of operating losses in 2022, the largest annual losses ever recorded for its metaverse construction division . The company's overall revenue for the fourth quarter was $32.1 billion, beating Wall Street expectations.

Winners and losers

At the end of the week, Bitcoin (BTC) I sat down $23,572Ether (ETH) in $1,661 and XRP in $0.40. Total market capitalization is $1.09 trillion, according to CoinMarketCap.

Among the largest 100 cryptocurrencies, the top three altcoin gainers of the week are Render Token (RNDR) at 94.86%, dYdX (DYDX) at 45.84% and ImmutableX (IMX) at 43.41%.

The top three altcoin losers of the week are UNUS SED LEO (LION) -12.30%, electronic cash (CHECK) at -5.50% and Toncoin (TON) at -5.30%.

For more information on cryptocurrency prices, be sure to read Cointelegraph Market Analysis.

most memorable quotes

"Regulators will, rightly, be scrutinizing this industry much, much more, which is probably a good thing, to be honest."

Chang Peng "CZ" Zhaofounder and CEO of Binance

"The fact that both the SEC and CFTC took action against market manipulation by an alleged rogue trader is a positive credit to the industry as a whole."

christian ventricelliAssistant Vice President of Decentralized Finance at Moody's Investor Service

"None of the signs I've seen so far suggest that we should change Reality Labs' long-term strategy."

mark zuckerbergFounder and CEO of Meta

"Behind the scenes, Celsius conducted its business in a way markedly different from the way it marketed to its customers in all key aspects."

shoba pillayformer federal prosecutor and partner at Jenner & Block

“We believe Bitcoin mining is being unfairly targeted and double taxed by the IRS today.”

dennis porterSatoshi Action Fund CEO

“[Bitcoin is] it is not an effective store of wealth. But we are in a world where money as we know it is in danger."

ray daliobillionaire investor and entrepreneur

prediction of the week

$25,000 Bitcoin Now 'Crowded Trade'

The Federal Reserve increased interest rates by 0.25% this week, in line with almost all expectations, pushing BTC/USD to break above $24,000 for the second time in as many days, with market participants still expecting a trip to $25,000 before a more significant pullback.

“BTC has had a clean break above its macro downtrend line + a backtest,” investment research resource Game of Trades declared on Twitter, adding that “the next big resistance to clear is the $ region 25k".

Pseudonymous Crypto trader Tony acknowledged that the target may no longer materialize. “$25,000 is my main goal, but now I see a lot of people asking for this and it's becoming a crowded operation,” he wrote.

FUD of the week

BonqDAO Protocol Suffers $120 Million Loss After Oracle Hack

BonqDAO Decentralized Autonomous Organization has suffered from a smart contract exploit that led to the theft of millions of dollars through an oracle hack that allowed the exploiter to manipulate the price of the AllianceBlock Token (ALBT). An independent analysis by blockchain security firm PeckShield estimated the loss would reach $120 million, including $108 million of 98.65 million Bonq Euro (BEUR) tokens and $11 million of 113.8 million Wrapped Alliance Block tokens (WALBT).

Bithumb owner arrested in South Korea for alleged embezzlement

A man suspected of being the real owner of South Korea's largest cryptocurrency exchange Bithumb has been arrested for embezzlement. According to prosecutors, he and his brother, the head of Bithumb subsidiary Inbiogen, colluded to embezzle corporate funds and manipulate Inbiogen's stock prices. Among other headlines, the Spanish authorities have Hong Kong Cryptocurrency Exchange CEO Bitzlato Arrested in a joint effort between the law enforcement agencies of France, Portugal, Cyprus and the United States.

Kraken closes Abu Dhabi office and suspends support for AED

Kraken Crypto Exchange Has Shut Down its Abu Dhabi office less than a year after receiving regulatory approval to operate in the region. According to the company, existing users will continue to have access to the platform using other fiat currencies. Several employees are also expected to remain in the area. The move in the Middle East comes after Kraken announced plans to cut its workforce by 30% (1000+ people) in an effort to survive the crypto winter.

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