come every saturday Hodler’s Digest helps you keep track of all the important news stories that happened this week. He summarizes his week on Cointelegraph, including the best (and worst) estimates, adoption and regulation highlights, major coins, and predictions in one link.
Top news of the week
BlockFi Filed for Bankruptcy, Citing FTX Collapse as Reason
BlockFi, a digital asset lending company, announced on November 28 that it had filed for Chapter 11 bankruptcy in New Jersey. The bankruptcy filing reveals that BlockFi aims to restructure and retain certain employees. BlockFi has eight of his subsidiaries, which are also included in the bankruptcy filing. Subsequent news revealed details of the bankruptcy proceedings, including a BlockFi lawyer reporting that his $355 million in the organization’s capital was frozen in his FTX.
Kraken settles with US Treasury OFAC for ‘obvious’ sanctions violations
In a settlement with the U.S. Office of Foreign Assets Control (OFAC), U.S. cryptocurrency exchange Kraken will pay a fine of around $362,000 for violating sanctions against Iran. Kraken Chief Legal Officer Marco Santori said in a statement that the company self-reported his OFAC violations. Kraken allegedly did not have adequate systems in place to allow Iran-based participants to use the exchange and ban certain of his IP addresses. As part of the settlement, the company agreed to pay him $100,000 in sanctions compliance measures, in addition to a $362,000 fine.
read also
feature
are you still independent?Financial Self-Sovereignty and Decentralized Exchanges
feature
Despite a bad rap, NFTs can be a force for good
FTX was the ‘fastest’ bankruptcy in U.S. history — trustees demand investigation
FTX headlines keep coming in as the event unfolds. Due to the FTX bankruptcy case, a U.S. trustee is in charge of the case, and he has asked an independent examiner to look into the details of FTX’s downfall. Another headline revealed that sister company Alameda Research’s bank accounts were reportedly used for FTX customer funding activities, without the exchange dealing directly with the bank. FTX is also on the agenda of the US Senate Committee on Agriculture, Nutrition and Forestry on December 1st. Additionally, Bahamian authorities are investigating her FTX.
Binance Hires Audit Firm That Served Donald Trump To Validate Crypto Reserves
Binance continues to work on improving transparency regarding reserves. The cryptocurrency exchange hired Mothers, an accounting firm known for retaining former US President Donald Trump as a longtime client, to conduct a Reserves (PoR) audit. Mazars and the Trump family cut ties in his 2022. In another development related to the PoR audit, Binance recently moved a large amount of cryptocurrency, causing concern in the cryptocurrency community.
3AC’s bankruptcy process faces challenges as founder’s whereabouts unknown
Liquidators of Three Arrows Capital are having trouble dealing with hedge fund founders Su Zhu and Kyle Davies. At a virtual hearing in the Southern District of New York Bankruptcy Court, lawyers representing the liquidators said the liquidators had not been involved with them in recent months, despite being active on social media. Zhu and Davies are now believed to be based in Indonesia and the United Arab Emirates, making it difficult to enforce foreign court orders.
winner and loser
Bitcoin for the weekend (Bitcoin) is $17,002,ether (ethereum) and $1,288 When XRP and $0.39The total market capitalization is $857.72 $1 billion, according to CoinMarketCap.
Among the 100 largest cryptocurrencies, this week’s top 3 altcoin earners are Fantom (FTM) 32.0%, Apecoin (Ape) 20.85% and GMX (GMX) at 20.67%.
This Week’s Top 3 Altcoin Losers Are BinaryX (BNX) -18.11% Nexo (Nex) -9.53% and Convex Finance (CVX) -7.48%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
read also
column
Wall Street Disaster Expert Bill Noble: Crypto Spring Is Inevitable
feature
William Shatner tokenizes his favorite memories on the WAX blockchain
most memorable quotes
“I think the crypto industry needs to shift from the hype cycle to building true utility and take a more focused approach.”
Rahul AdvaniRipple’s APAC Policy Director
“If you are Brazilian or from Venezuela or Argentina, it becomes much easier to understand the power of a decentralized currency.”
Marcel Peckmann, Market Analyst and Cointelegraph Contributor
“DeFi-centric platforms can’t fall victim to shady business practices because ‘code is law’ to them.”
Aishwari GuptaChief of DeFi Staff at Polygon
“There is no doubt that more people are buying bitcoin because of the FTX crash.”
Imo Babiks, Chief Marketing Officer at Relai
“I think Apple claims to be the only company trying to unilaterally control the apps that get on their devices. I think that’s sustainable and not a good place.”
Mark ZuckerbergCEO of Meta
“Obviously, I made a lot of mistakes or did whatever it took to be able to start over.”
Sam “SBF” Bankman-FriedFormer CEO of FTX
Forecast for the week
If BTC Breaks $16,000, Bitcoin Will “Teleport” To $14,000 Or More — Analyst
According to Cointelegraph’s BTC Price Index, Bitcoin briefly crossed $17,000 after bouncing above and below levels multiple times over the past few days.
Il Capo of Crypto, a pseudonymous digital asset analyst, tweeted earlier this week that danger could be in store for BTC if assets dip below $16,000. “If you go below 16k, you teleport to 12k-14k,” an analyst said Nov. 28.
Other notable factors and analysis were also mentioned in the article, such as the potential significance of November’s monthly candle close.
FUD of the week
Libertex Head of Crypto Exchange Vyacheslav Taran Dies in Helicopter Crash in France
Recently, a third unexpected death rocked the cryptocurrency industry. His 53-year-old billionaire Russian president of the Libertex Group, Vyachesra Hutlan, died in a helicopter crash on November 25, an official Libertex statement confirmed. Taran also founded the Forex Club and was involved in multiple cryptocurrency initiatives. The helicopter trip from Switzerland to Monaco had only Taran and the pilot on board, both of whom died in the crash. His 30-year-old co-founder of Amber Group, Tiantian Kullander, and his 29-year-old co-founder of MakerDAO, Nikolai Mushegian, also died suddenly in November and October, respectively.
EmpiresX ‘Head Trader’ Faces 4 Years in Prison for $100 Million Cryptocurrency ‘Ponzi’
Joshua David Nicholas has been sentenced to nearly four years in prison for his involvement in EmpiresX, a $100 million cryptocurrency Ponzi operation. Nicholas served as the head of this scheme as his trader and claimed the promise of profits based on bot trading, but in reality this operation was his Ponzi scheme that misused client funds. Emerson Pires and Flavio Goncalves are also on the run in this scam, which ran from 2020 to his 2022.
Bankman-Fried is on hook in Texas and has been called to appear at a hearing in February.
An investigation by the Texas securities regulator is looking into whether Sam Bankman-Fried and FTX US violated Texas securities laws. Bankman-Fried said he has to appear in court on February 2 as part of the investigation. According to a hearing notice filed by Texas Securities Commission Director Joseph Rotunda and served to Bankman-Fried on Nov. 29, FTX US has made unregistered shares in Texas through its “EARN” account. provided securities.
Best Features of Cointelegraph
South Korea’s Unique and Amazing Crypto World
“There’s a whole other side of crypto that we’ve never heard of, based on Asian culture. And it all originated in South Korea.”
What is the goal of socio-bosses?To knock the cipher out of the park
“As an entrepreneur, I am always looking for new opportunities… At the end of 2017, I started looking at cryptocurrencies from a sports angle.”
How stable are stablecoins in the contagion of the FTX crypto market?
The collapse of cryptocurrency exchange FTX has hit the crypto world like a tropical storm. How stable are stablecoins?
apply
The most engaging read on blockchain. Delivered once a week.
