Prime tales of this week
Crypto lender Genesis recordsdata for Chapter 11 chapter
Bitzlato and its founder are facing enforcement action from US authorities
US authorities have taken enforcement action against crypto firm Bitzlato, seizing the company's website and labeling the company a "primary money laundering problem" related to illicit Russian finances. As part of the case, FBI officers arrested Russian citizen Anatoly Legkodymov in Miami. The lawsuit alleges that the firm was a "critical financial resource" for the Hydra darknet marketplace, allowing users to launder funds, including those from ransomware attacks.
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FTX CEO Says He's Considering Exchange Reboot
New FTX CEO John Ray, who was appointed prior to the bankruptcy proceedings, has set up a task force to consider a relaunch of FTX.com. He noted in an interview that everything is "on the table" when it comes to the future of FTX.com, including a possible path towards an exchange restart. In another headline in the case, former FTX CEO Sam Bankman-Fried was accused of using his influence in the crypto industry to inflate the prices of some coins through a coordinated strategy with Alameda Research. Bankruptcy proceedings face challenges as Alameda's liquidators have suffered losses of at least $11.5 million since taking control of its trading accounts.
Iran and Russia set to launch new gold-backed stablecoin
3AC, Coinflex founders team up to raise $25 million for new claims trading exchange
Winner and Loser
Bitcoin at the end of the week (Bitcoin) is at $21,856ether (ETH) at $1,621 and XRP at $0.40. The total market capitalization is at $1.00 Trillion, according to to CoinMarketCap.
Among the many high 100 cryptocurrencies, the highest three altcoin gainers of the week are Frax Share (FXS) at 67.88% ivy (HBAR) at 45.32% and Convex Finance (CVX) at 44.01%.
The highest three altcoin losers of the week are Gala (gala) at -8.20%, Huobi token (HT) at -6.34% and Belief Pockets Token (TWT) at -3.47%.
For extra info on crypto costs, see Cointelegraph's Market Evaluation.
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Most Memorable Quotes
"Crypto goes to be very fascinating as a result of we're lastly seeing the bear of regulation come into play and I believe that is factor over the long run."
Kevin O'Learyenterprise capital investor
"I really thought he was [Sam Bankman-Fried] was the Mark Zuckerberg of crypto. I did not know he was Bernie Madoff. And I have to personal that. And so I personal it.”
Anthony ScaramucciCo-founder of SkyBridge Capital
"What I would love to do is see the CFTC and different regulators present extra steering this yr, and I am very hopeful that possibly we'll see extra readability in the US."
Caroline PhamCommodity Futures Buying and selling Fee (CFTC) Commissioner
“Bitcoin simply went right into a 24/7 VIX. It is now only a buying and selling device for big funds trying to get out and in of threat on weekends and through in a single day buying and selling hours.”
Jeff DormanChief Funding Officer at Arca
“The large enterprise of [central bank] digital currencies aren't price the price and threat.”
Tony Yatesformer senior adviser to the Financial institution of England
“I do not suppose DeFi is supposed to assault TradFi. DeFi is meant to enrich TradFi, not less than initially.”
Emin Gun SirerCo-founder and CEO of Ava Labs
forecast of the week
Bitcoin has its sights set on a $21.4K zone as analysts predict BTC value to chase gold
Bitcoin surged to new multi-month highs, with the BTC/USD pair retaining help at $21,000, in line with information from Cointelegraph Markets Professional and trading view.
Costs transferring by way of help or resistance have an effect on sentiment, however the buying and selling vary is nicely outlined, as famous by on-chain analytics useful resource Materials Indicators. "I view the shortage of BTC liquidity under $18,000 and above $23,000 as an absence of sentiment for these ranges at the moment," the corporate wrote on Twitter.
FUD of the week
Silvergate reports a net loss of $1 billion in the fourth quarter of 2022
Nexo Agrees to $45 Million Settlement with SEC, Says It Deserves Product
CoinDesk could be up for grabs if parent company DCG fights for funds
A potential sale of cryptocurrency media company CoinDesk is being considered by parent company Digital Currency Group. Lazard investment bankers are helping the firm evaluate options, including a full or partial sale. DCG has reportedly received multiple bids for the media company valued at over $200 million in recent months. DCG's venture capital portfolio includes 200 crypto-related companies.
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Cointelegraph Magazine writers and reporters contributed to this article.