High tales of this week
Based on information, 7 class motion lawsuits have been filed towards SBF thus far
Former FTX CEO Sam Bankman-Fried has been named in seven class action lawsuits filed since the fall of his crypto empire. However, these lawsuits are separate from the numerous probings and investigations investigating the crypto exchange and its founder, including a reported market manipulation probe by federal prosecutors. Another headline shows that the United States House of Representatives has asked SBF to speak at a hearing on December 13th. Amid legislative investigations and a spate of civil lawsuits, SBF hired former US Attorney Mark Cohen as its defense attorney. A team of forensic financial investigators has also been hired by FTX's new management to track down the missing multi-billion dollar client crypto.
3AC subpoenas issued as dispute mounts over Terraform dump claims
An order signed by a federal judge overseeing Three Arrows Capital's bankruptcy proceedings has approved subpoenas for the company's past leaders, including co-founders Su Zhu and Kyle Davies. According to the approved subpoenas, Zhu and Davies are required to turn over all "recorded information, including books, documents, records and papers" related to the company's financial affairs or property. The founders will not be served on Twitter, as previously requested by the consultancy and liquidator in the case, Teneo.
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USDC issuer Circle completes SPAC merger with Concord
Stablecoin issuer Circle will not merge with Special Purpose Acquisition Company (SPAC) Concord Acquisition due to a joint decision by the two companies. Circle's original plans, unveiled in July 2021, included going public through a merger with Concord. Between that date and February 2022, Circle's valuation rose from $4.5 billion to $9 billion. However, according to comments from CEO Jeremy Allaire, Circle still plans to go public at some point. The company had a profitable third quarter for 2022 on the backdrop of the crypto bear market.
Bankruptcy judge orders return of $44 million in crypto to Celsius customers
Bankrupt crypto lending company Celsius has been ordered to return around $44 million to customers who kept their digital assets on the platform's vaults. US Bankruptcy Judge Martin Glenn issued the ruling, expressing his desire for a quick resolution for creditors. The crypto return falls under certain specifications that apply only to assets that have never interacted with Celsius' Earn product and have remained in custody.
Goldman Sachs reportedly wants to buy crypto firms after FTX collapse
Goldman Sachs looks to invest millions in crypto firms as the FTX meltdown has impacted crypto market prices. Mathew McDermott, an executive at Goldman Sachs, said in a recent interview that big banks are seeing opportunities that are "more reasonably priced," and some crypto companies are already conducting due diligence. The collapse of FTX also underscored the need for more regulation within the industry, according to the executive.
Winner and Loser
Bitcoin at the end of the week (Bitcoin) is at $17,118ether (ETH) at $1,263 and XRP at $0.38. The total market capitalization is at $852.99 Billion, according to to CoinMarketCap.
Among the many prime 100 cryptocurrencies, the highest three altcoin gainers of the week are Axie Infinity (AXIS) at 14.67%, EOS (EOS) at 9.38% and Belief Pockets Tokens (TWT) at 7.83%.
The highest three altcoin losers of the week are 1inch Community (1 INCH) and -12.41%, chilli (CHF) at -11.13% and helium (HNT) at -10.35%.
For extra info on crypto costs, see Cointelegraph's Market Evaluation.
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Most Memorable Quotes
“In case you take a look at international locations like Iran and North Korea, from a US perspective, crypto has really been broadly sanctioned.”
Andrew Fierman, Head of Sanctions Strategy for Chainalysis
"Greed cannot be regulated."
Jaime ZuluetaCrypto Retail Investors
"I don't think the FTX collapse will spread to the real economy."
Elvira Sojli, Associate Professor of Finance at the University of New South Wales
“Stablecoins and CBDCs could co-exist in some way in the future, depending on how constrained stablecoin regulations and CBDC adoption rate would be.”
Grace Chen, CEO of Bitget
"It's a no-brainer for Twitter to have payments, both fiat and crypto."
“Had the SEC done the due diligence of a thorough investigation of FTX's financial data, there would have been a greater chance of exposing the crypto exchange for what it really is: a car dealership[d]s is built on monopoly money printed out of thin air.”
Richie Torres, US representative
forecast of the week
Bitcoin takes liquidity near $17,000 as US Dollar shows weakness ahead of CPI
Bitcoin has traded between $16,800 and $17,400 for most of this week, showing some support around the $16,800 level, according to Cointelegraph's BTC Price Index.
“We're probably entering the final stages of the bear,” pseudonymous Twitter commentator Byzantine General said 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 charts.
FUD of the week
The Bank of Russia wants to ban miners from selling crypto to Russians
in the Another setback for the crypto industry in Russia: the central bank is proposing 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 backed the idea of legalizing cryptocurrency mining in Russia through a draft law put forward in mid-November 2022. However, selling crypto should only be allowed on foreign exchanges and to non-residents, according to the country's central bank.
Nigeria bans ATM cash withdrawals over $225 per week to enforce CBDC use
Nigeria has lowered the limits for cash withdrawals via banks and ATMs in a further step towards the switch to digital money systems. Citizens can withdraw only $225 worth of nairas in cash each week. Anything above these limits at banks would incur a fee. The country previously had restrictions on cash withdrawals, but the limit was $338 per day per person. Since the launch of its central bank digital currency in 2021, Nigeria has seen minimal use of the asset in the country.
Iran wants to freeze bank accounts of women who refuse to wear hijab
Iranian officials plan to financially punish women who do not wear hijab in public. People who refuse to heed two warnings could have their bank accounts frozen, lawmakers said Dec. 6. Hossein Jalali, a member of the Culture Commission of the Islamic Consultative Assembly, told Iranian media that "unveiled persons" would receive a text message advising them to heed the laws before entering a "warning period" and potentially having their bank accounts frozen.
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Cointelegraph Magazine writers and reporters contributed to this article.