High tales of this week
Kraken reaches $30 million settlement with SEC over staking whereas IRS seeks consumer info
FTX CEO says "hell" on trading days after bankruptcy
John Ray, who took over as CEO of crypto exchange FTX, has described some of the chaotic experiences at the firm after the company filed for bankruptcy in a court hearing. According to Ray, there was "not a single list of anything" related to bank accounts, income, insurance or personnel, leading to a "massive scramble for information." As the bankruptcy proceedings continue, the names of two guarantors who signed part of Bankman-Fried's $250 million bail are being withheld following a last-minute appeal. In another headline, a federal judge denied a joint agreement between Bankman-Fried's legal team and prosecutors that would allow him to use certain messaging apps, including Facebook Messenger.
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Binance is temporarily suspending US dollar bank transfers
Binance has temporarily suspended U.S. dollar (USD) deposits and withdrawals via bank accounts. The suspension has not been declared and other trading methods are not affected. The freeze only applies to international users as Binance.US claims its customers will not be affected. The crypto exchange giant faced banking problems in the US. Recently, Binance's SWIFT transfer partner, Signature Bank, said it would only process trades from users with USD bank accounts over $100,000.
Genesis creditors expect an 80% repayment under the proposed restructuring plan
Ethereum co-founder Joe Lubin says no chance of ETH being classified as collateral
Winner and Loser
Bitcoin at the end of the week (Bitcoin) is at $21,707ether (ETH) at $1,525 And XRP at $0.38. The total market capitalization is at $1.01 Trillion, after to CoinMarketCap.
Among the many prime 100 cryptocurrencies, the highest three altcoin gainers of the week are The Graph (GRT) at 74.43%, SingularityNET (AGIX) at 65.51% and Rocket Pool (RPL) at 15.155%.
The highest three altcoin losers of the week are Fantom (FTM) at -31.15%, optimism (OP) at -23.79% and Aptos (SUITABLE) at -22.28%.
For extra info on crypto costs, see Cointelegraph's Market Evaluation.
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Most Memorable Quotes
"What we're seeing is that, by and enormous, clients are completely eager on digital property."
Michael DemissieHead of Digital Belongings at BNY Mellon
“The digital pound may coexist with different types of cash, together with stablecoins.”
Financial institution of England and HM Treasury
"If you need integrity inside a metaverse, then blockchain will play a job."
Robert JoyceChief Know-how Officer at Nokia Oceania
"Banks [in the U.S.] are at present checking whether or not these will proceed to be supplied [crypto] companies is definitely worth the danger.”
Aaron KaplanCo-CEO of Prometheum and of Counsel to Gusrae Kaplan Nusbaum
“MetaMask has traditionally been an Ethereum pockets. We have now to start out going past that. The multichain future could be very clear.”
Alex JupiterProduct Supervisor Accounts and Key Administration at MetaMask
"CBDC is a option to drive the complexity of cost techniques and supply financial safety by means of a neighborhood foreign money that isn't depending on different nations."
SoramitsuJapanese developer of monetary software program
forecast of the week
Ethereum value dangers a 20% correction amid SEC crackdown on crypto staking
Ethereum's native token noticed its worst every day efficiency of the yr because the US SEC blocked crypto trade Kraken from providing crypto staking companies. The information pushed down the costs of many proof-of-stake blockchain challenge tokens.
The The SEC crackdown on crypto staking begins as Ethereum's flagship community improve, Shanghai, is ready to be launched in March. Bitwise Asset Administration's Chief Funding Officer Matt Hougan thinks Shanghai is a bullish occasion for Ether:
“At present, many traders who wish to stake ETH and earn returns are sitting on the sidelines. In any case, most funding methods can't tolerate an indefinite lockup,” Hougan mentioned in a January investor letter. From a technical perspective, ether value is positioned for a possible 20% value correction in February, in response to Cointelegraph evaluation.
FUD of the week
SEC Chairman Warns Crypto Firms Over Kraken Staking Measures
Stablecoin issuer Paxos has reportedly come under investigation by New York regulators
3AC's new exchange sparks backlash from crypto community – 'No thanks'
The launch of the stock exchange project, backed by bankrupt hedge fund Three Arrows Capital (3AC), drew a crowd of angry community members. Open Exchange, a crypto exchange project initially proposed by 3AC and CoinFLEX, launched a website on Feb. 9. 3AC co-founder Su Zhu pointed out that the project is a way to make up for its past mistakes. 3AC went bankrupt in July after suffering losses from the collapse of Terra two months earlier.
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editorial staff
Cointelegraph Magazine writers and reporters contributed to this article.