Prime tales of this week
SBF's $250 million bail bonds needs to be launched, the choose mentioned
The identities of two people who helped former FTX CEO Sam Bankman-Fried with his $250 million bail could be revealed next month following a recent ruling by US District Judge Lewis Kaplan. Bankman-Fried's legal counsel has until February 7 to appeal the decision. As the bankruptcy proceedings continue, FTX and affected parties have requested subpoenas for 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 that Alameda Research is suing bankrupt crypto lender Voyager Digital to recover $445.8 million in loan repayments made before FTX collapsed.
UK Treasury Releases Crypto Framework Paper: Here's What's Inside
The UK Treasury has released a long-awaited consultation paper for its upcoming crypto regulation. The document covers a wide range of topics, from algorithmic stablecoins to non-fungible tokens and initial coin offerings. The agency aims to level the playing field between crypto and traditional finance by including digital assets in the UK's Financial Services and Markets Act 2000.
Zooko's Triangle: The Human-Readable Paradox at the Heart of Crypto Adoption
Play2Earn: How blockchain can bring about a paradigm shift in building gaming economies
Celsius publishes a list of users who are eligible to withdraw the majority of assets
Bankrupt crypto lending company Celsius developed a withdrawal process for users who had funds in its custody in June 2022, when the company halted withdrawals. Celsius has released an official update on upcoming withdrawals, providing the list of users who are eligible to access approximately 94% of qualifying depository assets. Users will also get specific details on gas and transaction fees related to the upcoming proceedings.
Silvergate faces a DOJ investigation into dealings with FTX and Alameda
Cryptobank Silvergate is under investigation by the US Department of Justice fraud unit for its involvement in the bankrupt FTX exchange and its affiliates. Investigators are trying to figure out just how deep FTX and Alameda Research's dealings with the California-based bank went. According to Silvergate, Alameda opened an account in 2018 before launching FTX. Silvergate was hit hard by the FTX collapse in November and reported a $1 billion loss in its most recent quarter.
Meta CEO Zuckerberg sticks to Metaverse plans despite $13.7 billion setback
Meta CEO Mark Zuckerberg said the company plans to stick to its long-term strategy for the Metaverse, even though its reality labs business would incur $13.7 billion in operating losses in 2022 -- its largest annual losses , ever recorded for his department of building metaverse . The company's total revenue for the fourth quarter was $32.1 billion, beating Wall Street expectations.
Winner and Loser
Bitcoin at the end of the week (Bitcoin) is at $23,572ether (ETH) at $1,661 And XRP at $0.40. The total market capitalization is at $1.09 Trillion, after to CoinMarketCap.
Among the many high 100 cryptocurrencies, the highest 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 highest three altcoin losers of the week are UNUS SED LEO (LION) at -12.30%, eCash (CHECK OVER) at -5.50% and Toncoin (TON) at -5.30%.
For extra data on crypto costs, see Cointelegraph's Market Evaluation.
Fan Token: Day commerce together with your favourite sports activities staff
Cryptocurrency epicenter shifting away from East Asia?
Most Memorable Quotes
"Regulators are rightly going to be taking a look at this trade a lot, far more carefully, which might be an excellent factor, to be trustworthy."
Changpeng "CZ" ZhaoFounder and CEO of Binance
"The truth that each the SEC and CFTC have taken motion towards market manipulation by an alleged rogue dealer is optimistic credit score to your entire trade."
Cristiano VentricelliAffiliate Vice President, Decentralized Finance at Moody's Investor Service
"Not one of the alerts I've seen to date point out that we must always change Actuality Labs' technique in the long run."
Mark ZuckerbergFounder and CEO of Meta
"Behind the scenes, Celsius ran its enterprise in a really totally different method than the way it marketed itself to its clients in each method that issues."
Shoba Pillayformer federal prosecutor and associate at Jenner & Block
"We consider that bitcoin mining is at present being unfairly focused and double taxed by the IRS."
Dennis PorterCEO of the Satoshi Motion Fund
"[Bitcoin is] not an efficient retailer of wealth. However we reside in a world the place cash as we all know it's in danger.”
Ray Daliobillionaire investor and entrepreneur
forecast of the week
$25,000 Bitcoin Now Crowd Traded
The Federal Reserve hiked rates of interest by 0.25% this week, consistent with virtually all expectations, which precipitated the BTC/USD pair to surge above $24,000 for the second time in as many days, with market members nonetheless at one Hoping for a run as much as $25,000 earlier than hitting one other charge vital pullback.
“BTC had a clear breakout above its macro downtrend line + backtest,” defined funding analysis useful resource Sport of Trades on Twitter, including that “the following main resistance to interrupt is the $25,000 area is".
Pseudonymous dealer Crypto Tony conceded that the goal might now not materialize. "$25,000 is my important purpose however I am seeing lots of people asking for it now and it is turning into a crowded deal," he wrote.
FUD of the week
BonqDAO protocol suffers $120 million loss after Oracle hack
Decentralized autonomous organization BonqDAO suffered a smart contract exploit that resulted in millions of dollars being stolen via an oracle hack that allowed the exploiter to manipulate the price of the AllianceBlock (ALBT) token. An independent analysis by blockchain security firm PeckShield has estimated the loss at $120 million, including $108 million from 98.65 million Bonq Euro (BEUR) tokens and $11 million from 113.8 million Wrapped AllianceBlock -Token (WALBT).
Bithumb owners arrested in South Korea for alleged embezzlement
A man suspected of being the real owner of South Korea's largest crypto exchange Bithumb has been arrested for embezzlement. According to prosecutors, he and his brother, head of Bithumb subsidiary Inbiogen, worked together to embezzle company funds and manipulate Inbiogen's stock prices. Among others, Spanish authorities have arrested the CEO of Hong Kong-based cryptocurrency exchange Bitzlato in a joint effort by France, Portugal, Cyprus and United States law enforcement agencies.
Kraken is closing Abu Dhabi office and ending support for AED
Crypto exchange Kraken 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 still have access to the platform with other fiat currencies. Several employees are also expected to remain in the area. The move to the Middle East comes after Kraken announced plans to cut its workforce by 30% — more than 1,000 people — to survive the crypto winter.
Best Cointelegraph Features
Will the Metaverse really be like Snow Crash?
Snow Crash predicted many of the problems with the Metaverse back in the 1990s. Here are some of the issues that still need to be resolved.
Tiffany Fong Flames Celsius, FTX and NY Post: Hall of Flame
Tiffany Fong stumbled into Twitter fame after getting burned in the Celsius bankruptcy. She says she has no idea where this is going.
Why are crypto fans obsessed with micronations and seasteading?
From repurposed cruise ships like MS Satoshi to blockchain-ruled Liberland and Satoshi Island, crypto fans are trying to create utopian new communities based on new rules.
The most engaging read in blockchain. Delivered once a week.
Cointelegraph Magazine writers and reporters contributed to this article.