SBF Pleads Not Guilty, Layoffs and Bank Run on Silvergate: Hodler's Digest, 1-7 Oct. January

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Prime tales of this week

Sam Bankman-Fried pleads not responsible to all expenses in federal courtroom

Former FTX CEO Sam Bankman-Fried (has pleaded not guilty to all charges related to the crypto exchange collapse, including wire fraud and securities fraud. He faces eight counts of charges, which carries a sentence of 115 years in prison In addition, Bankman-Fried's legal team has filed a petition asking a court to redact and not disclose certain information about people acting as guarantors of its $250 million bond and alleged threats allege against his family.

The Federal Reserve created an "FTX Task Force" to track down stolen user funds

A task force organized by the Southern District of New York was formed to locate and recover missing customer funds and investigate and prosecute the collapse of crypto exchange FTX. A similar effort had already been made by FTX's new management, which hired financial advisory firm AlixPartners in December to conduct "asset tracking" for missing digital assets.

The SEC is objecting to Binance.US' plans to acquire Voyager Digital

The United States Securities and Exchange Commission (SEC) has filed a "limited objection" to Binance.US' proposal to acquire the assets of bankrupt Voyager Digital. In its bid, Binance.US pledged $1 billion to purchase the assets, but the SEC raised concerns about the company's ability to fund the deal and suggested that Binance's global entity would be required to make the deal to support the takeover.

Coinbase reaches $100 million settlement with New York regulators

In response to violations of New York's financial services and banking laws, crypto exchange Coinbase will pay a $50 million fine and invest $50 million to fix its compliance program. According to the financial regulator, the crypto exchange had many compliance "deficiencies" related to anti-money laundering requirements, particularly in relation to onboarding and transaction monitoring.

The community celebrates Bitcoin Genesis Day by sending BTC to the Genesis block

The crypto community celebrated Bitcoin's 14th birthday this week, with some sending BTC to the address containing the rewards for mining the Genesis block - the first BTC block to be mined. On January 3, 2009, the pseudonymous Bitcoin creator Satoshi Nakamoto mined the Genesis block, which led to the minting of the first 50 BTC and paved the way for the development of an entire industry.

Winner and Loser

Bitcoin at the end of the week (Bitcoin) is at $16,819ether (ETH) at $1,263 and XRP at $0.33. The total market capitalization is at $819.9 Billion, according to to CoinMarketCap.

Among the many high 100 cryptocurrencies, the highest three altcoin gainers of the week are Lido DAO (I DO) at 52.19%, Solana (SOL) at 37.44% and BitDAO (BIT) at 23.50%.

The highest three altcoin losers of the week are Huobi Token (HT) at -9.32%, chain (XCN) at -7.09% and Web computer systems (ICP) at -5.19%.

For extra info on crypto costs, see Cointelegraph's Market Evaluation.

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Most Memorable Quotes

“Bitcoin particularly has the potential to advertise monetary inclusion attributable to its decentralized nature, making it immune to censorship and manipulation.”

Philip KaradjordjevićPrince of Serbia

"The issue for a lot of in DC is that they equate FTX with all the crypto business."

Ron HammondDirector of Authorities Relations on the Blockchain Affiliation

“We see loads of safety points as a result of individuals do not realize that that is their private accountability for their very own wealth. Individuals are not prepared for that.”

Dmitri MisuninHashEx CEO

"We're pleased with our dedication to compliance, however we're additionally prepared to acknowledge the place we have failed, together with paying penalties and dealing exhausting to repair points."

Paul GrewalChief Authorized Officer at Coinbase

"Certainly, crypto belongings have change into funding and monetary devices, in order that they have to be regulated on an equal footing with different monetary and funding devices."

Suminto SastrosuwitoDirector on the Indonesian Ministry of Finance

"As the previous CEO of Celsius, Alex Mashinsky promised to guide buyers to monetary freedom, however led them down a path to monetary destroy."

Letizia JamesLegal professional Basic of New York

forecast of the week

BTC value varieties new assist at $16.8K as bitcoin attracts 'megawhales'

As 2023 begins, Bitcoin continues to expertise a scarcity of volatility, resulting in debates amongst merchants over the timing of a breakout. The tight buying and selling vary has existed because the FTX saga in November.

Buying and selling platform Development Rider examined the one-week chart to mark $16,800 as the present 100-week management level (PoC) - the value stage that generated essentially the most quantity within the particular interval.

“~16.8K is the brand new 100 Weekly POC for Bitcoin. Merely put, that is the extent at which most quantity has traded over the previous 100 weeks, creating a possible bottoming,” the crypto agency famous.

FUD of the week

Mango Markets exploiter Avraham Eisenberg has been remanded in custody

The United States District Court in Puerto Rico has issued an arrest warrant for Mango Markets exploiter Avraham Eisenberg. According to court documents, Eisenberg's release is not subject to any condition or combination of conditions that would guarantee his appearance. With the decision, Eisenberg remains in custody until the case is closed or released on bail at a new hearing.

Silvergate sold assets at a loss and cut staff to cover $8.1 billion in withdrawals

FTX's collapse sparked a run on Silvergate, forcing the bank to sell assets at huge losses to cover about $8.1 billion in withdrawals. In addition, around 200 employees of the bank were laid off, which corresponds to 40% of the workforce. The bank has come under scrutiny from US lawmakers for its ties to FTX and Alameda Research.

Crypto lender Genesis is laying off 30% more staff

In its second round of layoffs in six months, Genesis Global Trading has reportedly cut 30% of its workforce. The crypto lending platform halted withdrawals and new lending in November, citing “unprecedented market turmoil.” In another headline on job cuts, crypto exchange Huobi announced plans to lay off 20% of its workforce as part of its ongoing restructuring following Justin Sun's acquisition of the company.