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SBF's new fees, Shapella's fork date, emojis as financial advice

Published on

February 25, 2023
Read Time:6 Minute, 14 Second

High tales of this week

Former FTX CEO Sam Bankman-Fried (SBF) has been indicted on four new counts by a federal judge presiding over his case. According to a replacement indictment, Bankman-Fried now has 12 criminal charges, including eight counts of conspiracy to commit fraud and four counts of wire fraud and securities fraud. In a bid to potentially change his bail terms, Bankman-Fried's attorneys will hire a security expert to help the federal judge oversee his fraud case. The technical expert helps the judge solve issues related to encrypted messages, privacy-focused messaging apps, and VPNs.

Ethereum Shapella upgrade gets a new date and makes way for ETH un-staking

Ethereum core developer Tim Beiko announced that the Shapella upgrade of the blockchain is scheduled for February 28th. The Shapella network upgrade will be activated on the Sepolia network at epoch 56832. Key changes to the consensus layer include full and partial payoffs for validators and independent state and historical blocks accumulators replacing the original singular historical roots. After the Sepolia fork, the next step would be the March scheduled release of the Shanghai upgrade on the Ethereum Goerli testnet.

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US lawmakers are introducing a bill aimed at limiting the Fed's authority over the digital dollar

US Representative Tom Emmer has introduced legislation that could prevent the Federal Reserve from issuing a central bank digital currency (CBDC). According to Emmer, the CBDC Anti-Surveillance State Act is designed to protect Americans' right to financial privacy. The bill could ban the Fed from issuing a digital dollar “directly to anyone,” prevent the central bank from implementing monetary policy based on a CBDC, and require transparency for digital dollar-related projects.

A US District Court judge ruled that emojis such as the rocket ship, stock chart and money bags mean "a financial return". The decision comes as part of a recently filed court filing regarding Dapper Labs' motion to dismiss a lawsuit alleging that its NBA Top Shot Moments violated NFT's safety laws. In a tweet, Lisa Braganca, former head of the US Securities and Exchange Commission's (SEC's) Enforcement Branch, warned users of the potential legal ramifications of using emojis that could indicate future gains.

Ankr partners with Microsoft to offer enterprise node services

Microsoft has partnered with decentralized blockchain infrastructure provider Ankr to provide a novel node-hosting service on the Microsoft Azure Marketplace. This partnership will integrate the technology of both companies and couple Ankr's blockchain infrastructure with Microsoft's cloud solutions. Enterprise node provisioning service provides low latency blockchain connections for Web3 projects. The service forwards transactions, uses smart contracts and can read or write blockchain data.

Winner and Loser

Bitcoin at the end of the week (Bitcoin) is at $23,245ether (ETH) at $1,596 And XRP at $0.37. The total market capitalization is at $1.06 Trillion, after to CoinMarketCap.

Among the many prime 100 cryptocurrencies, Stacks are the highest three altcoin gainers of the week (STX) at 122.16% conflux (CFX) at 95.19% and arrival (Anchor) at 38.31%.

The highest three altcoin losers of the week are Fantom (FTM) at -16.07%, dYdX (DYDX) at -13.26% and loop ring (LRC) at -14.41%.

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

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Most Memorable Quotes

"I feel it is about time the Treasury Division, the Feds, the CFTC, the SEC, all of us acquired higher united on crypto."

Maxine waterUS Representative for California

"Where democracies have collapsed, I think it's very clearly related to fiat currency, and I think Bitcoin fixes that in a way."

Alexander GladsteinChief Strategy Officer at the Human Rights Foundation

“Bitcoin mining can really push the boundaries of innovation and investment in renewable energy significantly.”

Jaime LevertonManaging Director of Hat 8

"By acting without the authorization of Congress, [the SEC] continues to contribute to a chaotic regulatory environment and harms the very investors it is designed to protect.”

Chamber of Digital Commerce

"Gone are the days when crypto companies like CoinEx acted like the rules didn't apply to them."

Letizia JamesAttorney General of New York

"Clinically, we've certainly seen an increase in people coming into therapy and reporting difficulties in managing their crypto trading behavior."

Anastasia ChronisAustralian clinical psychologist

forecast of the week

Bitcoin considers 25% of world wealth in new $10 million BTC price prediction

Bitcoin may be struggling with "brutal" volatility, but hodlers and critics alike should have no doubts about its long-term price development, said fund manager and bitcoin expert adviser Jesse Myers while revealing his own "outrageous" BTC price target.

Analyzing Bitcoin's value proposition, he argues that Bitcoin's ability to rise over time means it is all but destined to soak up the value of other asset classes.

“My conservative estimates suggest an outrageous full potential for the price of bitcoin: $10M/bitcoin in today's dollars. Put another way, I believe bitcoin's full potential is to gobble up ~25% of world value...while it's only 0.05% today. That is absurd. That means I believe bitcoin could grow 500x in real terms (adjusted for inflation) over the coming decades,” Myers wrote.

FUD of the week

US crypto regulation takes place “behind closed doors” – Blockchain Association CEO

Blockchain Association CEO Kristin Smith says Congress needs to take scrutiny of crypto legislation and ensure it is an "open process" by looking at the market comprehensively. Though regulators work "very quickly," legislation moves "behind closed doors," Smith noted, stressing the importance of industry involvement in an "open process" that includes Congress.

US regulator crackdown leads to $32 million in digital asset outflows

Institutional crypto fund manager CoinShares reported that digital asset investment products saw outflows totaling $32 million last week, the largest outflow of the year. The outflow comes after a massive crackdown on the digital asset industry by the US Securities and Exchange Commission, targeting everything from staking services to stablecoins and crypto custody.

Kim Kardashian and Floyd Mayweather File Motions to Dismiss Crypto Ad Lawsuit

Kim Kardashian, Floyd Mayweather and other celebrities are hoping to convince a judge to reject another attempt to hold them liable for allegedly promoting EthereumMax (EMAX) without proper disclosure. Recently, the US SEC issued a warning to celebrities promoting crypto, reminding them that they are legally required to disclose how much they are paid and by whom.

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Hong Kong Crypto Rush, DeFi Token Soars 550%, NBA China NFTs – Asia Express

Hong Kong looks to restore retail crypto trading, FTX Japan clients withdraw almost all assets after three months, and NBA China will continue to mint NFTs.

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editorial staff

Cointelegraph Magazine writers and reporters contributed to this article.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : February 25, 2023
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