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📣 Cathie Wood Ark Invest Sells More Than 700,000 GBTC Shares
Renowned investor Cathie Wood, known for her optimistic Bitcoin forecasts, has been quietly reducing her firm ARK Investment Management’s exposure to Bitcoin. According to Bloomberg, despite publicly expressing bullish sentiments and recent headlines about predicting a BTC surge over $1,480,000, Ark Next Generation Internet ETF has reportedly sold over 700,000 shares of the Grayscale Bitcoin Trust since October 23. ETF trading data reveals a consistent decrease in Cathie Wood Ark Invest’s BTC exposure, with 36,168 shares offloaded just last Wednesday. The cryptocurrency has more than doubled in value this year, even in the face of regulatory actions against industry figures like Changpeng Zhao of Binance Holdings Ltd. and Sam Bankman-Fried of FTX. Surprisingly, Wood recommended the Grayscale Bitcoin Trust as her top pick at the Sohn Australia conference, held at the Sydney Opera House, just last week. However, ETF provider data compiled by Bloomberg indicates that Cathie Wood Ark Invest was the fourth-largest holder of the trust with 5.6 million units as of September 30, raising questions about the apparent divergence between public statements and investment actions. This pattern of behavior echoes Wood’s past actions in 2021, when she advocated for buying Tesla shares.
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💰 Binance’s Settlement With U.S. Authorities Is Positive for Crypto as Well as the Exchange: JPMorgan
Binance’s settlement with the U.S. government is positive for the crypto industry as well as the exchange, JPMorgan (JPM) said in a research report Thursday. For the wider market, the exchange's deal “would see significant reduction of a potential systemic risk emanating from a hypothetical Binance collapse,” the report said. It also reinforces an “ongoing shift towards regulated crypto entities and instruments which has been the objective of U.S. authorities post FTX’s collapse. The agreement also reduces the uncertainty surrounding the crypto exchange, which will benefit its trading and BNB Smart Chain businesses, JPMorgan said. It noted that Binance had been losing market share due to uncertainty around this issue. “Its market share loss should be contained going forward and perhaps partly reverse once the implications from the settlement on Binance’s operations and business model become more clear,” the analysts wrote. adding that the involvement of large asset managers such as Blackrock (BLK) and Fidelity in the approval of spot bitcoin ETFs by the Securities and Exchange Commission (SEC) supports this thesis.
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🟠 Binance CEO Faces UAE Travel Ban After Guilty Plea: Report
According to BBG, Binance CEO faces UAE travel ban after pleading guilty to a criminal case. Zhao agreed to post a $175 million bond but prosecutors argue he may not return to the US due to his assets and ties to the UAE. US prosecutors have requested a court to reverse its decision allowing Binance CEO, Changpeng Zhao, to travel to the United Arab Emirates (UAE) after pleading guilty to a felony criminal case. Despite objections from the government, a magistrate judge granted Zhao’s request to return to the UAE before his sentencing in February. The founder of the world’s largest crypto exchange agreed to post a $175 million bond, secured by $15 million in cash and three guarantors. However, the Justice Department prosecutors have urged the court to reconsider, citing the “substantial risk” that Zhao will not return to the US due to his assets, ties to the UAE, and the lack of an extradition treaty. They argue that if Zhao avoids facing the consequences of his conduct, he could lose more than $20 million but live comfortably in the UAE. Zhao and Binance pleaded guilty to anti-money laundering and US sanctions violations, allowing the exchange to continue operations. While Zhao faces up to 10 years in prison, it is expected that he will receive no more than 18 months as part of a plea deal.
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🇦🇺 Austria’s Raiffeisen Bank to Roll Out Crypto Trading for Retail Customers in January
Austria’s Raiffeisen Bank will roll out cryptocurrency trading services to retail customers by the end of January 2024. The service will initially be offered to customers in Vienna, where the 97-year-old bank is headquartered, and be provided in association with cryptocurrency exchange Bitpanda, which signed a letter of intent with the bank earlier this year. “We are starting in Vienna where about a quarter of Austria's population lives,” Curt Chadha, the bank’s head of innovation, said in an interview. “The customer can use their mobile device to enter Bitpanda through the Raiffeisen app. The experience will be familiar, so confirming a trade will work exactly like an account-to-account bank transfer with the same sort of security customers are used to.” The move by the bank, which has some $215 billion in assets and 17.8 million customers across the European Union and eastern Europe, is another sign of crypto adoption ramping up, particularly in jurisdictions where clarity around rules is emerging. Chadha said the service is aimed at customers who are digital savvy, but perhaps only want to make a small investment, as opposed to offerings from other banks, which are aimed at wealthy individuals with millions to invest.
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💰 Ripple (XRP) Chief Lawyer Comments on the SEC’s Actions in the Binance v. DOJ Saga
The latest saga involving Binance has undoubtedly been the most discussed topic in the cryptocurrency space in the past several hours. Recall that the world’s biggest digital asset exchange was hit with a whopping $4.3 billion fine by the US DOJ for allegedly violating certain anti-money laundering procedures, while its CEO Changpeng Zhao (CZ) stepped down from his post. Stuart Alderoty – Chief Legal Officer of Ripple – is among the individuals who believe the regulatory action against Binance could be a step forward for the cryptocurrency industry. In addition, he claimed that “nowhere does the DOJ suggest that Binance committed securities law violations.” making the US SEC “glaringly absent from the stage today.” He also reminded that America’s securities regulator filed its lawsuit against Kraken at the exact time when the authorities released their press conference regarding Binance. Ripple’s CLO compared the SEC’s attitude to the one of a “petulant child who can’t stand being ignored.” He went even further, suggesting the watchdog has shown “juvenile behavior.” Speaking of Kraken, it is worth touching upon the latest attack coming from the SEC toward the cryptocurrency sector. The Commission filed a lawsuit against the exchange, accusing it of breaching numerous laws and offering trading services with digital currencies labeled as unregistered securities.
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🪙 HashKey Exchange Launch Aave, Ushering in a New Era!
HashKey exchange launch Aave, a licensed virtual asset exchange based in Hong Kong. The listing, scheduled for 16:00 on November 23, 2023, Hong Kong time, marks a pivotal moment for users seeking diverse and regulated trading options. As of now, the doors to deposits and withdrawals on HashKey Exchange are wide open, allowing users to prepare for the imminent listing of AAVE. This move not only expands the offerings of HashKey Exchange but also provides AAVE/USD enthusiasts with a regulated platform. AAVE/USD trading pair is exclusively reserved for professional investors. This strategic decision ensures a controlled and specialized trading environment, catering to the needs of seasoned market participants. The collaboration between Aave and HashKey Exchange signifies a dynamic synergy between a prominent decentralized finance (DeFi) protocol and a licensed exchange, offering users a secure and regulated avenue to trade AAVE. The listing on HashKey Exchange not only elevates the market presence of Aave but also strengthens the position of HashKey Exchange as a reputable platform for virtual asset trading. Aave listing on HashKey Exchange reinforces the industry’s commitment to responsible.
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🇨🇦 Canadian regulator asks banks for feedback about crypto reporting rules
Canada's banking regulator, the Office of the Superintendent of Financial Institutions (OSFI), is calling for comments about guidelines for how banks should report crypto exposure. "Digital innovation is transforming how we transact, manage money, and view value but poses risks to our financial system," the OSFI said in a statement. "Recent crypto events underscore risks of unregulated financial innovation. Public disclosures enhance transparency, comparability of data, and market discipline for a safer financial system." Draft guidelines are scheduled to be published by the fall of 2024, with final rules to be communicated the following year. The effort comes as the Basel Committee on Banking Supervision is seeking feedback from internationally active banks through its own consultation. The OSFI said it intends to combine feedback received though its consultation with developments coming from the BCBS. Specifically, the regulator asked for feedback about three questions.
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📣 Bittrex Global to wind down operations, urges customers to withdraw funds
U.S. arm filing for bankruptcy protection earlier this year, Bittrex Global announced it is closing down and said customers should withdraw their funds as soon as possible. "It is with great regret that we announce that Bittrex Global has decided to wind down its operations. This decision was not made lightly, and we understand the inconvenience it may have on our valued customers," the company said in a statement. The closure comes a few months after Bittrex Global CEO Oliver Linch assured customers "if they want to do business with a non-U.S. regulated digital assets exchange, Bittrex Global is here for you." The exchange was once one of the largest exchanges in the U.S before its market share crumbled to below 1% in 2021. Bittrex's U.S. unit had to file for Chapter 11 bankruptcy protection in May after the Securities and Exchange Commission charged it with running an unregistered exchange. The exchange said in its statement that all trading activity on the platform will cease Dec. 4.
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🔴 Avalanche's AVAX token leads price rally among Ethereum rivals
AVAX, the native token of the Avalanche blockchain, is spearheading a rally among Layer 1 alternatives to Ethereum. In the past month, blockchain platforms that are considered Layer 1 alternatives to Ethereum have seen their native tokens make gains of over 100%, compared to a 22% increase in the value of ether. AVAX has surged nearly 130% in the last 30 days, according to CoinGecko data, while Solana's price increased by 113% and the native token of the Near protocol has risen by 110%. In an illustration of the increased activity on these alternative Layer 1s, data from The Block's dashboard shows the number of daily transactions on the Near blockchain has reached an all-time high of 1.68 million. "Avalanche's collaborations with heavyweight institutions like JP Morgan and Citi are indicative of a growing institutional inclination towards high-performance layer 1 alternatives to Ethereum," said Jeff Feng, co-founder of Sei Labs, which supports the high-performance Sei blockchain. "These developments highlight the financial industry's active search for scalable blockchain solutions," he added.
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💰 ARK Resubmits Bitcoin ETF Prospectus, Igniting Market Speculation!
ARK resubmits Bitcoin ETF another update to its S-1, marking the third amendment in its ongoing efforts to refine and strengthen its Bitcoin Spot ETF prospectus. This development comes as a semi-shocker, but in a positive light, reflecting the commitment to meticulous preparation for eventual submission to the Securities and Exchange Commission (SEC). S-1 document showcase ARK resubmits Bitcoin ETF’s dedication to ensuring precision and completeness in its proposal. Each amendment represents a step forward in aligning the prospectus with the regulatory expectations set by the SEC. The crypto community views this iterative refinement positively, interpreting it as a proactive measure to enhance transparency and address any potential concerns that may arise during the SEC approval process. The significance of ARK’s persistence in amending the S-1 lies in its potential impact on the broader cryptocurrency market. A Bitcoin Spot ETF approval by the SEC holds the promise of opening new avenues for institutional and retail investors to participate in the cryptocurrency space. It could also contribute to increased market liquidity and potentially influence broader regulatory sentiment toward digital assets.
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📣 Unstoppable Domains and ENS Clash Over Blockchain Domain Patents
ENS lead developer demanded legal backing to Unstoppable Domains’ promise to pledge their first patent to the Web3 Domain Alliance. Unstoppable Domains is currently facing criticism for allegedly appropriating the open-source advancements of the Ethereum Name Service (ENS) through the filing of a patent named “Resolving Blockchain Domain Names” in January this year. Unstoppable Domains’ ongoing pursuit of additional patents. In an open letter, Nick Johnson, the lead developer of ENS, expressed significant concerns about Unstoppable Domains’ patent applications related to blockchain domain names while highlighting ENS’ advocacy for open source, open standards, and governance. At the center of the debate is Unstoppable Domains’s first patent, US11558344, granted in January, which, according to Johnson, is based entirely on innovations developed by ENS. The letter claims that the patent lacks original innovations and questions the irony of supporting open innovation while pursuing patents mirroring ENS’s work. including one for reserving names similar to a “Sunrise Phase,” a concept well-established in the DNS world.
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🚨 dYdX’s insurance fund lost $9 million as a result of 'targeted attack': CEO
Decentralized exchange dYdX took a $9 million hit to its insurance fund, representing around 40% of its total, following liquidations in the Yearn Finance (YFI) market, the platform announced on X. The platform also stated the insurance fund remains "well funded" with $13.5 million remaining. On its website, dYdX explains that its insurance fund, designed to step in when an account has a negative balance, "is not decentralized, and the dYdX team will be directly responsible for deposits to and withdrawals from the fund." In a follow-up post, dYdX CEO Antonio Juliano called the event "pretty clearly a targeted attack against dYdX" that involved "market manipulation of the entire $YFI market" and said the platform was investigating the incident "alongside several partners," as well as reviewing the risk parameters that govern the v3 platform. Juliano and dYdX did not immediately respond to requests for additional comments. Arkham Intelligence noted in a post on X that amidst yesterday's dramatic 40% price crash in YFI, $50 million in YFI Open Interest — or unsettled contracts — was wiped out. Arkham stated that normally, YFI is "very rarely traded" on dYdX, yet the past few days saw the platform make up almost half of YFI's overall Open Interest.
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🇺🇸 US Crypto Exchange Coinbase Fined for Refusing to Localize Russian Users' Data
The U.S. cryptocurrency exchange Coinbase was recently hit with a fine exceeding $11,000 by a Russian court. The fine stems from the crypto exchange’s refusal to comply with a law that requires foreign companies to localize data of their respective Russian users or customers. A court in Russia recently imposed a fine of just over $11,000 on the U.S. cryptocurrency exchange Coinbase. The court said the fine relates to Coinbase’s alleged refusal to localize data on Russian nationals who use the crypto exchange platform. According to a report from one online media outlet, Coinbase’s non-adherence with Russia’s data regulations means the crypto exchange is guilty of an administrative offense under Part 8 of Art. 13.11 of the Code of Administrative Offenses of the Russian Federation. As noted in the report, AIDA International was similarly fined for refusing to observe the country’s new data regulations. Since the end of May, Russia’s Federal Service for Supervision of Communications, Information Technology and Mass Media or the Roskomnadzor (RZN) has required foreign companies to “localize databases of Russian users.” Already, representatives of more than 600 foreign companies are believed to have complied with the requirement.
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🪙 Fidelity files for spot Ethereum ETF, says approval would be 'major win' for US investors
Asset management giant Fidelity has filed for a spot ether ETF, in the footsteps of its spot bitcoin ETF application. "To this point, approval of a Spot ETH ETP would represent a major win for the protection of U.S. investors in the crypto asset space," the filing states, claiming that investors are facing significant risk without such products as they seek alternative, riskier ways to get exposure. Fidelity has filed for a spot ether ETF, following its spot bitcoin ETF application. The filing noted the recent Grayscale court ruling where the court said the SEC had failed to find a coherent reason why it should reject spot crypto ETFs when it had allowed futures-based products."To this point, approval of a Spot ETH ETP would represent a major win for the protection of U.S. investors in the crypto asset space," the filing states, claiming that investors are facing significant risk without such products as they seek alternative, riskier ways to get exposure. In June, Fidelity filed for a spot bitcoin ETF, shortly after BlackRock entered the race. The Block broke the news ahead of the filing.
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📣 Poloniex Exchange Services Are Set To Resume After The Hack
Poloniex stated that deposit and withdrawal services will resume next week after the team conducts a thorough security check. To enhance security, the team conducted a comprehensive wallet update. After Poloniex exchange services are restored, the platform will update the recharge addresses of all users, and users are advised not to recharge during the update period. In response to a significant security breach on November 10 that resulted in a loss of approximately $125 million, Poloniex has taken swift action to enhance user fund security. A malicious actor compromised one of the exchange’s hot wallets, moving over $100 million worth of digital assets, including Ethereum (ETH). While the exchange’s owner, Justin Sun, confirmed an ongoing investigation into the incident, specific details about the theft remain undisclosed. To address the security concerns, Poloniex has engaged an unnamed security firm and is conducting comprehensive security audits. Sun, who acquired the exchange in 2019, posted on social media that the team is committed to fully reimbursing users affected by the breach. He also offered a 5% reward to the hacker for returning the stolen funds. As part of the security measures, the exchange announced a thorough update on users’ wallets.
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🏦 HTX Deposits And Withdrawals About To Reopen With Airdrop After $30 Million Hack
On November 22, 2023, HTX, formerly Huobi Global, encountered a significant security breach, resulting in a staggering loss initially estimated at $13.6 million, later revised to approximately $30 million. Justin Sun, the prominent figure associated with HTX and Poloniex, reassured users about the safety of their assets, expressed regret for the inconvenience caused and pled to cover all losses. In response to the incident, HTX deposits and withdrawals are set to reopen, accompanied by an upcoming airdrop as a gesture of appreciation for affected users. Sun urges users to stay vigilant by monitoring platform announcements. This breach marked the fourth cybersecurity incident affecting Sun-related businesses in the past two months, raising concerns about the effectiveness of their security protocols. Particularly notable was the attack on Poloniex on November 10, attributed to a meaningful private key breach. The breach results in a substantial $100 million loss, prompting an ongoing investigation to determine the root cause. To encourage the return of the stolen funds, a $10 million white-hat reward has been announced. HTX deposits and withdrawals are reopened together with Poloniex. HTX affirmed that the overall financial health of the platform remains stable and normal operations are unaffected.
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💰 Bitcoin's Hashrate War Between Antpool and Foundry Intensifies as BTC ETF Nears
Bitcoin miners Antpool and Foundry dominate Bitcoin mining hashrate. Between them, the two own a total of 53.4% of the world's hashing power. In the past few weeks, Antpool has been pulling ahead of its biggest competitor, adding significant power to its hashing capabilities. "China is aggressively mining ahead of the approval of a Bitcoin ETF", Bradley Park, a Web3 analyst at CryptoQuant, wrote to CoinDesk in a note. "As the Bitcoin halving nears, I anticipate a competitive surge between China and the US in mining machine productivity," he continued. "This is because the unit cost of mining Bitcoin is likely to escalate due to increasing power expenses and rising mining difficulty." The Bitcoin halving, a significant event in the cryptocurrency's timeline that occurs roughly every four years, reduces the block rewards for miners by 50%. While many argue that the halving is bullish for bitcoin's price, some also say a significant bull run is more likely to depend on major central banks increasing their M2 money supply growth rates, as past trends have shown a correlation between these rates and the price.
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💰 Bitcoin Supply Inactive for a Year Hits Record High of 70%
The percentage of Bitcoin's (BTC) circulating supply that was last active on-chain at least a year ago has reached a record high of 70.35%, surpassing the previous peak of 69.35% in July, according to data tracked by blockchain analytics firm Glassnode. The new lifetime high reflects "a strong belief from bitcoin's holder base in the wake of crypto-wide contagion and macro headwinds after its all-time highs in 2021," according to Reflexivity Research. The percentage of supply that has not moved on-chain in two, three, and five years is also at their respective lifetime highs. It shows long-term investors are in no mood to sell even after bitcoin has more than doubled to $37,000 this year. "While higher prices will ultimately incentivize new sellers, with Bitcoin up over 100% in the same time period, it appears Bitcoin holders are not planning on offloading inventory at these price levels or any time soon," Reflexivity Research said in a note to clients. These metrics, however, may not paint an accurate picture once the financialization of bitcoin through alternative investment vehicles like spot-based exchange-traded funds (ETFs) and cash-settled futures gathers pace.
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🟠 Binance's Ex-CEO CZ 'Poses a Serious Risk of Flight,' Prosecutors Claim in Asking He Stay in U.S.
Binance's former CEO, Changpeng Zhao (CZ), cannot be allowed to leave the U.S. ahead of his February sentencing on one charge of violating the Bank Secrecy Act, federal prosecutors said in a court filing Wednesday. Zhao pleaded guilty and resigned from the crypto exchange he founded on Tuesday, alongside Binance pleading guilty to multiple criminal and civil charges tied to its allowing U.S. users and users from sanctioned regions to use the platform without adequate know-your-customer. In Wednesday's filing, prosecutors said Zhao, as a citizen of the United Arab Emirates (UAE), had "minimal ties to the U.S." and may not return should he be allowed to leave. They noted that they were not asking for him to be jailed ahead of sentencing – only that he be required to remain in the U.S. His sentencing is currently scheduled for Feb. 23, 2024, and he faces potentially over a year in prison, along with a fine. Under the terms of his current bond agreement, Zhao can leave the U.S., having put up $15 million in a trust account, signed a $175 million personal recognizance bond and found guarantors putting up additional funds.
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💰 Simplified bitcoin exposure via spot ETFs will help reduce traditional portfolio risk: analysts
Approval of bitcoin spot ETFs in the United States would simplify access to bitcoin exposure, helping to reduce traditional 60/40 portfolio risk by diversifying into the digital asset, according to the latest K33 Research report. “We expect diversification and risk-adjusted outperformance to be key go-to-market strategies from the various ETF providers,” Senior Analyst Vetle Lunde and Vice President Anders Helseth said. Since 2020, bitcoin has proven its worth as a powerful tool for portfolio diversification, the analysts argued. An investor with 1% exposure to bitcoin in a traditional 60/40 portfolio would have outperformed a portfolio without bitcoin exposure by 3.16%. The traditional 60/40 portfolio is a classic investment strategy that involves allocating 60% to stocks and 40% to bonds. Despite a muting of the bitcoin diversification narrative during 2022's crypto market turmoil, bitcoin exposure this year would have improved risk-adjusted returns in a traditional portfolio due to softening correlations and solid upside, the analysts added.
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🆘 HECO Chain Hack Occurs Causing $86 Million In Losses
A substantial $86 million has been illicitly transferred from a HECO account to an undisclosed address, as reported by the on-chain security platform Cyvers Alerts. The stolen assets, detailed by BitJungle Monitor, encompass a variety of cryptocurrencies, including 346,994 TUSD, 42,399 LINK, 619,000 USDC, 173,200 UNI, 346.9 million SHIB, 489 HBTC, 42.11 million USDT, and 10,145 ETH. Peckshield Alert noted an additional 10,145 ETH transfer, suggesting a potential compromise of the operator’s address in the HECO Chain hack. Justin Sun confirmed the compromise between HECO Chain and HTX in a recent statement, assuring users that HTX would fully compensate for losses incurred in the hot wallet. Deposits and withdrawals on the platform are temporarily suspended, emphasizing the platform’s commitment to securing the remaining funds during the investigation. The HECO Chain hack follows a previous $8 million exploit of HTX in October, where hackers pilfered 500 ETH. Despite the breach, HTX emphasizes that all funds within the platform remain secure, and users can trust the implemented security measures. The platform’s proactive suspension of deposits and withdrawals underscores its dedication to mitigating potential risks and protecting user assets during the ongoing investigation.
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💰 Celsius recovery plan hits road block at the SEC: report
The recovery plan for Celsius hit a road block at the Securities and Exchange Commission, with the regulator wanting more information about the bankrupt crypto lender's assets, CoinDesk reported, citing a source familiar with the matter. "The way I'm interpreting it is the SEC is telling the committee what they want to see for various parts of the business, and now the committee has to decide what they're going to do with that information." The SEC wants more information about Celsius’s bankruptcy recovery plan, CoinDesk reported, citing a source familiar with the matter. The conversations include the SEC, the Celsius Creditors Committee and Fahrenheit Group. The firm filed for Chapter 11 bankruptcy protection in July 2022 after it was revealed to have a $2 billion hole in its balance sheet. On Nov. 9, a New York judge approved a plan for Celsius to pay off its debt through the use of a new mining firm, in which Fahrenheit Group would oversee the payment of $2 billion worth of bitcoin and ether to creditors. However, the move had to be approved by the SEC, The Block previously reported.
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📣 A DAO is funding a lawsuit against its own founding team
The Aragon DAO has passed two votes supporting a lawsuit against its founding team and funding it with $300,000. A vote approving the proposal passed unanimously with 1.6 million governance tokens in favor, while the vote to approve the funding passed with 1.6 million tokens in favor and 1 million tokens against. In governance votes, token holders vote with their tokens — with one token equalling one vote. The vote comes in response to a move by the Aragon Association to dissolve itself. “Rather than continuing down the current path, after several months of deep introspection we have concluded that the shaky foundations underlying the current structure cannot be fixed and have been holding back the project for too long. Neither the AA nor ANT are currently suited to govern the project. A fresh start is needed and nothing short of a total reset will do,” it said. “This proposal is to decide whether or not to start a process to go after the AA's responsible members in order to make sure the money from investors is returned to investors and not taken by the Aragon Team into their new secretive company,” the proposal states.
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📣 Media Site Coindesk Acquisition Now Completed By Bullish
Bullish, the cryptocurrency exchange helmed by former New York Stock Exchange President Tom Farley, has successfully acquired CoinDesk, a crypto-focused media company, in an all-cash transaction, as reported by the Wall Street Journal. Media site Coindesk acquisition also includes Bullish’s involvement in the acquisition of FTX 2.0. Former Wall Street Journal editor-in-chief Matt Murray is set to serve as the chairman of CoinDesk’s independent editorial board, ensuring the media outlet’s editorial autonomy. The financial details of the media site Coindesk acquisition remain undisclosed, but it marks a significant development since Digital Currency Group, CoinDesk’s parent company, acquired it in 2016 for $500,000. CoinDesk, known for breaking news about Sam Bankman-Fried’s crypto empire, will maintain its current management team, led by CEO Kevin Worth. The publication will operate as an independent subsidiary within Bullish, with plans to launch an editorial committee to safeguard journalistic independence. CoinDesk, a leading digital media, events, and information services company for the crypto and blockchain community, generated $50 million in revenue last year.
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⬜️ OKX Seeks Virtual Asset Trading License from Hong Kong Authorities!
Hong Kong Securities and Futures Commission (SFC) has issued an updated list of applicants seeking virtual asset trading license from Hong Kong trading platform. Among the recent applicants, OKX Hong Kong FinTech Company Limited has submitted its application on November 16, signaling its intent to secure approval for its virtual asset trading platform, known as “OKX.”. OKX’s application, two other virtual asset trading platforms, Meex and PantherTrade, had already submitted their license applications on October 12 and November 15, respectively. OKX Global Chief Commercial Officer, Li Zhikai, expressed the platform’s commitment to progressive regulation, positioning OKX as an advocate for responsible and compliant practices in the digital asset space. Zhikai emphasized the belief that the global digital asset ecosystem is moving toward increased regulation, aligning with OKX’s proactive approach to compliance. The submission of OKX’s application marks a pivotal step in the platform’s journey, reflecting its dedication to operating within a regulated framework and contributing to the establishment of a robust and secure virtual asset trading environment in Hong Kong. The evolving regulatory landscape is likely to shape the future trajectory of digital asset platforms, fostering a more secure and transparent ecosystem for investors and traders alike.
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💰 Sam Altman Invited To Cardano Partnerchain LLM After Being Fired By OpenAI’s Board
Cardano founder Charles Hoskinson invites ousted OpenAI CEO Sam Altman to join the Cardano partnerchain LLM. OpenAI’s board announced that Sam was fired for not being “consistently candid in his communications with the board.”. Cardano founder Charles Hoskinson has invited Sam Altman, the former CEO of OpenAI, to participate in a decentralized large language model (LLM) project related to the Cardano partnerchain. The invitation of Charles Hoskinson comes after OpenAI’s board fired Sam Altman, as per Reuters. OpenAI’s Chief Technology Officer, Mira Murati, will serve as the interim CEO while the company searches for a permanent replacement. Altman’s departure followed a review process by the board, citing a lack of consistent communication hindering their responsibilities. Greg Brockman, OpenAI’s president and co-founder, resigned from the company in response to Altman’s firing. The sudden management changes surprised many employees, including Altman and Brockman themselves, who learned of the decision shortly before the public announcement.
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📣 Poloniex confirms hackers identity, offers $10M white hat reward to return stolen funds
Poloniex has officially identified the hacker responsible for stealing $120 million from the exchange on Nov. 10 and offered a $10 million white reward if the funds are returned by Nov. 25, according to on-chain data shared by blockchain security firm PeckShield. Sun’s wallets initiated sixteen transactions, each worth $0.10 in Ethereum, containing the same message in multiple languages. The purpose of the transaction barrage was to inform the hacker that Poloniex had successfully confirmed their identity and to offer a white hat reward of $10 million. According to the on-chain message, Poloniex has engaged law enforcement agencies from China, Russia, and the U.S. to take legal action against the hacker if the funds are not returned. The message stated that all stolen funds had been identified and marked for tracking, rendering them unusable. Furthermore, it warned that any financial counterparties receiving these assets would face freezing of their accounts. The company set a deadline of Nov. 25 for the attacker to return the funds voluntarily.
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💰 Bitcoin options open interest reaches all-time high of $15 billion on Deribit
In the last 24 hours, open interest for bitcoin options on the Deribit crypto options and futures exchange reached an all-time high, surpassing $15 billion. "Total open interest in bitcoin options surpassed that of BTC futures for the first time. This shift signifies the market's maturation and growing sophistication," noted Deribit Chief Commercial Officer Luuk Strijers. He added that on Deribit, which holds an 85% market share in bitcoin options, "there is currently a record-breaking $15 billion in notional open interest in BTC options." Strijers added that the increase in open interest to a new all-time high is evidence of the cryptocurrency market's evolving complexity. "This development underscores the increasing preference for options as a strategic tool among traders, whether for positioning, hedging, or leveraging the recent surge in implied volatility. It's clear evidence of the market's evolving complexity," he said. An increase in open interest signals a highly liquid market with many participants. Open interest refers to the total number of outstanding options contracts that have not been exercised. When there is an increase in open interest, it suggests an increase in sophisticated trader activity, with new contracts being created and added to the existing ones.
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💰 More Bitcoin ETF Rejections 'Quite Likely,' BitGo's Belshe Says
BitGo CEO Mike Belshe said it's "quite likely" the U.S. Securities and Exchange Commission (SEC) will reject a series of spot bitcoin (BTC) exchange-traded fund (ETF) applications despite industry-wide optimism. Speaking in a Bloomberg interview, Belshe said the SEC might reject current applications on the basis that exchanges and custody are not separated. Coinbase (COIN) has been selected by several applicants as a custody partner for a potential ETF. Belshe says the SEC could reject ETF applications until exchanges and custody separate out. "There are a lot of risks in that entity Coinbase that are not understood," Belshe said. "I think that the SEC could quite likely come back and say: 'Nope, you've got to separate out those things fully before we move forward.'" Several ETF analysts have said that the chances of an ETF being approved in January are around 90%. The SEC has rejected numerous applications over the years, citing concerns over potential market manipulation and a lack of customer protection. Fund manager BlackRock filed an application for a spot bitcoin ETF in June. Since then, the price of BTC has rallied by 45% to $36,200, according to TradingView data.
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📣 Upbit Temporarily Suspends Withdrawals, Leaving Users in Limbo!
Upbit temporarily suspends withdrawals. Upbit has alerted its users to a temporary disruption in digital asset withdrawals, citing ongoing congestion on the Bitcoin (BTC) network. This strategic approach aims to streamline the withdrawal process, ensuring efficiency and a smooth experience for users. By prioritizing transactions based on network stability, Upbit aims to mitigate the impact of the current Bitcoin congestion. The platform has assured users that withdrawals will resume, but the process will be sequential. In addition to the withdrawal delay, Upbit has announced a temporary hold on the deposit refund process. This decision aligns with the exchange’s commitment to maintaining a secure and reliable trading environment. The synchronized delay in deposit refunds serves as a precautionary measure during this period of network congestion. Upbit recognizes the importance of clear communication during such situations and aims to keep users informed about the ongoing developments. While inconveniences may arise, the exchange is dedicated to providing a transparent and user-centric experience.Upbit’s measured response emphasizes a commitment to user satisfaction and the security of digital assets.
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