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🇺🇸 SEC's Gensler stays true to form, uses Wednesday speech to say crypto is full of 'fraud, scams, bankruptcies and money laundering'
Securities and Exchange Commission Chair Gary Gensler is standing firm in his long-held view that many cryptocurrencies are subject to existing securities laws, despite pushback from the industry. Gensler, who has also said that crypto firms are subject to the same rules as traditional finance, reinforced his view on Wednesday in prepared remarks at the 2023 Securities Enforcement Forum. His comments came amid a week of rabid speculation about the status of pending applications for spot bitcoin ETFs.
The agency has brought numerous cases against crypto firms over the past year, including ones against U.S.-based Coinbase and the world's largest crypto exchange, Binance. In those lawsuits, the agency often cites the Howey Test, a 1946 U.S. Supreme Court case involving citrus groves to determine whether transactions are investment contracts and thus subject to securities laws. However, that approach has garnered criticism from some, including Coinbase, which has said the SEC stretched its arguments in Howey "beyond recognition." Gensler also spoke in general about charges the SEC has brought against others, including a case involving the former CEO of McDonald's. "And don’t get me started on crypto," Gensler said. "I won’t even name all the individuals we’ve charged in this highly noncompliant field."
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🟠 Binance onboards fiat partners for Euro withdrawals and deposits following Paysafe separation
Binance penned new partnerships with fiat providers to enable Euro transactions, a month after Binance's original Euro banking partner Paysafe stopped working with the firm. "We have signed agreements with a number of new regulated and authorized fiat partners to provide a variety of fiat services to our community. Users have already started being migrated to the new services," Binance wrote in a Thursday release. Services stemming from the partnership includes EUR transactions via Open Banking.
"Being able to easily convert fiat to crypto, and back to fiat again, is a crucial part of advancing the adoption of digital assets globally. Without an easy way to buy or sell crypto, users who are new to the space can find the process of buying or selling crypto unintuitive and intimidating. Offering fiat services provides essential ease of use to all participants in the crypto ecosystem," Binance added. Binance's new partnerships come after the firm experienced another major setback in the summer, when the German financial regulator BaFin rejected Binance's custody license application. "SEPA," or Single Euro Payments Area, includes 36 countries that enable cashless Euro payments in the European Union.
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🪙 Vitalik Buterin Sold ETH: No Personal Gain from ETH Sales Since 2018!
Vitalik Buterin sold ETH recently clarified ongoing speculation surrounding his alleged ETH sales, emphasizing that any transfers to exchanges should not be misconstrued as personal divestment. In a statement addressing the public, Vitalik Buterin sold ETH emphasized that these transactions were essentially acts of philanthropy or support for various charitable causes or projects, rather than indicative of any personal financial motives. Vitalik Buterin sold ETH’s declaration comes as a response to growing speculation surrounding the motive behind his recent ETH transfers.
Buterin’s commitment to utilizing his cryptocurrency holdings to support philanthropic and developmental projects aligns with his longstanding advocacy for leveraging blockchain technology for social good. His previous contributions and involvement in various charitable initiatives have earned him widespread acclaim within the crypto community and beyond. He made it clear that the transfers were made to aid various charitable or developmental initiatives, where the recipients were compelled to convert the donated ETH into fiat currency to meet necessary operational costs. With Ethereum’s significant impact in the world of decentralized finance and the broader blockchain ecosystem, Buterin’s statement serves to dispel any doubts regarding his commitment to the principles of altruism and the transformative potential of blockchain technology for social welfare.
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🪙 Tether Promotes Paolo Ardoino to CEO
Stablecoin issuer Tether has appointed Paolo Ardoino as its new CEO with former CEO Jean-Louis van der Velde transitioning into an advisory role. Ardoino became Tether's CTO in 2017 after joining Bitfinex three years prior. In that time Tether's (USDT) market cap has grown from less than $100 million to $83.5 billion as it experienced exponential growth starting in 2020. Van der Velde will remain as Bitfinex's CEO whilst Ardoino has retained his role as CTO at both Bitfinex and Holepunch, according to a press release.
“Paolo is extremely well-suited to lead Tether into this exciting new era,” said Jean-Louis van der Velde. “I believe Tether is poised to continue its rapid growth, with a continued focus on emerging markets and transformative technology. I think I can speak for the entire company when I say that we eagerly anticipate Paolo’s leadership as he guides Tether toward a future where finance knows no bounds.” The press release states that Ardoino envisions Tether as a "tech powerhouse" that will "reshape the future of finance."Tether's (USDT) market cap has grown from less than $100 million. The new CEO also hopes that company will expand the influence of the USD in global trade and exchange, which will ensure its utility in emerging markets.
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💰 Caroline Ellison Blames FTX Collapse Caused Solely By Sam Bankman-Fried
Caroline Ellison, the chief executive officer of Alameda Research, testified in the fraud trial of FTX co-founder Sam Bankman-Fried, revealing details about Alameda and FTX Collapse Causes. Ellison described how FTX’s affiliated hedge fund had borrowed billions of dollars from the cryptocurrency exchange’s deposits, creating a massive hole in Alameda Research’s balance sheet. Bankman-Fried asked Ellison to create alternative balance sheets to conceal the debt, but Ellison felt a sense of relief when the companies eventually collapsed.
Bankman-Fried asked Ellison to create alternative balance sheets to conceal the debt, but Ellison felt a sense of relief when the companies eventually collapsed. She testified that Bankman-Fried was primarily responsible for the leveraged position that led to the collapse, despite his claims that she was in charge of Alameda’s borrowing. Added to the FTX collapse cause, Ellison detailed the growing sense of crisis in the crypto industry and the pressure she felt as Alameda borrowed billions from FTX. Bankman-Fried directed her to create false balance sheets and later blamed her for the worsening situation. She further revealed that Bankman-Fried sought the help of a foreign government in the past, mentioning a “large bribe” paid to Chinese officials to unfreeze $1 billion in Alameda funds. Ellison admitted to lying to other employees about the bribe.
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🇬🇧 Coinbase, OKX and Binance partner with UK firms as regulations come into force
Two weeks after the crypto exchange Bybit officially exited the UK market, citing the impact of new crypto marketing rules, several rival overseas players have adapted to the regime by teaming up with local partners. Coinbase and OKX are working with Archax to get their financial promotions approved, according to spokespeople for the exchanges. Binance, meanwhile, said in a blog post published Oct. 8 that it had partnered with Rebuilding Society, a regulated peer-to-peer lending firm that has dished out just £35 million.
The expectation is that these arrangements will allow the exchanges to continue serving UK customers from overseas despite new marketing rules from the Financial Conduct Authority — which include a cooling-off period for first-time investors — that have just come into effect. “The approvers, when they enter into an arrangement with the exchange or whoever else it might be, they approve the promotions and effectively they take responsibility for those promotions,” said George Morris, a partner at the law firm Simmons & Simmons. “It’s very much a symbiotic thing.” The FCA also put out an announcement on Oct. 8 warning that 143 entities are operating in the UK without permission and naming them in a list. That list includes HTX and KuCoin, two major global exchanges.
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📣 FriendTech developers rake in nearly $20 million since August launch
The development team behind social protocol FriendTech has generated nearly $20 million in revenue in just a few months since going live. Launched in August, FriendTech is a platform that allows users to link their Twitter accounts and facilitates the purchase or sale of influencer profile tokens (named “keys”) with ETH on the Coinbase-backed Layer 2 network, Base. These keys grant users privileged communication access to the influencers.
The project holds the lead as the largest revenue-generating app on Base and the second-largest in all of crypto, according to DeFiLlama data. At the current rate, it's on track to generate an annualized revenue of $180 million. The platform has so far generated nearly $40 million in overall fees from users. These fees are generated by taxing approximately 10% of the trading volume of social tokens. Half of this total fee is allocated to the project's team as revenue, and the other half is distributed to users whose keys are traded. However, the number of unique users has dropped significantly since late September, according to data from The Block.
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🪙 Former Alameda Engineer Reveals Hidden Truth Before FTX Crisis
Former Alameda Research CEO Caroline Ellison’s confession, rather than internal warnings, led to the revelation that the trading firm was on the brink of collapse, according to a recent CoinDesk interview with a former Alameda engineer, Aditya Baradwaj. The former Alameda engineer stated that it appeared to be “business as usual” until the final days, which seemed like a flurry of trading activity. The shocking truth was only revealed on the last day when Caroline disclosed what had transpired behind closed doors.
In a surprising turn of events, as the trial against Bankman-Fried unfolds, he now has a final opportunity to present his side of the story. Prosecutors allege that Bankman-Fried allowed Alameda to borrow vast sums from FTX, diverting the funds into various projects. This includes making substantial loans to FTX executives using customer funds, which were then spent on political donations. Federal prosecutors argue that Bankman-Fried used FTX as a means to embezzle billions of dollars in customer funds. He purportedly indulged in speculative trading at Alameda Research, invested in real estate in Bahamas, and donated to the effective altruism movement that was believed to be the foundation of his business.
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🏦 Coinbase’s Attempt to End SEC Lawsuit Should Be Rejected, U.S. Regulator Argues
U.S. regulators argued Tuesday that Coinbase Inc.’s attempt to toss out the securities law violation it faces should be rejected, asserting the crypto exchange’s justification contains “fatal flaws.” The Securities and Exchange Commission (SEC) sued Coinbase (COIN) in June, saying the U.S.-based company failed to register as a securities exchange with the markets regulator. Coinbase has tried to get that case dismissed, asking the judge to make a pre-trial ruling that crypto changing hands isn't the same as an investment contract.
SEC said in a filing Tuesday. At stake is the court’s eventual interpretation of who is getting the so-called Howey test right: Coinbase, with its narrower view, or the SEC, which says Howey is meant to be flexible and widely interpreted when it defines a security that must be regulated by the SEC. “This case turns on whether Coinbase intermediated transactions in ‘investment contracts’ and whether customers on Coinbase’s trading platform therefore were entitled to the protections afforded by the federal securities laws that require intermediaries of securities transactions to register with the SEC,” the regulator said. Coinbase has argued that crypto trades don’t meet this definition of an investment contract, because no actual contract is established in a transaction.
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🇧🇷 Brazil rolls out blockchain-based digital ID
Over 214 million Brazilians will soon be using blockchain technology for digital identity, the government recently announced. Rio de Janeiro, Goiás and Paraná will be the first states to issue identification documents on-chain through a private blockchain developed by Serpro, Brazil’s national data processing service. The entire country should be able to issue identity documents through blockchain technology by Nov. 6, reads a decree on Sept. 25.
According to Alexandre Amorim, president of Serpro, the immutability and decentralization of blockchain made it an ideal technology for the country’s digital identification project. As per the local government, the national ID project is crucial in targeting organized crime, allowing government sectors to work together, offering a simpler way to access services and streamlining administrative records. The city of Buenos Aires, Argentina, recently disclosed a similar initiative, allowing residents to access identity documents via a digital wallet. The newly adopted technology will allow a more secure data exchange between the Federal Revenue and government departments, said the announcement.
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📣 Xiang Xiang Unicoin Arrested By Hong Kong Police In JPEX Case: Report
Two other people and Xiang Xiang Unicoin arrested by Hong Kong police in the Unicoin crypto case. Investigation ongoing; total funds involved reach HK$1.499 billion. According to Sing Tao Daily, the Hong Kong police have made significant strides in the ongoing JPEX case, with three more individuals taken into custody, bringing the total number of arrests to 15. One of the newly apprehended suspects is a 29-year-old Internet celebrity, “Xiang Xiang,” whose real name is Liang.
The other two individuals arrested are a 23-year-old named Zhong and a 28-year-old named Huang. Zhong Nan, the 23-year-old, holds the position of director at Lupin, another over-the-counter cryptocurrency exchange store. She is an employee of Unicoin, an over-the-counter cryptocurrency exchange shop, and is popularly referred to as the “Unicoin Resident Analyst” on social media. Her YouTube channel and Instagram account, where she shares investment insights and photos, have earned her the “Goddess of the Coin Industry” title among local netizens. The police have emphasized that their investigation is ongoing, and further arrests are not ruled out. The Commercial Crime Bureau’s officers are actively pursuing leads to provide crucial information to aid the investigation.
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🏦 MAV zkSync Integration Is Now Available On Binance
Binance, a leading cryptocurrency exchange, has successfully integrated the Maverick Protocol (MAV) onto the zkSync Era network, opening doors for deposits and withdrawals. However, it’s important to note that deposits on the zkSync Era network will take approximately 24 hours to be credited to users’ Binance accounts. This delay is attributed to zkSync Era’s Finality mechanics, which ensure the utmost security and reliability of transactions.
Maverick Protocol stands as a groundbreaking DeFi platform, aimed at bolstering liquidity and optimizing capital usage within the DeFi sector. Its innovative Dynamic Distribution AMM empowers liquidity providers by enabling them to stake a price range and dictate how that liquidity should respond to market price fluctuations. In the realm of blockchain technology, zkSync Era is a ZK rollup solution, characterized by its trustless protocol. It leverages cryptographic validity proofs to facilitate scalable and cost-effective transactions on the Ethereum network. Notably, zkSync Era performs computation off-chain while storing most data off-chain as well. This approach maintains Ethereum’s high security standards while significantly reducing transaction fees.
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🪙 JPMorgan says Ethereum's activity post-Shanghai upgrade has been 'disappointing'
Ethereum has fallen short of expectations in terms of network activity following the Shanghai upgrade implemented in April, according to JPMorgan. "While the shift from proof-of-work to proof-of-stake that resulted from the Merge upgrade meant that the energy consumption for the Ethereum network collapsed by more than 99%, the Ethereum supply is shrinking and staking rose sharply (with the amount of ether staked up by 50% since the Shanghai upgrade).
Ethereum's daily transactions, daily active addresses and total value locked (TVL) of decentralized finance (DeFi) protocols on the network have all experienced declines, the analysts noted. The fall in Ethereum activity suggests that various "bearish forces" of the last year, including the FTX and Terra collapses, U.S. regulatory uncertainty and crackdown, the fading of interest in crypto by institutional investors and the drying up of venture capital funding, may have outweighed the positive impact of the Shanghai upgrade on Ethereum's network activity, according to the analysts. The Shanghai upgrade allowed Ethereum validators to withdraw the staked ether that has been locked in the network.
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📊 Friend.Tech rival Post.Tech activity picks up with $1.8 million in daily volume
Activity on the social media site Post.Tech has started picking up, with the site recording more than $1.8 million in trading volume in a 24-hour period for the first time. The site is a clone of the novel app Friend.Tech, both in function and business model. Both offer token-gated channels where users can buy and sell access tokens — and pay a substantial 10% fee on transactions, half to the app and half to the channel’s owner.
As the original version of this style of app, Friend.Tech has recorded much greater volumes. It has witnessed days of $20 million in transaction volume daily, according to a Dune dashboard created by TK Research. Since its inception, it has recorded $250 million in volume. In contrast, Post.Tech is still at much lower volumes, having launched a month later. In the last few days, however, activity has started to pick up. On September 20, the app saw $875,000 in transaction volume, according to DappRadar, which also shows $1.8 million in volume over the last 24 hours. The number of daily transactions has risen from 2,000 on Sep. 16 to 87,000 now.
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📣 World App Surpasses 500K Transactions in 24 Hours!
The developers behind the Worldcoin project have recently unveiled a major update that promises to transform the World App wallet, making it more scalable and cost-effective than ever before. The update incorporates a series of cutting-edge technologies, with a primary focus on enhancing efficiency and reducing transaction expenses. Among the notable features included in this update are mixing and compression techniques designed to eliminate the majority of L1 Gas fees.
Moreover, the update also addresses the issue of network congestion and slow transaction processing by reducing the optimism load by two-thirds. This optimization not only accelerates transaction confirmations but also enhances the overall reliability of the World App wallet. Since the release of this game-changing update, World App has experienced an unprecedented surge in activity. The single-day transaction volume on the platform has soared to staggering heights, exceeding 500,000 transactions in a 24-hour period. This remarkable achievement underscores the profound impact of the recent update and the growing popularity of Worldcoin and its associated technologies.
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🇺🇸 FBI Charges 6 for Allegedly Running $30M Money Transmitting Business Using Crypto
The FBI has charged six people for allegedly operating an illegal $30 million money-transmitting business using cryptocurrencies, according to court documents filed Wednesday in the Southern District of New York. The six – Shaileshkumar Goyani, Brijeshkumar Patel, Hirenkumar Patel, Naineshkumar Patel, Nileshkumar Patel and Raju Patel – operated without an appropriate money transmitting license in New York, according to the filing. The details, disclosed in the unsealed affidavit of an FBI agent seeking the individuals' arrest.
The U.S. Magistrate judge has granted the conditional release of at least one of the people named, Naineshkumar Patel, according to a court document. The filing cites an unidentified co-conspirator as saying that at least some clients "made money by selling drugs" and that the wealthiest clients "were hackers." The co-conspirator told an undercover officer that he had made approximately $30 million over three years through the exchange of cash for virtual currency. The arrested individual would later become a confidential source and for the next eight months cooperate with law enforcement in approximately 80 controlled pick-ups of cash totaling approximately $15 million.
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💰 FTX customer refund plan outlines settlement to return 90% of funds
According CoinDesk, FTX customer refund plan could return up to 90% of creditor holdings that were held at the exchange before it went bust. The debtors’ group, overseeing the bankruptcy process, plans to file the proposal with a U.S. Bankruptcy Court by December 16, 2023. FTX collapsed after CoinDesk published revelations about its balance sheet. The new CEO, John J. Ray III, criticized the company’s financial controls, and founder Sam Bankman-Fried is facing criminal charges.
The proposal suggests dividing the missing customer assets into three pools based on the circumstances at the start of the Chapter 11 cases: assets for FTX.com customers, assets for FTX.US customers, and a general pool of other assets. Customers with a preference settlement amount below $250,000 can accept the settlement without any reduction in claim or payment. Creditors would also receive a “Shortfall Claim” against the general pool, corresponding to the estimated value of the missing assets at the exchange. However, there may be obstacles to the recoveries, such as taxes, government claims, and token price fluctuations.
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💰 GBTC discount to NAV hits lowest level since 2021 as SEC elects not to appeal Grayscale ruling
The Grayscale Bitcoin Trust (GBTC) discount has fallen to its lowest level in nearly two years as the Securities and Exchange Commission (SEC) fails to appeal against the recent Grayscale ruling. The GBTC discount to net asset value (NAV) — meaning how much lower the market price of each share is than the value of the bitcoin it represents — is trading below 16% for the first time since December 2021, hitting 15.9% by market close on Friday, according to The Block’s data dashboard.
GBTC trades at a discount as the shares currently cannot be redeemed, so the only option is to sell them to other prospective buyers. However, it historically traded at a premium until 2021’s crypto credit crunch. The narrowing trend — seeing the discount shrink from over 40% before BlackRock and others filed spot bitcoin ETF applications in June — is likely a sign of increased optimism the SEC will approve a spot bitcoin ETF in the U.S., including the potential conversion of GBTC. However, the decision not to appeal doesn’t necessarily mean the regulator is ready to approve one. The SEC had until midnight on Friday to appeal the ruling involving Grayscale's attempt to convert its flagship GBTC fund into a spot bitcoin ETF.
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🇪🇺 EU regulator warns of DeFi risks, pushes back against 'code as law'
The European Securities and Markets Authority published a report outlining multiple risks to investors and financial stability stemming from decentralized finance. "Although investors' exposure to DeFi remains small overall, there are serious risks to investor protection, due to the highly speculative nature of many DeFi arrangements, important operational and security vulnerabilities, and the lack of a clearly identified responsible party," the report said.
The independent EU authority warned that DeFi operates in the absence of trusted intermediaries, which "could otherwise mitigate risks pertaining to financial stability and investor protection." The report, published Wednesday, highlighted the regulator's primary concerns regarding DeFi innovations. It separated smart contracts into five categories to help regulators understand the "enormous technological complexity of these systems." "Smart contracts remain an unregulated phenomenon where the accepted principle is exemplified by the notion that 'code is law,'" the regulator asserted. It said adherence to this principle creates a tendency to accept smart contract outcomes, "regardless of any moral or legal consideration."
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🪙 Standard Chartered Predicts ETH To Teach $8,000 By 2026
Standard Chartered predicts ETH might soar to $8,000 by 2026. Geoffrey Kendrick, the lead on forex and crypto research at Standard Chartered, alongside his analytical squad at the bank, pinpointed Ethereum’s stronghold in smart contracts, gaming, and tokenization as the driving forces behind its projected price surge. After the financial behemoth’s prior forecast of bitcoin (BTC) potentially hitting $50K by year-end and surging to $120K in 2024, Geoffrey Kendrick and his team at Standard Chartered predicts ETH are back with a new report, this time spotlighting ethereum (ETH).
Kendrick underscores Ethereum’s “unrivaled command” across diverse realms of decentralized finance (defi), token genesis, and smart contract innovations. These dynamics could catapult ether to an impressive “$8,000 mark by 2026,” marking a quintuple jump from its present stance. Notably, this $8K projection is merely a precursor to the Standard Chartered predicts ETH’s ambitious long-term forecast of an ether valued between $26,000 and $35,000. Kendrick elaborated that this assessment contemplates emerging use cases and revenue streams yet to unfold. Current real-world implementations in gaming and tokenization are poised to accelerate this trajectory. Standard Chartered predicts ETH’s forex and crypto research lead further opined that U.S. regulations around spot exchange-traded fund (ETF) potentials will likely fortify both BTC and ETH.
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🆘 Certik Study: $332 Million Lost to Exploits, Hacks and Scams in September, More Than $1.3 Billion Lost in 2023
According to the cybersecurity firm Certik, digital assets worth approximately $332 million were stolen via code exploits, exit scams and flash attacks in the month of September alone. Exploits alone accounted for more than 98% of the thefts ($329.8 million) while the amount stolen through flash loan attacks and rug pulls was less than $2.4 million. As shown by the data, the biggest incident during the month was the $200 million exploit suffered by Mixin Network on Sept. 23.
A few weeks earlier, the cryptocurrency exchange platform Coinex Global suffered an exploit in which digital assets worth $54 million were stolen. According to reports, preliminary investigations hinted at a possible compromise of private keys which enabled the criminals to move funds from the platform’s hot wallets. For context, in August the total value of digital assets stolen through exploits only totaled $13.5 million. Meanwhile, unlike in the month of August when digital assets lost through exit scams topped $26 million (more than half of the nearly $46 million that was stolen), only $1.9 million was lost via this tactic in September. Likewise, the data indicates that the value of digital assets lost via the so-called flash loan attacks dropped significantly from $6.4 million in August to $0.4 million in September.
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📣 Immutable zkEVM Mainnet Will Start To Launch On December 2023
Immutable zkEVM Mainnet launch is scheduled for December – January, followed by dedicated app chains and zk-prover integration in 2024. With the recent launch of Immutable zkEVM Testnet, along with numerous games that have already begun building on it, Immutable zkEVM, powered by Polygon Labs, is on track to become the home of gaming on Ethereum. Recently, more than 50 games have committed to building on Immutable zkEVM. Additionally, Immutable zkEVM is set to undergo a series of technical upgrades leading up to the Mainnet launch
Additionally, Immutable zkEVM is set to undergo a series of technical upgrades leading up to the Mainnet launch. These upgrades are geared towards enhancing various aspects of the platform, including the player experience, revenue engine, and developer experience. Milestone 1 – Immutable zkEVM Testnet (August): Over 20,000 addresses have been active across more than 100,000 transactions on Immutable zkEVM’s Testnet, demonstrating strong developer interest. Milestone 2 – Immutable zkEVM Testnet Re-Genesis (November): A re-genesis of the Testnet is scheduled for November, involving a transition from Polygon Edge to Geth EVM client to ensure compatibility with Ethereum. Milestone 3 – Immutable zkEVM Mainnet (December – January): The highly anticipated Mainnet launch will follow, inviting developers in stages before opening to the public.
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🏦 Coinbase’s Attempt to End SEC Lawsuit Should Be Rejected, U.S. Regulator Argues
U.S. regulators argued Tuesday that Coinbase Inc.’s attempt to toss out the securities law violation it faces should be rejected, asserting the crypto exchange’s justification contains “fatal flaws.” The Securities and Exchange Commission (SEC) sued Coinbase (COIN) in June, saying the U.S.-based company failed to register as a securities exchange with the markets regulator. Coinbase has tried to get that case dismissed, asking the judge to make a pre-trial ruling that crypto changing hands isn't the same as an investment contract.
SEC said in a filing Tuesday. At stake is the court’s eventual interpretation of who is getting the so-called Howey test right: Coinbase, with its narrower view, or the SEC, which says Howey is meant to be flexible and widely interpreted when it defines a security that must be regulated by the SEC. “This case turns on whether Coinbase intermediated transactions in ‘investment contracts’ and whether customers on Coinbase’s trading platform therefore were entitled to the protections afforded by the federal securities laws that require intermediaries of securities transactions to register with the SEC,” the regulator said. Coinbase has argued that crypto trades don’t meet this definition of an investment contract, because no actual contract is established in a transaction.
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🪙 Ether Futures ETFs See Low Volume in First-Day Trading
It was a slow start for the first day of trading for futures-based ether exchange-traded funds (ETFs). A total of nine of the ETFs offering exposure to ether futures came to market on Monday. Five will hold only ether futures, while four will hold a mix of bitcoin and ether futures. One of those funds, Valkyrie’s Bitcoin Strategy ETF (BTF) – soon to be renamed – has been in existence for about two years as a bitcoin-only fund, but is changing its strategy to include ether.
The rest of the vehicles are new to market. “Pretty meh volume for the Ether Futures ETFs as a group,” said Bloomberg ETF analyst Eric Balchunas. Among the more popular of the new ETFs today, VanEck’s Ethereum Strategy ETF (EFUT) traded just shy of 25,000 shares at a price roughly averaging $17 per share for total dollar volume of just $425,000. As comparison, the ProShares Bitcoin Strategy ETF (BITO) – which launched in October 2021 amid a raging crypto bull market – traded more than $1 billion in in dollar volume on its first day. The crypto industry continues to await a decision from the U.S. Securities and Exchange Commission (SEC) over numerous recent and older applications for both spot bitcoin and spot ether ETFs.
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📉 OX Price Crash By Over 50% After The Arrest Of Zhu Su
OX price crashed by over 50% after Zhu Su, co-founder of the now-defunct crypto hedge fund Three Arrows Capital detained at Changi Airport while attempting to leave Singapore on September 29th. Zhu Su, co-founder of the now-defunct crypto hedge fund Three Arrows Capital, was reportedly detained at Changi Airport while attempting to leave Singapore on September 29th. His fellow co-founder, Kyle, received a similar order, compelling him to cooperate with the liquidator’s ongoing investigation.
The crypto market didn’t remain unaffected by this news. The Open Exchange Token, OX, witnessed a staggering 50% price crash as news of Zhu Su’s arrest spread. Additionally, Lookonchain reported that an individual who had been accumulating 304,599 OX tokens (valued at $7,000) over the past month hastily sold them off upon hearing of Zhu Su’s arrest. The question arises: Was this move a result of strategic foresight or mere luck? Wu said that the arrest stemmed from Zhu Su’s refusal to cooperate with liquidators and provide requested information, leading to contempt of court charges. Such a lengthy sentence for contempt is uncommon in legal proceedings.
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🟠 Binance vs. SEC Lawsuit Granted Extension Amid Legal Showdown
Binance and the U.S. Securities and Exchange Commission (SEC), a recent development has granted the cryptocurrency exchange some additional time to respond to court orders. The first court order instructed the defendants to provide an explanation for why specific documents pertaining to the SEC’s motion to compel discovery should remain sealed or redacted. The second order required the defendants to justify the sealing of documents connected to the SEC’s response supporting its motion to compel.
Now, BAM Trading and BAM Management have until September 27th to respond to these orders to show cause. Importantly, the SEC did not oppose their request for an extended deadline. In response, Binance, Binance.US, and Changpeng Zhao have sought to dismiss the SEC lawsuit, arguing that the regulator has not “plausibly alleged” various securities-related violations. They also contend that the SEC is attempting to assert authority over digital assets without clear legislative backing from Congress. This legal battle continues to unfold, with further developments expected in the near future. The Binance vs. SEC lawsuit, its founder Changpeng Zhao, and two U.S.-based Binance entities, BAM Trading Services Inc.
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💰 Skybridge Founder: Every Wall Street Firm Will Sell Bitcoin ETF to Clients — 'Next 10 to 20 Years Are Remarkably Bullish'
Skybridge Capital founder Anthony Scaramucci has explained why he is still bullish on bitcoin. Emphasizing that every Wall Street firm is going to have a bitcoin exchange-traded fund (ETF) in their arsenal that they will sell to their clients, he predicted: “The next 10 to 20 years are remarkably bullish.” He added: “If you got your bitcoin, I wouldn’t sell your bitcoin, you made it through winter.”He believes that young people “will be mainstreaming bitcoin” in the same way his generation “mainstreamed the internet.”
The Skybridge Capital founder cautioned that headwinds are still in the macro environment, including higher interest rates, an enforcement-centric Securities and Exchange Commission (SEC) chairman, and negative sentiment around crypto adoption. Nonetheless, he remains optimistic about BTC, stating: “As wealth is created in society, a portion of that wealth is going to get chipped off for digital assets, most likely bitcoin.” He also reiterated his long-standing view that “Bitcoin is better than gold.” Scaramucci further expects the approval of bitcoin exchange-trading funds (ETFs) to be a game changer. He anticipates massive and widespread adoption of BTC once bitcoin ETFs become commonplace. The Skybridge Capital founder opined:
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🪙 FTX Files Lawsuit Against Former Employees Of Salameda With $157 Million Lost
FTX, the crypto exchange that recently filed for bankruptcy, has filed a lawsuit against former employees of Salameda, an entity linked to the exchange, CoinDesk first discovered related court documents. FTX claims that the defendant, taking advantage of their positions and connections, orchestrated preferential transfers of assets, prioritizing their own interests over other customers. They controlled multiple firms with accounts on FTX.com and FTX US, allegedly making fraudulent withdrawals shortly before FTX suspended withdrawals on November 8, 2022.
The total sum involved in these questionable transfers amounted to over $123 million out of a total of $157.3 million (based on August 31, 2023, pricing), and a significant portion of these transfers occurred on or after November 7, just hours before the suspension of withdrawals. Meanwhile, Bankman-Fried‘s legal battles continue to mount. His request for release on bond was previously denied, with allegations of witness tampering. An appeals court has now rejected his latest attempt to secure his release. Bankman-Fried faces a potential sentence of over 100 years if found guilty on all charges. His trial is set to commence on October 3 and is expected to last approximately six weeks.
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🏴 Coinbase Pay added to Aptos Labs crypto wallet
Aptos Labs has integrated its Petra crypto wallet with Coinbase Pay in an effort to streamline functionality and boost use. In the hopes of reducing friction when onboarding new users, Aptos Labs has added a Coinbase Pay integration to the mobile and desktop versions of its crypto wallet called Petra, the companies announced in a statement. "With Coinbase Pay, Coinbase users can add APT to Petra seamlessly through their choice of bank, debit card, credit card, and even their Coinbase account balance," Aptos said in the statement.
The announced integration follows a flurry of similar announcements where companies are aiming to improve the onboarding of new customers by improving or adding to functionality, in some cases by partnering with traditional tech companies. Last month, Aptos said it is working with Microsoft to explore "innovative solutions" related to asset tokenization and digital payments. Coinbase has been working with payments giant PayPal since at least 2021. With the partnership Aptos, which was founded by former Meta employees, hopes to have a more direct line to Coinbase's millions of users.
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📣 DWF Labs Co-Founder Andrei Grachev Elevates friends.tech
Co-founder of DWF Labs, Andrei Grachev, took to Twitter to announce his groundbreaking partnership with friends.tech. His tweet, laden with anticipation, read, “Exciting times ahead! Just signed up to friends_tech. Whose Key should I buy?” This revelation sent shockwaves through the crypto community, igniting a frenzy around the Key token. As the news broke, the Key token’s price soared to an astonishing 1.26 ETH, marking a significant milestone in its value.
Grachev’s decision to join forces with friends.tech, a platform known for its innovative approach to blockchain technology, underscores the growing influence of the crypto community. With his wealth of experience in DWF Labs, he brings a new wave of excitement and possibility to the crypto landscape. The tweet also triggered a lively debate among crypto enthusiasts about which Key tokens Grachev might be eyeing. Some speculate he may have insider knowledge, while others believe his involvement alone is a ringing endorsement of the token’s potential. Friends.tech, an emerging player in the crypto industry, has been gaining traction for its unique approach to decentralized finance and blockchain technology. Grachev’s entry into their ecosystem adds significant credibility and raises expectations for what’s to come.
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