This week’s top stories
US officials announce $4.3 billion settlement with Binance, reach agreement with CZ
Binance and its co-founder, Changpeng “CZ” Zhao, have reached an agreement On criminal and civil matters with the United States Department of Justice. As part of a negotiated agreement CZ will plead guilty to a felony charge. Attorney General Merrick Garland, announcing the settlement, claimed that Binance’s policies allowed criminals involved in illegal activities to move “stolen funds” through the exchange. As part of the agreement, CZ announced on X (formerly Twitter) that he has resigned from the post of CEO And Binance’s global head of regional markets, Richard Teng, will take up the position. He said he was “proud to report” that US authorities did not allege that Binance misappropriated funds or manipulated the markets. CZ released on bail and struggling with government efforts To ban their return to the UAE To live with my family. His sentencing is scheduled for February.
BlackRock meets with SEC officials to discuss spot Bitcoin ETF
Representatives from BlackRock and Nasdaq met with the US Securities and Exchange Commission (SEC) To discuss the proposed rule Allowing the listing of spot Bitcoin exchange-traded funds (ETFs). BlackRock provided a presentation explaining how the company could use an in-kind or in-cash redemption model for its iShares Bitcoin Trust. Several reports have suggested that the SEC may decide on a spot BTC ETF for listing in the US markets. SEC officials also met with grayscale representatives The listing of Bitcoin ETF will be discussed this week. BlackRock is one of several companies with spot crypto ETF applications in the SEC pipeline awaiting a response, including Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck, and Bitwise.
Bitcoin User Pays $139M Transaction Fee for 3.1 BTC Transfer
a bitcoin user Paid $3.1 million in fees To transfer 139.42 BTC. The transaction fee is the eighth highest in Bitcoin’s 14-year history. One wallet address attempted to transfer 139.42 BTC only to pay more than half the actual value in transaction fees. Only 55.77 BTC received at destination address. Mining pool Antpool captured absurdly high mining fees on block 818087. It is the largest Bitcoin transaction fee ever paid in dollar terms, edging out Paxos’ September transfer of $500,000.
SEC Sues Kraken Alleging It Is An Unregistered Exchange That Mixes User Funds
US Securities and Exchange Commission Kraken has been sued, alleging that it misappropriated customers’ funds and failed to register with the regulator as a securities exchange, broker, dealer and clearing agency. Additionally, the SEC alleged that Kraken’s business practices and “incomplete” internal controls caused the exchange to commingle $33 billion worth of customer assets into its own assets. The SEC said this resulted in a “significant risk of loss” for its clients. In a follow-up blog post, Kraken said the SEC’s combined charges “do not exceed Kraken’s expense fees it has already earned” and that the regulator has not alleged any user funds went missing.
Appeal court rejects Sam Bankman-Fried’s bid for releaseI
Sam Bankman-Will Fried going to jail for failing to convince The United States Court of Appeals said he should be released while his legal team appeals his conviction. Government prosecutors accused Bankman-Freed of leaking Caroline Ellison’s journals to The New York Times in July, leading the New York District Court to revoke her bail. Bankman-Fried was found guilty on November 2 of seven fraud and money laundering-related charges. The former FTX CEO will remain behind bars awaiting his sentencing on March 28 next year.
winners and losers
At the end of the week, Bitcoin ,B T c, is on $37,710ether ,ITH) is at $2,079, and XRP is at $2,079 $0.62, total market cap is $1.43 trillion, According To CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoin gainers of the week are blurred (Foggy) At 99.25%, FTX Token (ftt) 39.05% and on KuCoin token (KCS) At 24.82%.
The top three altcoin losers of the week are Celestia (TIA) At -19.89%, ORDI (ORDI) -17.63% and on Thorchain (rune) At -15.53%.
Must read for more information about crypto prices Cointelegraph Market Analysis,
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most memorable quotes
“America has a financial system that has been basically weaponized.”
Charles HawkinsonFounder of Cardano
“I made mistakes, and I must take responsibility.”
Changpeng “CZ” ZhaoFormer CEO of Binance
“We, the OpenAI staff, have developed the best models and pushed the field to new limits.” [but] The process through which you ended up with Sam Altman […] “It puts all this work at risk and undermines our mission and our company.”
“Get your crypto company out of the US battlefield.”
jesse powellCo-founder of Kraken
“The regulatory uncertainty surrounding the US market is having an impact on the rest of the world.”
oliver lynchBittrex Global CEO
“I look forward to returning to OpenAI and building on our strong partnership with Microsoft.”
Sam AltmanCEO of OpenAI
week forecast
‘Enjoy Bitcoin under $40K’ – PlanB pushes for $100K average BTC price by 2024
Bitcoin buyers should enjoy the opportunity To add to your stack below $40,000, according to PlanB, the pseudonymous creator of the stock-to-flow family of BTC price models. He believes Bitcoin will rise much higher than its recent 18-month high.
The bottom of a Bitcoin bear market is identified by the spot price falling below the realized value, while the spot market begins after crossing the two-year and five-month realized price levels. BTC/USD is now once again above all three realized price iterations.
“Enjoy Bitcoin under $40,000 while it lasts,” PlanB commented on the attached chart.
When asked if the market should expect the bottom from here, PlanB will not be pulled, he said he expects an average BTC price of at least $100,000 between 2024 and 2028 – Bitcoin’s next half-cycle.
FUD of the week
HTX to restore services ‘within 24 hours’ after $30M hack
Crypto exchange HTX, formerly known as Huobi Global, Deposits and withdrawals resume Within 24 hours of suffering a $30 million exploit on November 22nd. Exploitation Was reported to be $13.6 million around the time of the event, but have increased in value since then. HTX’s hot wallet was compromised in a coordinated $86.6 million attack against the HTX Echo (HECO) chain bridge, including HTX, Tron, and BitTorrent. The company has promised to fully compensate users for any losses incurred as a result of the hack.
CZ is ‘unacceptable flight risk’, should remain in US: DOJ
united states prosecutor Trying to stop former Binance boss Changpeng “CZ” Zhao refused to leave the country, citing concerns about his potential flight risk. The government requested a review and overturn of a judge’s ruling, which would allow Zhao to return to his home in the United Arab Emirates (UAE) on a $175 million bond, provided he does so within two weeks of his February 2024 sentencing. Returned to America. In a proposed order, prosecutors wrote that Zhao “presents an unacceptable risk of flight”, arguing that his connections and preferred status in the UAE, as well as the country’s lack of an extradition treaty with the US, make him vulnerable to release. There are reasons to stop. Country.
KyberSwap hacker offers $4.6M reward for return of $46M loot
Decentralized Exchange KyberSwap has offered a 10% reward To the hacker who stole $46 million on November 22 and left a note of the conversation. The exchange wants 90% of the loot back. hacker largely eliminated $20 million in Wrapped Ether, $7 million in Wrapped Lido-staked Ether and $4 million in Arbitrum tokens. The hacker then carried out the heist in several chains including Arbitrum, Optimism, Ethereum, Polygon and Base.
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Top magazine excerpts of the week
This Is Your Mind on Crypto: Substance Abuse Is on the Rise Among Crypto Traders
According to some addiction expertsThe high-stress environment of cryptocurrency trading can provide an ideal environment for substance abuse.
Michael Saylor is a fan, but Frisby says Bull Run needs a new guru: X Hall of Flame
Bitcoin enthusiast Dominic Frisbie It’s been a wild journey from writing one of the first Bitcoin books to writing “Bitcoin fixes it” at the Bank of England.
6 Questions for Alex O’Donnell About Financial Journalism and the Future of DeFi
Alex O’Donnell spoke to Cointelegraph magazine About his career as a financial journalist – and how it led to his involvement in crypto and the Umami DAO.
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editorial staff
Cointelegraph Magazine writers and journalists contributed to this article.
