Paxos’ $500K Bitcoin fee, FTX tokens sales set to begin and other news: Hodler’s Digest, Sept. 10-16
Paxos makes a mistake, pays $500k in Bitcoin transfer; FTX receives court approval for token sales, and Gemini Earn users receive plan for fund recovery.
Top Stories This Week
Paxos confirms its responsible for paying a $500K Bitcoin transaction fee
The Bitcoin miner who
Franklin Templeton files for spot Bitcoin ETF
Asset manager Franklin Templeton applied with the United States Securities and Exchange Commission to launch a spot Bitcoin exchange-traded fund (ETF). According to the application, the fund would be structured as a trust. Coinbase would custody the BTC, and The Bank of New York Mellon would be the cash custodian and administrator. Franklin Templeton has $1.5 trillion in assets under management and joins a long list of asset managers waiting for regulatory approval. The SEC recently delayed decisions on spot ETF applications from WisdomTree, Valkyrie, Fidelity, VanEck, Bitwise and Invesco on Aug. 31.
Two more top executives depart Binance.US amid layoffs, SEC action
The exodus of executives from crypto exchange Binance has reached the firms offshoot in the United States, as at least three top employees left Binance.US over the past few days. This week’s departures included the exchange’s CEO, Brian Shroder, alongside legal head Krishna Juvvadi and chief risk officer Sidney Majalya. The mass exit is believed to be tied to the ongoing U.S. investigation into Binance and Binance.US. The SEC sued Binance.US, Binance and CEO Changpeng Zhao in June for allegedly engaging in unregistered securities operations and other improprieties. On Aug. 28, the agency requested to file sealed documents in the case, fueling concerns about a criminal probe by the U.S. Department of Justice.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $26,465, Ether (ETH) at $1,628 and XRP at $0.50. The total market cap is at $1.05 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Toncoin (TON) at 21.30%, VeChain (VET) at 11.94% and Bitcoin Cash (BCH) at 11.36%.
The top three altcoin losers of the week are ApeCoin (APE) at -16.82%, Astar (ASTR) at 14.47% and Flare (FLR) at 12.61%.
For more info on crypto prices, make sure to read Cointelegraphs market analysis.
Most Memorable Quotations
I think my generation and younger than me are the ones that are really going to change that narrative for investing, whether its in cryptocurrency or other investments moving forward.
Scotty James, Australian snowboarder
The only country I would not encourage you to start a company right now is in the U.S.
Brad Garlinghouse, CEO of Ripple
Were still in the fax era of global payments.
David Marcus, former PayPal executive and co-founder Lightspark
I dont think everybody in D.C. actually fully realizes how powerful the crypto voting community block is.
Brian Armstrong, CEO of Coinbase
You cannot get 100% transparency and 100% privacy.
Alex Svanevik, CEO of Nansen
Climate change is still a systemic threat to our species. I think as a society, we kind of owe it to ourselves to do anything that we can.
Marek Olszewski, CEO of Celo
Prediction of the Week
Bitcoin price all-time high will precede 2024 halving New prediction
Bitcoin has a $250,000 target for after its next block subsidy halving but new all-time highs will come sooner, according to the latest BTC price prediction from BitQuant, a popular social media commentator who sees a rosy future for the largest cryptocurrency.
On Sept. 15, the pseudonymous central banker and Bitcoiner revealed a pre-halving target above $69,000. No, Bitcoin is not going to top before the halving, he wrote in part of the commentary.
Bitcoin has just over six months before the halving, the event that cuts miner rewards earned per block by 50% every four years. No, BTC is not going to $160K because the magnitude of every pullback is large, he wrote, adding that this means it will peak after the halving, in 2024. And yes, the target price is around $250K.
FUD of the Week
SEC charges company behind Stoner Cats NFT series with unregistered securities sale
Stoner Cats 2 LLC (SC2), the company behind the Stoner Cats animated web series, has agreed to a cease-and-desist order and other measures imposed by the U.S. Securities and Exchange Commission after being charged with conducting an unregistered offering of crypto-asset securities in the form of nonfungible tokens (NFTs). According to the SEC, SC2 sold more than 10,000 NFTs for about $800 apiece. The sale took 35 minutes and occurred on July 27, 2021, and the proceeds were used to fund the series. Besides agreeing to the cease-and-desist order, SC2 will pay a civil penalty of $1 million.
OneCoin co-founder Greenwood gets 20 years in US jail for fraud, money laundering
Karl Greenwood, co-founder of OneCoin with Ruja Ignatova, was sentenced in the United States to 20 years in prison and ordered to pay $300 million on Sept. 20. Ignatova remains at large. Greenwood, who is a citizen of the United Kingdom and Sweden, was sentenced in a court in New York. In a statement by the Justice Department, U.S. Attorney Damian Williams called OneCoin one of the largest fraud schemes ever perpetrated. The multilevel marketing and Ponzi scheme reaped $4 billion from 3.5 million victims, the statement said. Ignatova has not been seen since October 2017 and is on the U.S. Federal Bureau of Investigations Ten Most Wanted List.
North Koreas Lazarus Group responsible for $55M CoinEx hack
The attack on crypto exchange CoinEx, which drained at least $55 million, was carried out by the North Korean hacker group Lazarus, according to blockchain security firm SlowMist and pseudonymous on-chain investigator ZachXBT. The hacker group was identified after it inadvertently exposed its address, which was the same one used in the recent Stake and Optimism hacks. On Sept. 12, CoinEx saw large outflows of funds to an address without any prior history. Security experts immediately suspected that the exchange was breached, with initial estimates reaching approximately $27 million.
Are DAOs overhyped and unworkable? Lessons from the front lines
Many contend that DAOs have failed to deliver on their promises, but developers are coming up with novel solutions.
6 Questions for Kei Oda: From Goldman Sachs to cryptocurrency
Kei Oda spent 16 years trading bonds for Goldman Sachs a life that eventually bored him. That was when he turned to cryptocurrency.
Web3 Gamer: PUBG devs Web3 project, Animocas $20M raise, Shardbound review
The company behind PUBG announces a new Web3 platform, monetization in Web3 and more.
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Author: Editorial Staff
