Recovery and new records in the cryptocurrency market
The cryptocurrency market showed a remarkable recovery on
Friday. Bitcoin (COIN:BTCUSD) reached $38,253.20 at the time of
publication, with a 7-day increase of 5.83%. Ether (COIN:ETHUSD)
also exceeded expectations, crossing the $2,000 mark, up 3%, at
$2,123.12, with a weekly gain of 8.20%. Meanwhile, Solana
(COIN:SOLUSD) rose 3% on the day, to $58.11, remaining essentially
stable for the week. This recovery comes at a time when Binance is
resolving its legal issues and the industry begins to recover from
the collapse of FTX, with growing expectations around the approval
of a Bitcoin ETF. Simultaneously, the recent Federal Reserve
minutes indicate a reduced appetite for interest rate cuts.
Regulatory approvals and global developments in the cryptocurrency
industry
Regulatory approvals in the cryptocurrency industry are
unfolding in various regions, reflecting both progress and
challenges. In Hong Kong, Interactive Brokers Hong Kong obtained a
license for trading Bitcoin (COIN:BTCUSD) and Ether (COIN:ETHUSD),
indicating growth in the Asian market. At the same time, Binance,
facing legal and regulatory challenges in the United States, with
CEO Changpeng Zhao stepping down after accusations of violating
anti-money laundering laws, may face challenges to the
cryptocurrency exchange’s ambitions in Hong Kong. In contrast,
Victory Securities became the first licensed company to offer
cryptography services to retail investors in Hong Kong.
Additionally, OKX Hong Kong FinTech, a subsidiary of OKX, applied
for a VATP license in Hong Kong, becoming the seventh applicant and
the first major player under a new legal regime. PantherTrade,
linked to Futu Holdings, applied a day earlier. In Europe, the
Netherlands’ Bitvavo gained regulatory approval in France,
demonstrating its expansion strategy on the continent.
KyberSwap offers reward to recover stolen funds
KyberSwap, a decentralized exchange, proposed a 10% reward to
the hacker who subtracted $46 million on November 22, asking for
the return of 90% of the funds by November 25. After an attack that
compromised KyberSwap Elastic, the hacker diverted various assets,
including Arbitrum (COIN:ARBUSD), to multiple chains. KyberSwap
responded to the hacker’s note, highlighting the attacker’s skill
and encouraging the return of the funds.
HTX to compensate users after $13.6 million hack
Following a hack that resulted in the loss of $13.6 million on
November 22, HTX, formerly known as Huobi Global, promised to fully
reimburse affected users. The exchange also plans to resume
deposits and withdrawals within 24 hours. The hack was part of a
larger attack on the Chain HTX Eco bridge, affecting other entities
linked to businessman Justin Sun. HTX reaffirmed its commitment to
user fund security and announced measures to prevent future
breaches.
Tether and Bitfinex accept transparency request in New York
Tether and Bitfinex decided not to contest a Freedom of
Information (FOIL) request in New York made by renowned
journalistic publications. They are willing to provide information
transparently, but emphasized that this does not imply
indiscriminate disclosure of all documents. Despite accusing
certain journalists, like Zeke Faux, Shane Shifflett, and Ada Hui,
of improper conduct, the companies reiterate their commitment to
transparency, although they request a careful analysis of the
documents before any public release. This request for information
is linked to the $18.5 million agreement with the New York Attorney
General in 2021, related to the merging of client and corporate
funds.
Montenegro approves extradition of Do Kwon, co-founder of Terraform
Labs
The High Court of Podgorica, the capital of Montenegro, approved
the extradition of Do Kwon, co-founder of Terraform Labs,
responding to requests from South Korea and the United States for
financial crimes. Kwon, who is serving a sentence for document
forgery, agreed to extradition to South Korea, although the final
decision on the destination country is up to the Minister of
Justice of Montenegro. Kwon was detained in March for using a false
passport and is at the center of investigations following the
collapse of the TerraUSD and Luna tokens (COIN:LUNAUSD).
ARK Invest unloads GBTC shares amidst ETF speculations
ARK Invest of Cathie Wood sold 700,000 shares of Grayscale
Bitcoin Trust (USOTC:GBTC) in the last month, even as Bitcoin
(COIN:BTCUSD) reached 17-month highs. The ARK Next Generation
Internet ETF (AMEX:ARKW) reduced its GBTC stake to $131.8 million,
despite positive expectations of a Bitcoin ETF in sight. This sale
occurs in a context of speculation about the conversion of GBTC
into an ETF and the potential impact on the market, including the
possibility of a significant fund exit. Meanwhile, JPMorgan
(NYSE:JPM) warns of a possible $2.7 billion fund exit after the
GBTC conversion to ETF, which could lead to asset repositioning in
the market and impact Bitcoin prices.
Atletico Madrid sues WhaleFin for sponsorship agreement termination
Atletico Madrid is taking legal action against WhaleFin, a
Singapore-based cryptocurrency exchange, due to the unexpected
cancellation of a sponsorship contract valued at $44 million. The
Spanish club is seeking $24 million in damages for alleged contract
breach, facing financial impacts and potential damage to its image.
The termination of the agreement raises questions about the
relationship between football clubs and sponsors in the
cryptocurrency sector, with Atletico Madrid already securing a new
sponsorship with Riyadh Air.
’47 Ronin’ director diverts funds from Netflix for personal
investments
Carl Erik Rinsch, director of “47 Ronin”, is accused of
diverting $60 million from Netflix (NASDAQ:NFLX), intended for a
scientific series, making investments in the stock market and
cryptocurrencies, without completing any episodes. He spent part of
the budget on luxuries and lost $5.9 million in investments in the
S&P 500 index (SPI:SP500) and Gilead Sciences (NASDAQ:GILD),
but recovered almost $27 million by liquidating his positions in
Dogecoin (COIN:DOGEUSD), after investing $4 million. Rinsch, facing
litigation with Netflix and a divorce, initially justified the
expenses as part of the production, but later admitted they were
personal. Netflix accuses him of not meeting production
milestones.
Wallet of Satoshi withdraws app from the US and clarifies plans
The Wallet of Satoshi, a Bitcoin Lightning wallet provider,
withdrew its app from the US Apple (NASDAQ:AAPL) and Google
(NASDAQ:GOOGL) app stores, deciding not to serve American customers
anymore. The company did not reveal a specific reason for the
action but assured US users that their funds remain accessible. It
is speculated that the decision is related to the American
regulatory environment around cryptography. The Wallet of Satoshi
expresses hope to resume operations in the US in the future,
despite facing criticism for custodial fund management. Meanwhile,
the US Lightning Network capacity reached nearly historic
highs.
Dominance of Antpool and Foundry in Bitcoin mining and market
predictions
Antpool and Foundry, giants in Bitcoin (COIN:BTCUSD) mining,
together control 53.4% of the global hashrate. Recently, Antpool
expanded its leadership, increasing its hashing power. Bradley
Park, an analyst at CryptoQuant, highlights China’s aggressive
effort in mining before the possible approval of a Bitcoin ETF,
while the US also intensifies its mining productivity. “As Bitcoin
approaches the halving, I predict a competitive increase between
China and the US in mining machine productivity. This is because
the unit cost of mining Bitcoin will likely increase due to rising
energy expenses and increased mining difficulty,” said Park. The
proximity of Bitcoin’s halving, which halves the miners’ rewards
and can affect the Bitcoin price, motivates the race for dominance
with advanced equipment like the Antminer S21. Miners, including
Antpool, whose Bitcoin reserves have been growing, may sell just
enough to maintain operations or retain their coins in anticipation
of an ETF approval.
UK advances in tokenization of investment funds
The UK approved the tokenization of investment funds,
integrating blockchain technology into asset management. The
initiative, led by the Investment Association and supported by the
government, promises greater efficiency and transparency. A
proposed model, aligned with existing legislation, allows
tokenization in authorized funds, paving the way for innovations in
the financial sector.
New EU legislation requires “kill switch” in smart contracts
The European Parliament approved the Data Law, a regulation that
requires smart contracts to have a “kill switch” for termination or
suspension. Approved with 481 votes in favor, this law now awaits
sanction by the European Council. The controversial clause of the
law aims for greater regulation and control, diverging from the
concept of blockchain decentralization. Experts warn that this
requirement may be incompatible with the autonomous nature of smart
contracts and could limit their adoption, while others see it as a
necessary security measure. The law still awaits final approval,
but it already raises debates about the impact on blockchain
innovation and adoption in the EU.
Mumbai airport threatened with Bitcoin ransom demand
According to Cryptonews, the Chhatrapati Shivaji Maharaj
International Airport in Mumbai was the target of a bomb threat,
with an anonymous sender demanding $1 million in Bitcoin
(COIN:BTCUSD). The email, sent to Mumbai International Airport
Limited, warned of a possible explosion in Terminal 2 if the
payment was not made within 48 hours. Police initiated
investigations, reinforcing security at the airport and working to
trace the origin of the threat. A case was registered against the
unknown sender for extortion and causing public alarm, following
the Indian Penal Code.
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