Hodler’s Digest, November 5-11 – Cointelegraph Magazine

Top news this week

CME overtakes Binance to gain largest share of Bitcoin futures open interest

The Bitcoin futures market is showing interesting changes as the global derivatives market Chicago Mercantile Exchange (CME) surpasses Binance in Bitcoin futures open interest trading volume. The change comes after Bitcoin surpassed $37,000 for the first time in 18 months.

But James Seyffart, a research analyst specializing in exchange-traded funds at Bloomberg Intelligence, doubts whether the increased public interest in CME’s Bitcoin futures will address the U.S. Securities and Exchange Commission’s historical concerns about the depth and potential of the Bitcoin market. raised. For market manipulation.

“Okay, that’s interesting…” Now does this constitute a ‘significant market’?” Seyffart said in a post on X (formerly Twitter):

Cryptoqueen’s OneCoin Legal Director Admits Fraud Charges

OneCoin’s former head of legal and compliance could face a possible 10-year prison sentence for his role in a $4 billion cryptocurrency trading scheme. In Manhattan federal court, OneCoin’s former head of compliance, Irinia Dilkinska, pleaded guilty to wire fraud and money laundering charges.

U.S. District Judge Edgardo Ramos accepted Dilkinska’s guilty plea, according to a statement from the U.S. Department of Justice. She admitted to one count of conspiracy to commit wire fraud and one count of conspiracy to launder money. Each charge carries a maximum penalty of five years in prison.

Dilkinska is scheduled to be sentenced on February 14, 2024, and could face up to 10 years in prison for her role in the OneCoin scheme.

Genesis is seeking court approval to reduce Three Arrows Capital’s claim from $1 billion to $33 million.

Bankrupt cryptocurrency lender Genesis has asked a court to approve its proposed settlement with bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC).

In recent court documents, Genesis said 3AC should be awarded a $33 million claim against Genesis. This represents 3.3% of the total $1 billion in claims originally filed against Genesis.

According to Genesis, 3AC’s claims against Genesis were the largest in the Chapter 11 case related to the FTX exchange collapse. Genesis emphasized that the 3AC debtor was one of Genesis’ largest borrowers from 2020 to 2022 before the company’s collapse.

SafeMoon CEO bail release on hold after Fed cites flight risk

SafeMoon CEO Braden John Karony’s bail release has been delayed by U.S. federal prosecutors. Prosecutors argued he may have attempted to leave the country because of his access to foreign funds and connections. Prosecutors have expressed concerns that his release could pose a flight risk and a potential danger to the community.

The delay occurred after New York District Judge LaShann DeArcy Hall decided to hold up a bail release order issued Nov. 8 by a Utah magistrate judge that allowed Karony to be released on $500,000 bail. However, prosecutors challenged the decision, saying the release order was made “without taking into account the defendant’s significant financial capabilities and ability to flee,” and stressed that his release could pose “an ongoing risk to the community.”

Binance Ends Russian Ruble Deposits Next Week

Binance users in Russia should note that they have just over two months to withdraw rubles from the platform, until January 31, 2024. Binance plans to wind down its operations in Russia and stop accepting deposits in Russian rubles from November 15, 2023.

This comes after Binance announced its complete withdrawal from Russia in September 2023, selling its business to newly established cryptocurrency exchange CommEX. However, there was limited information about the details of the deal, including its size and CommEX founders. , which caused some controversy.

winners and losers

Bitcoin this weekend (BTC) The price is $37,249, Ether. (ETH) $2,078 and XRP (XRP) $0.67. According to CoinMarketCap, the total market capitalization is $1.42 trillion.

Among the top 100 cryptocurrencies, the top three altcoin gainers this week were FTX tokens. (FTT) 250.48%, Caspian Sea (what) 67.23%, Kronos (CRO) 52.20%.

The top three altcoin losers this week are Maker. (MKR) -3.39%, Tether Gold (XAUt) -2.60% and PAX Gold (PAXG) -2.51%.

For more information on cryptocurrency prices, read Cointelegraph’s market analysis.

most memorable quotes

“SEC Chairman Gensler cannot continue to abuse the agency’s power to further his political agenda of driving new and promising digital asset industries overseas.”

Tom EmmaAmerican Republican Congressman

Ordinal numbers help express Bitcoin’s core values ​​in a much friendlier way than Bitcoin, which may be too technical or harsh for some.”

Rugi TillierCommercial Director at Lumx Studios

Binance’s Chief Compliance Officer summed up the incident harshly but succinctly, admitting that Binance was ‘operating as an unlicensed stock exchange in the United States.’ He was right.”

U.S. Securities and Exchange Commission

As we have seen with cryptocurrencies, harsh constraints have hindered the exploration of potentially innovative applications.”

Matthew PutmanCEO and Co-Founder of Nanotronics

In Web3, it’s not the code that matters, it’s the community. “Focus on front-end transparency instead of perfecting back-end logic.”

Thiago SerodeoPartisia Blockchain Community Director

I said, ‘I’m sorry. ‘I’m bored,’ he says. But we are one of the oldest projects. We are very big… We’re the ones with the most changes on GitHub, and we haven’t been down in over 2000 days… “Sometimes it’s boring.”

Frederick GregardCardano Foundation CEO

This week’s predictions

Bitcoin ‘final price’ suggests the next BTC all-time high is at least $110,000.

With the price of BTC hovering around its highest levels for the past 18 months, analysts are already speculating about the potential upward trajectory it could take in the coming months and years. As Bitcoin’s new bull cycle progresses, a classic on-chain indicator suggests it could next be “sold” at $110,000.

Philip Swift, founder of Look Into Bitcoin, analyzed the final price, describing its value as a “simple” way to estimate long-term BTC price peaks. The terminal price is calculated as the so-called “transfer price” of Bitcoin. This value is the “coin retirement days” divided by the existing supply. Not all all-time highs reach their final price, but BTC/USD did reach a trendline during the 2017 all-time high and the first-ever high in April 2021. It fell short of the current all-time high of $69,000 seen in November of that year.

As terminal prices rise over time, $110,000 could ultimately be a conservative target if the next all-time high occurs late in the next cycle.

FUD of the week

JPEX Scandal: Taiwan Determines New Suspect for Fraud Allegations — Report

Taiwanese prosecutors are seeking to arrest JPEX Taiwan office senior partner Chang Tungying on fraud charges related to the JPEX cryptocurrency exchange. The situation surrounding the exchange collapse is evolving, with the Taipei District Prosecutor’s Office (TDPO) identifying a new suspect. According to a report by local TV channel TVBS News on November 9, TDPO requested the detention of Jiang Tongying on fraud charges.

As part of the ongoing JPEX investigation, Taipei prosecutors searched nine locations and summoned Chang, along with three other people believed to be involved. Chang and JPEX instructor Shih Yu-sheng (also known as Shi Yu) are considered suspects in cases of violations of banking laws and anti-money laundering laws.

Cryptocurrency exchange CoinSpot has reportedly suffered a $2 million hot wallet hack.

Blockchain security company CertiK said the recent theft of $2.4 million from Australian cryptocurrency exchange CoinSpot’s hot wallet was likely caused by “private key compromise.” CoinSpot appears to have experienced a hack in which the private keys of one of its hot wallets may have been compromised.

Pseudonymous blockchain investigator ZachXBT highlighted two transactions that entered the wallet of the alleged hacker on November 8. The wallet owner then transferred funds to the Bitcoin network via THORChain and Wan Bridge. CertiK said this apparent exploit was likely the result of a “possible private key compromise” in one or more of CoinSpot’s hot wallets.

According to Etherscan data, 1,262 Ether transactions worth $2.4 million at current prices originated from recognized CoinSpot wallets and ended up in the wallets of the alleged hackers.

Poloniex exchange sees $100 million exploit, offers 5% bounty.

A suspicious leak occurred in a cryptocurrency wallet linked to digital exchange Poloniex, which was clearly revealed by blockchain explorer Etherscan. Blockchain security experts suspect the breach led to attackers leaking up to $100 million in cryptocurrency.

On November 10, millions of cryptocurrency assets were moved from an account called Poloniex 4 on Etherscan. Initially estimated at $60 million, later assessments showed the loss exceeded $100 million. Blockchain security firm CertiK suggests “private key compromise” as a possible cause and points out that the funds had already been transferred to four externally owned accounts, with some converted to Ether.

Best magazine articles of the week

EXCLUSIVE: Two years after John McAfee’s death, his widow Janice is broke and needs answers.

Two years after John McAfee’s death, his wife Janice still can’t get closure. She said: “All I want is to see his body in person and know if it really happened.”

‘$10,000 JPG’ is scaring gamers, Animoca plans to stream cryptocurrency games: Web3 Gamer

Animoca acquired a platform similar to Twitch, and Web3 gaming was a major talking point at Binance Blockchain Week.

6 Questions to Ask Lugui Tillier About Bitcoin, Ordinal Numbers, and the Future of Cryptocurrencies

Lugui Tillier is the Commercial Director of Lumx Studios, one of the top cryptocurrency companies in Rio de Janeiro, a city with a booming cryptocurrency industry.

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editorial staff

Cointelegraph Magazine writers and reporters contributed to this article.