Hodler’s Digest, December 10-16 – Cointelegraph Magazine

Top news this week

BlackRock revises spot Bitcoin ETF to make it more accessible to banks.

BlackRock has modified its spot Bitcoin exchange-traded fund (ETF) application to make it easier for Wall Street banks to participate by creating new shares in the fund with cash rather than cryptocurrency. The new in-kind redemption “prepayment” model allows large banks like JPMorgan or Goldman Sachs to act as authorized participants for the fund, circumventing restrictions that prevent them from holding Bitcoin or cryptocurrencies directly on their balance sheets.

El Salvador expected to sell Bitcoin ‘Freedom Visa’ by the end of the year

El Salvador’s National Bitcoin Office said the $1 million Freedom Visa program has already received hundreds of inquiries since its launch on December 7 and is expected to sell out before the end of 2023. The Freedom Visa is a donation citizenship program that grants a residency visa and a path to citizenship to 1,000 people willing to donate $1 million in Bitcoin or Tether to the country. This program is limited to 1,000 slots per year.

Sam Bankman-Fried’s lawyer says winning FTX fraud trial was “almost impossible”: Report

The lawyer who represented Sam “SBF” Bankman-Fried in his criminal trial admitted winning the case was “almost impossible” from the start. In an interview, Stanford Law School professor David Mills said he accepted the arguments of witnesses and state prosecutors and recommended SBF’s legal defense convince the jury that Bankman-Fried was trying to save the company. Mills also said he had agreed to lend his expertise in defending Bankman-Fried at the request of the FTX CEO’s parents, and described Bankman-Fried as “the worst person I have ever cross-examined.”

Yearn.finance pleads for arbitrageurs to return funds after $1.4 million multi-signature crash.

Yearn.finance expects an arbitrage trader to return $1.4 million in funds after a multi-signature scripting error led to a massive depletion of the protocol’s funds. An error occurred while Yearn was converting yVault LP-yCurve, which he earned as performance fees on vault harvesting, to stablecoins on decentralized exchange CoW Swap. Yearn suffered a significant drop when he received 779,958 DAI yVault tokens in the transaction, resulting in a 63% drop in the value of the liquidity pool.

SEC Postpones Invesco Galaxy Spot Ethereum ETF Decision Deadline to 2024

The U.S. Securities and Exchange Commission (SEC) has postponed a decision on whether to approve or reject a spot Ether ETF proposed by Invesco and Galaxy Digital. The two companies submitted applications for a spot ETH ETF last September. The proposed spot cryptocurrency investment vehicle is one of many being considered by the commission, which has not yet approved an ETF with direct exposure to Ether, Bitcoin or any other cryptocurrency.

winners and losers

Bitcoin this weekend (BTC) It’s in $42,222ether (ETH) In ~ $2,250 and XRP In ~ $0.62. The total market capitalization is $1.6 $1 trillion, according to CoinMarketCap.

Among the top 100 cryptocurrencies, the top three altcoin gainers this week are Bonk. (bonk) 131.38%, WOO Network (right) 78.34% and helium (HNT) 77.66%.

The top three altcoin losers of the week are Terra Classic. (away) -15.84%, 6 (BE) -14.48%, Pepe (Pepe) -12.10%.

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

most memorable quotes

“I am a big fan of the stablecoin called Tether… I have their safe. So I keep their treasures, and they also have many treasures.”

Howard LutnickCantor Fitzgerald CEO

“This (blockchain) allows us to track waste from origin to destination to ensure proper recycling and disposal of waste.”

Dominic WilliamsDfinity Founder and Chief Scientist

“Digital currencies are the natural evolution of the global payment system, and Europe (…) is paving the way for this inevitable change.”

Michael NovogratzCEO of Galaxy Digital

“I thought it would be almost impossible to win if all three or four founders said you did it.”

david millsSam Bankman-Fried’s Criminal Trial Lawyers

“Our bipartisan legislation is the most challenging proposal yet, cracking down on the illicit use of cryptocurrencies and giving regulators more tools in their toolbox.”

elizabeth warrenUS Senator

“We have to understand that central banks are fraudsters. “What Bitcoin represents is money returning to the private sector where it was originally created.”

Javier Mileypresident of argentina

This week’s predictions

‘No Excuses’ for Buying Crypto: Arthur Hayes Repeats $1 Million BTC Price Bet

Bitcoin and altcoins are a no-brainer bet in the current macro climate, says Arthur Hayes. In a December 14 post on

As the market is betting that the US Federal Reserve will cut interest rates next year, going long in cryptocurrencies is the key to success, argues Hayes. His post stated: “There is no excuse not to be long crypto at this point.”

“How many more times do they have to tell you that the currency in your pocket is dirty trash,” he wrote. Hayes has long reiterated his $1 million BTC price prediction as macro trends have driven the country’s currency down.

FUD of the week

Ledger Patch Vulnerabilities After Multiple DApps Using Connector Library were Compromised

The front ends of several decentralized applications that use Ledger’s connector were compromised on December 14th. Ledger announced that it had resolved the issue three hours after the initial report of the attack. Affected protocols included Zapper, SushiSwap, Phantom, Balancer, and Revoke.cash, stealing at least $484,000 in digital assets. The attackers utilized a phishing exploit to gain access to the computer of a former Ledger employee. The hack sparked criticism of Ledger’s security approach.

Bitcoin inscription has been added to the US National Vulnerability Database.

The National Vulnerability Database flagged Bitcoin as a cybersecurity risk on December 9, drawing attention to security flaws that enabled the development of the Ordinals protocol in 2022. According to database records: data carrier Some versions of Bitcoin Core and Bitcoin Knots allow you to bypass the restriction by masking the data with code. Among the potential impacts, the vulnerability could result in large amounts of non-transactional data spamming the blockchain, potentially increasing network size and negatively impacting performance and fees.

SafeMoon fell 31% in the five hours after filing for Chapter 7 bankruptcy.

The tokens of decentralized finance protocol SafeMoon fell 31% in five hours after the company filed for bankruptcy. Safemoon officially filed for Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” on December 14. The blow comes just a month after the U.S. Securities and Exchange Commission charged Safemoon and its executives with violating securities laws. “A massive fraud scheme.” Several former SafeMoon supporters expressed their displeasure on Reddit regarding the bankruptcy, claiming they were bullied by SafeMoon developers.

Best magazine articles of the week

Weaponized Terrorism and Israel-Gaza War to Destroy Cryptocurrencies

Harsh anti-cryptocurrency legislation could soon be passed to address a terrorist financing “crisis” that many argue has been greatly exaggerated.

Korean Crypto Company Raises $140 Million, Huobi Battles China’s $1.4 Trillion AI Sector: Asia Express

Line Next raised $140 million, China’s AI market surpassed $1.4 trillion, and Sinohope stalled due to stagnant FTX deposits.

J1mmy.eth once minted 420 Bored Apes… and held $150 million worth of NFTs: NFT Creator

NFT collector J1mmy.eth trades like Warren Buffett. His collection reached $150 million, and at one point he had 420 Bored Apes minted with Pranksy.

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editorial staff

Cointelegraph Magazine writers and reporters contributed to this article.