Top stories of the week
Paxos Confirms Liability to Pay $500,000 in Bitcoin Transaction Fees
A Bitcoin miner who received 19.8 BTC in fees from blockchain infrastructure company Paxos has returned the funds after Paxos claimed it made an error in paying more than $500,000 in transfer fees. On September 10, Paxos paid a six-figure fee to transfer $2,000, and average network fees are usually around $2. The company later acknowledged the error and confirmed that the transfer originated from its servers. Almost a day after Paxos filed the claim, Bitcoin miners who received the funds expressed their frustration on X (formerly Twitter) after agreeing to return the amount to Paxos. Funds were returned on September 15th.
Court approves sale of FTX digital assets
The bankruptcy court has approved weekly bulk sales of FTX digital assets through investment advisors and in accordance with pre-established guidelines. The sale excludes Bitcoin, Ethereum and “certain insider-affiliated tokens,” which may be sold by FTX at its sole discretion upon 10 days’ notice. FTX sales are not expected to have a significant impact on the market. According to a recent shareholder update, the bankrupt exchange held $833 million worth of Bitcoin and Ethereum. Digital Asset A holds a total of $3.4 billion and is among the top ten assets held by the company, including Solana, Bitcoin, Ethereum, Aptos, etc.
Gemini Earn users can reclaim all funds in the new DCG rewards program
Digital Currency Group has proposed a new agreement plan for creditors of now-bankrupt Genesis Global. The plan estimates that unsecured creditors will receive “70-90% of the recovery, a large portion of which is the recovery of digital currencies.” Additionally, the compensation plan states that without any contribution from Gemini, Gemini Earn users’ claims will be The recovery rate is expected to be “approximately 95-110%.” “If Gemini agrees to provide $100 million to Gemini Earn users under the proposed agreement, as it has previously done, there is no question that Gemini Earn users will receive more compensation than full recovery,” according to the filing.
Franklin Templeton files for spot Bitcoin ETF
Asset management firm Franklin Templeton has applied to the U.S. Securities and Exchange Commission to launch a spot Bitcoin exchange-traded fund (ETF). According to the application, the fund will be structured as a trust. Coinbase will host BTC, and BNY Mellon will serve as cash custodian and manager. Franklin Templeton, which manages $1.5 trillion in assets, is among a group of asset managers awaiting regulatory approval. The SEC recently postponed an August 31 decision on spot ETF applications for WisdomTree, Valkyrie, Fidelity, VanEck, Bitwise and Invesco.
Two more executives leave Binance.US amid layoffs and SEC action
An executive exodus from cryptocurrency exchange Binance has spread to the company’s U.S. branches, with at least three senior employees leaving Binance.US in the past few days. Those leaving this week include the exchange’s CEO Brian Shroder, legal director Krishna Juvvadi and chief risk officer Sidney Majalya. The mass exit is believed to be related to the ongoing US investigation into Binance and Binance.US. The U.S. Securities and Exchange Commission (SEC) sued Binance.US, Binance.com and CEO Changpeng Zhao in June, accusing them of engaging in unregistered securities business and other misconduct. On August 28, the agency requested sealed documents from the case, raising concerns about a criminal investigation by the U.S. Department of Justice.
winners and losers
This weekend, Bitcoin (Bitcoin) lie in $26,465Ether (Ethereum) exist $1,628 and Ripple exist $0.50.The total market capitalization is $1.05 trillions, according to CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three gaining altcoins this week are Toncoin (Ton) 21.30%, VeChain (veterinary) 11.94% and Bitcoin Cash (Biosafety Clearinghouse) is 11.36%.
The three altcoins with the biggest declines this week are ApeCoin (ape) and -16.82%, Asta (Astor) 14.47% and flare (FLR) is 12.61%.
For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.
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most memorable quotes
“I think my generation and people younger than me are going to really change the narrative of investing, whether it’s in crypto or other investments.”
Scotty Jamesaustralian skier
“The only country where I wouldn’t encourage you to start a company right now is the United States.”
Brad GarlinghouseCEO of Ripple
“We are still in the fax era of global payments.”
david marcusformer PayPal executive and co-founder of Lightspark
“I don’t think everyone in Washington, D.C., really fully realizes how powerful the cryptocurrency voting community block is.”
Brian ArmstrongCEO of Coinbase
“You can’t get 100 percent transparency and 100 percent privacy.”
Alex SwanevickChief Executive Officer of Nansen Corporation
“Climate change remains a systemic threat to our species. I think as a society we have a responsibility to do what we can for ourselves.”
Marek OlszewskiCEO of Celo
This week’s forecast
New Prediction: Bitcoin Price Will Hit All-Time Highs Ahead of Halving in 2024
Bitcoin’s next post-halving block subsidy target is $250,000, but according to BitQuant’s latest BTC price prediction, new all-time highs will come sooner. BitQuant, a popular social media commentator, believes the future of the largest cryptocurrency is bright.
On September 15, the pseudonymous “central bank governor and Bitcoin expert” revealed that the pre-halving target price was higher than $69,000. “No, Bitcoin will not peak before the halving,” he wrote in a comment.
There are just over six months until Bitcoin’s halving, an event that will reduce the per-block rewards miners receive every four years by 50%. “No, BTC won’t hit $160,000 because each pullback is so large,” he wrote, adding, “This means Bitcoin will peak after the 2024 halving. Yes, target The price is about $250,000.”
Most talked about FUD this week
SEC charges company behind Stoner Cats NFT series with unregistered securities sales
Stoner Cats 2 LLC (SC2), the company behind stoner cat The 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 accused of conducting an unregistered offering of crypto-asset securities in the form of non-fungible tokens (NFTs). According to the SEC, SC2 has sold more than 10,000 NFTs, each selling for about $800. The 35-minute auction took place on July 27, 2021, with proceeds used to fund the series. In addition to agreeing to the cease and desist order, SC2 will pay a $1 million civil penalty.
OneCoin co-founder Greenwood was sentenced to 20 years in prison in the United States for fraud and money laundering
On September 20, Karl Greenwood, co-founder of OneCoin and Ruja Ignatova, was sentenced to 20 years in prison in the United States and ordered to pay 300 million Dollar. Ignatova remains at large. Greenwood, a British and Swedish citizen, was sentenced in a New York court. In a statement from the Justice Department, U.S. Attorney Damian Williams called OneCoin “one of the largest fraud schemes ever attempted.” The statement said the multi-level marketing and Ponzi scheme made $4 billion from 3.5 million victims. Ignatova has not been seen since October 2017 and is currently on the FBI’s Ten Most Wanted List.
North Korea’s Lazarus Group hacks CoinEx causing $55 million in losses
The attack on cryptocurrency exchange CoinEx was carried out by the North Korean hacker group Lazarus and cost at least $55 million, according to blockchain security firm SlowMist and anonymous on-chain investigator ZachXBT. The hacking group was identified after inadvertently exposing its address, which was the same address used in recent Stake and Optimism hacks. On September 12, CoinEx discovered a massive outflow of funds to an address with no history. Security experts immediately suspected the exchange had been breached, with initial estimates worth around $27 million.
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