This week’s top stories
Paxos confirms liability for paying $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 10th, Paxos paid a six-figure fee for a $2,000 move, but the average network fee is usually around $2. The company later acknowledged the mistake and confirmed that the transfer was made from its servers. Almost a day after Paxos’ claims, Bitcoin miners who received the funds took to X (formerly Twitter) to express their displeasure after agreeing to refund their money to Paxos. The 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 based on pre-determined guidelines through an investment advisor. The sale does not include Bitcoin, Ether, and “certain insider-related tokens,” which can be sold at a separate decision by FTX after 10 days’ notice. FTX sales are not expected to have a significant impact on the market. The bankrupt exchange holds $833 million worth of Bitcoin and Ether, according to a recent shareholder update. The company’s top 10 holdings, Digital Asset A, hold a total of $3.4 billion and include Solana, Bitcoin, Ether, Aptos, and more.
Gemini Earn users could potentially get all their funds back with new DCG rewards scheme
Digital Currency Group has proposed a new agreement to creditors of bankrupt Genesis Global. The plan estimates that unsecured creditors will receive “70-90% recovery, including a significant portion of recovery in digital currencies.” Additionally, the compensation plan states that claims recovery for Gemini Earn users is expected to be “approximately 95-110%” without any contribution from Gemini. “If, as previously, Gemini agrees to provide $100 million to Gemini Earn users under the proposed agreement, there is little doubt that Gemini Earn users will receive more than full compensation,” the filing said. There is no room for that.”
Franklin Templeton files for Spot Bitcoin ETF
Asset manager Franklin Templeton has applied to the U.S. Securities and Exchange Commission to launch a Spot Bitcoin exchange-traded fund (ETF). The fund would be structured as a trust, according to the application. Coinbase will store the BTC and Bank of New York Mellon will be the custodian and administrator of the cash. Franklin Templeton manages $1.5 trillion in assets and joins a long list of asset managers awaiting regulatory approval. The SEC recently postponed its decision on WisdomTree, Valkyrie, Fidelity, VanEck, Bitwise, and Invesco spot ETF applications to August 31st.
Two more top executives leave Binance.US amid layoffs and SEC action
The exodus of executives from cryptocurrency exchange Binance has extended to the company’s U.S. subsidiary, with at least three top employees leaving Binance.US in the past few days. This week’s departures included the exchange’s CEO Brian Schroeder, as well as head of legal affairs Krishna Juvadi and chief risk officer Sidney Majalya. This mass withdrawal is believed to be related to the ongoing US investigation into Binance and Binance.US. In June, the SEC charged Binance.US, Binance, and CEO Changpeng Zhao with engaging in unregistered securities operations and other misconduct. On August 28, authorities requested sealed documents in the case, raising concerns about a criminal investigation by the U.S. Department of Justice.
winners and losers
Bitcoin on the weekend (BTC) It is located in $26,465,ether (Ethereum) in $1,628 and XRP in $0.50.The total market capitalization is $1.05 Trillion, according to Go to Coin Market Cap.
Among the largest 100 cryptocurrencies, this week’s top 3 altcoins are Toncoin (tons) 21.30%, VeChain (veterinarian) 11.94% and Bitcoin Cash (BCH) It was 11.36%.
This week’s top three altcoin losses are ApeCoin (Ape) -16.82% in Aster (ASTR) 14.47% and flare (FLR) It was 12.61%.
For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.
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most memorable quotes
“Going forward, I think it’s my generation and the younger generation than me that will really change the narrative of investing, whether it’s cryptocurrencies or other investments.”
scotty jamesAustralian snowboarder
“Right now, the only country that doesn’t encourage people to start a business is the United States.”
brad garlinghouseCEO of Ripple
“We are still in the fax era of international payments.”
david marcusformer PayPal executive and co-founder of Lightspark
“I don’t think everyone in Washington DC really fully understands how powerful the Cryptocurrency Voting Community Block is.”
brian armstrongCoinbase CEO
“You can’t have 100% transparency and 100% privacy.”
Alex SvanevikNansen CEO
“Climate change remains a systemic threat to our species. As a society, I think we have an obligation to do whatever we can.”
Marek OlszewskiCEO of Celo
This week’s forecast
Bitcoin price’s all-time high ahead of halving in 2024 — new prediction
Bitcoin has a target of $250,000 after the next block subsidy halving, according to the latest BTC price predictions from BitQuant, a popular social media commentator who predicts a rosy future for the largest cryptocurrency. All-time highs will likely be broken sooner.
On September 15th, the pseudonymous “Central Banker and Bitcoiner” announced a target of over $69,000 before the halving. “No, Bitcoin will not reach its all-time high before the halving,” he wrote in part of his commentary.
Bitcoin is just over six months away from its halving, which will reduce miner rewards earned per block by 50% every four years. “No, Bitcoin price will not reach $160,000, because the magnitude of each rebound is large,” he wrote, adding, “This means it will peak in 2024 after the halving. And yes, the target price is about $250,000,” he added.
This week’s FUD
SEC charges company behind Stoner Cats NFT series with selling unregistered securities
Stoner Cats 2 LLC (SC2) stoner cats animated web series, has agreed to a cease-and-desist order and other actions imposed by the U.S. Securities and Exchange Commission after it was accused of conducting unregistered sales of cryptoassets securities in the form of non-fungible tokens (NFTs). According to the SEC, SC2 sold more than 10,000 of his NFTs for about $800 each. The sale took 35 minutes and 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 sentenced to 20 years in prison for fraud and money laundering
Ruja Ignatova and OneCoin co-founder Carl Greenwood were sentenced to 20 years in prison in the United States on September 20 and ordered to pay $300 million. Mr. Ignatova remains at large. Greenwood, a British and Swedish national, was sentenced in a New York court. In a statement from the Department of Justice, U.S. Attorney Damian Williams called OneCoin “one of the largest fraud schemes ever perpetrated.” The statement said the pyramid scheme and Ponzi scheme netted $4 billion in profits from 3.5 million victims. Ignatova has been missing since October 2017 and is on the Federal Bureau of Investigation’s 10 most wanted list.
North Korea’s Lazarus Group Involved in $55 Million CoinEx Hack
The attack on cryptocurrency exchange CoinEx, which leaked at least $55 million, was carried out by the North Korean hacker group Lazarus, according to blockchain security firm SlowMist and pseudonymous on-chain researcher ZachXBT. This group of hackers was identified after they accidentally published the same addresses used in the recent His Stake and Optimism hacks. On September 12th, CoinEx confirmed a large amount of funds had been outflowed to an address with no previous history. Security experts immediately suspected that the exchange had been compromised, with an initial estimate of around $27 million.
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Kei Oda spent 16 years trading corporate bonds for Goldman Sachs, but that life eventually became boring. That’s why he turned to virtual currency.
Web3 Gamer: PUBG Developer’s Web3 Project, Animoca Raises $20 Million, Shardbound Review
The company behind PUBG has announced its new Web3 platform, monetization with Web3, and more.
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