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On Monday, Bitcoin (COIN:BTCUSD) and other cryptocurrencies experienced declines due to risk aversion in global markets. Bitcoin dropped more than 1% in the last 24 hours, reaching around $27,632 after hitting $28,000 over the weekend. Despite the decline, Bitcoin remains above the $26,000 range and is in an upward trend but faces resistance at the 200-day moving average. Ethereum (COIN:ETHUSD), Ripple (COIN:XRPUSD), Solana (COIN:SOLUSD), Shiba Inu (COIN:SHIBUSD), and Dogecoin (COIN:DOGEUSD) have all fallen by over 3% in the last 24 hours. Another factor contributing to Ether’s price drop is a wallet associated with the Ethereum Foundation selling more than 1,700 ETH for $2.7 million in USDC. Although the Ethereum Foundation has not disclosed its plans for the proceeds, the sale may have triggered a reaction among traders. The Ethereum Foundation wields influence within the Ethereum community, despite lacking centralized control over the network.
Digital asset investment products such as Solana (COIN:SOLUSD) and Bitcoin (COIN:BTCUSD) funds saw the largest inflows into asset managers including CoinShares, Grayscale and others, totaling $78 million. Solana funds had their biggest inflows since March 2022, totaling $24 million, while Bitcoin led the overall inflows with $43 million. Europe surpassed the US in inflows, representing 90% of flows. The launch of Ether futures ETFs in the US attracted less than $10 million, reflecting tepid investor appetite.
Bitstamp, one of the oldest cryptocurrency exchanges, is in talks with three major European banks to help them launch crypto services in the first quarter of next year. This is due to favorable regulation from the European Union, while in the US, stricter regulators are forcing companies to consider moving abroad. Bitstamp, committed to regulatory compliance, is seeing growing interest from traditional financial institutions in Europe and is developing regulated products such as perpetual swaps.
After Bybit closed its operations in the United Kingdom due to new cryptocurrency marketing rules, other foreign exchanges such as Coinbase (NASDAQ:COIN), OKX and Binance, are partnering with local partners to comply with regulations. These agreements allow these platforms to continue serving UK customers despite new rules from the Financial Conduct Authority (FCA). The FCA has also issued a warning warning that 143 entities are operating in the UK without permission, including HTX and KuCoin. The FCA has reiterated the need for all financial firms in the UK to be authorized or registered. The regulator also recalled the October 8 deadline for complying with the new financial promotion guidelines. Companies like Binance and OKX have restructured their businesses for compliance, while others have suspended operations in the UK to adapt to regulations.
Komainu, a cryptocurrency custody joint venture involving Nomura, Ledger and CoinShares, has successfully obtained registration with the Financial Conduct Authority (FCA). This registration occurred before new promotions rules came into effect requiring UK-registered businesses to approve their own advertisements and communicate appropriate risk warnings to users.
Deribit, the largest cryptocurrency options exchange, announced that it is adding options for Solana (COIN:SOLUSD), Polygon (COIN:MATICUSD), and Ripple (COIN:XRPUSD) to its platform. This expansion occurs despite regulatory uncertainty and aims to increase liquidity in the market. Additionally, Deribit plans to obtain a brokerage license in the European Union (EU) as part of its European expansion. The exchange currently controls more than 85% of the digital asset options market and intends to continue strengthening its position as an industry leader.
Binance, the world’s largest cryptocurrency exchange by volume, has launched copy trading on futures products in specific markets. This feature allows users to copy the strategies and portfolios of experienced traders. Registered users can act as both copy traders and lead traders, receiving a 10% profit share when leading. This should increase engagement in the Binance trading community.
In the first half of this year, hackers attempted to break into Upbit, South Korea’s leading cryptocurrency exchange, nearly 160,000 times, according to parent company Dunamu. These attempts, around 879 per day on average, represented a 2.17-fold increase compared to the same period the previous year. Although specific details were not mentioned, Upbit is a high-profile exchange that trades billions of dollars worth of tokens and is known for its high trading volume.
The hacker responsible for the attack on cryptocurrency exchange HTX returned about 5,000 stolen ETH and received a whitehat bonus of 250 ETH ($400,000) from Tron founder Justin Sun. The funds were returned in two transactions after the attack in September , and HTX fully covered its losses. The hacker also shared information about a security vulnerability with the company.
Bitmain, one of the world’s largest Bitcoin application-specific integrated circuit (ASIC) manufacturers, is facing a financial crisis, cutting employee bonuses, incentives and salaries. The company has not paid salaries since September and reduced base salaries by 50%. The measure was taken due to financial difficulties caused by the lack of positive cash flow, especially in sales of new ASICs. The company was planning an initial public offering valued at $5 billion, but the bear market situation may have disrupted those plans.
Sam Altman, founder of Worldcoin (COIN:WLDUSD) and CEO of OpenAI, expressed concerns about the US government’s increasing regulation of cryptocurrencies, comparing it to a “war” on the industry. “There are a lot of things that I’m disappointed that the US government has done recently, but the war on encryption – which I think is something like, we can’t give up on this, like we’re going to control this and all that – that’s which makes me very sad in the country”, Altman said on an episode of Joe Rogan’s podcast. Altman praised the potential of Bitcoin (COIN:BTCUSD) as a universal currency and highlighted the importance of a global currency outside of government control. He also expressed concerns about state surveillance in an increasingly digitized world and criticized Worldcoin’s privacy. Altman did not oppose regulation, but emphasized the need for regulatory balance and effectiveness.
Caroline Ellison, former romantic partner of Sam Bankman-Fried and CEO of FTX-linked Alameda Research, is scheduled to testify in the FTX fraud trial. She can provide information about the movement of client funds between the companies and is expected to highlight a November 2022 meeting in which she admitted to using client funds to repay creditors, with Bankman-Fried’s approval. The trial focuses on conspiracy and fraud charges related to the collapse of FTX, which Bankman-Fried denies. FTX co-founder Gary Wang testified last week that the exchange manipulated the amount of money in its insurance fund. Wang explained that the exchange used a random number – approximately 7. 500 – multiplied by the platform’s daily volume and then divided by a billion to determine the amount of money added to the fund. But this displayed number was not the reality of what was being stored. These insurance funds are essential to cover losses and ensure the stability of operations on cryptocurrency exchanges.
During the 2022 FTX hack, consultant Kumanan Ramanathan used his personal Ledger Nano hardware wallet to protect the exchange’s assets. Suspicious withdrawals alarmed the FTX team, resulting in Ramanathan reallocating between $400 and $500 million of the company’s cryptocurrencies to his device. This measure helped mitigate additional losses during the hack. The assets were later transferred to the custody of BitGo and the Bahamas Securities and Exchange Commission for safekeeping.
Kevin Pawlak, former head of ventures at NFT platform OpenSea, is under charges related to the 2021 AnubisDAO incident, as revealed by an anonymous account called NFT Ethics on October 6. OpenSea said there was no conclusive evidence of his involvement. The allegations have led to debates and investigations in the crypto community, although there is no definitive proof linking him to the case. ANFT Ethics pointed to Ethereum (COIN:ETHUSD) transactions as evidence, but critics consider these findings inconclusive. The controversy highlights liability challenges in the crypto industry, but still lacks definitive proof against Pawlak.
The altcoin Lucky Star Currency (LSC), based on the Binance Smart Chain, has faced a scam, according to reports from PeckShield, a blockchain security firm. The LSC developer managed to attract $1.11 million from users, resulting in the token devaluing to almost zero. The coin has lost over 98% of its value, highlighting the growing malicious scams in the crypto and DeFi industry. This type of fraud, known as “rug pull,” involves draining investors’ funds when the token drops drastically in value. Binance Smart Chain has seen a significant increase in fraudulent tokens, with 12% of them being identified as rug pullers.
Piero Cipollone, deputy governor of the Bank of Italy since 2020, expressed his support for plans for a digital euro during a parliamentary hearing, where he sought approval to succeed current European Central Bank (ECB) executive board member Fabio Panetta in central bank digital currency (CBDC). Cipollone emphasized the importance of a digital euro to facilitate public transactions across Europe, promising offline functionality and robust privacy measures. His eight-year term has already been approved, making his ascension to the role imminent despite previous skepticism towards CBDC from Panetta and EU lawmakers.
The film ‘Calladita/The Quiet Maid’, funded by the sale of non-fungible tokens (NFTs), has secured a global sales deal. This is the first European feature film financed by NFTs, directed by Miguel Faus. Worldwide sales rights were acquired by FilmSharks. The film will premiere in November at the Tallinn Film Festival and is supported by Steven Soderbergh, renowned director and producer.
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