Ether futures ETFs launching, SBF trial to begin, 3AC’s Su Zhu arrested

Top stories of the week

Ethereum futures ETF to start trading next week

Investment firm Valkyrie will begin offering Ethereum futures investments in the coming days. On September 28, the company told Cointelegraph that its Bitcoin Strategy ETF would allow investors to purchase Ethereum and Bitcoin futures “all in one package,” making it one of several pending filings with the U.S. Securities and Exchange Commission. One of the first companies to do so. Starting October 3, the fund’s name will be updated to Valkyrie Bitcoin and Ethereum Strategy ETF. Asset management firm VanEck also revealed its upcoming Ethereum Strategy ETF, which will list on the Chicago Board Options Exchange in the coming days. Analysts say a potential U.S. government shutdown could accelerate the launch of an Ethereum futures ETF.

SBF trial date announced: FTX founder will undergo 6 weeks of trial

According to the newly released trial calendar, former FTX CEO Sam “SBF” Bankman-Fried will spend at least 21 days in court as part of the criminal trial, which will officially begin on October 4 and continue until 11 September 9th. Public court dockets. The first official date in the Bankman-Fried trial is October 4, when participants will begin discussing the seven fraud charges brought against SBF. There are two substantive charges and prosecutors must convince the jury that Bankman-Fried committed the crime. The other five “conspiracy” charges involve prosecutors convincing the jury that Bankman-Fried planned to commit the crime. The former FTX executive has been in pretrial detention at the Metropolitan Detention Center in Brooklyn since August 11. Legal experts explained to Cointelegraph that Bankman-Fried could spend the rest of his life in prison if found guilty of fraud.

3AC member Su Zhu arrested in Singapore

Three Arrows Capital (3AC) co-founder Su Zhu was detained while trying to leave Singapore Changi Airport. Teneo, the joint liquidator of the now-bankrupt hedge fund, told Cointelegraph that Zhu’s arrest follows a detention order issued by a Singaporean court, which is used to jail people for contempt of court. On September 25, Teneo obtained a detention order charging Zhu with failing to comply with a court order. His arrest is part of an ongoing investigation to recover funds from 3AC’s creditors. The $10 billion hedge fund collapsed in 2022 due to the collapse of the Terra ecosystem. 3AC co-founder Kyle Davies was also served with a similar detention order. His whereabouts remain unknown.

Binance urges users to convert Euros to USDT after Paysafe debanks

Binance has warned its European users to convert their euro (EUR) balances to Tether before October 31 due to the loss of support from its banking partner Paysafe. Paysafe stopped processing Euro deposits from Binance users on September 25. While euro withdrawals from bank accounts will still be available, Paysafe users will not be able to conduct euro spot transactions. Binance’s token swap feature, Binance Convert, will also limit euro trading. Paysafe has previously provided fiat deposit and withdrawal services to Binance users in Europe, including bank transfers via the EU’s Single Euro Payments Area. The move is the latest in deepening regulatory and banking woes Binance faces in the West.

SEC delays decision on BlackRock, Invesco and Bitwise spot Bitcoin ETFs

Ahead of a possible government shutdown, the U.S. Securities and Exchange Commission has once again delayed a decision on multiple spot Bitcoin ETF applications, including those from BerRock, Invesco, Bitwise and Valkyrie. Bloomberg ETF analyst James Seyffart expects similar delays at Fidelity, VanEck and WisdomTree. These delays occurred two weeks before applicants’ expected second deadline. Seyffart linked the premature delays to an expected Oct. 1 U.S. government shutdown that will impact financial regulators and federal agencies.

winners and losers

This weekend, Bitcoin (Bitcoin) lie in $26,895Ether (Ethereum) exist $1,667 and Ripple exist $0.53.The total market capitalization is $1.07 mega, according to to CoinMarketCap.

Among the 100 largest cryptocurrencies, the top three gaining altcoins this week are Compound (Compare) 23.71%,Chainlink (associated) 15.12% and THORchain (Rune) is 14.51%.

This week’s top three altcoin losers are Immutable (IMX) -9.80%, only Leo (Low Earth Orbit) -5.38% and XDC Network (XDC) is -4.61%.

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

most memorable quotes

“You (Gary Gensler) are undermining U.S. capital markets through the massive red tape that’s coming out of your committee.”

Andy BarrUnited States Representative

“Central banks introducing CBDC should increase society’s choices, not reduce them.”

Augustin CarstensGeneral Manager, Bank for International Settlements

On September 29, Bitcoin (BTC) rebounded to around $27,000, challenging the highs so far this month, dragging down BTC prices. Data from Cointelegraph Markets Pro and TradingView shows that the largest cryptocurrency is trying to maintain its gains following a classic “short squeeze.”

Bitcoin bulls failed to reach new highs in September after the price of Bitcoin surpassed the $27,000 mark the previous day. BTC price has resumed consolidation after peaking at $27,300 on Bitstamp, still up 4% from this week’s lows at the time of writing.

Analyzing the situation on the low time frame (LTF), well-known anonymous trader Skew said the rise was aided by derivatives markets, with spot traders selling at high levels. “LTF stuff, but pretty significant spot absorption near the highs, so $272,000 is an important price area for spot buyers to clear,” he explained on X (formerly Twitter).

Skew later pointed out that $27,200 remained the rejection point for the day before Wall Street opened. Going into next week, the market “may be looking at both sides,” he added.

Most talked about FUD this week

“BitBoy” Armstrong was arrested on live broadcast over Lamborghini dispute

Cryptocurrency influencer Ben Armstrong, formerly known as “BitBoy” On September 25, he was arrested while live-streaming outside the home of a former business partner, claiming that the partner owned his Lamborghini. He was charged with “loitering/prowling” and “simple assault placing another in fear” and was held for more than eight hours before being released on $2,600 bail and $40 fees. In Georgia, misdemeanor charges of loitering and prowling can result in fines of up to $1,000, up to one year in jail, or both.

Cryptocurrency exchange reportedly claimed $1.4B trading volume but used fake license data

A Cointelegraph investigation revealed that some cryptocurrency platforms reporting high volumes of daily transactions on CoinMarketCap may have provided misleading information about their cryptocurrency licenses. For example, Bitspay is the fourth-largest cryptocurrency exchange with $1.4 billion in daily trading volume on CoinMarketCap, and the company claims to be licensed in Estonia. However, after Cointelegraph inquired, Bitspay quickly removed the potentially false licensing data and no longer provides details about its registration or licensing.

Huobi Global hacked for $7.9 million: report

According to a report by blockchain analysis platform CyVers, Huobi Global’s HTX cryptocurrency exchange was attacked by hackers on September 24. The attack consumed a total of $7.9 million in cryptocurrency. A known Huobi hot wallet posted a message to the attacker in Chinese. According to the message, the exchange knew the identity of the attackers and offered them to keep 5% of the drained funds as a “white hat bonus,” but only if the attackers returned the remaining 95%. Binance CEO Changpeng Zhao “CZ” expressed his willingness to assist the exchange’s security team in investigating the attack.

Blockchain Detective: Mt. Gox’s Collapse Witnesses the Birth of Chainaanalysis

From solving the Mt. Gox problem to tracking the cryptocurrencies used by South Korean child abuse rings, Chainaanalysis has a long and sometimes controversial history.

Chinese citizens were fined three years’ salary for using VPNs to work remotely, Hangzhou airdropped 10 million digital yuan, JPEX was suspected of a Ponzi scheme of nearly $200 million, and so on.

subscription

The most fascinating read in blockchain. Delivery is weekly.

Editorial Staff

Cointelegraph Magazine writers and reporters contributed to this article.