Hodler’s Digest, Nov. 5-11  – Cointelegraph Magazine

Top stories of the week

CME Group surpasses Binance to seize largest share of Bitcoin futures open interest

The Bitcoin futures market is taking an interesting turn, with global derivatives market Chicago Mercantile Exchange (CME) surpassing Binance in terms of Bitcoin futures open interest. The change comes after Bitcoin surpassed the $37,000 mark for the first time in 18 months.

However, James Seyffart, a research analyst specializing in exchange-traded funds at Bloomberg Intelligence, questioned whether the increase in CME Bitcoin futures positions will resolve the U.S. Securities and Exchange Commission’s (SEC) concerns about the Bitcoin market. Historical concerns about depth and potential. Used for market manipulation.

“Okay, that’s interesting…does this constitute a ‘sizable market’ now?” Seyffart said in a post on X (formerly Twitter).

Cryptoqueen’s OneCoin legal head pleads guilty to fraud

The former head of legal and compliance at OneCoin is considering a 10-year prison sentence for his role in a $4 billion cryptocurrency trading scheme. In Manhattan federal court, OneCoin’s former compliance director Irinia Dilkinska pleaded guilty to wire fraud and money laundering charges.

U.S. District Judge Edgardo Ramos accepted Dilzinska’s guilty plea, according to a statement from the U.S. Department of Justice. She pleaded guilty to one count of conspiracy to commit wire fraud and one count of conspiracy to commit money laundering. Each charge carries a maximum penalty of five years in prison.

Dilkinska is scheduled to be sentenced on February 14, 2024, and faces up to 10 years in prison for her role in the OneCoin scheme.

Genesis seeks court approval to reduce Three Arrows Capital claims from $1B to $33M

Bankrupt cryptocurrency lender Genesis has asked the court to approve its proposed settlement with failed cryptocurrency hedge fund Three Arrows Capital (3AC).

Genesis said in a recent court filing that 3AC should seek $33 million from Genesis. This represents 3.3% of the total initial claims against Genesis, which totaled $1 billion.

According to Genesis, 3AC’s claim against Genesis is the largest in a Chapter 11 case related to the collapse of the FTX exchange. Genesis highlighted that the 3AC debtor was one of Genesis’ largest borrowers from 2020 to 2022, until its collapse.

SafeMoon CEO’s bail on hold after Fed says he’s a flight risk

SafeMoon CEO Braden John Karony’s bail has been delayed by U.S. federal prosecutors, who believe he may be trying to leave the country on suspicion of obtaining overseas funds and connections. Prosecutors expressed concern that his release could pose a flight risk and pose a potential danger to the community.

Prior to this, New York District Judge Lashann DeArcy Hall decided to suspend the bail order issued by the Utah District Judge on November 8, who allowed Caroni to be released on $500,000 bail. However, prosecutors challenged the decision, claiming the release order was made “without regard to the defendant’s financial strength and ability to escape” and stressing that his release could “pose an ongoing danger to the community”.

Binance to end Russian ruble deposits next week

Binance users in Russia need to take note: as of January 31, 2024, they have just over two months to withdraw rubles from the platform. Binance is ending its operations in Russia and plans to stop accepting Russian ruble deposits starting November 15, 2023.

Previously, Binance sold its business to the newly established cryptocurrency exchange CommEX in September 2023 and announced its complete withdrawal from Russia. However, there is limited information about the details of the transaction, including the size of the transaction and the founder of CommEX, causing some controversy.

winners and losers

This weekend, Bitcoin (Bitcoin) Ethereum price is $37,249 (Ethereum) Priced at $2,078 and XRP (Ripple) $0.67. The total market capitalization is US$1.42 trillion, according to to CoinMarketCap.

Among the 100 largest cryptocurrencies, the top three gaining altcoins this week are FTX Token (FTT) 250.48%, Caspian Sea (What) 67.23% and Cronos (Contract Research Organization) is 52.20%.

The three altcoins with the biggest declines this week are Maker (MKR) Tether gold price is -3.39% (HAUT) is -2.60% and PAX Gold (PAXG) is -2.51%.

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

most memorable quotes

SEC Chairman Gensler cannot continue to abuse the power of his agency to pursue a political agenda that drives new and promising digital asset industries offshore. “

Tom EmerU.S. Republican Congressman

Ordinal numbers help express the core value of Bitcoin in a friendlier way than Bitcoin, which may be too technical or harsh for some. “

Luigi TyrellCommercial Director of Lumx Studios

Binance’s chief compliance officer summed up the case roughly but succinctly, admitting that Binance “operates as an unlicensed stock exchange in the United States.” He is right. “

U.S. Securities and Exchange Commission

As we have witnessed in the cryptocurrency space, severe restrictions hinder the exploration of potentially revolutionary applications. “

Matthew PutmanNanotronics CEO and Co-Founder

In Web3, code is not king, but community is king. Instead of perfecting back-end logic, focus on front-end transparency. “

Thiago CerrodioPartisia Blockchain community leader

I said, “Sorry, we’re boring.” But we’re one of the oldest projects. We’re huge… we’re the most changed person on GitHub, and we haven’t been down in over 2,000 days… Sometimes it’s good to be bored. “

Frederick GreggardCEO of Cardano Foundation

This week’s forecast

Bitcoin “terminal price” suggests next BTC all-time high of at least $110,000

With the price of BTC hovering near its highest levels in the past 18 months, analysts are already speculating on the potential upward trajectory that could occur in the coming months and years. A classic on-chain indicator shows that Bitcoin may next “sell” at $110,000 as the new bull cycle ends.

In analyzing its terminal price, Look Into Bitcoin founder Philip Swift described its value as a “simple” way to estimate the long-term BTC price peak. The terminal price is calculated based on Bitcoin’s so-called “transfer price” – which is calculated by dividing the existing supply by the “days to coin destruction”. Not all all-time highs reach terminal prices, but BTC/USD did hit a trendline during the 2017 all-time high and the initial peak in April 2021. The current all-time high of $69,000, which occurred in November of that year, failed to be reached.

As terminal prices rise over time, $110,000 may end up being a conservative target if the next all-time high only occurs later in the next cycle.

Most talked about FUD this week

JPEX scandal: Taiwan identifies new suspect in fraud — report

Taiwanese prosecutors are seeking to detain JPEX Taiwan office chief partner Zhang Dongying on charges of fraud related to the JPEX cryptocurrency exchange. The situation surrounding the collapsed exchange is unfolding, and the Taipei District Prosecutor’s Office (TDPO) has reportedly identified a new suspect. According to a November 9 report by local television channel TVBS News, the TDPO requested the detention of Jang Dong-young on suspicion of fraud.

As part of the ongoing JPEX investigation, Taipei prosecutors searched nine locations and subpoenaed Zhang and three other individuals believed to be involved. Zhang and JPEX lecturer Shi Yusheng (also known as Shi Yu) are considered suspects in the case for violating banking laws and money laundering control laws.

Cryptocurrency exchange CoinSpot reportedly suffered $2 million worth of hot wallet hack

Blockchain security company CertiK said the recent theft of $2.4 million from the hot wallet of Australian cryptocurrency exchange CoinSpot may have occurred due to a “private key leak.” CoinSpot appears to have experienced a hack in which private keys in one of the hot wallets may have been compromised.

Anonymous blockchain investigator ZachXBT highlighted two transactions on November 8 that entered the wallet of the alleged hacker. The wallet owner then transferred the funds to the Bitcoin network via THORChain and Wan Bridge. CertiK said the apparent vulnerability was likely the result of “possible private key leakage” in at least one CoinSpot hot wallet.

According to Etherscan data, a transaction of 1,262 Ether (worth $2.4 million at current prices) originated from a recognized CoinSpot wallet and entered a wallet associated with the alleged hacker.

Poloniex exchange encountered a $100 million vulnerability and offered a 5% bounty

Suspicious outflows from crypto wallets associated with digital exchange Poloniex are evident on blockchain browser Etherscan. Blockchain security experts suspect a vulnerability that allowed attackers to lose up to $100 million in cryptocurrency.

On November 10, millions of crypto assets were transferred from an account labeled Poloniex 4 on Etherscan. Damage was initially estimated at $60 million, but later assessments put the damage at more than $100 million. Blockchain security firm CertiK believes the likely cause is a “private key leak,” noting that funds were transferred to four external accounts, some of which were converted to ether.

Popular magazine articles of the week

Exclusive: Two years after John McPhee’s death, widow Janice is penniless and needs answers

Two years after John McPhee’s death, his wife Janice still can’t put the matter to rest. “I just want to see his body with my own eyes and know that this really happened.”

“$10K JPG” scares away gamers, Animoca’s encrypted game streaming plan: Web3 Gamer

Animoca purchased a Twitch-like platform, and Web3 gaming was a major topic at Binance Blockchain Week.

6 questions from Lugui Tillier on Bitcoin, ordinal numbers, and the future of cryptocurrencies

Lugui Tillier is the commercial director of Lumx Studios, one of the top cryptocurrency companies in Rio de Janeiro, a city with a booming crypto industry.

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Editorial Staff

Cointelegraph Magazine writers and reporters contributed to this article.