NY sues crypto firms, FTX’s Nishad faces 75 years in jail, and Grayscale…

Top stories of the week

Grayscale files for new spot Bitcoin ETF on NYSE Arca

Major cryptocurrency investment firm Grayscale Investments has submitted a new spot Bitcoin exchange-traded fund (ETF) application to the U.S. Securities and Exchange Commission. According to a statement from the company, the new filing is consistent with Grayscale’s ongoing efforts to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF. A few weeks ago, Grayscale won an SEC lawsuit over its spot Bitcoin ETF review, with an appeals court ordering the SEC to explain why it rejected Grayscale’s application in June 2023. The company also submitted an application to the SEC to list an Ethereum futures ETF in June 2023. September.

New York Attorney General sues Gemini, Genesis, DGC for allegedly defrauding investors

The New York Attorney General has filed a lawsuit against cryptocurrency companies Gemini, Genesis and Digital Currency Group (DCG), accusing them of defrauding more than 23,000 investors through the Gemini Earn investment scheme. Gemini assured investors the plan was a low-risk investment, and an investigation by New York State Attorney General Letitia James’ office found Genesis’ financial condition to be “risky,” the lawsuit said. The lawsuit also accuses former Genesis CEO Soichiro Moro and parent company CEO Barry Silbert of trying to conceal more than $1.1 billion in losses and defraud investors. In addition, the court case seeks to ban Gemini, Genesis and DCG from operating in the financial investment industry in New York.

Former FTX engineering director faces up to 75 years in prison after pleading guilty

Nishad Singh, the former director of engineering at now-defunct cryptocurrency exchange FTX, faces up to 75 years in prison on charges related to defrauding cryptocurrency exchange users. He pleaded guilty to fraud charges as part of a cooperation agreement with U.S. prosecutors. In testimony this week, Singer said that when FTX began experiencing liquidity problems in November 2022, he felt “suicidal for a few days” while dealing with alleged inconsistencies between the exchange’s public statements and its behind-the-scenes activities. . Singer also claimed that Bankman-Fried had a habit of using Alameda Research to make purchase decisions.

Binance shuts down European Visa debit cards in December

Binance’s Visa debit card service will shut down in the European Economic Area in December, the latest setback for Binance. The announcement of the end of the card service comes a day after the exchange resumed euro deposits and withdrawals. Euro deposits and withdrawals have been unavailable for a month after payment processor Paysafe abandoned the exchange. Binance has yet to attract new users in the UK due to the loss of third-party service providers.

Elon Musk and Mark Cuban team up to fight SEC trial strategy

Elon Musk, Mark Cuban and others filed a joint amicus brief with the U.S. Supreme Court challenging the SEC’s internal investigation without a jury. concerns about the litigation. The background to this legal challenge revolves around SEC v. Jarkesy. George Jarkesy argued that the SEC’s internal adjudication process, which lacks juries and is overseen by administrative law judges appointed by the commission, conflicts with his Seventh Amendment rights. Effectively forming a single entity to perform the roles of judge, jury and enforcer.

winners and losers

This weekend, Bitcoin (Bitcoin) lie in $29,590 USDEther (Ethereum) exist $1,607 and Ripple exist $0.52.The total market capitalization is $1.12 mega, according to to CoinMarketCap.

Among the 100 largest cryptocurrencies, the top three gaining altcoins this week are Bitcoin SV (BSV) 59.00%, stacked (STX) 25.91% and MX tokens (MX) is 25.26%.

The three altcoins with the biggest declines this week are Conflux (CFX) At -8.03%, Frax stock (FXS) and Sui (Sui) is -6.35%.

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

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October 20, data from Cointelegraph Markets Pro and TradingView A new two-month Bitcoin high of $30,233 was reached on Bitstamp. During the Asian trading session that day, BTC prices continued to strengthen and fell slightly, with the spot price returning below $29,500.

With volatility still evident, market participants believe a weekly close is needed to determine the true staying power of the rally. For Keith Alan, co-founder of monitoring resource Material Indicators, the 100-week moving average (MA) at $28,627 is particularly important.

“This move is worth watching, but what I’m focused on right now is whether the weekly candle closes above the 100-week moving average, and whether next week’s candle can hold above it with no shadow below it,” Allen wrote in part that day of X posts. “Some may see this as confirmation of a bull market breakout, but this market is known for squeezes and false exits, so I’m looking for more confirmation. For me, BTC still needs to break through $305,000, $31,500, and It will ultimately be the previous resistance level of $33,000 that will confirm and validate the bull market breakout.”

Most talked about FUD this week

Fantom Foundation hot wallet hacked, worth $550,000

The Fantom Foundation is the developer of the Fantom Network, More than $550,000 worth of cryptocurrency has been stolen by hackers. The foundation confirmed the attack on X, claiming that most of the stolen funds belonged to other users and that 99% of the foundation’s funds remained safe. Blockchain security researchers initially reported that attackers stole approximately $7 million in cryptocurrency. The Fantom Foundation subsequently issued an official statement stating that some wallets labeled “Fantom: Foundation Wallet” were mislabeled by block explorers, and not all stolen funds came from the Foundation.

TrueCoin’s third-party supplier breach may lead to leakage of TUSD user data

TrueUSD (TUSD) announced that certain Know Your Customer (KYC) and transaction history data may have been leaked following a breach of one of TrueCoin’s third-party vendors. The company will be the operator of the TUSD stablecoin until July 13, 2023. The impact of this attack and the resulting data breach has yet to be determined, as the total number of user profiles was not disclosed during the announcement. The data collected from such breaches (names, email addresses, phone numbers, etc.) are often used in phishing attacks. Attackers approach unwary investors by imitating various crypto services, often promising high profits within a short period of time.

Web3 gaming project allegedly hired actors to impersonate executives in $1.6 million exit scam

According to a report recently shared with Cointelegraph by blockchain security platform CertiK, the development team of gaming project FinSoul conducted a so-called exit scam that defrauded investors of $1.6 million through market manipulation. The FinSoul team allegedly hired paid actors to pose as its executives and then raised funds for the sole purpose of developing a gaming platform. However, instead of actually creating the platform, the FinSoul team allegedly diverted $1.6 million in bridged Tether from investors to itself. Blockchain data shows that the developers then laundered the money through the cryptocurrency mixer Tornado Cash.

Big question: What does Satoshi Nakamoto think of ZK proofs?

Once a passing interest of Bitcoin inventor Satoshi Nakamoto, zero-knowledge proof technology has become an important part of the crypto world.

Bitmain allegedly fired employees after speaking out against salary cuts, Hong Kong investors lost confidence in cryptocurrencies after JPEX scandal, Bitget gets new crypto credit card, and more.

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Cointelegraph Magazine writers and reporters contributed to this article.