top stories of the week
The US SEC believes that the spot bitcoin ETF filing is insufficient
The wait for a U.S. spot bitcoin exchange-traded fund (ETF) may be longer as the SEC considers the investment manager’s recent filing to be insufficient. The SEC told Nasdaq and Cboe that their filings were “not clear and comprehensive enough.” The regulator walked back the document, citing a lack of information about the proposed surveillance-sharing agreement. Asset managers can still resubmit applications.
Cathie Wood’s ARK is Reportedly the ‘First Batch’ of Spot Bitcoin ETFs
ARK Investment Management is reportedly ahead of BlackRock in the race for a spot bitcoin ETF as the firm is still filing with U.S. securities regulators. ARK and 21Shares filed their third spot BTC ETF application in April and amended it this week to include a monitoring sharing protocol, making it similar to BlackRock’s application. Since BlackRock applied on June 16, other investment firms such as Valkyrie, WisdomTree and Invesco have reapplied for spot bitcoin ETFs.
Binance to lose support from Eurobank partner
Cryptocurrency exchange Binance has informed users that its current euro banking partner, Paysafe Payment Solutions, will no longer support the exchange after September 25. Binance said it would switch to a new service provider for euro deposits and withdrawals via SEPA bank transfers, but did not do so. Not sure which provider it is. Binance has faced backlash from regulators around the world in recent months, causing several countries to cease operations.
FTX Has Recovered $7 Billion in Assets So Far, with Nearly $2 Billion to Cover Misappropriated Funds
According to an interim report published on June 26, FTX has recovered approximately $7 billion in liquid assets to date and is continuing to search for more. However, a broad mix of funding complicates their efforts. FTX debtors, comprised of FTX and its affiliates, currently estimate the amount of misappropriated client assets to be $8.7 billion. Most of this funds (approximately $6.4 billion) are in fiat currencies and stablecoins. Former FTX leadership “didn’t mix and abuse customer deposits by accident,” the report said.
3AC liquidators want to recover $1.3B from founders
Teneo, the liquidator behind bankrupt hedge fund Three Arrows Capital (3AC), is seeking to recover about $1.3 billion from its founders, Su Zhu and Kyle Davies. The debt was reportedly incurred when 3AC was already insolvent, adding to losses for creditors. The company owes $3.5 billion to creditors, making the founders’ potential liability more than a third of the total debt. Davis and Zhu have maintained an active presence on social media, but their physical whereabouts are unknown, delaying the liquidation process. Both 3AC founders received digital subpoenas during the bankruptcy proceedings. So far, they have not cooperated.
winners and losers
Bitcoin this weekend (bitcoin) lie in $30,418Ether (Ethereum) exist $1,928 and Ripple exist $0.47.total market value $1.19 trillion, according to to CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoins this week are Compound (Compare) 84.33%, Bitcoin Cash (Biosafety Clearing-House) 63.16% and eCash (Check) was 44.59%.
The three altcoins that fell the most this week were Conflux (CFX) -22.38%, Sui (Sui) -15.41% and stack (STX) was -14.81%.
For more on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.
Asia Express: In China’s NFT market, Moutai Metaverse is popular but has problems…
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most memorable quote
“I think one of the things that people need to stop doing is ‘what is the ultimate blockchain?’ (…) It’s not in my head because it really depends on the situation.”
Mel McCannVice President of Engineering, Cardano Foundation
“Cryptocurrency presents (the SEC) an opportunity to rethink how we innovate. (…) I really think we’ve been taking an inappropriate approach.”
Hester PierceCommissioner of the Securities and Exchange Commission
“Many of the largest financial institutions in the U.S. are actively working to offer services such as bitcoin.”
Meltem DemirosChief Strategy Officer, CoinShares
“I think our NFT is a neat way to show that we do have a seat at the table and that we do invest in cryptocurrency and digital asset research.”
Andrew FreyForensic Financial Analyst, U.S. Secret Service
“Occasionally there are things that make poor people rich because they get something really, really cheap. This (Bitcoin) is one of them.”
Da Vinci Jeremycryptocurrency advocate
“Law enforcement and supervision is equivalent to holding a hammer and treating everything as a nail.”
Simon CallaghanAustralian Blockchain CEO
forecast for the week
Bitcoin speculators send 35,000 BTC to exchanges in new ‘euphoric inflow’
Short-term Bitcoin holders (STH) feel the need to sell BTC at $30,000, with tens of thousands of BTC being sent to exchanges, according to a recent report from analytics firm Glassnode.
This suggests that speculative interest in Bitcoin remains volatile and highly sensitive to smaller price movements.
Historical data shows that the sell-off kicks in once STH profitability hits an aggregate 20%, and any price far above $33,000 relative to the current breakeven point of $26,500 could trigger a significant shift in holder composition. Current data shows STH profitability at around 10%, and its realized price (the price at which the STH token last moved) is now over $27,000.
The most talked about FUD this week
FTX accuses ex-executive of using ‘hush money’ to silence whistleblower
FTX Files Lawsuit Against Exchange’s Former Head of Regulation and Compliance Alleging Series of Payments Trying to stop staff from reporting issues with the exchange. Daniel Friedberg, who held several leadership roles at the exchange, is accused of paying “hush money” to two potential whistleblowers to keep them from leaking information about “regulatory issues” and the close relationship between FTX and Alameda.
DeFi hacks and scams cost over $204 million in Q2
According to a recent report, more than $204 million was lost to decentralized finance (DeFi) hacks and scams in the second quarter of 2023. Initial losses for the quarter totaled $208.5 million, but $4.5 million was recovered through prosecutions, deals with hackers, and other recovery methods. The number of DeFi hacking attacks in the second quarter increased “nearly 7 times” year-on-year, with 117 incidents during the period, compared with only 17 in the same quarter in 2022. Losses for the first half of 2023 total more than $665 million.
Revolut US to delist ADA, MATIC and SOL in September
Crypto-friendly neobank Revolut will next delist a number of digital assets from its U.S. platform amid evolving regulations in the country, including the delisting of tokens like Cardano (ADA), Polygon (MATIC) and Solana (SOL) across the board) . However, the company still supports tokens from other jurisdictions outside the country. ADA, MATIC, and SOL were marked as unregistered securities by the SEC in early June.
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