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Crypto Weekly Roundup: SBF Under Gag Order And More

Crypto Weekly Roundup: SBF Under Gag Order And More

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More developments in the FTX saga, where the former CEO of the now-defunct crypto exchange has come under fire for conducting an interview with the New York Times, which prosecutors have claimed amounts to witness tampering. He has been put under a gag order which prevents him from discussing the case publicly. Let’s find out more. 

Bitcoin

Democratic presidential candidate Robert F. Kennedy Jr. confirmed his recent purchase of a significant amount of Bitcoin earlier this year.

Wednesday’s announcement of the widely expected 25 basis point rise in the interest rate led to a higher move in cryptocurrencies.

A team of Bitcoin developers and enthusiasts have introduced the "Frostsnap" method to provide multisig wallets with a range of new capabilities.

DeFi

The Bank of Italy's Milano Hub innovation center will support a project spearheaded by Cetif Advisory that aims to develop a security token ecosystem for institutional DeFi. 

DeFi protocol Parrot Finance will begin implementing an activist investor-led plan to phase out the platform’s PRT token, with redemptions set to begin as early as Monday. 

Altcoins

An obscure altcoin called the X token has surged by over 1000% following Elon Musk’s announcement that Twitter is rebranding itself to X.com. 

Technology

Bridge Protocol LayerZero has revealed that it has achieved a significant landmark, crossing 50 million cross-chain messages. 

Archax, a leading global digital asset exchange, broker, and custodian, has unveiled its latest offering: a crypto exchange designed specifically for institutional investors. 

Avalanche Foundation has earmarked a whopping $50M to acquire assets that are tokenized on its blockchain. 

The highly controversial Arkham Intel Exchange has approved its first-ever bounty hunt, with crypto sleuths set to go after crypto wallets belonging to Terra co-founder Do Kwon. 

Business

Venture capital firm, Sequoia Capital, has cut its cryptocurrency fund by over 65% from $585 million to $200 million.

Bankrupt crypto lender Celsius Network has reached two crucial settlements to end its bankruptcy proceedings and clear a path for the return of customer assets.

Flashbots, an Ethereum software infrastructure provider, has raised $60 million from venture capitalists and other prominent players from the blockchain ecosystem. 

Cryptocurrency exchange KuCoin has responded to recent rumors about mass layoffs within the company, clarifying that the adjustments to its headcount are part of routine organizational development.

Deloitte and Chainalysis have joined forces in a strategic alliance to tackle compliance challenges within the digital asset ecosystem. 

BlackRock and India’s Jio Financial Services will soon enter a joint venture to launch a “digital-first offering” in India.

Crypto derivatives and copy trading platform Bitget announced the listing of its native token BGB on the renowned cryptocurrency exchange MEXC. 

Regulation

The South Korean Financial Services Commission's (FSC) decision to seize Delio’s assets cast doubts over its future operations. 

In a recent statement, the SEC claimed that the recent Ripple ruling was incorrect while disclosing that it has already decided and is currently moving in to post an appeal.

The United States Federal Reserve has officially launched its new instant payment system, dubbed FedNow, to modernize and streamline the United States’ payment system.

FTX founder Sam Bankman-Fried has agreed to a gag order that prevents him from publicly discussing his case after prosecutors alleged he was discrediting their witness, Caroline Ellison. 

Changpeng Zhao and other defendants associated with the Binance crypto exchange plan to appeal to the court to dismiss a lawsuit from the CFTC. 

Worldcoin, the high-tech cryptocurrency initiative supported by Sam Altman, might soon be under the scrutiny of data protection regulators in the UK.

The Republic of Namibia pivots on its crypto stance by introducing a law regulating the digital asset industry, ending the country’s total ban on cryptocurrencies.

Block.one, a significant investor in the blockchain industry, is now under fire from the EOS Network Foundation (ENF) for purportedly defaulting on its $1 billion investment commitment.

Blockchain security firm Quantstamp is under scrutiny from the SEC for conducting an unregistered initial coin offering (ICO) in 2017.

The United States House Financial Services Committee passed two crucial bills that could pave the way for regulatory clarity.

The SEC has intensified its oversight of financial institutions that use AI and predictive algorithms. 

Democrat Congressman Brad Sherman said on Wednesday during a key congressional committee that only the US government has the right to print money out of thin air.

The United States Senate has passed an $886 billion military spending bill with strict anti-money laundering provisions for cryptocurrency. 

In a letter addressed to the SEC, Grayscale Investments has appealed for the equal treatment of all spot Bitcoin ETFs. 

Singapore-based crypto exchange Crypto.com announced it obtained registration with the central bank of the Netherlands, De Nederlandsche Bank (DNB).

The Supreme Court of India came down heavily on the central government, expressing displeasure over the lack of a clear law or regulations regarding cryptocurrencies. 

NFT

NFT art gallery Bright Moments held its live minting event at the Gotham store, one of New York City's "luxury" cannabis dispensaries. 

CyberKongz partners with Axie Infinity’s creator Sky Mavis to migrate its existing Play and Kollect NFT game and mint the new Genkai NFT collection on the Ronin chain.

Web3

CEO Mark Zuckerberg remains hopeful about the company’s metaverse prospects despite sinking $3.7 billion in operating losses in the second quarter of this year. 

Japan is set to embrace Web3 technology with the backing of major companies like Fujitsu and Mitsubishi, going beyond just entertainment and gaming.

The Binance crypto exchange platform is set to start operations for Japanese customers, according to an announcement from CEO Changpeng Zhao. 

Security

Crypto payments platform CoinsPaid believes North Korean Lazarus Group was behind the hack that saw $37 million stolen from the platform. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

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