This week in the world of cryptocurrency, there have been several interesting developments. JPMorgan predicted a 20% decrease in the Bitcoin hashrate following the next halving, while some individuals made connections between McRib, bitcoin, and stocks. Jim Cramer predicted a significant drop for bitcoin, but Yann Allemann disagreed, stating that a major decrease is unlikely. Binance’s $1 billion industry recovery fund, established after the FTX disaster, did not perform as expected. Coinbase’s trading volume also decreased by 52% to $76 billion, which marks their lowest quarter since going public. However, ‘The Quiet Maid’, a movie funded by the sale of NFTs, secured a global sales deal.
In a notable legal event, the trial of Sam Bankman-Fried began with shocking revelations. Bankman-Fried had written a draft Twitter thread two months before the FTX collapse, announcing the possible closure of Alameda Research. Caroline Ellison made claims about Alameda Research’s ties to international government officials, and a former engineer alleged that Alameda Research lost $200 million to phishing attacks due to poor security practices. Additionally, a Coinbase director revealed that Alameda Research generated over $39.55 billion in USDT throughout 2021.
In other news, a Brazilian congressional committee recommended the indictment of four Binance senior executives, including CZ. A US federal judge ordered mediation for the dispute between BlockFi and Three Arrows Capital involving $284 million in payments. Trader Joe’s supermarket sued Trader Joe DEX for federal trademark infringement. Ethereum DeFi protocol BarnBridge faced SEC action and fines but opened token-holder voting. Regulatory updates were made by Coinbase, Revolut, and Binance to comply with the new regulations from the UK FCA. Binance’s UK partner, RebuildingSociety.com, received sanctions from the FCA for financial promotions, and the FCA added 143 crypto exchanges to its warning list. Authorities in Cyprus announced hefty penalties for unregistered crypto asset service providers.
In other parts of the world, Circle revealed plans to mint USDC directly on the Polygon network. Bitstamp held talks with three large European banks regarding offering crypto services. JPMorgan Chase conducted the first blockchain-based collateral settlement with BlackRock and Barclays. A consortium of Japanese firms aimed to launch a yen-based digital currency by July 2024. Russia’s Central Bank argued that its digital ruble could enable citizens to make international payments without using SWIFT. Similarly, the Central Bank of Nigeria stated that its digital currency, the e-naira, is not a threat.
On the security front, crypto stolen from an Indian businessman was traced to accounts linked to Hamas, with $41 million in crypto received leading up to an attack on Israel. Hong Kong police issued an alert after 11 Binance users fell victim to phishing scams. Platypus Finance experienced a security breach resulting in a loss of over $2 million, while crypto exchange HTX recovered $8 million lost in a recent hacking incident. Avalanche-based Star Arena was able to recover 90% of the hacked funds and offered a 10% bounty.
In the midst of these events, there were also some humorous moments shared on social media. Various crypto-related jokes and memes were circulated, providing some comic relief for enthusiasts.
