Cointime

Download App
iOS & Android

Massive Crypto Layoffs This Week; SBF Pleaded Not Guilty | Cointime Weekly Jan.1 – Jan.7

Top stories

Massive Crypto Layoffs

Huobi To Lay Off 20% of Staff

Crypto exchange Huobi plans to lay off about 20% of its staff, Tron founder Justin Sun said the "structural adjustment" has not started and is expected to be completed by the first quarter.

Gate Reportedly to Lay Off 40% to 50% of Staff

Gate started layoffs. The proportion is unknown. Employees said that it is rumored to be 40% to 50%, and the compensation is N+1.

Silvergate Cuts Workforce by 40%

On January 5th, Silvergate Capital announced it will cut 40% of its workforce — about 200 employees — “in order to account for the economic realities facing the business and industry”.

SuperRare Cuts 30% of Staff

On January 7th, NFT platform SuperRare will reduce staff by nearly 30%. CEO John Crain said “We are over-hired and I take full ownership of this mistake.”

Genesis Lays Off 30% More of Its Staff

Genesis eliminated about 30% of its workers, taking it down to 145 employees. Genesis previously cut 20% of its workforce of 260 in August. 

SBF Pleaded Not Guilty 

Sam Bankman-Fried Pleads ‘Not Guilty’ to Fraud

FTX founder Sam Bankman-Fried pleaded “not guilty” to eight charges in federal court, including wire fraud and campaign finance allegations.

SBF Free on Bail for 10 Months

The US District Court set a trial date for Oct. 2, 2023, following promises by US prosecutors that they would produce all evidence within four weeks. 

SBF Seeks to Keep Grasp on $450M in Robinhood Shares

Sam Bankman-Fried has argued he should retain control of around $450 million in shares of financial trading app Robinhood, disputing a rival claim by the estate of the company he founded and once ran, the bankrupt crypto exchange FTX.

US Authorities Launch Page To Notify FTX’s Victims About SBF’s Case

US Attorney’s Office for the Southern District of New York has launched a page on its website appealing to Sam Bankman-Fried’s victims of fraud at FTX to come forward and informing them about court proceedings.

SEC Had a Busy Week

SEC Files Limited Objection to Binance.US’s Deal for Voyager

SEC has filed a limited objection to Binance.US's proposed $1.02 billion purchase of the assets of bankrupt crypto lender Voyager. SEC questioned the ability of Binance.US to “consummate a transaction of this magnitude”.

SEC Charges Former SPAC CFO

SEC announced fraud charges against former CFO of a SPAC, for orchestrating a scheme in which he stole more than $5 million.

SEC Charges Eight for $45 Million CoinDeal Blockchain Fraud Scheme

SEC has charged eight individuals and businesses for the alleged sale of unregistered securities via the blockchain tech firm CoinDeal. 

Global regulations

Singapore: Blockchain Association Opposes Ban On Lending Tokens

Singapore’s Central Bank had earlier proposed imposing a ban on lending digital tokens of retail customers by crypto firms. The Blockchain Association of Singapore opposed this proposal claiming it to be “overly restrictive.”

US: Regulators and the Fed Jointly Issue Crypto Warnings

 FDIC and OCC issued a joint statement on crypto risks to banking organizations. “It is important that risks related to the crypto-asset sector that cannot be mitigated or controlled do not migrate to the banking system,” the joint statement emphasizes.

China: Crypto P2E Game Investments Not Protected by Law

A court in China announced that it ruled that investments in cryptocurrency-powered play-to-earn (P2E) games are not protected by law.

Israel: Securities Watchdog Seeks to Regulate Crypto Assets

The new provisions define digital assetsas virtual representations of value that fall under the category of financial instruments, the latter being overseen by the ISA.

French: Central Bank Pushes Mandatory Crypto Firm Licensing for 2023

Bank of France Governor François Villeroy de Galhau is looking to tighten the country’s grip on companies providing crypto services this year — ahead of EU-wide regulation expected to roll out in 2024.

Crypto weekly price action

Cryptocurrency Prices Heat Map in 7 Days, Source COIN360

Research and technology

Rug Pulls: How to Spot a Usual Suspect

We’ll consider what history has taught us, common tricks ruggers use, and the role influencers can play in both driving FOMO and helping you stay up-to-date on the latest in scams and security.

2022: Crypto VC Comes Down to Earth

Venture capitalists invested more than $30bn into crypto and blockchain startups in 2022, nearly matching the $31bn invested in 2021. Still, the ongoing decline in deal count, capital invested, and funds raised portends a difficult year ahead for all involved.

Reddit NFTs: Journey from Web2-to-Web3

Let's take a look at the success of Reddit Collectible Avatar NFTs and how they managed to successfully integrate people from Web2 to Web3.

Vitalik Buterin: What Even Is an Institution?

Vitalik Buterin says an institution is an established bureaucracy whose right to authority is validated by the length of time it has existed.

Fundraising and investment

Polygon Partners With Mastercard to Launch Web3 Incubator

Mastercard announced at CES 2023 that via a partnership with blockchain startup Polygon ($MATIC) it is launching a Web3-focused incubator to help artists.

Animoca Halves Fundraising Target for Web3 Fund to $1 Billion

Animoca Brands has cut in half the amount it hopes to corral for a new web3 and metaverse investment fund. It is now looking to raise around $1 billion.

Tokens.com’s Metaverse Subsidiary Acquires CocoNFT

Tokens.com announce that its subsidiary Metaverse Group has acquired CocoNFT. The Coco acquisition includes a software platform that allows users to easily mint NFTs from their Instagram

Blockchain-Based AirCarbon Exchange Raises $15 Million

AirCarbon Exchange (ACX) raised US$15 million in convertible notes led by Singapore-based decarbonization investor TRIREC. The startup provides exchanges for voluntary carbon credits and a variety of blockchain-based tokenized carbon assets.

Twig Acquires French Challenger Bank for Teens Vybe

Sustainability-focused and self-described “bank of things” Twig is acquiring Vybe, a French neobank for young people. It marks the latest step forward in the company’s aim to become “the go-to platform for the Gen Z market”.

Viral Quotes

“Binance’s undisputed market leadership has not been an accident – it has a long history of doing right by the customer”

—  Bernstein said in a research report

“When we talk about the whole customer experience, you have to factor in the metaverse”

—  Henry Bzeih, Microsoft Chief Strategy Officer

"Will try to keep 2023 simple. Spend more time on less things. Do's and Don'ts.

1. Education

2. Compliance

3. Product & Service

4. Ignore FUD, fake news, attacks, etc."

— CZ, Binance CEO

Comments

All Comments

Recommended for you

  • The U.S. Department of Government Efficiency needs “revolutionaries with super high IQs who are committed to small government reform”

    the newly established Department of Government Efficiency (DOGE) in the United States has released an official statement via their X account, thanking thousands of Americans for their interest in joining the department. However, they have made it clear that they do not need "part-time creative contributors," but rather "revolutionaries with super high intelligence who are committed to small government reform." Applicants are required to work more than 80 hours per week and focus on plain and simple cost reduction. Applicants who meet the requirements can submit their resumes via private message, and the top 1% of outstanding applicants will be personally reviewed by Elon Musk and Vivek Ramaswami.

  • SEC Chairman Gary Gensler Makes Final Lobbying Call for US Crypto Regulation

    according to institutional reports, US Securities and Exchange Commission (SEC) Chairman, Clayton, is making a final push to allow the agency to regulate the cryptocurrency market before the Trump administration's term ends and its enthusiasm for digital assets wanes. In a speech prepared for a legal conference in New York on Thursday, Clayton reiterated that the agency should focus on "road rules" applicable to cryptocurrency sales and intermediaries such as brokers and exchanges to support proper disclosure. Clayton stated that the experience of the Great Depression made decision-makers aware of the "importance of disclosure terms, as information about securities creates a public product". (Jinshi Data APP)

  • U.S. money market fund assets exceed $7 trillion for the first time

    according to data provided by Crane Data, which has long been researching the currency market fund field, as of the week of November 13th, the management assets of US currency market funds increased by about $91 billion, and the total scale exceeded $7 trillion for the first time, which is a milestone for the industry. Due to the high and reliable yield, the popularity of this industry among investors has risen sharply. Before reaching the $7 trillion mark, the scale of US currency market assets hit a historic high for several consecutive months, which refuted doubts about whether the industry could continue to be popular as Federal Reserve officials lowered interest rates from their highest level in 20 years. After US policy makers cut interest rates by 50 basis points in September and another 25 basis points this month, investors continued to pour into currency market funds, mainly because the yield of these funds is higher than other tools, especially bank deposits. Compared with banks, the speed at which these funds transmit the impact of low interest rates is often slower.

  • Franklin Templeton Expands $410 Million Money Market Fund to Ethereum Blockchain

    Franklin Templeton expanded its $410 million money market fund to the Ethereum blockchain.

  • U.S. PPI rose 2.4% year-on-year in October, higher than expected

     US October PPI rose 2.4% year-on-year, estimated at 2.3%, with a previous value of 1.8%; the US October PPI rose 0.2% month-on-month, estimated at 0.2%, with a previous value of 0%.

  • The country's first digital RMB-based intellectual property securitization product was successfully issued

    "Yongxing-Guofu-Ningbo Intellectual Property Asset Support Special Plan (Specialization and Innovation)" with Yongzheng Asset Management as the manager and Yongxing Securities as the sales organization held a listing ceremony on the Shanghai Stock Exchange. The first issue size was 138 million yuan, with a term of 1 year and a coupon rate of 2.2%. The product's priority bond rating was AAA, and it was the first knowledge-based securities product to be invested in digital RMB form nationwide, and also a breakthrough in the Ningbo knowledge-based securities project.

  • Crypto venture capital Portal Ventures completes approximately $90 million in oversubscribed fundraising

    early blockchain venture capital firm Portal Ventures is close to completing the final fundraising for its second fund, which has a size of $75 million. Founder and general partner Evan Fisher said that the fund has been oversubscribed, with subscriptions reaching $90 million. According to documents submitted to the US Securities and Exchange Commission (SEC) in August, the initial target for the fund was $70 million, but Portal later decided to raise the ceiling by $5 million.

  • BIT Mining Invests in Prosper's Native Tokens to Support New Focus on Bitcoin Mining

    ChainwireProsper, a decentralized protocol focused on bridging institutional-grade Bitcoin mining power on-chain, has announced a new investment in its native project token PROS by BIT Mining Limited. This investment aligns with Prosper's new strategic focus on Bitcoin mining and the broader Bitcoin ecosystem, which has been well-received by the community. Prosper partners with industry players to obtain various services and products to deliver institutional-grade execution in managing its mining hashrate. BIT Mining's investment represents another significant validation of Prosper's thesis by institutional backers and supports its new vision.

  • From the US election to November 13, DOGE rose by 128%, outperforming Tesla and Bitcoin

    According to market data, from November 5th to November 13th, Dogecoin had the most eye-catching increase, surpassing the more focused Tesla and Bitcoin. On November 14th, Dogecoin and Bitcoin continued to rise. As of November 13th, Dogecoin increased by 128%, Coinbase increased by 47%, Tesla increased by 31%, Bitcoin increased by 29%, the banking sector increased by 10%, small-cap stocks increased by 4.9%, the S&P 500 increased by 3.6%, and the US dollar index increased by 3.1%. In addition, long-term US bonds, crude oil, gold, and Trump media all experienced a decline.

  • Binance Labs transferred the tokens of 4 invested projects to Gate Exchange 1 hour ago

    On November 14th, according to on-chain analyst Yu Jin, Binance Labs may be preparing to sell tokens from some of its investment projects. One hour ago, Binance Labs transferred tokens from four of its invested projects (with a total value of approximately $2.79 million) to the Gate exchange. These tokens include: