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SBF Deported and Released on $250M Bail; Brazil Signs Crypto Regulations Into Law | Cointime Weekly Dec.18 – Dec.24

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Developments Surrounding the FTX Fiasco

SBF Deported and Released on $250M Bail

After extradition from Bahamas, Sam Bankman-Fried was released on a bond of $250 million and returned to the Palo Alto home which he shares with his parents.

One thing around the $250m bond is, no one has paid anything, nor is any cash owed—not yet anyway. 

Ex-Alameda CEO and FTX Co-founder Plead Guilty

Former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang have plead guilty to criminal charges. Caroline Ellison’s testimony claims SBF directed her to co-mingle customer funds since 2019.

SEC Calls FTX’s Native Token FTT a Security

The SEC has declared another crypto as a “security” — after it is already dead. Similar tokens such as BNB (Binance), OKB(OKEX), and KCS(KuCoin), could also be labeled as securities in this scenario. Crypto exchanges will face significant penalties if FTT is ruled as a security.

Updates on Crypto Giants

Coinbase Secures VASP Registration in Ireland

Coinbase has been granted approval to operate as a Virtual Asset Service Provider (VASP), meaning that Coinbase can continue to provide products and services to individuals and institutions in Europe and internationally, from Ireland.

Binance Joins US Chamber of Digital Commerce

Binance became a member of the U.S. Chamber of Digital Commerce. The move marks another milestone as Binance has bolstered its regulatory capacity in the past year, after an earlier track record of getting into trouble with financial regulators. 

Crypto Hacks This Week

Ankr Says Ex-Employee Caused $5M Exploit

A $5 million hack of Ankr protocol was caused by a former team member. The ex-employee conducted a “supply chain attack” by putting malicious code into a package of future updates to the team’s internal software.

State-Sponsored North Korean Hackers Stole $1.2B

North Korean hackers stole $1.2 billion worth of crypto assets in the last five and a half years and the country has been using these funds to finance its nuclear missile program.

Global regulations

The new laws

Brazil’s President Signs Crypto Regulations Into Law

The new law establishes a crime of fraud involving virtual assets, with a penalty of between four and six years in jail plus a fine. Digital assets that are considered securities will be supervised by SEC.

Plus, Brazilian Securities and Exchange Commission (CVM) approved the ability for investment funds invest in crypto.

Marshall Islands Passes Law Recognizing DAOs As Legal Entities

Both profit and non-profit DAOs can now register as legal entities under the internationally recognized LLC structure.

...And the ban

Another Crypto.com Ad Banned by UK Advertising Regulator

Crypto exchange Crypto.com had a Facebook ad banned by the U.K.'s Advertising Standards Authority (ASA), falling foul of the industry's self-regulatory organization for the second time this year.

OpenSea Has Blocked Cuban Artists and Collectors

OpenSea is delisting Cuban artist and collector accounts from its platform in order to comply with U.S. sanctions law. Suspicions that OpenSea had been specifically targeting Cuban accounts had lingered in recent months

Crypto weekly price action

Cryptocurrency Prices Heat Map in 7 Days, Source COIN360

Research and technology

Avoid Getting Hooked by Crypto ‘Ice Phishing’ 

Ice phishing, a type of phishing unique to the Web3 space, is a significant threat to the community. What is ice phishing? How to prevent yourself from becoming a victim?

The Wallet Segment: Shining Star in the Crypto Winter

In the Web3 world, a wallet does not only serve the role as managing assets by literal meaning, but also it is the necessary tool to participate in the Web3 world.

Statistical Attacks on Proof of Solvency

In the wake of FTX's collapse, many prominent crypto exchanges have announced plans around "proof of solvency." But, proof of solvency is not perfect. Here are some of the flaws.

Comprehensive Guide for Rollups

This article focuses on the latter form of off-chain scaling solution — rollups, and the distinction between two main types of rollups (optimistic and zero-knowledge rollups). Let’s take a deep dive!

Fundraising and investment

Aussie Crypto Platform Cancels $1 Billion Merger Plan

The Aussie cryptocurrency exchange – Swyftx – and the investment platform – Superhero – have reportedly abandoned the previously planned $1 billion merger deal due to the enhanced control over crypto firms in Australia and the diminishing interest in digital after FTX collapse.

Axelar Launches $60M Startup Ecosystem Program

The proof-of-stake (PoS) blockchain Axelar launched on Dec. 19 a $60 million startup funding program dedicated to accelerating the development of decentralized applications and protocols that can replace centralized exchanges. The initiative is backed by over 15 blockchain investors.

Core Scientific Approved for $37.5M Bankruptcy Loan

U.S. Bankruptcy Judge approved Core Scientific's bankruptcy loan on an interim basis at a court hearing in Houston, Texas. The company will seek final approval of the loan and permission to borrow an additional $37.5 million in January.

NFT Platform Revel Raises $7.8M in Seed Financing

Revel, an NFT or “social collectibles” platform, raised $7.8 million in seed financing led by Dragonfly Capital. The capital will be used to expand Revel’s web3 interoperability, generative and collaborative AI functionality, and social features

Viral Quotes

“ Quality of crypto villains is getting lower”

—  Vitalik Buterin, founder of Ethereum, on Sam Bankman-Fried

" Neither SBF or Madoff have the typical profile of a crook.

Rather it appears, they were unwilling to accept the consequences of failure and bet they could ‘fix’ things with temporarily ‘borrowed’ funds until they dug too deep a hole and were outed. Again, just a theory, but both the Madoff and SBF stories don’t make sense otherwise."

—  Bill Ackman, CEO of Pershing Square

"There is no point inviting toxicity into your life. It’s abusive and pointless. Even in saying it now there are mocking baby memes. Life is too short. Move on and cut it out. XRP provides no partnership or technical value. The community is toxic and petty. I can live without it."

—  Charles Hoskinson, founder of Cardano

"It’s ridiculous and frankly shameful that Chair Gensler was touting the SEC’s enforcement actions as the “cop on the beat,” yet (per public reports) MET with SBF multiple times, but was caught completely flat-footed when the alleged fraud finally came to light."

— Brad Garlinghouse, CEO of Ripple

FTX Sam Bankman-Fried Binance Coinbase Vitalik Buterin
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  • U.S. Congressman Mike Flood: Looking forward to working with the next SEC Chairman to revoke the anti-crypto banking policy SAB 121

     US House of Representatives will investigate Representative Mike Flood's recent statement: "Despite widespread opposition, SAB 121 is still operating as a regulation, even though it has never gone through the normal Administrative Procedure Act process." Flood said, "I look forward to working with the next SEC chairman to revoke SAB 121. Whether Chairman Gary Gensler resigns on his own or President Trump fulfills his promise to dismiss Gensler, the new government has an excellent opportunity to usher in a new era after Gensler's departure." He added, "It's not surprising that Gensler opposed the digital asset regulatory framework passed by the House on a bipartisan basis earlier this year. 71 Democrats and House Republicans passed this common-sense framework together. Although the Democratic-led Senate rejected it, it represented a breakthrough moment for cryptocurrency and may provide information for the work of the unified Republican government when the next Congress begins in January next year."

  • Indian billionaire Adani summoned by US SEC to explain position on bribery case

    Indian billionaire Gautam Adani and his nephew, Sahil Adani, have been subpoenaed by the US Securities and Exchange Commission (SEC) to explain allegations of paying over $250 million in bribes to win solar power contracts. According to the Press Trust of India (PTI), the subpoena has been delivered to the Adani family's residence in Ahmedabad, a city in western India, and they have been given 21 days to respond. The notice, issued on November 21 by the Eastern District Court of New York, states that if the Adani family fails to respond on time, a default judgment will be made against them.

  • U.S. Congressman: SEC Commissioner Hester Peirce may become the new acting chairman of the SEC

    US Congressman French Hill revealed at the North American Blockchain Summit (NABS) that Republican SEC Commissioner Hester Peirce is "likely" to become the new acting chair of the US Securities and Exchange Commission (SEC). He noted that current chair Gary Gensler will step down on January 20, 2025, and the Republican Party will take over the SEC, with Peirce expected to succeed him.

  • Tether spokesperson: The relationship with Cantor is purely business, and the claim that Lutnick influenced regulatory actions is pure nonsense

     a spokesperson for Tether stated: "The relationship between Tether and Cantor Fitzgerald is purely a business relationship based on managing reserves. Claims that Howard Lutnick's joining the transition team in some way implies an influence on regulatory actions are baseless."

  • Bitwise CEO warns that ETHW is not suitable for all investors and has high risks and high volatility

    Hunter Horsley, CEO of Bitwise, posted on X platform that he was happy to see capital inflows into Bitwise's Ethereum exchange-traded fund ETHW, iShares, and Fidelity this Friday. He reminded that ETHW is not a registered investment company under the U.S. Investment Company Act of 1940 and therefore is not protected by the law. ETHW is not suitable for all investors due to its high risk and volatility.

  • Musk said he liked the "WOULD" meme, and the related tokens rose 400 times in a short period of time

    Musk posted a picture on his social media platform saying he likes the "WOULD" meme. As a result, the meme coin with the same name briefly surged. According to GMGN data, the meme coin with the same name created 123 days ago surged over 400 times in a short period of time, with a current market value of 4.5 million US dollars. Reminder to users: Meme coins have no practical use cases, prices are highly volatile, and investment should be cautious.

  • Victory Securities: Funding Rates halved and fell, Bitcoin's short-term direction is not one-sided

    Zhou Lele, the Vice Chief Operating Officer of Victory Securities, analyzed that the macro and high-level negative impact risks in the cryptocurrency market have passed. The risks are now more focused on expected realization, such as the American entrepreneur Musk and the American "Efficiency Department" (DOGE) led by Ramaswamy. After media reports, the increase in Dogecoin ($DOGE) was only 5.7%, while Dogecoin rose by 83% in the week when the US election results were announced. Last week, the net inflow of off-exchange Bitcoin ETF was US$1.67 billion, and the holdings of exchange contracts and CME contracts remained high, but the funding rates halved and fell back, indicating that the direction of Bitcoin in the short term is not one-sided, and bears are also accumulating strength.

  • ECB board member Villeroy: Falling inflation allows ECB to cut interest rates

     ECB board member Villeroy de Galhau said in an interview that the decline in inflation allows the ECB to lower interest rates. In addition, the slow pace of price increases compared to average wages is also a factor in the rate cut. Villeroy de Galhau emphasized that the ECB's interest rate policy decision is independent of the Fed. Evidence shows that the ECB began to lower interest rates in early June, while the Fed lowered interest rates three months later. With the decline in inflation, we will be able to continue to lower interest rates. Currently, the market generally expects the ECB to cut interest rates by 25 basis points at the next meeting in December, but weaker data increases the possibility of a 50 basis point cut.

  • State Street warns Bitcoin craze could distract gold investors

    George Milling-Stanley, the head of gold strategy at Dominion Bank, warned that the rise of Bitcoin may mislead investors to overlook the stability of gold. He believes that Bitcoin is more like a return-driven investment, while gold provides long-term stability. He also criticized Bitcoin promoters for misleading the market by using the term "mining," and believes that gold is still a more reliable investment choice.

  • Rich Dad Poor Dad author strongly supports Michael Saylor’s BTC strategy

    Robert Kiyosaki, the author of "Rich Dad Poor Dad," expressed strong support for Bitcoin and Microstrategy CEO Michael Saylor's BTC strategy on X this week. Kiyosaki quoted Saylor's prediction that BTC would reach $13 million and said, "I believe he's right, he's a smart man." He also pointed out that if Saylor's prediction is correct, buying 0.01 BTC at today's price could potentially make investors millionaires in the future and advised to buy in a timely manner.

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