Bitcoin, Ethereum Jump as Fed Chair Signals Slowing Rate Hikes
Bitcoin and the wider crypto market jumped Wednesday after Federal Reserve Chair Jerome Powell said in a speech that December would likely bring smaller interest rate hikes. The biggest cryptocurrency by market cap was trading for $17,102 at the time of writing—up 2% in the hour after Powell’s speech and over 4% in the past 24 hours, according to CoinGecko. (Decrypt)
Telegram Plans Decentralized Crypto Exchange, Wallets Following FTX Collapse
Social media site Telegram Messenger LLP plans to build non-custodial wallets and a decentralized exchange for cryptocurrencies following the collapse of the FTX platform, Telegram’s founder and Chief Executive Officer Pavel Durov said on Wednesday. The platform was launched in October on the decentralized layer-1 blockchain The Open Network (TON), a protocol created independently in 2021 after the Securities Exchange Commission blocked Telegram’s proposed version. (forkast)
The Head of the ECB Believes That It Is Necessary To Introduce New Rules for Regulating the Crypto Industry
In her speech, Christine Lagarde noted that the EU, in some way, has already been able to succeed in introducing a number of rules in the cryptocurrency markets.
EmpiresX 'Head Trader' to Face 4 Years of Prison Over $100M Crypto 'Ponzi'
One of the leading figures convicted of being behind the $100 million crypto “Ponzi” scheme, EmpiresX, has just been handed an over four-year jail sentence by a United States court. The sentencing was handed to Joshua David Nicholas, the “head trader” of purported crypto platform EmpiresX, who is nowset to serve a 51-month prison sentence along with three years of supervised release for his role in the fraudulent scheme. (Cointelegraph）
Sam Bankman-Fried to New York Times: "I Wasn't Running Alameda"
Former FTX CEO Sam Bankman-Fried took part in an interview today with the New York Times today during the publication’s DealBook Summit. He said that Alameda had roughly 10% leverage last year, but that market crashes reduced the value of its assets. Though Alameda was “still under two times leverage as of a month ago,” Bankman-Fried said, more than $10 million was “wiped off in a matter of days,” leaving FTX unable to liquidate that position and generate the money owed.
‘Big Short’ Michael Burry Warns There’s No Strategy to Pull Out of This ‘Real Recession’
Renowned investor and hedge fund manager, Michael Burry, commonly known as “The Big Short,” has suggested that the economy is already in a recession while questioning the best strategy to tackle the downturn. According to Burry, there is no tangible strategy to navigate the economic slowdown while cautioning of an ‘extended multi-year recession’, he wrote in a now-deleted November 30 <a href="https://twitter.com/BurryArchive/status/1597803694434590720" target="_blank">tweet</a>.
US Prosecutors Charge 21 Alleged ‘Money Mules’ With Using Crypto to Launder Proceeds of Cybercrimes
U.S. Prosecutors in Texas have slapped 21 U.S. citizens with an assortment of criminal charges for allegedly helping various transnational criminal rings launder their ill-gotten gains using cryptocurrency.
Binance, Coinbase Among Six Crypto Firms Questioned by US Senator After FTX Mess
Senator Ron Wyden wrote letters to Binance, Bitfinex, Coinbase, Gemini, Kraken, and KuCoin, seeking answers on the risks consumers face when investing on their platforms.
US CFTC Commissioner Calls for New Category to Protect Small Investors From Crypto
United States Commodity Futures Trading Commission (CFTC) commissioner Christy Goldsmith Romero spoke at the Futures Industry Association Asia Derivatives Conference in Singapore on Nov. 30. She talked about “how to harness the best that technology offers, while protecting against emerging threats,” with particular emphasis on cybersecurity and crypto.
EU Crypto, NFT Providers Must Report Tax Details Under Leaked EU Plan
Crypto providers will have to report details of their EU clients’ transactions to national tax authorities within the bloc, under a bill set to be proposed by the European Commission next week.
