This week Poloniex suffered a breach. BlackRock wants to launch an Ethereum (ETH) ETF as it awaits a decision on its Bitcoin (BTC) application. BTC targeted $38,000 amid an ongoing rally. Meanwhile, regulators are responding to Binance.
Poloniex was hacked for $100 million
- According to previous reports, Poloniex faced a security issue on November 10 as its hot wallet experienced an unauthorized outflow that resulted in a loss of over $33 million.
- Justin Sun, the current majority shareholder of Poloniex, reiterated that the exchange remains financially stable and promised a full refund of assets.
- The original estimated loss of $33 million ballooned to over $120 million across multiple networks, including Ethereum and Bitcoin, blockchain security firm PeckShield reported.
- Sun generously offered the hackers a 5% bounty if they returned a significant portion of the funds within seven days, emphasizing a peaceful resolution.
- He provided three wallet addresses for possible reimbursement and assured an ongoing internal investigation and a commitment to compensate affected users, citing Poloniex’s “healthy financial position.”
Continuing ETF hype
- As the hype surrounding a Bitcoin spot ETF expanded this week, Bitcoin continued to rise, reaching $36,780, as the SEC reportedly opened a window to review spot Bitcoin ETF applications.
- Interestingly, prominent ETF analysts are anticipating possible approvals before January 10, 2024, with a chance that the SEC will make decisions sooner than expected.
- Asset manager ARK Invest has partnered with 21Shares to launch a suite with exposure to Bitcoin and Ethereum futures contracts.
- In particular, information on the 21Shares website indicated that five products resulting from this collaboration would begin trading on the Chicago Board Options Exchange next week.
- 21Shares clarified that the suite does not support direct investments in spot BTC and advises those seeking BTC exposure to look for other investment products.
- Meanwhile, BlackRock showed interest in entering the Ethereum market this week by discreetly registering an Ethereum-based ETF called iShares ETH Trust in Delaware. This was the first step to register the product.
Bitcoin aims for $38,000
- Bitcoin maintained its bullish momentum this week and struggled to reach new highs. Amid the ongoing uptrend, BTC reclaimed the $36,000 mark on November 8 for the first time since May 2022.
- The asset faced huge resistance in the $36,000 area, but this resistance was not enough to trigger a major pullback. Finally, on November 9, Bitcoin hit another yearly high of $37,927 and attempted to reclaim $38,000.
- This attempt was thwarted by the bears, with Bitcoin eventually closing at $36,701 on November 9th. In a subsequent recovery campaign, BTC reclaimed $37,000 and maintained a price above the price point with the hope of targeting $38,000 again.
The SEC denies Binance’s motion to dismiss
- This week, the US Securities and Exchange Commission (SEC) once again came into the spotlight, making headlines with its decision to oppose Binance’s request to dismiss the regulator’s lawsuit. Recall that Binance previously filed a motion to dismiss the charges.
- Former SEC official John Reed Stark revealed the SEC’s opposite response, citing comments from a former Binance chief compliance officer alleging that the company was operating an unregistered securities exchange in the United States
- In opposing the application, the SEC found the company’s arguments to be downright “absurd.” In a fairly direct response, the Commission reiterated its stance that the majority of crypto assets fall into the realm of securities.
- Meanwhile, Ripple CEO Brad Garlinghouse declared his intention to take the XRP case to the Supreme Court if necessary. Garlinghouse revealed the SEC’s proposal for an out-of-court settlement and interpreted it as a sign of Ripple’s advantage in the ongoing litigation.
Aftermath of the Bankman-Fried trial
- Bankman-Fried’s recent conviction marked a turning point and sparked calls from FTX investors for action against prominent supporters.
- A class action lawsuit launched in 2022 that initially targeted Bankman-Fried employees is now expanding its reach to include celebrities and professional services firms. The guilty verdict sparked posts on social media blaming key figures for their role in the incident.
- Meanwhile, FTX began legal proceedings this week, filing a lawsuit in Delaware against Bybit to recover significant assets worth $953 million.
- Consultants representing defunct crypto exchange FTX claimed that Bybit moved the assets shortly before FTX filed for Chapter 11 bankruptcy in November 2022.
- As the issues surrounding FTX continued to unfold, Solana experienced a notable surge amid the crypto market’s recent bullish phase.
- Despite the notable withdrawal of $160 million in SOL from FTX-linked wallets, Solana managed to maintain its robust performance and recently broke the $20 billion market cap threshold.
Raft stops minting stablecoins
- Defi platform Raft has temporarily suspended minting of its R stablecoin due to a security flaw that resulted in a significant loss.
- The company is currently investigating the incident and has promised to keep its users updated.
- However, existing users can still proceed with loan repayment and collateral retrieval.
Price promotion
- Solana (SOL) has made significant progress, rising over 175% in the last 30 days.
- THORChain (RUNE) hit a yearly high of $4.65 on Saturday; The price was 15.1% higher than 24 hours earlier.
- Crypto lender Celsius Network continues to face legal turmoil as it embarks on a new journey after bankruptcy, but its native CEL token has seen a 40% increase in the last seven days.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.