SBF takes the stand, ‘buy Bitcoin’ searches soar and other news: Hodler’s Digest, Oct. 22-28

Leading Stories This Week

Sam Bankman-Fried takes the stand on FTXs collapse

Sam “SBF” Bankman-Fried testified today in his continuous criminal trial in the Southern District of New York, denying any misbehavior between FTX and Alameda Research while acknowledging making “big mistakes” throughout the companies explosive development. Highlights of his statement consist of rejecting directing his inner circle to make considerable political contributions in 2021, as well as claims that FTXs terms of usage covered deals between Alameda and the crypto exchange. Furthermore, Bankman-Fried testified that he asked for additional hedging methods for Alameda in 2021 and 2022, but they were never implemented. The trial is expected to conclude within the next couple of days.

Buy Bitcoin search questions on Google surge 826% in the UK

Google searches for “purchase Bitcoin” have surged worldwide amidst a major crypto rally, with searches in the United Kingdom growing by more than 800% in the last week. According to research from Cryptogambling.tv, the search term “purchase Bitcoin” surged a staggering 826% in the U.K. over the course of seven days.

US court problems mandate for Grayscale ruling, paving way for SEC to review area Bitcoin ETF

The United States Court of Appeals has issued a required following a choice needing Grayscale Investments application for a spot Bitcoin exchange-traded fund (ETF) to be evaluated by the Securities and Exchange Commission (SEC). To date, the SEC has yet to approve a single area crypto ETF for noting on U.S. exchanges however has offered the green light to investment vehicles connected to Bitcoin and Ether futures.

Coinbase conflicts SECs crypto authority in last quote to toss regulators fit

Phishing fraudsters have cloned the sites of crypto media outlet Blockworks and Ethereum blockchain scanner Etherscan to deceive unsuspecting readers into linking their wallets to a crypto drainer. A fake Blockworks site displayed a fake “BREAKING” report of an expected multimillion-dollar “approvals exploit” on the decentralized exchange Uniswap and encouraged users to check out a fake Etherscan site to rescind approvals. The fake Uniswap news short article was posted on Reddit throughout numerous popular subreddits.

UK passes expense to allow authorities to take Bitcoin utilized for crime.

Bitcoin surfed $34,000 at the end of the week as attention turned to BTC cost performance versus macro assets. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD holding consistent, protecting its early-week gains.

The top three altcoin losers of the week are Bitcoin SV (BSV) at -10.27%, Toncoin (TON) -3.14% and Trust Wallet Token (TWT) at -0.82%. For more information on crypto rates, make sure to read Cointelegraphs market analysis.

” He [Sam Bankman-Fried] thought he was going to take that cash, and […] he would out-trade the market and put the cash back and end up as a half-a-trillionaire, however it never ever works like that.”. Anthony Scaramucci, founder of SkyBridge Capital.

Prediction of the Week.

John Deaton, attorney.

Bitcoin beats S&P 500 in October as $40K BTC rate forecasts circulation in.

Fraudsters develop Blockworks clone site to drain crypto wallets.

A Lot Of Memorable Quotations.

” When it concerns illegal financing, crypto is not the opponent– bad actors are.”.

The SEC is pissed and ashamed and desires $770M worth of flesh.”.

Among the biggest 100 cryptocurrencies, the leading 3 altcoin gainers of the week are Pepe (PEPE) at 72.08%, Mina (MINA) at 55.47% and FLOKI (FLOKI) at 53.33%..

” The witness [Sam Bankman-Fried] has an interesting method of reacting to concerns.”.

Sam Bankman-Fried, previous CEO of FTX.

Lewis Kaplan, senior judge of the U.S. District Court for the Southern District of New York.

The U.S. Securities and Exchange Commission overstepped its authority when it classified Coinbase-listed cryptocurrencies as securities, the exchange has actually argued in its last quote to dismiss a suit by the securities regulator. In an Oct. 24 filing in a New York District Court, Coinbase chastised the SEC, declaring its definition for what certifies as a security was too large, and objected to that the cryptocurrencies the exchange lists are not under the regulators purview. The SEC sued Coinbase on June 6, declaring the exchange breached U.S. securities laws by listing numerous tokens it considers securities and not registering with the regulator.

Cryptocurrency exchange Gemini filed a lawsuit against submitted crypto suit Genesis on Oct. 27. At concern is the fate of 62,086,586 shares of Grayscale Bitcoin Trust. They were utilized as collateral to secure loans made by 232,000 Gemini users to Genesis through the Gemini Earn Program.

Read.

Cynthia Lummis, U.S. senator.

” I think Bitcoin will hang around this variety for some time,” popular pseudonymous trader Daan Crypto Trades informed X subscribers in one of numerous posts on Oct. 27. “Roughly $33-35K is what Im looking at as a variety. Eyes on possible sweeps of any of these levels for a fast trade,” he composed.

Losers and winners.

The biggest cryptocurrency avoided substantial volatility as the monthly and weekly closes– a key moment for the October uptrend– drew ever nearer.

Kraken will suspend all transactions connected to Tether, Dai, Wrapped Bitcoin, Wrapped Ether and Wrapped Axelar in Canada in November and December. The suspensions might not shock many Canadian cryptocurrency users, as they begin the heels of a number of other noteworthy exchanges taking similar actions throughout 2023. OKX stopped operations in Canada in June after Binance revealed its objective to do so in May.

Lawmakers in the United Kingdom have passed legislation enabling authorities to take and freeze cryptocurrencies like Bitcoin if utilized for illicit purposes. Introduced in September 2022, the passed legislation intends to broaden authorities ability to punish using cryptocurrency in crimes like cybercrime, scams and drug trafficking. One of the arrangements of the expense allows the recovery of crypto assets used in criminal offenses without conviction, as some individuals might prevent conviction by remaining remote.

Features.
Ethereum restaking: Blockchain innovation or harmful house of cards?

FUD of the Week.

” Without prejudging any one property, the vast bulk of crypto properties most likely satisfy the investment agreement test, making them subject to the securities laws.”.

Gary Gensler, chair of U.S. Securities and Exchange Commission.

” I should say, I am not an attorney, I am simply attempting to respond to based upon my recollection. […] At the time [at] FTX, certain customers believed accounts would be sent to Alameda.”.

Features.
Soulbound Tokens: Social credit system or trigger for international adoption?

Kraken to suspend trading for USDT, DAI, WBTC, WETH and WAXL in Canada.

At the end of the week, Bitcoin (BTC) is at $34,143, Ether (ETH) at $1,789 and XRP at $0.54. The total market cap is at $1.26 trillion, according to CoinMarketCap.

Gemini takes legal action against Genesis over GBTC shares used as Earn collateral, now worth $1.6 B.

5,050 Bitcoin for $5 in 2009: Helsinkis claim to crypto fame.

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” I think Bitcoin will hang around this variety for some time,” popular pseudonymous trader Daan Crypto Trades informed X subscribers in one of several posts on Oct. 27.

How blockchain video games fared in Q3, Upland token on ETH: Web 3 Gamer.

Editorial Staff.
Cointelegraph Magazine authors and reporters added to this post.

$ 2.3 B tipped into Web3 video games so far this year, ex-GTA devs studio partner with Immutable, Brawlers to release on Epic Games Store, and more.

Helsinki has a remarkable and long history with cryptocurrency, including the very first exchange of Bitcoin for United States dollars.

Australian cops bust $145 million money laundering fraud, Bitget gains market share in Q3, China unblocks NFTs, and more.

Australias $145M exchange scandal, Bitget claims 4th, China lifts NFT restriction: Asia Express.

Google searches for “buy Bitcoin” have actually surged around the world amid a significant crypto rally, with searches in the United Kingdom growing by more than 800% in the last week. According to research study from Cryptogambling.tv, the search term “purchase Bitcoin” spiked an incredible 826% in the U.K. over the course of 7 days. The United States Court of Appeals has provided a mandate following a choice requiring Grayscale Investments application for an area Bitcoin exchange-traded fund (ETF) to be evaluated by the Securities and Exchange Commission (SEC). To date, the SEC has yet to approve a single spot crypto ETF for noting on U.S. exchanges however has actually given the green light to financial investment cars linked to Bitcoin and Ether futures.