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SBF Jailed, The Latest in The Bitcoin ETF Saga & more
Everything you need to know in crypto this week.
GM! This week: the SEC has delayed its decision on whether or not to approve a Bitcoin ETF from Cathie Wood’s Ark Invest, CoinDesk lays off staff, and Base’s launch continues as SBF is sent to prison ahead of the trial. Plus, last week’s burning mystery continues. Here’s everything you need to know to start your week.
In Bitcoin ETFs…
Following the SEC’s recent delay on a Bitcoin ETF decision, you might be thinking, ‘C’mon the SEC’s never going to approve that any time soon!’ And I am certainly in that camp, despite the fact you have the analysts at Bloomberg saying we’re now up to a 65% chance it happens this year.
You may be wondering why a Bitcoin ETF would even matter — can’t retail traders just buy Bitcoin the usual way? Well that may be true, but that’s not so for most institutions, and according to a new report from Bernstein, Exchange-traded funds may account for 10% of the market value of Bitcoin within three years if the SEC signs off on a fund.
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In CoinDesk news…
Crypto news site CoinDesk has reportedly laid off twenty members of its editorial staff, representing 45% of its editorial team, amidst the efforts of DCG, CoinDesk’s parent company, to sell the site. A deal currently in progress would value the site at around $125 million; DCG purchased the company for $500k back in 2016.
CoinDesk is probably best known for kicking off SBF’s downfall when they published a leaked balance sheet showing concerning financial ties between FTX and Alameda Research. And this week, SBF was jailed ahead of his trial after the judge in his case said he attempted to tamper with witnesses.
The latest updates from our Coinage Investigation: Inside SBF’s Defense
What does the lead prosecutor who took down Bernie Madoff, Marc Litt, think about SBF’s chances in his criminal trial?
We asked him, based on the outlined defense SBF gave Coinage directly, and he told us that Sam has an uphill battle ahead of him — not least because he keeps talking to the media.
“The saying among prosecutors is, ‘We do our talking in court.’ That's how you stay out of trouble,” Litt said. “Once you enter the courtroom, that's when you talk.”
In Burns, Hacks, and Counter-attacks…
I really wish I didn’t have to write a section like this every week, so I’ll keep it brief: this week saw Zunami protocol losing $2.1 million in a flash loan attack, Bitcoin project Libbitcoin losing $900k to vulnerable code, and last week’s mysterious crypto burner is back at it; they’ve destroyed over $8 million in crypto and NFTs so far in one of the most baffling stories in crypto today.
On the bright side, a study found that Ethereum traders who get scammed actually make more money in the end — provided they learn their lesson. Curve Finance vowed to reimburse users after its $62M hack. Also, the lawsuit against crypto sleuth ZachXBT was dropped.
In Other Headlines…
A Crypto Mystery: Who Controls This Fast-Growing Stablecoin?
PayPal announces a new CEO as its crypto push accelerates
Coca-Cola unveils ‘Masterpiece’ NFT collection on Ethereum Layer 2 Base
BALD Developer Sends $12M Back to Ethereum After Spectacular Mess Up
Donald Trump may be sitting on half-a-million dollars in Ether that came from selling his widely mocked NFTs
Argentina's Newest Presidential Candidate Javier Milei Is Pro-Bitcoin–What Does That Mean?
Bankman-Fried heads to Brooklyn jail MDC notorious for poor conditions
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That’s everything we’re taking a look at this week!
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