Paxos’ $500K Bitcoin Fee, FTX Tokens Sales Set to Begin, and More

Top Stories This Week

Paxos Confirms Responsibility for $500K Bitcoin Transaction Fee

Paxos, a blockchain infrastructure firm, recently paid a $500K transaction fee for moving $2,000 worth of Bitcoin. The fee was much higher than the average network fee of $2. Paxos later realized the mistake and confirmed that the transfer came from its servers. The Bitcoin miner who received the funds returned the amount to Paxos after their claim.

Court Approves Sale of FTX Digital Assets

A bankruptcy court has approved the sale of FTX digital assets in weekly batches. However, the sale excludes Bitcoin, Ether, and certain insider-affiliated tokens. FTX holds $833 million worth of Bitcoin and Ether, and a total of $3.4 billion in Digital Assets A.

Gemini Earn Users Could Recover All Funds in New DCG Remuneration Scheme

Digital Currency Group (DCG) has proposed a new agreement plan for the creditors of Genesis Global, which estimates that unsecured creditors will recover 70-90% of their funds. The plan also suggests a potential recovery of 95-110% for Gemini Earn users, without any contribution from Gemini.

Franklin Templeton Files for Spot Bitcoin ETF

Asset manager Franklin Templeton has applied with the U.S. Securities and Exchange Commission to launch a spot Bitcoin exchange-traded fund (ETF). The fund would be structured as a trust, with Coinbase as the BTC custodian and The Bank of New York Mellon as the cash custodian and administrator.

Two More Top Executives Depart Binance.US Amid Layoffs, SEC Action

Binance, a prominent crypto exchange, has seen the departure of three top executives from its U.S. offshoot, Binance.US. The exodus is believed to be tied to the ongoing investigation by the U.S. Securities and Exchange Commission (SEC), which sued Binance.US, Binance, and CEO Changpeng Zhao in June for alleged securities violations.

Winners and Losers

At the end of the week, Bitcoin (BTC) is priced at $26,465, Ether (ETH) at $1,628, and XRP at $0.50, with a total market cap of $1.05 trillion. Among the top 100 cryptocurrencies, the top gainers of the week are Toncoin (TON) at 21.30%, VeChain (VET) at 11.94%, and Bitcoin Cash (BCH) at 11.36%. On the other hand, the top losers of the week are ApeCoin (APE) at -16.82%, Astar (ASTR) at 14.47%, and Flare (FLR) at 12.61%.

Most Memorable Quotations

“I think my generation and younger than me are the ones that are really going to change that narrative for investing, whether it’s in cryptocurrency or other investments moving forward.” – Scotty James, Australian snowboarder

“The only country I would not encourage you to start a company right now is in the U.S.” – Brad Garlinghouse, CEO of Ripple

“We’re still in the fax era of global payments.” – David Marcus, former PayPal executive and co-founder Lightspark

“I don’t think everybody in D.C. actually fully realizes how powerful the crypto voting community block is.” – Brian Armstrong, CEO of Coinbase

“You cannot get 100% transparency and 100% privacy.” – Alex Svanevik, CEO of Nansen

“Climate change is still a systemic threat to our species. I think as a society, we kind of owe it to ourselves to do anything that we can.” – Marek Olszewski, CEO of Celo

Prediction of the Week

Bitcoin price all-time high will precede 2024 halving — New prediction

According to BitQuant, a popular social media commentator, Bitcoin is expected to reach a new all-time high before its next halving event in 2024. The commentator predicts that Bitcoin will peak after the halving in 2024, with a target price of around $250K.

FUD of the Week

Stoner Cats NFT Series Charged with Unregistered Securities Sale

Stoner Cats 2 LLC, the company behind the Stoner Cats animated web series, has been charged by the U.S. Securities and Exchange Commission (SEC) for conducting an unregistered offering of crypto-asset securities in the form of non-fungible tokens (NFTs). The company sold over 10,000 NFTs for approximately $800 each.

OneCoin Co-Founder Greenwood Sentenced to 20 Years in US Jail for Fraud, Money Laundering

Karl Greenwood, the co-founder of the fraudulent cryptocurrency scheme OneCoin, was sentenced to 20 years in prison and ordered to pay $300 million. OneCoin scammed $4 billion from 3.5 million victims. Greenwood’s co-founder, Ruja Ignatova, remains at large and is on the U.S. Federal Bureau of Investigation’s Ten Most Wanted List.

North Korea’s Lazarus Group Responsible for $55M CoinEx Hack

The recent hack on the cryptocurrency exchange CoinEx, which resulted in a loss of at least $55 million, was carried out by the North Korean hacker group Lazarus. The hacker group was identified after it inadvertently exposed its address, which was the same one used in previous hacks.

Are DAOs Overhyped and Unworkable? Lessons from the Front Lines

Many argue that Decentralized Autonomous Organizations (DAOs) have failed to live up to their promises. However, developers are working on innovative solutions to address their challenges and make DAOs more practical and effective.

6 Questions for Kei Oda: From Goldman Sachs to Cryptocurrency

Kei Oda, a former bond trader at Goldman Sachs, shares his transition from traditional finance to the cryptocurrency industry and discusses the opportunities and challenges he has encountered along the way.

Web3 Gamer: PUBG Devs’ Web3 Project, Animoca’s $20M Raise, Shardbound Review

The developers of PlayerUnknown’s Battlegrounds (PUBG) have announced a new Web3 platform, which aims to bring decentralized gaming and monetization to the mainstream. Additionally, blockchain gaming company Animoca has raised $20 million, while the game Shardbound has received positive reviews.

Editor Notes: Uber Crypto News

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