Weekly Recap: FTX to restart; CoinDesk up for grabs; new Bitcoin highs; a new bankruptcy: Jan. 16–21.
Here are some top crypto stories this week (January 16–21, 2023).
Bitcoin hits 4-month high, recovering from the FTX crises
It seems the effects of the FTX exchange’s collapse are now fading, as Bitcoin (BTC) soared past $23,000, its highest level since mid-September. The broader cryptocurrency market continued its unexpected 2023 rally, and the total market cap (TMC) is now above $1 trillion.
The US government is taking action against Bizlato and its founder
The founder of the Bitzlato exchange, Anatoly Legkodymov, was arrested early on Wednesday, January 18, in Miami by the US DOJ in connection with a massive money-laundering scheme, suspected of sending more than $700 million in illicit cash over the previous four years, even though the Bitzlato exchange is not well-known and the vast majority of crypto enthusiasts have never heard of the name before.
While some people applauded the authorities’ actions in this regard, several market players said they should’ve targeted their energies toward catching and prosecuting the “bigger fish” who allegedly defrauded users in the market instead of the lesser-known ones.
New FTX CEO says he plans to reboot the exchange
John Ray III, the ailing FTX cryptocurrency exchange’s new CEO, reportedly disclosed that he is looking into the possibility of restarting the business. In an interview, he declared that “everything is on the table” in terms of reviving the insolvent company’s global exchange, and he set up a task force to investigate the possibility.
This in particular triggered a new wave of fear in the market, but as expected, some investors remain optimistic.
Binance and Huobi exchanges partnered to recover 124 BTC from Harmony Bridge hackers
We were all aware of the massive $100 million hack that occurred on the Harmony Bridge in June 2022. Now, some of the funds have been recovered by the combined efforts of the security teams of Binance and Huobi. They both worked together to freeze and recover 121 bitcoins (BTC) — about $2.8 today — from the hackers behind the exploit.
In a tweet, Binance CEO Changpeng Zhao announced that the hackers had tried to launder their funds through the Huobi exchange. After this was detected by Binance, they contacted and assisted Huobi to freeze and recover the digital assets deposited by the hackers.
Binance burns $620 million worth of BNB
The largest cryptocurrency exchange in the world continues to work to bring the total number of BNB in circulation down to 100 million. To do this, the firm declared on January 17 that the 22nd burn of its native token had been completed.
Per Binance’s statement, 2.064 million BNB, which had a value of almost $620 million at the time of the burning event, have been taken out of circulation. The 22nd burn became the largest in terms of BNB tokens since the record-setting 14th, which occurred two years ago.
Leading Crypto Media CoinDesk is Up For Grabs
The popular cryptocurrency media outlet CoinDesk, which is owned by the cryptocurrency venture capital firm Digital Currency Group (DCG), is thinking about selling all or a portion of its business. The company’s CEO, Kevin Worth, made this statement on January 18 in response to Genesis, a cryptocurrency lender that is also owned by the same DCG, being impacted by the FTX disaster’s effects.
OSL crypto platform, backed by Fidelity Investments cuts staff due to market pressure
The crypto markets continue to reverberate throughout the industry, forcing crypto firms to cut down on employees to survive the situation. The latest one is the digital asset platform backed by Fidelity International, which cuts costs by about a third.
Hugh Madden, CEO of BC Technology Group, the parent company of OSL, stated in a statement on Tuesday, January 17, 2023, that the decision to reduce costs was made in response to “current market conditions” and included “headcount reduction.”
This is another indirect effect of the collapse of the FTX exchange that sent Bitcoin to a 2-year low in 2022. OSL did not disclose how many employees were let go.
Binance exchange introduces a feature that allows institutions to invest and trade crypto using cold custody
The off-exchange trading solution “Binance Mirror” by Binance, which was just introduced, enables institutional investors to directly access trading and investment products within the exchange ecosystem without having to post collateral.
Institutions now have the option to mirror a specific portion of their asset balance at a 1:1 ratio onto their exchange account by locking a certain portion of it in Binance Custody’s cold storage facility.
Genesis Crypto Lender Files for Chapter 11 Bankruptcy, Finally
Despite avoiding this for months, Genesis, one of the biggest cryptocurrency lenders, has now voluntarily filed for chapter 11 bankruptcy in the US. The lender is now the newest casualty (in terms of bankruptcy) of the worldwide cryptocurrency crisis brought on by FTX’s demise. The total assets and liabilities of lenders range from $1.2 billion to $11 billion.
However, according to legal papers, its “First Day Hearing” in its bankruptcy case will take place tomorrow, Monday, January 23, at 2:00 PM.
THIS WEEK IN MELEGASWAP
We are pleased to announce the listing of the following crypto tokens on MelegaSwap Farm and Pool. This means you can now go to Melega Finance, stake your desired pairs, and earn rewards with high percentages and low risks in return.
Global Payment Currency Electronic (GPAY)
GPAY is a revolutionary BSC-based utility token that facilitates multinational peer-to-peer (P2P) transactions without the need for an intermediary or financial institution. The token is also redeemable for other cryptocurrency tokens.
We listed the coin on the trading, pools, and farms page of Melega Finance. Check the full listing announcement HERE.
Rottoken (ROTTO)
ROTTO is the first cryptocurrency token ever used to fuel a project that seeks to provide continuous financing for organizations that assist people with mental health concerns. The token is now available on Melegawap for Trading, Pooling, and Farming. You can find the full details HERE.
HashBit Blockchain (HBIT)
HashBit (HBIT) is a highly scalable peer-to-peer digital currency that enables industry-leading transaction speeds with negligible fees. One thing that makes the toke special is its native blockchain network, although now available on the BSC network. However, the main goal of the HashBit (HBIT) token is to make it possible to send and receive payments through the most popular messaging apps.
EverFrogeInu (FROGE)
EverFrogeInu (FROGE) is a protocol designed for stability. The project is designing “A Game Zone” with the possibility of earning money while playing the play-to-earn (P2E) game with the use of NFTs. FROGE is a meme-reward token, with the possibility of repurchasing, inherently supporting tokenomics.
GoogWai (GGW)
GoogWai is a decentralized financial payment network that recreates the traditional payment stack on the blockchain. It uses a basket of fiat-pegged stablecoins that are algorithmically stabilized by the reserve currency GGW to facilitate programmable payments and open financial infrastructure development.
UPCOMING LISTINGS
Lira (LIRA) Utility Token
Lira is a utility token used to purchase goods or services. The coin is currently deployed on numerous leading blockchain networks, including Ethereum, BSC, Cronos, Polygon, Solana, and so on. The ecosystem contains NFT collections, whose 50 percent of revenues is for development and marketing, while the remaining 50 percent is for liquidity pools which may include buyback and burn.
DogBit (DOG)
DohBit is the KING OF MEMES Token, allowing investors to keep millions in their wallets.
Please stay tuned for more information on the LIRA and DOG token’s listing announcement.
Do you want to buy, sell, and invest in cryptocurrencies in 2023 while also having 100% control over your crypto assets? If yes, then Melega Finance is for you. MelegaSwap is a leading automated market maker (AMM) decentralized exchange that provides users with a variety of options to trade and earn free potential tokens at extraordinarily high-interest rates with low risks and low charges.
At Melega, nobody manages your funds for you because you manage them directly from your personal wallet, while smart contracts transparently take care of everything else.
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