Weekly Recap: Toyota enters web3, BTC hit new highs, 200+ job cuts, bankruptcy updates: Jan. 29 — Feb. 04
We’ve compiled a list of the top interesting stories in the crypto space over the last week. Bitcoin (BTC) and the general cryptocurrency market also continued their uptrends. However, it seems that this year’s cryptocurrency activities are occurring more in courtrooms than on the blockchain itself. Follow on as we quickly recap the top crypto updates.
Sam Bankman-Fried’s company–Emergent Fidelity Technologies–files for bankruptcy
The latest company in relation to the disgraced FTX founder to file for bankruptcy is the holding firm owned by him and Gary Wang, Emergent Fidelity Technologies. It’s headquartered in Antigua and Barbuda and reportedly has just $20 million in cash and no other assets.
A documentary to detail the SBF-CZ relationship and FTX saga will be released
Mark Wahlberg, Stephen Levinson, and Archie Gips, co-founders of the non-scripted film company Unrealistic Ideas, have collaborated with Fortune, a well-known media outlet to release a documentary series focusing on the relationship between Sam Bankman-Fried and Binance founder and CEO Changpeng Zhao, the FTX issues, as well as the activities that led to the FTX crypto exchange’s abrupt collapse.
The names of SBF’s $250 million bail sureties will be made public
After a recent decision by US District Judge Lewis Kaplan, the names of two people who assisted former FTX CEO Sam Bankman-Fried with his $250 million bail bond may be made public this month. Bankman-Fried’s attorney has until February 7 to object to the judgment. The identities of the other two guarantors were initially kept a secret, but his parents were also guarantors of this bond.
Celsius crypto lending firm has released a new list of users eligible to withdraw assets
Celsius, the popular but struggling cryptocurrency lending company, had devised a withdrawal process for users who had their crypto in its custody when withdrawals were suspended in June 2022. On January 31, the company made a formal announcement regarding upcoming withdrawals, providing a list of users who are qualified to withdraw roughly 94% of qualified custody assets.
BonqDAO decentralized protocol suffered a $120m hack
BonqDAO announced to its Twitter followers on February 1 that its Bonq protocol was exposed to an oracle hack that allowed the exploiter to manipulate the price of the Alliance Block (ALBT) token. The price subsequently decreased to almost zero, which triggered the liquidation of ALBT troves. As such, an estimated $120 million was stolen from its protocol.
Judge dismisses class-action lawsuit against Coinbase over securities sales
The class action litigation against cryptocurrency behemoth Coinbase, Coinbase Global, and its CEO, Brian Armstrong, that claimed unregistered securities offerings, was turned down in the United States.
The lawsuit was filed on March 11 and alleged that 79 of the tokens offered on Coinbase were securities being sold without the appropriate broker-dealer registration, and without clients being aware of the consequences.
Chainalysis, Protocol Labs, and Bittrex laid-off employees
The year-long bearish cryptocurrency market has forced several companies, including cryptocurrency exchange Bittrex, blockchain data company Chainalysis, and open-source software research lab Protocol Labs, to lay off some staff members. They each decreased the number of employees by 89, 83, and 44.
At least 2,900 employees were laid off by 14 different crypto firms in January due to unstable market conditions.
Meanwhile, Coinbase had the most layoffs among those companies, laying off 950 people on January 10. Rival exchanges Crypto.com, Luno, and Huobi laid off 500, 330, and 320 employees, respectively.
Founder of crypto scheme My Big Coin sentenced to over 8 years in prison
Investors claim that the founder of the now-defunct cryptocurrency business “My Big Coin” stole $7.5 million from them between 2014 and 2017 after convincing them to buy a dubious digital asset claimed to be backed by gold. As a result, U.S. District Judge Denise Casper in Boston decided that Crater should serve at least eight years behind bars.
Notably, Randall Crater was the first cryptocurrency company founder to be sentenced for marketing fraud, and federal prosecutors urged U.S. District Judge Denise Casper in Boston to sentence him to 13 years in prison as a warning to others.
Billionaire investor Charlie Munger advises the US to ban Bitcoin
Charlie Munger, a billionaire American investor, urged the United States government to ban all cryptocurrencies as they are bound to cause more harm than good.
In an opinion published in mainstream media, the Wall Street Journal (WSJ), the investor argued that private companies are issuing thousands of cryptocurrencies, citing the gap in crypto regulation in the U.S. as a reason for that.
These digital assets have become publicly traded without governmental pre-approval of disclosures and pose a risk to the country’s economic health.
Toyota sponsors a Web3 hackathon in partnership with HAKUHODO KEY3
Toyota Motor Corporation’s sponsorship reveals an increase in the adoption of Web3 and decentralized finance (DeFi).
As part of their co-founding partnership, Astar, HAKUHODO, and their business, HAKUHODO KEY3, are working together to organize a Web3 hackathon sponsored by Toyota. The kickoff event will take place on February 25, and participants will have until March 18 to finish their products.
Groups that succeed in the first round of judging will be permitted to take part in the pitch event on March 25. The first round of judging will take place on March 23.
THIS WEEK IN MELEGA FINANCE
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, trade them, stake your desired pairs, and earn rewards with high percentages and low risks in return.
Borzoi Inu (BORZ)
BORZ is a decentralized, autonomous wolfhound living on the Binance Smart Chain (BSC) network, a high-performance blockchain network designed to support decentralized applications.
Fasst (FAS)
Fasst (FAS) is a project based on Tron and Binance Smart Chain (BSC) that will include easy cryptocurrency payment integration and even a digital arbitration system. All members holding the FAS tokens will enjoy benefits such as preferential access to premium services and other rewards.
Cryptoverse Land (CVL)
Crypto Verse Land is an open-source peer-to-peer (P2P) cryptocurrency that utilizes blockchain technology, a highly secure decentralized system of storing information as a public ledger that is maintained by a network of computers called nodes. It is the accidental crypto movement that makes people smile.
Community Inu (CTI)
Community Inu (CTI) is a decentralized deflationary token aiming to digitalize the world. CTI seeks to make money online accessible for everyone, convenient, and provide the highest speed of transactions possible. Moreover, the project is planning to sign new contracts with traveling and technology firms, allowing users to make payments with CTI.
TRENDING PROJECTS
Here are the crypto projects that increased the number of farms on MelegaSwap:
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