SBF to enter plea deal, Mango’s exploiter arrested, and Celsius news: Hodler’s Digest, Dec. 25-31

Top Stories This Week

Bankman-Fried whitethorn participate plea successful NY national tribunal adjacent week earlier Judge Lewis Kaplan

Former FTX CEO Sam Bankman-Fried is scheduled to look successful tribunal connected the day of Jan. 3 to participate a plea connected 2 counts of ligament fraud and six counts of conspiracy against him successful narration to the illness of the FTX cryptocurrency exchange. After being released connected a $250 cardinal bail bond, Bankman-Fried reportedly met with Michael Lewis, writer of The Big Short: Inside the Doomsday Machine, a bestseller that was turned into a movie, spurring speculation that a movie astir the disgraced exchange’s saga is connected the way.

SBF borrowed $546M from Alameda to money Robinhood stock purchase

In different header related to Sam Bankman-Fried, an affidavit by the laminitis of FTX revealed that helium antecedently borrowed implicit $546 cardinal from Alameda Research to money a acquisition of Robinhood shares. Later, those aforesaid shares were utilized by Bankman-Fried arsenic collateral for a $600 cardinal indebtedness taken by Alameda from integer plus lender BlockFi. The shares are presently frozen and are worthy astir $450 million. BlockFi filed a suit seeking to person the collateral shares successful November.

Argo Blockchain sells apical mining installation to Galaxy Digital for $65M

In a bid to past the ongoing carnivore market, cryptocurrency mining steadfast Argo Blockchain sold its Texas flagship mining facility, Helios, for $65 million. The caller proprietor is Mike Novogratz’s crypto concern steadfast Galaxy Digital, which volition besides supply Argo with a caller $35 cardinal instrumentality concern indebtedness to assistance the institution trim its debt. The woody volition let Argo’s mining operations to proceed portion reducing full debt, improving liquidity and improving operating structure..

Mango Markets exploiter arrested connected fraud charges — Maybe it was illegal

Avraham Eisenberg, the hacker who stole $110 million from decentralized speech Mango Markets, was arrested successful Puerto Rico. Eisenberg called the exploit a “highly profitable trading strategy” and noted that helium considered each his actions to beryllium “legal unfastened marketplace actions.” It appears, however, that the U.S. Federal Bureau of Investigation (FBI) has a antithetic mentation of the facts. According to the FBI complaint, Eisenberg’s actions represent some fraud and marketplace manipulation.

Celsius wants to widen the deadline for claims arsenic lawyer fees mount

Celsius Network is readying to record a motion to widen the deadline for users to taxable claims by different month, extending the clip bounds to aboriginal February. Creditors of Celsius, however, bash not look to enactment the move, arsenic fees for bankers, lawyers, and advisers person already reached $53 cardinal successful the bankruptcy case.

Winners and Losers

At the extremity of the week, Bitcoin (BTC) is astatine $16,554, Ether (ETH) astatine $1,196 and XRP astatine $0.34. The full marketplace headdress is astatine $794.23 billion, according to CoinMarketCap.

Most Memorable Quotations

“I privation Bitcoin to spell down a batch further truthful I tin bargain immoderate more.”

Mark Cuban, billionaire entrepreneur

“We expect that 2023 could beryllium the twelvemonth of decentralization and accelerated improvement of decentralized apps.”

Nikita Zuborev, main expert astatine BestChange

“British fiscal institutions and banks […] proceed to privation to enactment successful the digitalization of commerce, which starts with integer assets, monies and commodities.”

Mitch Mechigian, spouse astatine Blockchain Coinvestors

“Customer people members should not person to basal successful enactment on with secured oregon wide unsecured creditors successful these bankruptcy proceedings conscionable to stock successful the diminished property assets of the FTX Group and Alameda.”

Creditors of FTX Group and Alameda Research

“Fraudsters emotion volatility and existent events. Anytime they tin effort to surf the contours of thing precise disruptive successful the marketplace, they person a large woody of success.”

Clayton LiaBraaten, elder enforcement advisor astatine Truecaller

“Listening to these companies speech astir Web3 initiatives, it’s wide they spot integer engagement with customers and fans arsenic a caller facet of the retail experience.”

Steven Goulden, elder probe expert astatine Cumberland

Prediction of the Week 

Bitcoin ‘not undervalued yet,’ says probe arsenic BTC terms drifts nearer to $16K

Bitcoin’s terms has been hovering astir $17,000 for the bulk of December, according to Cointelegraph’s BTC terms index.  

Based connected the investigation of MAC_D, a pseudonymous contributor to the on-chain level CryptoQuant, Bitcoin is “not undervalued yet,” arsenic an indicator tracking transactions successful nett and nonaccomplishment has yet to repetition its accepted carnivore marketplace bottommost sequence. 

“Therefore, the BTC is apt to autumn further, and spot hedging and down inclination trading are required,” noted MAC_D.

FUD of the Week 

Midas Investments closes down amid $63M DeFi portfolio deficit

While the FTX contagion continues, custodial concern level Midas Investments has announced that it volition cease operations owed to a $63.3 cardinal shortage successful its decentralized concern portfolio. Midas has experienced immoderate difficulties pursuing the collapses of Terra, Celsius and FTX, which led to users withdrawing 60% of their funds implicit the people of six months.

Kraken quits Japan for the 2nd time, blaming a ‘weak crypto market’

Cryptocurrency speech Kraken has unopen down its operations successful Japan for the 2nd time, blaming a “weak crypto market.” A blog station by the speech announced the determination connected Dec. 28. After closing successful 2018, Kraken reopened its Tokyo office during the bull marketplace of 2020, offering spot trading connected 5 large assets with plans to expand. Kraken’s clients successful Japan volition person until Jan. 31 to retreat their funds from the exchange.

3Commas API leak victims request refunds and apology for ‘gaslighting’

After months denying immoderate hack oregon breach connected its platform, 3Commas and its CEO Yuriy Sorokin yet admitted to a sizable API leak, recognizing that a database shared by a hacker was legitimate. Now, victims of the leak are demanding refunds and an apology from the crypto trading level for being gaslighted. 3Commas has engaged successful a back-and-forth with victims successful caller months, denying leaks and claiming customers were phished.

Best Cointelegraph Features

‘Make definite Ethereum wins’ — Steve Newcomb reveals zkSync’s premier directive

Silicon Valley seasoned Steve Newcomb is connected a ngo to standard Ethereum to 10 cardinal transactions per 2nd with zk-Rollups. History suggests you shouldn’t stake against him.

Mati Greenspan’s brag bribed him with 1 BTC to articulation Twitter: Hall of Flame

Quantum Economics laminitis Mati Greenspan signed up for Twitter and got into Bitcoin connected the aforesaid time backmost successful 2012.

Making the lawsuit that Bitcoin is not freedom: Pacific Bitcoin Panel

Is Bitcoin truly bringing state to the world? Experts discussed the complexities of utilizing Bitcoin arsenic a instrumentality for emancipation astatine a sheet astatine Pacific Bitcoin.