The Recap: Bitcoin Ado, French NFT Pull, SBF Pleads Not Guilty…

The expectation set by DCG it doesn’t pass anymore; The founder of FTP extension plead not guilty; Hubi And silver gate dismiss; bitcoins, 14 yearsbut volumes at half auction… Back tonews of the week.

The year begins as it ended. No big surprises. The winter of cryptocurrencies started at the end of 2021 looks more and more like that of 2018. However, the bull run had allowed for an exponential growth of the sector and its companies. The latter are now forced to do so drastically cut their workforce.

This is especially the case with silver gate. A few weeks earlier, its CEO wanted to be reassuring. Cash is plentiful, Alan Lane said. The holidays are over and the company can now announce layoffs. And last but not least since they affect 40% of the staff. As for the dollar stablecoin project, it is simply suspended.

Also, in this week’s cryptocurrency news, Hubiwhich recently joined forces with Poloniex, goes into layoffs 20% of its workforce and is causing concern among customers of the exchange. Withdrawals have intensified since the announcement.

DCG: liquidity or solvency crisis?

Initially, Genesis and its parent company were just having a cash crunch. Doubts are now admitted. DCG drags refunds and is stingy with information. Something to exasperate bad in the industry and among creditors whose funds are frozen. Cameron Winklevossco-founder of Gemini, accuses the CEO of DCG, Barry Silbertusing “delaying tactics” and displaying “bad faith”.

Genesis he replies asking for more time. The broker has also parted ways with 30% of its staff. As for its parent company, it is not doing very well as it is closing one of its subsidiaries. Goodbye to the asset management branch Digital HQ. DCG also reportedly aroused the suspicions of regulators, who were visibly determined to scrutinize transactions within the conglomerate.

Bitcoin: 14 years celebrated without euphoria

bitcoins ? This time he is dead. This hypothesis has been formulated several times, without ever, to date, being confirmed. The press would really give BTC for dead 450 times. That should have curbed some ardor in writing the cryptocurrency obituary.

Not only bitcoins he’s not dead, but he was celebrating his 14th birthday this week. But the party was not in order. In the midst of the bear market, investors are in a bad mood. The bitcoin trading volumes it fell to its lowest since last summer, when Binance eliminated trading fees on its trading pairs.

SBF pleads not guilty

Fried Sam Bankman, the founder and former CEO of FTX, has pleaded not guilty to 8 counts against him in federal court in Manhattan. The former cryptocurrency billionaire is notably accused fraud, money laundry and crimes related to the financing of electoral campaigns.

Recently released against a $250 million bailSBF could face a very heavy sentence if found guilty.

In addition to the Justice Department, DRY And CFTCtwo American regulators ask the former cryptocurrency tycoon to account.

Mutant Ape Planet: French Crime

Aurelien Michel he can no longer blame the NFT community for his criminal behavior. His arrest it means he will now have to face the consequences of his own actions,” the New York Homeland Security Investigation Department said this week. The 24-year-old Frenchman was arrested upon his arrival by plane in the United States. Based in the Emirates, the suspect obviously thought he could travel freely after being involved in a carpet sweater.

Alleged perpetrator of a scam NFTsthe budding entrepreneur would win $2.9 million to investors with an appropriately titled collection Mutant ape planet. Deeming the NFT community too toxic, he would have resigned himself to keeping all the profits for himself. Definitely for the good of the community. Will he try to convince American justice?

Institutional in the era of cryptocurrencies 2018

2023 has started, but the year feels like 2018. This is especially true in terms of investing in crypto products. In 2022, the capital injected into its vehicles has reached 433 million dollars. This is 95% less than a year ago. But above all to find levels so low, we have to go back to 2018says CoinShares.

This plunge was “precipitated by irrational exuberance and an overly belligerent FED.” But there are still (meager) reasons to rejoice. Therefore, CoinShares finds it “encouraging to see that investors as a whole are still choosing to invest.”

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