Top stories this week
BlackRock is revamping spot Bitcoin ETF to provide easier access for banks
BlackRock has revamped its application for spot Bitcoin exchange-traded funds (ETFs) to make it easier for Wall Street banks to participate by creating new fund shares with cash rather than just crypto. The new “prepaid” in-kind buyback model will allow banking giants such as JPMorgan or Goldman Sachs to act as authorized participants for the fund, thereby bypassing restrictions that prevent them from holding Bitcoin or cryptocurrencies directly on their balance sheets .
El Salvador expects Bitcoin “Freedom Visa” to sell out by the end of the year
El Salvador's national Bitcoin office says its $1 million Freedom Visa program has already received hundreds of requests since its launch on December 7 and expects it to sell out before the end of 2023. Launched by the local government in collaboration with stablecoin issuer Tether, the Freedom Visa is a citizenship-by-donation program that offers 1,000 people willing to make a $1 million Bitcoin or Tether donation to the country. dollars, a residence visa and a path to citizenship are granted. The program is limited to 1,000 places per calendar year.
Sam Bankman-Fried's Lawyer Says It's 'Nearly Impossible' to Win FTX Fraud Trial: Report
The lawyer responsible for Sam “SBF” Bankman-Fried's criminal defense has admitted it was “almost impossible” to win the case from the start. During an interview, David Mills, a professor at Stanford Law School, said he recommended that SBF's legal defense admit the allegations made by witnesses and prosecutors and convince the jury that Bankman-Fried intended to save the company. Mills also revealed that he had agreed to lend his expertise to defend Bankman-Fried at the behest of the FTX CEO's parents, describing Bankman-Fried as “the worst person I have ever seen cross-examined.” “.
Yearn.finance asks Arb traders to return funds after $1.4 million multisig mishap
Yearn.finance is hoping arbitrage traders will recover $1.4 million in funds after a multisignature script error caused a large portion of the protocol's treasury to be depleted. The error occurred when Yearn was converting its yVault LP yCurve – earned through performance fees on vault harvests – into stablecoins on the decentralized exchange CoW Swap. When Yearn received 779,958 DAI yVault tokens from trading, it suffered a significant decline, resulting in a 63% drop in liquidity pool value.
SEC pushes deadline for decision on Invesco Galaxy Spot Ethereum ETF to 2024
The U.S. Securities and Exchange Commission has delayed its decision to approve or reject a spot Ether ETF proposed by Invesco and Galaxy Digital. The companies submitted the spot ETF application for ETH in September. The proposed spot crypto investment vehicle is one of many being considered by the commission, which has never previously approved an ETF with direct exposure to Ether, Bitcoin or other cryptocurrencies.
Winner and Loser
At the end of the week Bitcoin (BTC) is at $42,222ether (ETH) at $2,250 And XRP at $0.62. The total market capitalization is $1.6 Trillion, according to CoinMarketCap.
Among the 100 largest cryptocurrencies, the three biggest altcoin winners of the week are Bonk (BONK) at 131.38%, WOO Network (COURT) at 78.34% and helium (HNT) at 77.66%.
The three biggest altcoin losers of the week are Terra Classic (LUNC) at -15.84%, Let (BE) at -14.48% and Pepe (PEPE) at -12.10%.
For more information on crypto prices, check out Cointelegraph's market analysis.
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Art Week
Defying Obsolescence: How Blockchain Technology Could Redefine Artistic Expression
The most memorable quotes
“I'm a big fan of this stablecoin called Tether… I own its treasury. Therefore I keep their treasuries, and they have many treasuries.”
Howard LutnickCEO of Cantor Fitzgerald
“The [blockchain] can be used to ensure proper recycling and handling of waste materials by tracking them from origin to destination.”
Dominic WilliamsFounder and Chief Scientist at Dfinity
“Digital currencies are the natural evolution of the global payment system and Europe […] paves the way for this inevitable change.”
Michael NovogratzCEO of Galaxy Digital
“I thought it would be almost impossible to win a case with three or four founders all saying they did it.”
David MillsSam Bankman-Fried Criminal Defense Lawyer
“Our bipartisan bill is the toughest proposal on the table that cracks down on the illegal use of cryptocurrencies and gives regulators more tools.”
Elizabeth WarrenUS Senator
“We must understand that the Central Bank is a fraud. What Bitcoin represents is the return of money to its original creation, the private sector.”
Javier MileiPresident of Argentina
Prediction of the week
“No excuse” not to bet on crypto for long: Arthur Hayes repeats his bet on a $1M BTC price
Bitcoin and altcoins are a natural bet in the current macro climate, says Arthur Hayes. In a post on X (formerly Twitter) on December 14, the former CEO of exchange BitMEX said that investors had “no excuse” to sell cryptocurrencies.
According to Hayes, a long position in cryptocurrencies is key as markets bet that the Federal Reserve will cut interest rates next year. “At this point, there is no excuse not to be long cryptocurrency,” part of his post read.
“How many times do they have to tell you that the fiat money in your pocket is a dirty piece of trash,” he wrote. Hayes also reiterated his long-held BTC price prediction of $1 million as a result of macroeconomic tides eroding the value of national currencies.
FUD of the week
Ledger fixes the vulnerability after several DApps using the connector library were compromised
The frontend of several decentralized applications using Ledger's connector was compromised on December 14th. Ledger announced that the issue had been resolved three hours after initial reports of the attack. Affected protocols include Zapper, SushiSwap, Phantom, Balancer and Revoke.cash, which saw at least $484,000 in digital assets stolen. The attacker used a phishing exploit to gain access to the computer of a former Ledger employee. The hack sparked criticism of Ledger's approach to security.
Added Bitcoin inscriptions to the US National Vulnerability Database
The National Vulnerability Database flagged Bitcoin's inscriptions as a cybersecurity risk on December 9, drawing attention to the vulnerability that allowed the development of the Ordinals protocol in 2022. According to database records, a disk limitation can be bypassed by masking data as code in some versions of Bitcoin Core and Bitcoin Knots. As one of its potential impacts, the vulnerability could result in large amounts of non-transactional data spamming the blockchain, potentially increasing network size and negatively impacting performance and fees.
SafeMoon Falls 31% Within Five Hours of Chapter 7 Bankruptcy Filing
Decentralized finance protocol SafeMoon's token fell 31% in five hours after the company behind it filed for bankruptcy. SafeMoon officially filed for Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” on December 14th. The latest blow comes just a month after the U.S. Securities and Exchange Commission charged SafeMoon and its executives with violating securities laws in what the regulator has described as “a massive fraudulent scheme.” Several former SafeMoon supporters commented took to Reddit to express their frustration over the bankruptcy, claiming they were pressured by the SafeMoon developers.
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Top magazine pieces of the week
Terrorism and war between Israel and Gaza are being used as weapons to destroy cryptocurrencies
Draconian anti-crypto laws could soon be passed to solve a terrorist financing “crisis” that many believe is vastly overstated.
Korean Crypto Firm Raises $140M, China's AI Sector $1.4 Trillion, Huobi Fight: Asia Express
Line Next Raises $140 Million, China's AI Market Exceeds $1.4 Trillion, Sinohope Stagnates Due to Stuck FTX Deposits, and More!
J1mmy.eth once minted 420 Bored Apes… and had $150 million worth of NFTs: NFT Creator
NFT collector J1mmy.eth trades like Warren Buffett, his collection peaked at $150 million and he once minted 420 Bored Apes using Pranksy.
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editorial staff
Cointelegraph Magazine writers and reporters contributed to this article.