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| Take a look at the hits from today's Inside Cryptocurrency newsletter: - Sam Bankman-Fried's latest testimony in court before the jury,
- Spanish regulators' decision to adopt the European Union's crypto regulations six months ahead of the official deadline,
- The surge in interest in Bitcoin's page on Wikipedia, and more.
Enjoy your reading! Doğa
p/dogayurduneri | |
| 1 | | Bankrupt crypto exchange FTX's former CEO, Sam Bankman-Fried (SBF), has recently testified in court before the jury once more, answering lawyers' questions during the cross-examination. In his testimony, the former executive said he was aware of growing liabilities at Alameda Research and admitted that he was behind important investment and spending decisions. More: - SBF also stated that he knew FTX's sister company may not have been able to repay all of its debts, contradicting his previous claims that former Alameda Research CEO Caroline Ellison mismanaged the firm's borrowing.
- Besides, the former FTX CEO acknowledged that he directed Alameda Research to invest several billion dollars in startups.
- He further pointed out that he was the only board member of some Alameda Research entities.
- Caroline Ellison, one of the key witnesses of the prosecution, similarly testified that all big decisions about Alameda Research were made by SBF, and he was the ultimate decision-maker, though he publicly distanced himself from the firm.
- Ellison also blamed the former FTX CEO for being aware of the risks at Alameda Research, underlining that SBF asked and directed her to commit crimes that took the exchange to bankruptcy.
- During the trial, SBF also admitted that he said "f*ck regulators" to a reporter in private once.
Zoom Out: - FTX, previously the third-largest crypto exchange, filed for Chapter 11 bankruptcy in November 2022, with all the 130 entities under the roof of FTX Group.
- The downfall followed the claims that SBF used customer funds in FTX to compensate for losses at Alameda Research.
- The 31-year-old former CEO is currently being tried on seven charges, including money laundering and misappropriation of customer funds, to which he pleaded not guilty, facing a statutory maximum of 110 years in prison.
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| 2 | | 
What the numbers say: Bitcoin's page views on Wikipedia have recently seen an increase in interest. The view number hit the highest level since June 2022, reaching 13,490 on Oct. 24. The figure ranged from the 4,000 to 6,000 levels for the previous months. However, after topping the 13,000 mark, the views retreated to the 5,000 level again. Relevance: The sudden increase in page views coincided with the same day of the latest price rally of Bitcoin. On Oct. 24, the token's value briefly surpassed the $35,000 mark for the first time since May 2022. The leading cryptocurrency also gained value by 13% over the past week and 29% over the past month. The jump in Bitcoin's price followed a court order on the recent spot Bitcoin exchange-traded (ETF) fund race. Right before the rally, a federal appeals court had ordered the U.S. Securities and Exchange Commission (SEC) to re-review digital asset management company Grayscale Investments' application to launch a spot Bitcoin ETF. The optimism around the ETF race also caused an increase in interest in Bitcoin. Brands that should care: Several other leading traditional finance (TradFi) giants like BlackRock, WisdomTree, Invesco Galaxy, Valkyrie, and Wise Origin are also currently waiting for the SEC to make a decision on their spot Bitcoin ETF applications. Analysts believe that the approval of such applications could bring significant amounts of capital to the crypto market, paving the way for a stronger price increase in the popular cryptocurrency. | | | |
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| 3 | | Spain's Ministry of Economy and Digital Transformation has announced that the country would adopt the European Union's (EU) upcoming region-wide crypto regulations, Markets in Crypto Assets (MiCA), six months ahead of the official date. The move will see Spain starting to implement the new regulations as of December 2025. More: - MiCA was approved by the lawmakers at the European Parliament (EP), the legislative body of the EU, with a final vote in April after three years of development.
- The legislation requires crypto companies to obtain a license in at least one of the 27 member states by June 2024, registering with a national financial regulator.
- The rules also introduce tougher measures for consumer protection in the crypto market.
- The deadline for implementing MiCA for all 27 member states is July 2026, which covers a 36-month transitional period since the publication date of the legislation in the Official Journal of the EU in June this year.
- The Ministry pointed out that shortening this period would offer legal certainty and greater protection for Spanish investors in crypto assets as the regulators are concerned that an overlong implementation period would put customers at risk.
- The decision came shortly after the European Securities and Markets Authority urged countries to shorten the transition period for MiCA.
Zoom Out: - The move is also expected to affect crypto firms already registered in the country, such as Binance, Coinbase, Kraken, Bitstamp, and Crypto.com.
- However, the registered companies still have another 18 months to proceed with national law that primarily covers anti-money laundering provisions.
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| 4 | | U.S. Judge Brendan Shannon has approved the liquidation plan of the bankrupt crypto exchange Bittrex, allowing the firm to repay its remaining creditors. The move came more than five months after Bittrex filed for Chapter 11 bankruptcy protection in the U.S. in May. More: - Shortly before the bankruptcy, the company announced that it would gradually halt its operations in the country.
- In the bankruptcy filing, the exchange's Liechtenstein-based global entity, Bittrex Global GmbH, was excluded from the process, and the company said it does not plan to halt its global operations.
- In April, the company's U.S. unit was also hit by a lawsuit filed by the U.S. Securities and Exchange Commission (SEC).
- The complaint accused Bittrex of offering securities services to U.S. customers without registering with the regulator.
- The agency also claimed that the exchange violated investor protection laws by running as an exchange, broker-dealer, and clearinghouse at the same time without registration from 2017 to 2022, generating at least $1.3B in revenue.
- The regulator believes these three functions should be separated, just as in traditional securities markets.
- In August, Bittrex agreed to pay a $24M penalty to settle the SEC's charges.
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| 5 | | Bitcoin's white paper, titled "Bitcoin: A Peer-to-Peer Electronic Cash System," has officially turned 15 today. It has been exactly 15 years since the leading cryptocurrency's anonymous inventor, Satoshi Nakamoto, shared the document with a mailing list of cryptographers on Oct. 31, 2008. More: - The Bitcoin white paper is the original thesis paper written by the pseudonym Satoshi Nakamoto in 2008 to lay out the basic structure and technical details of the Bitcoin network.
- In the opening sentence, Nakamoto said he worked on a new electronic cash system that is fully peer-to-peer (P2P) with no trusted third party before attaching the document to the mail.
- The paper also referenced Wei Dai's B-money, which is an electronic P2P cash system that never launched, though it played a key role in the invention of Bitcoin.
- Two months after the document was released, Nakamoto officially launched the network and its native token, BTC, on Jan. 3, 2009.
- Since then, the token has become one of the first inventions to use cryptography to separate money from the state, allowing users to effectively bypass banks and traditional financial institutions worldwide to transact with others.
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| 6 | | Bulgaria's oldest football club, Botev Plovdiv FC, has started accepting certain payments with Bitcoin (BTC), the largest cryptocurrency by market cap. The adoption allows fans to make payments at the team's fan shops and stands during matches using Bitcoin. More: - The club also plans to expand the Bitcoin payment option to ticketing and the online store in the future.
- The 111-year-old football club's president, Anton Zingarevich, said they expect Bitcoin payments to become as common as the internet in daily lives.
- The initiative will be materialized in partnership with Bitcoin payment processor BTCPay Server.
- Meanwhile, the payment hardware will be provided by CryptoDesk.bg in collaboration with Bitcoinize.com.
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- Crypto startup Bastion has obtained money transmitter licenses in the U.S. states of New Hampshire and Arkansas to offer its digital asset services legally.
- Terraform Labs, the firm behind the collapsed Terra ecosystem, and co-founder Do Kwon have asked a federal judge to dismiss the U.S. Securities and Exchange Commission's (SEC) lawsuit against them before the trial.
- Crypto wallet manufacturer Backpack has received a virtual asset service provider license from Dubai's Virtual Assets Regulatory Authority (VARA) to launch a regulated crypto exchange in the city.
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INSIDE CRYPTOCURRENCY LEADERBOARD (30 DAYS) |
 | Staff Writer | | Doga is a tech and science editor who has been writing news for nearly 10 years. She worked for leading tech platforms and mainstrem media channels as an editor and presenter throughout his career. Then, she carried her know-how to more than one platform. She is a part-time cat lover and binge-watcher, and also fond of science, space, and emerging tech. She always has a story to tell. She is a bit addict to the laughter and -unfortunately- the '90s culture. | | This newsletter was edited by Aaron Crutchfield | |
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