Testimony from former FTX executives and an SEC investigation. Highlights of the week
Binance US division became a buyer of Voyager assets, one of the largest miners filed for bankruptcy, and other events of the past week
Monday
Insurance companies began to refuse deals with FTX creditors
Experts require clients to disclose information about their ties to the bankrupt exchange and suggest that any claims arising from its collapse should be excluded from their policies
Binance's U.S. unit became a buyer of Voyager's assets
VGX token rises 32% after reported deal worth more than $1 billion
Tuesday
Coinbase head unveils plan to regulate crypto market
Brian Armstrong proposed requiring regulators to determine whether the top 100 cryptocurrencies belong to commodities, services or other types of assets
CAR postponed the launch of trading in the national digital currency Sango
The expected unlocking by the token's owners, which could have allowed them to sell some of their assets, has also been postponed to a later date
OKX exchange to launch trading of BNB token
Deposits in the Binance exchange's native cryptocurrency are already available, trading will begin Dec. 21
Wednesday
One of the largest miners filed for bankruptcy
Core Scientific initiates protection proceedings against creditors under Chapter 11 of the U.S. Bankruptcy Code, while continuing to operate as usual
NFT's auction sales at Christie's are down 96% from last year
The auction house sold only 87 pieces of digital art totaling $5.9 million in 2022
The head of India's central bank called cryptocurrencies the cause of the future financial crisis
The head of India's regulator believes private digital currencies pose risks to macroeconomic and financial stability
Thursday
SEC reveals scheme to embezzle client funds and manipulate FTX in lawsuit
Sam-Bankman Fried, Caroline Allison and Gary Wang covered Alameda's debts with FTX customer funds for six months and continued to mislead investors almost right up until the bankruptcy filing
CFA market participants propose the tokenization of real estate and land
The National Finance Association proposes expanding the list of digital financial assets and allowing them to circulate in friendly markets
Former FTX group executives plead guilty
FTX co-founder Gary Wang and former Alameda Research CEO Caroline Allison have pleaded guilty to fraud and are cooperating with the investigation. They will be allowed out on $250,000 bail.
Friday
Ex-head of FTX released on $250 million bail
While awaiting trial in the FTX collapse case, Sam Bankman-Fried will be under house arrest at his parent's home in California
Stablecoin transaction volume in 2022 surpasses Mastercard's
Despite a downward trading trend in most leading crypto-assets, stablecoins outperformed several of the top payment companies in terms of transaction volume
SEC calls FTX case the beginning of the crypto industry misconduct proceedings
SEC Chairman Gary Gensler compared cryptocurrencies to casinos and criticized ways of confirming reserves that digital asset exchanges have recently started using
-EthereumPoW cryptocurrency rate is down 95% from its all-time high
-New Bitmain mining devices sold out in 27 seconds
-Binance will forcibly remove users' inactive API keys
-FTT token rises 17% after Sam Bankman-Fried is released on bail
Trading volume on cryptocurrency exchanges reached a 23-month low
