Top Stories This Week<\/strong><\/h2>\nSam Bankman-Fried: \u2018I didn\u2019t steal funds, and I certainly didn\u2019t stash billions away.\u2019<\/strong><\/h3>\nIn a \u201cpre-mortem overview\u201d of FTX\u2019s bankruptcy<\/a>, Sam Bankman-Fried denied allegations of improper use of customer funds stored with the crypto exchange, attributing responsibility for the company\u2019s dramatic fall to the market crash of 2022 and Binance CEO Changpeng Zhao\u2019s PR campaign against FTX. In Bankman-Fried\u2019s view, a run on the bank turned illiquidity issues into insolvency. Among the latest developments in the bankruptcy proceedings, a bipartisan group of United States senators criticized one of the law firms involved in the case on the grounds of a conflict of interest, and called on the U.S. Bankruptcy Court for the District of Delaware to appoint an independent examiner<\/a> into FTX\u2019s activities. Also in the week\u2019s headlines, FTX attorney Andy Dietderich said the company has recovered $5 billion<\/a> in cash and liquid cryptocurrencies.<\/p>\nGemini and Genesis charged by SEC with selling unregistered securities<\/strong><\/h3>\nCrypto firms Genesis Global Capital and Gemini<\/a> were charged by the U. S. Securities and Exchange Commission (SEC) with offering unregistered securities through Gemini\u2019s Earn program. Genesis and Gemini partnered on the product in 2020, offering customers the chance to loan crypto with the promise of later repayment with interest. The SEC stated that the Gemini Earn program constitutes an offer and sale of securities, and should have been registered with the commission. Tyler Winklevoss, co-founder of Gemini, said the SEC\u2019s action was \u201ctotally counterproductive,\u201d<\/a> and noted that Gemini had been discussing the Earn program with the regulator \u201cfor more than 17 months.\u201d.<\/p>\n\nRead also<\/p>\n
\n\n
\n Features<\/span><\/p>\n\u2018Terra hit us incredibly hard\u2019: Sunny Aggarwal of Osmosis Labs<\/p>\n
<\/a>\n <\/div>\n
\n
\n Asia Express<\/span><\/p>\nAsia Express: China\u2019s NFT market, Moutai metaverse popular but buggy\u2026<\/p>\n
<\/a>\n <\/div>\n<\/div>\n<\/div>\n
DCG owes creditors over $3B, considering $500M VC portfolio sale<\/strong><\/h3>\nIt has been a difficult week for Genesis Global Trading<\/a> and its parent company, Digital Currency Group (DCG), as reports revealed that Genesis allegedly owes its creditors more than $3 billion. To offset the shortfall, DCG, which also owns Grayscale Investments, seeks to sell part of its venture capital holdings with more than 200 crypto-related projects, including crypto exchanges, banks and custodians in at least 35 countries, totaling around $500 million in valuation.<\/p>\n<\/strong>El Salvador passes landmark crypto bill, paving way for Bitcoin-backed bonds<\/strong><\/h3>\nOn Jan. 11, El Salvador passed the landmark<\/a> Digital Assets Issuance law that establishes the legal framework to issue Bitcoin-backed bonds to pay down sovereign debt and fund the construction of a so-called \u201cBitcoin City.\u201d The bonds are expected to raise $1 billion for the country, half of which will be used to build the special economic zone. The legislation also creates a regulatory body and establishes a legal framework for all digital assets in the country.<\/p>\nAbu Dhabi-based Venom Foundation launches $1B fund for Web3 and blockchain<\/strong><\/strong><\/strong><\/h3>\nVenom Foundation, an Abu Dhabi-based blockchain platform<\/a>, and Iceberg Capital announced a new partnership that will allocate $1 billion to Web3 and blockchain companies, including decentralized applications focused on payments, asset management, decentralized finance and GameFi products and services. The investment fund will look to attract startups and technology firms to use Venom\u2019s proof-of-stake-based blockchain solution.<\/p>\n![\"\"](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/01\/Mike-Novogratz-1024x682.png\")
<\/figure>\nWinners and Losers<\/strong><\/h2>\n![\"\"](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/01\/WL-jan-14-01-1024x826.jpg\")
<\/figure>\nAt the end of the week, Bitcoin (<\/strong>BTC<\/strong><\/a>)<\/strong> is at $19,297<\/strong>, Ether (<\/strong>ETH<\/strong><\/a>)<\/strong> at $1,418<\/strong> and XRP<\/strong><\/a> at $0.37<\/strong>. The total market cap is at $916.5 <\/strong>billion, according<\/a> to CoinMarketCap.<\/p>\nAmong the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Gala (GALA) <\/strong>at 125.9%, Aptos (APT) <\/strong>at 77.52% and Optimism (OP) <\/strong>at 45.28%.<\/p>\nThe top three altcoin losers of the week are Fei USD (FEI) <\/strong>at -2.53%, Nexo (NEXO) <\/strong>at -2.29% and UNUS SED LEO (LEO) <\/strong>at 0.07%.<\/p>\nFor more info on crypto prices, make sure to read Cointelegraph\u2019s market analysis<\/a>.<\/p>\n\nRead also<\/p>\n
\n\n
\n Features<\/span><\/p>\nDesigning the metaverse: Location, location, location<\/p>\n
<\/a>\n <\/div>\n
\n
\n Features<\/span><\/p>\nCrypto kids fight Facebook for the soul of the Metaverse<\/p>\n
<\/a>\n <\/div>\n<\/div>\n<\/div>\n
Most Memorable Quotations<\/strong><\/h2>\n\n\u201cThere are still some overhangs \u2014 DCG and Genesis and Gemini \u2014 that will play out in the next quarter. That\u2019s not going to be great.\u201d<\/p>\n<\/blockquote>\n
Mike Novogratz<\/strong><\/a>, CEO of Galaxy Digital Holdings<\/strong><\/p>\n\n\u201cHistory tells us there\u2019s not much room for micro currencies, meaning, you know, we have the U.S. dollar and Europe has the euro and the like.\u201d<\/p>\n<\/blockquote>\n
Gary Gensler<\/strong><\/a>, chair of the U.S. Securities and Exchange Commission<\/strong><\/p>\n\n\u201cAs long as there is interest in the crypto market, the number of hackers will not decrease.\u201d<\/p>\n<\/blockquote>\n
Tommy Deng<\/strong><\/a>, managing director of Beosin<\/strong><\/p>\n\n\u201cPeople talk about the [Bitcoin] problem of volatility, but this is nothing when you live in a place where your money could easily lose half its value in a year.\u201d<\/p>\n<\/blockquote>\n
Megasley<\/strong><\/a>, Nigeria\u2019s first Lightning node runner<\/strong><\/p>\n\n\u201cThere is no path forward as long as Barry Silbert remains CEO of DCG.\u201d<\/p>\n<\/blockquote>\n
Cameron Winklevoss<\/strong><\/a>, co-founder of Gemini<\/strong><\/p>\n\n\u201cIt was a political act and not a financial gesture. Like those who grow mustaches in November to fight prostate cancer. I put this salary in Bitcoin on a cold wallet every month and I haven\u2019t touched it.\u201d<\/p>\n<\/blockquote>\n
Christophe De Beukelaer<\/strong><\/a>, Belgian lawmaker<\/strong><\/p>\nPrediction of the Week\u00a0<\/strong><\/h2>\nBitcoin price wants to retest 2017 all-time high near $20K<\/strong><\/h3>\nThe price of Bitcoin has jumped<\/a> in recent days and sits near $19,000 at the end of this week, according to data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>.<\/p>\nOn-chain analytics resource Material Indicators predicts there could be a retest of the $20,000 mark. \u201cSeems like BTC is setting up for a retest of resistance at the 2017 Top,\u201d it wrote on Twitter.<\/p>\n
According to the analytics firm, \u201cwhether we see a bonafide breakout or fakeout remains to be seen. Time for patience and discipline.\u201d<\/p>\n
FUD of the Week\u00a0<\/strong><\/h2>\n![\"\"](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/01\/Cameron-Winklevoss-1024x682.png\")
<\/figure>\n<\/h3>\nNexo offices reportedly raided by police in Bulgaria<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h3>\nBulgarian regulators are increasing pressure<\/a> on cryptocurrency lender Nexo, after a group of prosecutors, investigators and foreign agents searched the company\u2019s offices in the Bulgarian capital city of Sofia on Jan. 12. The operation was initiated a few months ago, targeting a large-scale financial criminal scheme allegedly involving money laundering and violations of international sanctions against Russia. Nexo has complained about the actions of the law enforcement authorities and is preparing to file a lawsuit against authorities<\/a> to seek compensation for damages caused by the abrupt police interruption.<\/p>\nScam alert: MetaMask warns crypto users about address poisoning<\/strong><\/strong><\/h3>\nDigital wallet provider MetaMask warned<\/a> users of an \u201caddress poisoning scam,\u201d where attackers \u201cpoison\u201d transaction histories. The attack does not allow hackers to access user\u2019s wallets, but those who have become habitual about copying their wallet addresses from transaction histories could potentially send funds to copycat addresses.<\/p>\nCrypto.\u200bcom CEO announces 20% staff cut, \u2018did not account\u2019 for FTX collapse<\/strong><\/h3>\nA new wave of staff layoffs<\/a> has been announced by crypto exchange Crypto.com, which will reduce its global workforce by 20% following \u201crecent industry events.\u201d Also fighting to survive the bear market, Coinbase is closing most of its Japanese operations<\/a> as part of a restructuring plan that aims to reduce 20% of the exchange staff..<\/p>\nBest Cointelegraph Features<\/strong><\/h2>\n![\"\"](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/01\/Christophe-De-Beukelaer-1024x682.png\")
<\/figure>\n<\/strong><\/strong>\u2018Deflation\u2019 is a dumb way to approach tokenomics\u2026 and other sacred cows <\/strong><\/h3>\nNovelty token designs might attract<\/a> some brief interest, but projects need to learn the principles of sustainable tokenomics..<\/p>\n<\/strong>Your guide to crypto in Toronto: Crypto City<\/strong><\/h3>\n
In a \u201cpre-mortem overview\u201d of FTX\u2019s bankruptcy<\/a>, Sam Bankman-Fried denied allegations of improper use of customer funds stored with the crypto exchange, attributing responsibility for the company\u2019s dramatic fall to the market crash of 2022 and Binance CEO Changpeng Zhao\u2019s PR campaign against FTX. In Bankman-Fried\u2019s view, a run on the bank turned illiquidity issues into insolvency. Among the latest developments in the bankruptcy proceedings, a bipartisan group of United States senators criticized one of the law firms involved in the case on the grounds of a conflict of interest, and called on the U.S. Bankruptcy Court for the District of Delaware to appoint an independent examiner<\/a> into FTX\u2019s activities. Also in the week\u2019s headlines, FTX attorney Andy Dietderich said the company has recovered $5 billion<\/a> in cash and liquid cryptocurrencies.<\/p>\n Crypto firms Genesis Global Capital and Gemini<\/a> were charged by the U. S. Securities and Exchange Commission (SEC) with offering unregistered securities through Gemini\u2019s Earn program. Genesis and Gemini partnered on the product in 2020, offering customers the chance to loan crypto with the promise of later repayment with interest. The SEC stated that the Gemini Earn program constitutes an offer and sale of securities, and should have been registered with the commission. Tyler Winklevoss, co-founder of Gemini, said the SEC\u2019s action was \u201ctotally counterproductive,\u201d<\/a> and noted that Gemini had been discussing the Earn program with the regulator \u201cfor more than 17 months.\u201d.<\/p>\n Read also<\/p>\n \u2018Terra hit us incredibly hard\u2019: Sunny Aggarwal of Osmosis Labs<\/p>\n <\/a>\n <\/div>\n Asia Express: China\u2019s NFT market, Moutai metaverse popular but buggy\u2026<\/p>\n <\/a>\n <\/div>\n<\/div>\n<\/div>\n It has been a difficult week for Genesis Global Trading<\/a> and its parent company, Digital Currency Group (DCG), as reports revealed that Genesis allegedly owes its creditors more than $3 billion. To offset the shortfall, DCG, which also owns Grayscale Investments, seeks to sell part of its venture capital holdings with more than 200 crypto-related projects, including crypto exchanges, banks and custodians in at least 35 countries, totaling around $500 million in valuation.<\/p>\n On Jan. 11, El Salvador passed the landmark<\/a> Digital Assets Issuance law that establishes the legal framework to issue Bitcoin-backed bonds to pay down sovereign debt and fund the construction of a so-called \u201cBitcoin City.\u201d The bonds are expected to raise $1 billion for the country, half of which will be used to build the special economic zone. The legislation also creates a regulatory body and establishes a legal framework for all digital assets in the country.<\/p>\n Venom Foundation, an Abu Dhabi-based blockchain platform<\/a>, and Iceberg Capital announced a new partnership that will allocate $1 billion to Web3 and blockchain companies, including decentralized applications focused on payments, asset management, decentralized finance and GameFi products and services. The investment fund will look to attract startups and technology firms to use Venom\u2019s proof-of-stake-based blockchain solution.<\/p>\n At the end of the week, Bitcoin (<\/strong>BTC<\/strong><\/a>)<\/strong> is at $19,297<\/strong>, Ether (<\/strong>ETH<\/strong><\/a>)<\/strong> at $1,418<\/strong> and XRP<\/strong><\/a> at $0.37<\/strong>. The total market cap is at $916.5 <\/strong>billion, according<\/a> to CoinMarketCap.<\/p>\n Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Gala (GALA) <\/strong>at 125.9%, Aptos (APT) <\/strong>at 77.52% and Optimism (OP) <\/strong>at 45.28%.<\/p>\n The top three altcoin losers of the week are Fei USD (FEI) <\/strong>at -2.53%, Nexo (NEXO) <\/strong>at -2.29% and UNUS SED LEO (LEO) <\/strong>at 0.07%.<\/p>\n For more info on crypto prices, make sure to read Cointelegraph\u2019s market analysis<\/a>.<\/p>\n Read also<\/p>\n Designing the metaverse: Location, location, location<\/p>\n <\/a>\n <\/div>\n Crypto kids fight Facebook for the soul of the Metaverse<\/p>\n <\/a>\n <\/div>\n<\/div>\n<\/div>\n \u201cThere are still some overhangs \u2014 DCG and Genesis and Gemini \u2014 that will play out in the next quarter. That\u2019s not going to be great.\u201d<\/p>\n<\/blockquote>\n Mike Novogratz<\/strong><\/a>, CEO of Galaxy Digital Holdings<\/strong><\/p>\n \u201cHistory tells us there\u2019s not much room for micro currencies, meaning, you know, we have the U.S. dollar and Europe has the euro and the like.\u201d<\/p>\n<\/blockquote>\n Gary Gensler<\/strong><\/a>, chair of the U.S. Securities and Exchange Commission<\/strong><\/p>\n \u201cAs long as there is interest in the crypto market, the number of hackers will not decrease.\u201d<\/p>\n<\/blockquote>\n Tommy Deng<\/strong><\/a>, managing director of Beosin<\/strong><\/p>\n \u201cPeople talk about the [Bitcoin] problem of volatility, but this is nothing when you live in a place where your money could easily lose half its value in a year.\u201d<\/p>\n<\/blockquote>\n Megasley<\/strong><\/a>, Nigeria\u2019s first Lightning node runner<\/strong><\/p>\n \u201cThere is no path forward as long as Barry Silbert remains CEO of DCG.\u201d<\/p>\n<\/blockquote>\n Cameron Winklevoss<\/strong><\/a>, co-founder of Gemini<\/strong><\/p>\n \u201cIt was a political act and not a financial gesture. Like those who grow mustaches in November to fight prostate cancer. I put this salary in Bitcoin on a cold wallet every month and I haven\u2019t touched it.\u201d<\/p>\n<\/blockquote>\n Christophe De Beukelaer<\/strong><\/a>, Belgian lawmaker<\/strong><\/p>\n The price of Bitcoin has jumped<\/a> in recent days and sits near $19,000 at the end of this week, according to data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>.<\/p>\n On-chain analytics resource Material Indicators predicts there could be a retest of the $20,000 mark. \u201cSeems like BTC is setting up for a retest of resistance at the 2017 Top,\u201d it wrote on Twitter.<\/p>\n According to the analytics firm, \u201cwhether we see a bonafide breakout or fakeout remains to be seen. Time for patience and discipline.\u201d<\/p>\n Bulgarian regulators are increasing pressure<\/a> on cryptocurrency lender Nexo, after a group of prosecutors, investigators and foreign agents searched the company\u2019s offices in the Bulgarian capital city of Sofia on Jan. 12. The operation was initiated a few months ago, targeting a large-scale financial criminal scheme allegedly involving money laundering and violations of international sanctions against Russia. Nexo has complained about the actions of the law enforcement authorities and is preparing to file a lawsuit against authorities<\/a> to seek compensation for damages caused by the abrupt police interruption.<\/p>\n Digital wallet provider MetaMask warned<\/a> users of an \u201caddress poisoning scam,\u201d where attackers \u201cpoison\u201d transaction histories. The attack does not allow hackers to access user\u2019s wallets, but those who have become habitual about copying their wallet addresses from transaction histories could potentially send funds to copycat addresses.<\/p>\n A new wave of staff layoffs<\/a> has been announced by crypto exchange Crypto.com, which will reduce its global workforce by 20% following \u201crecent industry events.\u201d Also fighting to survive the bear market, Coinbase is closing most of its Japanese operations<\/a> as part of a restructuring plan that aims to reduce 20% of the exchange staff..<\/p>\n Novelty token designs might attract<\/a> some brief interest, but projects need to learn the principles of sustainable tokenomics..<\/p>\nGemini and Genesis charged by SEC with selling unregistered securities<\/strong><\/h3>\n
\n Features<\/span><\/p>\n
\n Asia Express<\/span><\/p>\nDCG owes creditors over $3B, considering $500M VC portfolio sale<\/strong><\/h3>\n
<\/strong>El Salvador passes landmark crypto bill, paving way for Bitcoin-backed bonds<\/strong><\/h3>\n
Abu Dhabi-based Venom Foundation launches $1B fund for Web3 and blockchain<\/strong><\/strong><\/strong><\/h3>\n
<\/figure>\nWinners and Losers<\/strong><\/h2>\n
<\/figure>\n
\n Features<\/span><\/p>\n
\n Features<\/span><\/p>\nMost Memorable Quotations<\/strong><\/h2>\n
\n
\n
\n
\n
\n
\n
Prediction of the Week\u00a0<\/strong><\/h2>\n
Bitcoin price wants to retest 2017 all-time high near $20K<\/strong><\/h3>\n
FUD of the Week\u00a0<\/strong><\/h2>\n
<\/figure>\n<\/h3>\n
Nexo offices reportedly raided by police in Bulgaria<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h3>\n
Scam alert: MetaMask warns crypto users about address poisoning<\/strong><\/strong><\/h3>\n
Crypto.\u200bcom CEO announces 20% staff cut, \u2018did not account\u2019 for FTX collapse<\/strong><\/h3>\n
Best Cointelegraph Features<\/strong><\/h2>\n
<\/figure>\n<\/strong><\/strong>\u2018Deflation\u2019 is a dumb way to approach tokenomics\u2026 and other sacred cows <\/strong><\/h3>\n
<\/strong>Your guide to crypto in Toronto: Crypto City<\/strong><\/h3>\n
![\"Subscribe](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/10\/reading-copy.png\")
![](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2019\/08\/favicon-300x300.png\")