Top Stories This Week<\/strong><\/h2>\nGrayscale wins SEC lawsuit for Bitcoin ETF review<\/strong><\/h2>\nCrypto asset manager Grayscale Investments recently scored a big win<\/a> in its battle against the United States Securities and Exchange Commission.<\/p>\nIn an ongoing effort to convert its Grayscale Bitcoin Trust (GBTC) into a Bitcoin exchange-traded fund (ETF), the U.S. appeals court judge accepted Grayscale\u2019s argument that the SEC\u2019s rejection of its recent ETF application was unfair.<\/p>\n
The SEC had alleged that the GBTC didn\u2019t have enough safe practices and fraud protection in place.<\/p>\n
Judge Neomi Rao gave the green light to Grayscale\u2019s request for a second review.\u00a0<\/p>\n
Previously, Rao said that the SEC did not \u201coffer any explanation\u201d as to why Grayscale was in the wrong.\u00a0<\/p>\n
However, the victory doesn\u2019t automatically mean Grayscale\u2019s Bitcoin ETF is a done deal. There\u2019s still more to come\u2026<\/p>\n![\"Ben](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/IMG_5641-1024x682.png\")
<\/figure>\nBitBoy Crypto brand will no longer include YouTuber Ben Armstrong<\/strong><\/h2>\nThe parent company of Hit Network, the folks behind the \u201cBitBoy Crypto\u201d brand, just gave the boot<\/a> to their public face, Ben Armstrong.<\/p>\nThe company alleged issues of substance abuse and financial damage as reasons behind the decision.\u00a0<\/p>\n
In a YouTube and social media announcement, Hit Network revealed that despite efforts their efforts to support Armstrong during his struggle with addiction, they have decided to part ways.<\/p>\n\n
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<\/a><\/div>\n<\/section>\nThis follows Armstrong facing a series of lawsuits in recent times.<\/p>\n
He was in a class-action lawsuit where investors accused him and other influencers of promoting FTX without disclosing how much they were getting paid by the exchange.\u00a0<\/p>\n
Furthermore, during the lawsuit, there were claims that Armstrong threatened the plaintiff\u2019s lawyers and even blew off a federal judge\u2019s orders to show up in court. The case was put on hold in June.<\/p>\n
SEC delays decision on 6 spot Bitcoin ETF applications<\/strong><\/h2>\nThe SEC has chosen to postpone delivering a decision<\/a> on six applications for spot Bitcoin ETFs in the United States. The commission has opted to extend its review period by an additional, pushing the decision further into October on the calendar.<\/p>\nShortly after the news broke, the SEC also put BlackRock, the biggest asset manager in the world, in the same delayed<\/a> decision boat.<\/p>\nBitwise withdraws Bitcoin and Ether Market Cap ETF application<\/strong><\/h2>\nIn a surprising twist following the U.S. SEC\u2019s announcement of delays, Bitwise has submitted a request<\/a> to retract its application for its Bitcoin and Ether Market Cap Weight Strategy ETF.<\/p>\nThis application was originally submitted to the SEC on August 3. It seems that Bitwise is taking a step back to reconsider its approach despite the brief positive market sentiment that followed Grayscale\u2019s recent SEC win.<\/p>\n
Robinhood bought back Sam Bankman-Fried\u2019s stake from US gov\u2019t for $606M<\/strong><\/h2>\nCrypto and stock trading platform Robinhood scooped up more<\/a> than 55 million shares of their own company that were previously owned by Sam Bankman-Fried, the former CEO of FTX.<\/p>\nThe purchase, which cost Robinhood roughly $606 million, was finalized this week after filing the paperwork with the U.S. SEC. These shares originally belonged to Bankman-Fried and Gary Wang, who is a co-founder of FTX through a company called Emergent Fidelity Technologies.\u00a0<\/p>\n
However, back in January, the U.S. Department of Justice seized these shares.<\/p>\n
The purchase has been in the works for a while. Robinhood\u2019s board of directors gave it the green light in its Q4 2022 report, and an SEC filing from August confirmed that the U.S. District Court for the Southern District of New York approved the purchase without any legal complications.\u00a0<\/p>\n
Winners and Losers<\/h2>\n![\"Winners](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/IMG_5638-1024x826.jpg\")
<\/figure>\nAt the end of the week, Bitcoin (BTC<\/a>) <\/strong>is at $25,610, Ether (ETH<\/a>)<\/strong> at $1,618 and XRP <\/strong>(XRP<\/strong>) at $0.49. The total market cap is $1.03 trillion, according to CoinMarketCap<\/a>.<\/p>\nAmong the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Toncoin (TON)<\/strong> at 33.90%, Iota (MIOTA)<\/strong> at 13.13% and Maker (MKR) <\/strong>at 12.33%.<\/p>\nThe top three altcoin losers of the week are KuCoin Token (KCS)<\/strong> at 15.53%, Hedera (HBAR) at 15.02% and Astar (ASTR)<\/strong> at 12.82%.<\/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>\nBuilding community resilience to crises through mutual aid and Web3<\/p>\n
<\/a>\n <\/div>\n
\n
\n Features<\/span><\/p>\nCrypto mass adoption will be here when\u2026 [fill in the blank]<\/p>\n
<\/a>\n <\/div>\n<\/div>\n<\/div>\n
Most Memorable Quotes<\/h2>\n![\"\"](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/IMG_5639-1024x682.png\")
<\/figure>\n\n\u201cThere are many cases where transparency is a feature, but people do not want most transactions in the economy to be public.\u201d<\/p>\n<\/blockquote>\n
Brian Armstrong,<\/a> CEO of Coinbase
<\/strong><\/p>\n\n\u201cNow that the courts are starting to rein in the SEC a bit, I think there\u2019s some hope that the industry is kind of igniting again in the U.S.\u201d<\/p>\n<\/blockquote>\n
Jeremy McLaughlin<\/a>, partner at K&L Gates<\/strong><\/p>\n\n\u201cIn the end, we will win. You can\u2019t steal someone\u2019s company they built on their identity and win.\u201d<\/p>\n<\/blockquote>\n
Ben Armstrong<\/a>, former frontman of BitBoy Crypto<\/strong><\/p>\n\n\u201cI definitely do think we could see in this next cycle $100,000 cost per Bitcoin, and that\u2019s based on if BTC were to capture even 2 to 5% of gold\u2019s $13 trillion place in institutional portfolios.\u201d<\/p>\n<\/blockquote>\n
Sue Ennis<\/a>, vice president of Hut 8<\/strong><\/p>\n\n\u201cWe see limited downside for crypto markets over the near term.\u201d<\/p>\n<\/blockquote>\n
JPMorgan analysts<\/a><\/strong><\/p>\n\n\u201cI spoke to a guy the other day that has 80 altcoins in his portfolio. There\u2019s no way an individual investor can stay across and know exactly what 80 different coins are doing at any one time.\u201d<\/p>\n<\/blockquote>\n
Ben Simpson<\/a>, founder of Collective Shift<\/strong><\/p>\nPrediction of the Week<\/h2>\n
Bitcoin risks \u2018swift\u2019 $23K dive after BTC price loses 11% in August<\/strong><\/p>\nData indicates that Bitcoin is on track<\/a> for a retest of long-term support levels following a drop in BTC price as August came to a close.<\/p>\nReversing the gains witnessed the previous week, BTC\/USD is now trading below $26,000 as of Sept. 1, according to data from Cointelegraph Markets Pro and TradingView.<\/p>\n
Initially, market participants had reasons to be optimistic as Bitcoin held a key long-term trendline and maintained the $27,000 level.<\/p>\n
\nRead also<\/p>\n
\n\n
\n Features<\/span><\/p>\nDespite the bad rap, NFTs can be a force for good<\/p>\n
<\/a>\n <\/div>\n
\n
\n Features<\/span><\/p>\nPowers On\u2026 Top 5 crypto legal and regulatory developments of 2021<\/p>\n
<\/a>\n <\/div>\n<\/div>\n<\/div>\n
However, a decision by the U.S. SEC to delay several Bitcoin ETF applications caused a change in sentiment.<\/p>\n
Bitcoin swiftly shed $1,000 in value over just two hourly candles.<\/p>\n
Traders have been speculating over the movements.\u00a0<\/p>\n
\u201cOn-chain data suggests that $BTC lacks strong support below the $25,400 mark,\u201d popular trader Ali told<\/a> X (formerly Twitter) subscribers.<\/p>\nOn-chain monitoring resource Material Indicators delivered a similarly grim picture for BTC\/USD on daily (D), weekly (W) and even monthly (M) timeframes.<\/p>\n
Using signals from one of its proprietary trading tools, Trend Precognition, Material Indicators advised that $24,750 needed to hold for bulls to have a chance at clinching a rebound.<\/p>\n
FUD of the Week<\/h2>\nBalancer exploited in nearly $900k after vulnerability warning.<\/h2>\n
The Ethereum automated market maker and decentralized finance protocol, Balancer, confirmed that it had fallen victim to an exploit, resulting in losses<\/a> of nearly $900,000.\u00a0<\/p>\nThis incident occurred shortly after they had disclosed a vulnerability that impacted several pools.<\/p>\n
An Ethereum address allegedly belonging to the attacker has been revealed by blockchain security expert Meier Dolev. Following the exploit, the address received two transfers of Dai stablecoin worth $636,812 and $257,527, respectively, bringing its total balance to over $893,978.\u00a0<\/p>\n
\u201cBalancer is aware of an exploit related to the vulnerability below,\u201d the protocol\u2019s team posted on X, adding that while mitigation measures taken in recent days had drastically reduced risks, affected pools could not be paused. \u201cTo prevent further exploits, users must withdraw from affected LPs,\u201d it advised.<\/p>\n![\"Brian](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/IMG_5640-1024x682.png\")
<\/figure>\nBrazilian crypto streamer loses money by accidentally exposing private key<\/strong><\/h2>\nBrazilian cryptocurrency streamer Fraternidade Crypto is one of the latest victims of unsafe self-custody practices, reportedly losing thousands of dollars due to a private key accident. During a livestream on YouTube, the owner of the Fraternidade Crypto<\/em> channel, Ivan Bianco, unwittingly exposed his private key to a self-custodial cryptocurrency wallet.<\/p>\nIn the middle of the livestream related to Bitcoin <\/strong>and blockchain games, Bianco apparently tried to access his passwords for the blockchain games platform Gala Games through a text file on his computer.<\/p>\nUnfortunately for the streamer, his Gala Games passwords were stored in the same text file as the seed phrase for his MetaMask wallet, which had a significant amount of Polygon\u2019s (MATIC<\/a>).<\/p>\nExploits, hacks and scams stole almost $1B in 2023: Report<\/strong><\/h2>\n
Crypto asset manager Grayscale Investments recently scored a big win<\/a> in its battle against the United States Securities and Exchange Commission.<\/p>\n In an ongoing effort to convert its Grayscale Bitcoin Trust (GBTC) into a Bitcoin exchange-traded fund (ETF), the U.S. appeals court judge accepted Grayscale\u2019s argument that the SEC\u2019s rejection of its recent ETF application was unfair.<\/p>\n The SEC had alleged that the GBTC didn\u2019t have enough safe practices and fraud protection in place.<\/p>\n Judge Neomi Rao gave the green light to Grayscale\u2019s request for a second review.\u00a0<\/p>\n Previously, Rao said that the SEC did not \u201coffer any explanation\u201d as to why Grayscale was in the wrong.\u00a0<\/p>\n However, the victory doesn\u2019t automatically mean Grayscale\u2019s Bitcoin ETF is a done deal. There\u2019s still more to come\u2026<\/p>\n The parent company of Hit Network, the folks behind the \u201cBitBoy Crypto\u201d brand, just gave the boot<\/a> to their public face, Ben Armstrong.<\/p>\n The company alleged issues of substance abuse and financial damage as reasons behind the decision.\u00a0<\/p>\n In a YouTube and social media announcement, Hit Network revealed that despite efforts their efforts to support Armstrong during his struggle with addiction, they have decided to part ways.<\/p>\n This follows Armstrong facing a series of lawsuits in recent times.<\/p>\n He was in a class-action lawsuit where investors accused him and other influencers of promoting FTX without disclosing how much they were getting paid by the exchange.\u00a0<\/p>\n Furthermore, during the lawsuit, there were claims that Armstrong threatened the plaintiff\u2019s lawyers and even blew off a federal judge\u2019s orders to show up in court. The case was put on hold in June.<\/p>\n The SEC has chosen to postpone delivering a decision<\/a> on six applications for spot Bitcoin ETFs in the United States. The commission has opted to extend its review period by an additional, pushing the decision further into October on the calendar.<\/p>\n Shortly after the news broke, the SEC also put BlackRock, the biggest asset manager in the world, in the same delayed<\/a> decision boat.<\/p>\n In a surprising twist following the U.S. SEC\u2019s announcement of delays, Bitwise has submitted a request<\/a> to retract its application for its Bitcoin and Ether Market Cap Weight Strategy ETF.<\/p>\n This application was originally submitted to the SEC on August 3. It seems that Bitwise is taking a step back to reconsider its approach despite the brief positive market sentiment that followed Grayscale\u2019s recent SEC win.<\/p>\n Crypto and stock trading platform Robinhood scooped up more<\/a> than 55 million shares of their own company that were previously owned by Sam Bankman-Fried, the former CEO of FTX.<\/p>\n The purchase, which cost Robinhood roughly $606 million, was finalized this week after filing the paperwork with the U.S. SEC. These shares originally belonged to Bankman-Fried and Gary Wang, who is a co-founder of FTX through a company called Emergent Fidelity Technologies.\u00a0<\/p>\n However, back in January, the U.S. Department of Justice seized these shares.<\/p>\n The purchase has been in the works for a while. Robinhood\u2019s board of directors gave it the green light in its Q4 2022 report, and an SEC filing from August confirmed that the U.S. District Court for the Southern District of New York approved the purchase without any legal complications.\u00a0<\/p>\n At the end of the week, Bitcoin (BTC<\/a>) <\/strong>is at $25,610, Ether (ETH<\/a>)<\/strong> at $1,618 and XRP <\/strong>(XRP<\/strong>) at $0.49. The total market cap is $1.03 trillion, according to CoinMarketCap<\/a>.<\/p>\n Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Toncoin (TON)<\/strong> at 33.90%, Iota (MIOTA)<\/strong> at 13.13% and Maker (MKR) <\/strong>at 12.33%.<\/p>\n The top three altcoin losers of the week are KuCoin Token (KCS)<\/strong> at 15.53%, Hedera (HBAR) at 15.02% and Astar (ASTR)<\/strong> at 12.82%.<\/p>\n For more info on crypto prices, make sure to read Cointelegraph\u2019s market analysis<\/a>.<\/p>\n Read also<\/p>\n Building community resilience to crises through mutual aid and Web3<\/p>\n <\/a>\n <\/div>\n Crypto mass adoption will be here when\u2026 [fill in the blank]<\/p>\n <\/a>\n <\/div>\n<\/div>\n<\/div>\n \u201cThere are many cases where transparency is a feature, but people do not want most transactions in the economy to be public.\u201d<\/p>\n<\/blockquote>\n Brian Armstrong,<\/a> CEO of Coinbase \u201cNow that the courts are starting to rein in the SEC a bit, I think there\u2019s some hope that the industry is kind of igniting again in the U.S.\u201d<\/p>\n<\/blockquote>\n Jeremy McLaughlin<\/a>, partner at K&L Gates<\/strong><\/p>\n \u201cIn the end, we will win. You can\u2019t steal someone\u2019s company they built on their identity and win.\u201d<\/p>\n<\/blockquote>\n Ben Armstrong<\/a>, former frontman of BitBoy Crypto<\/strong><\/p>\n \u201cI definitely do think we could see in this next cycle $100,000 cost per Bitcoin, and that\u2019s based on if BTC were to capture even 2 to 5% of gold\u2019s $13 trillion place in institutional portfolios.\u201d<\/p>\n<\/blockquote>\n Sue Ennis<\/a>, vice president of Hut 8<\/strong><\/p>\n \u201cWe see limited downside for crypto markets over the near term.\u201d<\/p>\n<\/blockquote>\n JPMorgan analysts<\/a><\/strong><\/p>\n \u201cI spoke to a guy the other day that has 80 altcoins in his portfolio. There\u2019s no way an individual investor can stay across and know exactly what 80 different coins are doing at any one time.\u201d<\/p>\n<\/blockquote>\n Ben Simpson<\/a>, founder of Collective Shift<\/strong><\/p>\n Bitcoin risks \u2018swift\u2019 $23K dive after BTC price loses 11% in August<\/strong><\/p>\n Data indicates that Bitcoin is on track<\/a> for a retest of long-term support levels following a drop in BTC price as August came to a close.<\/p>\n Reversing the gains witnessed the previous week, BTC\/USD is now trading below $26,000 as of Sept. 1, according to data from Cointelegraph Markets Pro and TradingView.<\/p>\n Initially, market participants had reasons to be optimistic as Bitcoin held a key long-term trendline and maintained the $27,000 level.<\/p>\n Read also<\/p>\n Despite the bad rap, NFTs can be a force for good<\/p>\n <\/a>\n <\/div>\n Powers On\u2026 Top 5 crypto legal and regulatory developments of 2021<\/p>\n <\/a>\n <\/div>\n<\/div>\n<\/div>\n However, a decision by the U.S. SEC to delay several Bitcoin ETF applications caused a change in sentiment.<\/p>\n Bitcoin swiftly shed $1,000 in value over just two hourly candles.<\/p>\n Traders have been speculating over the movements.\u00a0<\/p>\n \u201cOn-chain data suggests that $BTC lacks strong support below the $25,400 mark,\u201d popular trader Ali told<\/a> X (formerly Twitter) subscribers.<\/p>\n On-chain monitoring resource Material Indicators delivered a similarly grim picture for BTC\/USD on daily (D), weekly (W) and even monthly (M) timeframes.<\/p>\n Using signals from one of its proprietary trading tools, Trend Precognition, Material Indicators advised that $24,750 needed to hold for bulls to have a chance at clinching a rebound.<\/p>\n The Ethereum automated market maker and decentralized finance protocol, Balancer, confirmed that it had fallen victim to an exploit, resulting in losses<\/a> of nearly $900,000.\u00a0<\/p>\n This incident occurred shortly after they had disclosed a vulnerability that impacted several pools.<\/p>\n An Ethereum address allegedly belonging to the attacker has been revealed by blockchain security expert Meier Dolev. Following the exploit, the address received two transfers of Dai stablecoin worth $636,812 and $257,527, respectively, bringing its total balance to over $893,978.\u00a0<\/p>\n \u201cBalancer is aware of an exploit related to the vulnerability below,\u201d the protocol\u2019s team posted on X, adding that while mitigation measures taken in recent days had drastically reduced risks, affected pools could not be paused. \u201cTo prevent further exploits, users must withdraw from affected LPs,\u201d it advised.<\/p>\n Brazilian cryptocurrency streamer Fraternidade Crypto is one of the latest victims of unsafe self-custody practices, reportedly losing thousands of dollars due to a private key accident. During a livestream on YouTube, the owner of the Fraternidade Crypto<\/em> channel, Ivan Bianco, unwittingly exposed his private key to a self-custodial cryptocurrency wallet.<\/p>\n In the middle of the livestream related to Bitcoin <\/strong>and blockchain games, Bianco apparently tried to access his passwords for the blockchain games platform Gala Games through a text file on his computer.<\/p>\n Unfortunately for the streamer, his Gala Games passwords were stored in the same text file as the seed phrase for his MetaMask wallet, which had a significant amount of Polygon\u2019s (MATIC<\/a>).<\/p>\n<\/figure>\nBitBoy Crypto brand will no longer include YouTuber Ben Armstrong<\/strong><\/h2>\n
\n<\/a><\/div>\n<\/section>\n
\n<\/a><\/div>\n<\/section>\n
SEC delays decision on 6 spot Bitcoin ETF applications<\/strong><\/h2>\n
Bitwise withdraws Bitcoin and Ether Market Cap ETF application<\/strong><\/h2>\n
Robinhood bought back Sam Bankman-Fried\u2019s stake from US gov\u2019t for $606M<\/strong><\/h2>\n
Winners and Losers<\/h2>\n
<\/figure>\n
\n Features<\/span><\/p>\n
\n Features<\/span><\/p>\nMost Memorable Quotes<\/h2>\n
<\/figure>\n\n
<\/strong><\/p>\n\n
\n
\n
\n
\n
Prediction of the Week<\/h2>\n
\n Features<\/span><\/p>\n
\n Features<\/span><\/p>\nFUD of the Week<\/h2>\n
Balancer exploited in nearly $900k after vulnerability warning.<\/h2>\n
<\/figure>\nBrazilian crypto streamer loses money by accidentally exposing private key<\/strong><\/h2>\n
Exploits, hacks and scams stole almost $1B in 2023: Report<\/strong><\/h2>\n
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