Goldman Sachs Buys Crypto Companies, FTX News, 3AC & Celsius Updates: Hodlers Digest Dec 4-10

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Top Stories This Week 7 Class Action Lawsuits Have Been Filed Against SBF So Far, Records Show

Former FTX CEO Sam Bankman-Fried has been named in seven class action lawsuits since the fall of his crypto empire. These lawsuits, however, are separate from the numerous probes and inquiries examining the crypto exchange and its founder, including a market manipulation investigation reported by federal prosecutors. Another headline shows the US House of Representatives calling on SBF to speak at a December 13 hearing. Amid investigations by lawmakers and a flurry of civil lawsuits, SBF hired former federal prosecutor Mark Cohen to act as defense counsel. A team of financial forensic investigators has also been hired by FTX’s new management to track down the missing billions of client crypto dollars.

3AC subpoenas issued as dispute grows over Terraform dump claims

An order signed by a federal judge overseeing Three Arrows Capital’s bankruptcy proceedings has authorized subpoenas for the company’s former executives, including co-founders Su Zhu and Kyle Davies. Under the authorized subpoenas, Zhu and Davies are required to turn over any recorded information, including books, documents, records and papers related to the financial affairs or property of the company. The founders will not be served on Twitter, as previously demanded by the consulting firm and liquidator in this case, Teneo.

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USDC issuer Circle terminates SPAC merger with Concord

Stablecoin Circle issuer will not merge with Special Purpose Acquisition Company (SPAC) Concord Acquisition due to a mutual decision of the two entities. Circles’ original plans, unveiled in July 2021, called for an IPO through a merger with Concord. Between then and February 2022, Circles’ valuation fell from $4.5 billion to $9 billion. However, Circle still plans to go public at some point, per comments from CEO Jeremy Allaire. The company had a profitable third quarter for 2022 amid the crypto bear market.

Bankruptcy judge orders $44 million worth of crypto returned to Celsius customers

Bankrupt crypto credit company Celsius was ordered to return approximately $44 million to customers who kept their digital assets in the platform’s deposit accounts. US Bankruptcy Judge Martin Glenn issued the decision, expressing his wishes for a speedy resolution for creditors. Crypto return falls under certain specifications, only applying to assets that have never interacted with the Celsius Earn product and have remained in deposit accounts.

Goldman Sachs Reportedly Looking To Buy Crypto Companies After FTX Collapse

Goldman Sachs wants to invest millions in crypto businesses as the collapse of FTX has affected crypto market prices. Mathew McDermott, an executive at Goldman Sachs, said in a recent interview that big banks are seeing more reasonably priced opportunities and are already doing due diligence on some crypto companies. The collapse of FTX has also highlighted the need for increased regulation within the industry, according to the executive.

Winners and losers

At the end of the week, Bitcoin (BTC) is at $17,118, Ether (ETH) at $1,263, and XRP at $0.38. The total market capitalization is $852.99 billion, according to CoinMarketCap.

Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Axie Infinity (AXS) at 14.67%, EOS (EOS) at 9.38%, and Trust Wallet Token (TWT) at 7. 83%.

The top three altcoin losers for the week are 1inch Network (1INCH) at -12.41%, Chiliz (CHZ) at -11.13%, and Helium (HNT) at -10.35%.

For more information on crypto prices, be sure to read Cointelegraphs market analysis.

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Most Memorable Quotes

When you look at countries like Iran and North Korea, from a US perspective, crypto has actually been sanctioned globally.

Andrew Fierman, Head of Sanctions Strategy for Chainalysis

Greed cannot be regulated.

Jaime Zulueta, crypto retail investor

I don’t think the FTX crash will trickle down to the real economy.

Elvira Sojli, associate professor of finance at the University of New South Wales

Stablecoins and CBDCs could somehow co-exist in the future, depending on the restriction of stablecoin regulations and the adoption rate of CBDCs.

Gracy Chen, CEO of Bitget

It’s sort of a no-brainer for Twitter to have payments, both fiat and crypto.

Elon Musk, CEO of Twitter

Had the SEC done its due diligence by thoroughly investigating FTX’s finances, there would have been a greater likelihood of exposing the crypto exchange for what it really is: a house of cars.[d]s built on monopoly money printed from scratch.

Ritchie Torres, U.S. Representative

Prediction of the Week Bitcoin Takes Liquidity Near $17,000 as US Dollar Shows Weakness Ahead of CPI

Bitcoin has traded widely between $16,800 and $17,400 this week, showing some support around the $16,800 level, according to the Cointelegraphs BTC Price Index.

Were likely entering the bear endgame, pseudonymous Twitter commentator Byzantine General said Dec. 7 after noting declining Bitcoin perpetual futures trading volume and other points. But this last phase can last quite a long time, he added. His tweets on the subject included accompanying graphics.

FUD of the Week Bank of Russia wants to ban miners from selling crypto to Russians

In another setback for Russia’s crypto industry, the central bank is proposing to ban local miners from selling coins to the country’s population. The news comes just weeks after the Central Bank of the Russian Federation backed the idea of ​​legalizing cryptocurrency mining in Russia through a bill introduced in mid-November 2022. Crypto sales, however, should only be allowed on foreign exchanges and to non-residents. , according to the country’s central bank.

Nigeria bans cash withdrawals from ATMs over $225 per week to force use of CBDC

Nigeria has lowered limits on cash withdrawals through banks and ATMs in a further step in its transition to digital currency systems. Citizens will only be able to withdraw $225 Naira in cash each week in total. Exceeding these limits at the banks would incur charges. The country had previous restrictions on cash withdrawals, but the limit was $338 per day per person. Since the launch of its central bank digital currency in 2021, Nigeria has seen minimal asset utilization in the country.

Iran to freeze bank accounts of women who refuse to wear hijab

Iranian officials plan to financially penalize women who do not wear hijab in public. People who refuse to comply with two warnings could have their bank accounts frozen, lawmakers said Dec. 6. Hossein Jalali, a member of the Cultural Commission of the Islamic Consultative Assembly, told Iranian media that undisclosed people would receive an SMS message advising them to abide by the law, before entering an alert phase and seeing their potentially frozen bank accounts.

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Editorial team

Cointelegraph Magazine writers and reporters contributed to this article.

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