This week on Crypto Twitter: Binance faces more insider trading allegations

Illustration by Mitchell Preffer for Decrypt

Cryptocurrencies have been a mixed bag this week. After three weeks of consecutive growth, the fourth full week of 2023 saw Bitcoin prices virtually unchanged from last weekend, and while Ethereum depreciated slightly, several altcoins such as Aptos (APT), Axie Infinity (AXS), and Avalanche (AVAX) have experienced notable rallies.

On Monday, Conor Grogan, director of Coinbase, said that there has been some pretty obvious insider trading on Binance over the past 18 months. This is not the first time such allegations have been made.

Researchers at crypto financial services platform Matrixport last weekend said that the end of the first day of Chinese New Year is a optimal moment to open long positions in cryptocurrencies, because, based on the last eight years, selling 10 days later generates an average profit of 9%. Their the findings were widely shared on Monday.

Crypto whale news account Tuesday @unusual_whales announced the latest assets to be seized by authorities in the ongoing investigation of disgraced former CEO of now-bankrupt FTX exchange Sam Bankman-Fried. And we all thought it was up to him last $100k!

That day, El Salvador’s Bitcoin-obsessed authoritarian President Nayib Bukele published a multi-threaded series of best-selling pieces criticizing his decision to force his country to accept Bitcoin as legal tender. In his thread, he wants everyone to know that El Salvador is doing well. That day, his government paid off an $800 million bond that had matured.

Crypto lender Genesis says it owes $21 million to one Roger Ver, also known as “Bitcoin Jesus”. Ruggero has other ideas and replied that Genesis must be solvent before fulfilling its obligations, as presumably stipulated in their contract.

Republican U.S. Representative Bill Huizenga had some sharp words on Tuesday for the U.S. Securities and Exchange Commission, a regulator that has redoubled its efforts to vet the cryptocurrency industry after a spate of recent bankruptcies.

Also that day, Twitter user Paul (@darkport) found a fascinating exit clause buried in the legal mess of Porsche’s NFT mint page. According to Paul, a clause like this opens discussions about the redeemability of NFTs, discussions that regulators would no doubt want to hear more about.

Twitter user @Degentralandwho regularly tweets about NFTS, on Wednesday released hearty stats from the launch week of Yuga Labs’ new cryptocurrency-inspired arcade game Bored Ape Yacht Club (BAYC) Dookey Dash.

Robinhood’s official Twitter account was hacked during the week. Luckily, it was an obvious hack. Binance CEO Changpeng Zhao helped raise the alarm.

Cryptocurrency analyst Adam Cochran was offended when the official McDonalds account appropriated a trendy cryptolanguage.

Thursday, crypto user @AutismCapitalwho regularly complains about industry news, has released a comprehensive list of FTX’s creditors.

And on that note, news also surfaced this week that FTX executives were throwing their capital behind disgraced New York Congressman, Republican George Soros, who is currently on the wrong side of a criminal investigation. of the Justice Department for being – allegedly – a compulsive cheater, e certainly a liar.

Finally, one of the founders of Bored Ape Yacht Club had a somber announcement to make on Saturday and will be taking a break from space.

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