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Headlines Roundup From Around the Globe

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Putin, the Russian president with a pro-centralization stance, grants citizenship to Edward Snowden: Sources

Edward Snowden has reportedly been awarded Russian citizenship by the President of Russia, Vladimir Putin. Since 2013, Snowden has been a permanent resident in Russia following his disclosure of classified information related to the United States National Security Agency. Despite residing in Russia, Snowden holds contrasting views with Putin regarding governmental interference. Snowden has frequently commented on cryptocurrencies and contributed to the development of the crypto asset Zcash.

Update: Interpol issues ‘Red Notice’ for Do Kwon — South Korean prosecutors reveal

Interpol, an international police organization, has issued a Red Notice to aid in locating and apprehending Do Kwon, co-founder of Terraform Labs, wherever he may be. Earlier in 2022, Terra’s ecosystem faced turmoil and Kwon faced legal charges in South Korea concerning his role in the Terra project. Kwon has publicly stated that he is not evading authorities. While initial reports placed him in Singapore, recent Reuters updates suggest a potential change in his whereabouts. South Korean authorities have also taken measures to freeze funds allegedly linked to Kwon.

FTX US secures bid for Voyager Digital’s assets

FTX US emerged as the victorious bidder in the auction for Voyager Digital’s assets this week, outbidding CrossTower and Binance. The U.S.-based exchange finalized the acquisition by paying approximately $1.4 billion for Voyager’s assets, equivalent to the remaining value of the company. The deal is subject to approval from a U.S. bankruptcy court. Following the auction, Wave Financial expressed disagreement with the outcome.

Judge mandates SEC to release Hinman documents to Ripple Labs after prolonged legal dispute

U.S. District Court Judge Analisa Torres has ordered the U.S. Securities and Exchange Commission (SEC) to disclose information related to statements made by a former government official that could impact Ripple’s legal battle against the regulatory body. In a 2018 speech, ex-SEC Corporation Finance Division Director William Hinman asserted that neither Bitcoin nor Ether should be treated as securities. Torres’ ruling requires the SEC to provide all relevant documents regarding Hinman’s speech. The dispute between Ripple and the SEC commenced in 2020, with the commission categorizing XRP as a security.

Pantera aims to raise $1.25B for its second blockchain fund: Sources

After launching its initial blockchain fund in 2021, Pantera Capital, a hedge fund focusing on cryptocurrencies, is reportedly seeking to raise a substantial $1.25 billion for its second fund dedicated to digital asset initiatives. Pantera CEO Dan Morehead communicated their strategy to offer liquidity to those who may have lost hope, expressing bullish sentiments for the next two decades.

Scores and Standings

As the week came to an end, here are the rankings in the cryptocurrency market: Bitcoin (BTC) stood at $19,777, Ether (ETH) at $1,356, and XRP at $0.47. The total market capitalization reached $954.03 billion, according to data from CoinMarketCap.

Within the top 100 cryptocurrencies, the top three altcoin gainers were Quant (QNT) with a 37.76% increase, Terra Classic (LUNC) up by 21.41%, and Helium (HNT) with a gain of 20.93%.

In contrast, the top three altcoin decliners were Chiliz (CHZ) with a -9.29% decrease, Lido DAO (LDO) down by -6.82%, and Cronos (CRO) experiencing a decline of -6.31%.

For comprehensive cryptocurrency price analyses, refer to Cointelegraph’s market insights.

Notable Quotes

“The most crucial aspect is that [the Ethereum Merge] was executed seamlessly. Everything unfolded as planned. And none of the anticipated issues materialized.”

Eli Ben-Sasson, co-founder of Starkware

“I believe that the world is now facing reality, while Ethereum has strayed into a realm of fantasy at the wrong moment.”

Cory Klippsten, CEO of Swan Bitcoin

“In the DeFi realm, maintaining a lending pool with one user responsible for half the amount raises questions about risk management practices.”

Sid Powell, CEO and co-founder of Maple Finance

“In the sectors we’re targeting, there is a pool of approximately 500 million individuals who could engage without realizing they are part of a crypto-oriented game.”

Kieran Warwick, co-founder of Illuvium

“Users should be able to interact with applications, services, content, and transactions without necessarily discerning that they are utilizing crypto technologies.”

Jeremy Allaire, CEO of Circle

“While SMS 2FA offers some security, it remains the most vulnerable form of 2FA in current use.”

Jesse Leclere, security specialist at CertiK

“I’m coding in my living room. […] I’m not concealing anything.”

Do Kwon, co-founder of Terra

Prediction of the Week 

Trader warns of potential ‘big dump’ in Bitcoin price post $20K breach

Although Bitcoin mainly hovered below the $20,000 mark throughout the week, surpassing it on multiple occasions, the asset managed to break above $20,000. However, after briefly breaching this level on September 30, Bitcoin retraced below $20,000, coinciding with a recent speech by Russian President Vladimir Putin. A Twitter user known as “Il Capo of Crypto” accurately anticipated this price movement in a tweet on September 30: “Expect a surge to 20,000-20,500 prior to Putin’s speech, followed by a significant drop.”

Fear, Uncertainty, and Doubt (FUD) of the Week 

California authorities take a stand against Nexo interest scheme, becoming the 8th state to do so

The Department of Financial Protection and Innovation (DFPI) in California has issued an order directing crypto lending platform Nexo to cease its Earn Interest Product operations. The DFPI argued that the product did not comply with regulatory requisites. Nexo had previously restricted access to the product for U.S. customers in 2022, albeit with some limitations, as mentioned by the DFPI. Apart from California, Nexo faces similar regulatory challenges from New York, Vermont, and five other states. Nexo clarified to Cointelegraph that they have been cooperating with U.S. regulatory bodies.

MEV bot earns $1M but falls victim to hacking hours later

A Maximal Extractable Value (MEV) bot capitalized on arbitrage opportunities on Uniswap V2, garnering profits of around $1 million worth of Ether within a single day. However, the bot’s questionable coding practices left it susceptible to exploitation, resulting in a hacker absconding with the funds on the same day.

SEC accuses fintech and ‘market maker’ entities of manipulating crypto markets through token strategy

Allegations from the SEC implicate Hydrogen Technology Corporation and market maker Moonwalkers Trading Limited in market manipulation activities. In a scheme dating back to 2018, Hydro tokens were distributed through various channels, including an airdrop. Hydrogen and Moonwalkers purportedly collaborated to fabricate substantial market activity for the asset and subsequently offloaded Hydro tokens for personal gain.

Featured Stories on Cointelegraph

Reflections on 5 Years of the ‘Top 10 Cryptos’ Experiment — Lessons Learned

“While index investing might seem unexciting, it serves as a safeguard against catastrophic outcomes.”

Why Your Bored Apes Might Not Be as Valuable as You Think

From facilitating medical data management to enhancing royalty disbursements, non-fungible tokens (NFTs) serve a diverse array of crucial technological purposes, while the hype around Bored Apes may be misleading.

The Unforeseen Tax Implications Following Ethereum’s Upgrade

The IRS was caught unprepared for the Ethereum upgrade, potentially creating tax complications similar to those arising from the Bitcoin fork in 2017. Individuals should take precautions to handle any alterations in the IRS’s stance effectively.

Stay Updated with the Latest Blockchain Developments, Every Tuesday

Image Source: Sean K / Shutterstock

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