Another busy week has passed, so it is time to go over the most exciting news in the crypto industry.
Part one: FTX and Binance news.
The FTX case began to progress strongly, and the U.S. Securities and Exchange Commission (SEC) filed a lawsuit that classified the FTT token as a stock. Also, the document noted that 175 of the 350 million FTTs remained in the company accounts after being issued. This large number of tokens made the case's defendants interested in the asset's growth and increasing demand.
So far, Allison has pleaded guilty to the seven points and faces up to 110 years in prison. Wang has pleaded guilty to only four points and, so far, faces up to 50 years in prison.
But what the community certainly wasn't expecting Bankman-Fried's release from custody. A $250 million bail was paid for the chief defendant in the case, secured by his property in Palo Alto, California.
Unlike FTX, Binance is pretty stable. But not so good overall. An ongoing string of setbacks and problems has kept haunting the exchange this week, and it faced the refusal to list its BNB token on US exchanges. The exchanges are presumably wary of recognizing the BNB token as a stock and suspicious of the asset being centralized.
However, Binance once again reported the delisting of a number of cryptocurrency pairs: ANC/BNB, ANC/BTC, ANC/USDT, MIR/BTC, MIR/USDT, TORN/BTC, TORN/USDT, YFII/BTC. It is reported that users will still be able to hold and withdraw these currencies but will not be able to trade them from December 27.
Despite all this, Binance decided to convince everyone that the exchange did not experience any difficulties. The company made a statement that the exchange has $7.5 billion and achieved profitability of 2,100% of the investment. At the same time, it is highlighted that Binance is not a creditor of bankrupt projects, and user assets are maintained in a ratio of 1:1.
Speaking immediately about most exchanges, market analyst platform Santiment reported in its Twitter post about reaching a four-year low in the number of BTC on exchanges. This is associated with the fact that so many people decided to withdraw their funds from exchanges and store them in personal wallets after the collapse of FTX and the problems at Binance. Currently, there are about 1.2 million BTC on exchanges, with a total of 18.2 million BTC worldwide.
Part Two: Currency rates are changing after Elon Musk's announcement.
Elon Musk has repeatedly shown his influence on exchange rates with simple Tweets on his social network. This time was not an exception; after the DOGE rose in the backing of Elon, the coin collapsed by 10%. The reason for that was a vote asking Elon Musk's community if they wanted Elon to step down as CEO. The vote did not end in favor of Elon, which caused DOGE to drop.
Nevertheless, Twitter continues to approach the crypto world actively and, without any statement, introduced ETH and BTC rates in its search tool.
Part three; Visa and automatic payments based on Ethereum and the most expensive anonymous address.
Visa has developed scheduled payments from non-custodial wallets. This functionality is planned to be implemented with the help of technologies proposed by Ethereum developers. AA (Account Abstraction) technology suggested back in 2016 was used as the base. However, since the technology is still not represented in the Ethereum blockchain, the payment company will implement StarkNet, a second-tier blockchain built on top of Ethereum.
Last week, someone decided to buy a good-looking number for 300,000 TON. The deal was made on December 20, and the anonymous buyer received the number +888 8 888.
This week was full of news.
The situation with Binance still needs to clear up, and experts call to withdraw all funds. The head of FTX, which was supposed to be in custody, is released on bail of a historic $250 million, although he claimed that he had only $100,000 in accounts. Visa is actively starting to develop a cryptocurrency business, and BTC is recognized as a payment method in Brazil.
The latest PointPay news releases raise many questions, but we'll get answers in our next PointPay news digest.
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