Top Stories This Week
FTX founder Sam Bankman-Fried arrested, set to be extradited to US
Binance ‘put FTX out of business’ — Kevin O’Leary
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No more proof-of-reserve checks? Auditors quietly drop crypto projects from portfolios
Two of the most prominent auditors have suddenly stopped offering crypto auditing services. At a critical moment for the crypto industry, Mazars Group removed Binance’s proof-of-reserve audits from its website just days after confirming the crypto exchange controlled 575,742 Bitcoin. The decision affected other crypto exchanges using Mazars’ services, such as Crypto.com and KuCoin. Later, Mazars explained the pause was due to “concerns regarding the way these reports are understood by the public.” Accounting firm Armanino has also ended its crypto auditing services. Armanino has worked with several crypto trading platforms like OKX, Gate.io and the embattled FTX exchange.
MetaMask to allow users to purchase and transfer Ethereum via PayPal
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $16,826, Ether (ETH) at $1,194 and XRP at $0.35. The total market cap is at $817.82 billion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Toncoin (TON) at 30.36%, Bitcoin SV (BSV) at 10.11%, and OKB (OKB) at 9.77%.
The top three altcoin losers of the week are Neutrino USD (USDN) at -33.77%, Trust Wallet Token (TWT) at -27.43%, and Chain (XCN) at -23.42%.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
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Most Memorable Quotations
“Binance is a massive unregulated global monopoly now, and they put FTX out of business.”
Kevin O’Leary, venture capital investor
“I supposed it made sense. The kid was young, the principles were revolutionary, the ideas were golden. […] Who was I to challenge that?”
Danielle Cloud, former FTX employee
“Our experience to date of [crypto] platforms, whether FTX or others, is that they are deliberately evasive, they are a method by which money laundering happens in size.”
Ashley Alder, appointed chair of the United Kingdom’s Financial Conduct Authority
“Just as we are protective of our physical assets, we need to make sure that people protect their digital assets and personal information within the metaverse.”
Andrew Newman, chief technology officer and co-founder of ReasonLabs
“Looking forward, pretty much everyone who could go bankrupt has gone bankrupt.”
Arthur Hayes, former CEO of BitMEX
Prediction of the Week
Bitcoin dips under $17K as ‘craziest rumors’ over Binance sink BTC price
“Interesting to see everyone suddenly so bearish on BTC as if it’s solely acting so weak. SPX is doing exactly the same, maybe even weaker,” noted Michaël van de Poppe, founder and CEO of trading firm Eight, questioning whether the Binance FUD really had a role to play in the markets.
FUD of the Week
Microsoft bans cryptocurrency mining on cloud services
Microsoft has quietly banned crypto mining from its online services to increase the stability of its cloud services and better protect customers from risks like cyber fraud, attacks and unauthorized access to resources, according to a report. The new restrictions were introduced on Microsoft’s universal license terms, citing that “mining cryptocurrency is prohibited without prior Microsoft approval.” With this move, Microsoft joins other cloud computing providers, including Google, who also prohibit customers from mining cryptocurrency without prior written consent.
‘Third-party incident’ impacted Gemini with 5.7 million emails leaked
SEC sues Atlas Trading for $100M stock manipulation scheme
The United States Securities and Exchange Commission (SEC) filed a claim against eight individuals associated with the Discord-based forum Atlas Trading for alleged stock manipulation. The SEC reported that bloggers made at least $100 million by acquiring substantial positions in securities, recommending them to their followers, and then selling their shares to capitalize on the demand they generated by their “deceptive promotions.” Cryptocurrencies and other digital assets were not mentioned in the complaint.
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Editorial Staff
Cointelegraph Magazine writers and reporters contributed to this article.
