Key news refers to FTX, Cardano, and Digital Currency, among other topics.
The collapse of FTX, the positioning of Cardano, the optimism of crypto investors, the situation of Digital Currency, as well as the lost funds of FTX clients, are the events of the week that must be taken into account.
FTX Collapse: Is the SEC Pulling the Line?
Gary Gensler, head of the US Securities and Exchange Commission (SEC), hints at strong backlash over the FTX debacle. “The runway is getting shorter and shorter,” the 65-year-old told Bloomberg. Most of the players in the crypto space are “Wild West casinos”. He criticized the reserve test practice, which was popular after the FTX crash, as insufficient.
The SEC chairman has also been criticized since the FTX collapse. According to US Senator Elizabeth Warren, Gensler failed to draft the appropriate regulations in time.
Cardano Prevails Over Ethereum and Polkadot
Blockchain development took great leaps in the last year. Numerous networks received updates and were optimized. The biggest event was probably The Merger, Ethereum’s switch to Proof of Stake. Yet another crypto project saw the most developer activity.
According to Santiment, Cardano has the most entries on the Github developer portal by 2022. Polkadot is in second place, Cosmos in third.
Most Cryptocurrency Investors Remain Bullish
Burying your head in the sand after 2022? Not at all. A survey by BTC-ECHO and KPMG shows that most crypto investors are not allowing the difficult market situation to get them down.
In the cryptocurrency study with the largest number of participants in the DACH region, with 2000 people surveyed, there is information about the number of average investments in cryptocurrencies. In general, the outlook for the future of the cryptocurrency sector is positive.
Ultimatum: One Week for a Billion Dollars
Cameron Winklevoss, the co-founder of crypto exchange Gemini, has given Barry Silbert, head of Digital Currency Group (DCG), an ultimatum. Silbert has a week to find a solution for the $900 million in Gemini customer funds frozen at Genesis. Winklevoss also accused Silbert of “malicious delaying tactics.”
In the meantime, according to Genesis interim CEO Derar Islam, they “continue to try to proceed as soon as possible,” but need more time. Silbert denies that there is no credit to Genesis, or that he has delayed his response.
Lost Customer Funds: FTX Task Force Established
The scandal surrounding the insolvent cryptocurrency exchange FTX is attracting an increasing number of law enforcement agencies. The US Attorney’s Office for the New York district of Manhattan has now established a special task force to track down lost customer funds.
The US Securities and Exchange Commission estimates the damage caused to former clients by FTX at US$8 billion, while other estimates reach $50,000 million.
By Audy Castaneda
