Stay updated with the most important news and reports of the week – it could be beneficial for you and your business.
Highlights:
- Grayscale Wins Legal Battle Against SEC for Bitcoin ETF Review
- “BitBoy Crypto” Face Ben Armstrong Ousted Amidst Controversies
- SEC Delays Decision on Bitcoin ETFs and BlackRock Application
- Bitwise Withdraws Bitcoin and Ether ETF Application
- Robinhood Buys Back Shares Worth $606 Million
- Crypto Weekly Highlights
- Prediction of the Week
- Balancer Suffers Exploit Resulting in $900k in Losses
- Brazilian Crypto Streamer Loses Funds After Accidental Private Key Exposure
- Crypto Exploits, Hacks, and Scams Drain Nearly $1 Billion in 2023: Report
1. Grayscale Wins Legal Battle Against SEC for Bitcoin ETF Review
Grayscale Investments, a crypto asset manager, achieved a significant victory in its quest to transform its Grayscale Bitcoin Trust (GBTC) into a Bitcoin exchange-traded fund (ETF). A U.S. appeals court judge agreed with Grayscale’s argument that the SEC’s rejection of its ETF application was unjust. The SEC had claimed that GBTC lacked sufficient security measures and fraud protection.
Judge Neomi Rao approved Grayscale’s request for a second review, stating that the SEC had not provided a clear explanation for its initial rejection. However, this legal victory doesn’t guarantee the immediate approval of Grayscale’s Bitcoin ETF; more steps are yet to be taken.
2. “BitBoy Crypto” Face Ben Armstrong Ousted Amidst Controversies
Ben Armstrong, known as the face of “BitBoy Crypto” linked with the Hit Network, has been removed from his public role due to concerns related to substance abuse and financial issues. The parent company, Hit Network, announced the decision through YouTube and social media.
Armstrong’s departure comes as he faced legal troubles, including involvement in a class-action lawsuit where investors accused him and other influencers of promoting FTX without disclosing their compensation. Additionally, allegations emerged during the lawsuit, including threats to plaintiff’s lawyers and disregarding court orders. The case was temporarily halted in June.
3. SEC Delays Decision on Bitcoin ETFs and BlackRock Application
The U.S. Securities and Exchange Commission (SEC) has extended its review period for six applications related to spot Bitcoin exchange-traded funds (ETFs), pushing the decision into October.
Following this news, the SEC also delayed a decision on an application from BlackRock, the world’s largest asset manager.
4. Bitwise Withdraws Bitcoin and Ether ETF Application
In a surprising move, Bitwise has requested the withdrawal of its application for the Bitcoin and Ether Market Cap Weight Strategy ETF, which it submitted to the SEC on August 3. This decision comes shortly after the SEC announced delays for several other Bitcoin ETF applications.
5. Robinhood Buys Back Shares Worth $606 Million
Robinhood, the crypto and stock trading platform, has repurchased more than 55 million shares of its own company from Sam Bankman-Fried, the former CEO of FTX. The transaction, valued at approximately $606 million, was recently completed after filing the necessary paperwork with the U.S. SEC.
Originally, these shares were owned by Bankman-Fried and FTX co-founder Gary Wang through a company called Emergent Fidelity Technologies. However, the U.S. Department of Justice seized these shares in January.
The purchase had received approval from Robinhood’s board of directors in its Q4 2022 report, and an SEC filing in August confirmed the U.S. District Court’s approval of the transaction without legal complications.
6. Crypto Weekly Highlights
Bitcoin (BTC) closed the week at $25,610, Ether (ETH) at $1,618, and XRP (XRP) at $0.49, with the total crypto market cap at $1.03 trillion, as reported by CoinMarketCap.
Among the top 100 cryptocurrencies, the week’s top gainers were Toncoin (TON) with a 33.90% increase, followed by Iota (MIOTA) rising by 13.13%, and Maker (MKR) gaining 12.33%.
Conversely, the week’s biggest losers among the top 100 were KuCoin Token (KCS) with a 15.53% loss, followed by Hedera (HBAR) dropping 15.02%, and Astar (ASTR) declining by 12.82%.
7. Prediction of the Week
Bitcoin is facing the risk of a swift decline to $23,000 after experiencing an 11% drop in August. Data suggests that Bitcoin is approaching a retest of its long-term support levels.
After a week of gains, BTC/USD fell below $26,000 on September 1. Initially, there was optimism as Bitcoin held a key long-term trendline and maintained the $27,000 level. However, a delay in several Bitcoin ETF applications by the U.S. SEC changed sentiment.
Bitcoin quickly lost $1,000 in value in just two hourly candles, leading to speculation among traders. On-chain data indicates a lack of strong support below the $25,400 mark.
Material Indicators, an on-chain monitoring resource, also provided a grim outlook for BTC/USD on daily, weekly, and monthly timeframes. According to their proprietary trading tool, Trend Precognition, Bitcoin needs to hold above $24,750 for bulls to have a chance at a rebound.
8. Balancer Suffers Exploit Resulting in $900k in Losses
Ethereum automated market maker and DeFi protocol, Balancer, reported falling victim to an exploit, causing nearly $900,000 in losses. This incident occurred shortly after the disclosure of a vulnerability affecting several pools.
Blockchain security expert Meier Dolev uncovered an Ethereum address believed to belong to the attacker. Following the exploit, this address received two transfers of Dai stablecoin totaling $636,812 and $257,527, bringing its balance to over $893,978.
Balancer’s team acknowledged the exploit, stating that mitigation measures taken had reduced risks but affected pools couldn’t be paused. Users were advised to withdraw from affected LPs to prevent further exploits.
9. Brazilian Crypto Streamer Loses Funds After Accidental Private Key Exposure
Fraternidade Crypto, a Brazilian cryptocurrency streamer, suffered financial losses due to an inadvertent private key exposure. During a live YouTube stream focused on Bitcoin and blockchain games, the channel’s owner, Ivan Bianco, accidentally revealed his private key for a self-custodial cryptocurrency wallet.
In an attempt to access his passwords for the Gala Games platform during the livestream, Bianco opened a text file on his computer. Unfortunately, this text file contained both his Gala Games passwords and the seed phrase for his MetaMask wallet, which held a significant amount of Polygon (MATIC).
10. Crypto Exploits, Hacks, and Scams Drain Nearly $1 Billion in 2023: Report
CertiK, a cybersecurity firm, disclosed that the cryptocurrency space witnessed losses of over $997 million due to flash loan attacks, exit scams, and exploits in 2023.
In August alone, malicious actors in the crypto industry pilfered more than $45 million in digital assets from victims. The report outlined that exit scams accounted for roughly $26 million, flash loan attacks took $6.4 million, and exploits resulted in losses of $13.5 million during August. In total, these losses exceeded $45 million for the month.
Protecting Your Crypto in a Volatile Market: Insights from Bitcoin OGs and Experts
Cryptocurrency markets are known for their volatility, where fortunes can change rapidly. To help navigate this terrain, Bitcoin OGs, veterans, and experts share their insights and tools for safeguarding your crypto investments.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
