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Unverified ETF, Legaled FTX, Blamed SEC and 20 Crypto Jokes

today 10/21/2023
This week in the cryptocurrency world, several significant events occurred. Bitcoin experienced a surge in price due to unverified rumors of the US SEC approving BlackRock's iShares spot Bitcoin ETF application. The cryptocurrency Sui faced difficulties as its price reached all-time lows. Additionally, the Depository Trust & Clearing Corporation acquired blockchain startup Securrency Inc. in a deal worth $50 million. The case against Sam Bankman-Fried, the founder of FTX, continued as the prosecution revealed telling Twitter messages from him. The former head of engineering testified that FTX paid $1.13 billion in endorsement deals. Moreover, a detailed analysis of FTX and Alameda Research's financial past was revealed by a University of Notre Dame accounting professor. The FTX bankruptcy estate staked over SOL 5.5 million valued at $122 million, and customers of FTX and FTX.US may reclaim more than 90% of their assets through an amended proposal. In other news, Trezor launched two new products, including a limited-edition Bitcoin wallet that sold out quickly. Ryder raised $1.2 million and introduced the Ryder One hardware wallet with a unique recovery system. OMA3 formed a working group to standardize creator royalties on NFT marketplaces. WAX's NFT game Brawlers launched on Fortnite's Epic Games Store, while Bandai Namco suspended downloads of Gundam Metaverse due to a major leak. Despite the bear market, Web3 gaming continued to attract investor attention. In the US, the California Governor signed a crypto licensing bill into law, effective from July 2025. The New York Attorney General filed a complaint against Gemini, Genesis, and DCG for defrauding customers. The Treasury imposed sanctions on a crypto exchange in Gaza involved in Hamas fundraising. SEC Chairman Gary Gensler confirmed that the staff is working on multiple Bitcoin ETF filings. Matrixport predicted that BTC could reach $42,000 if the BlackRock Bitcoin ETF is approved, and Cathie Wood blamed Gary Gensler for obstructing spot Bitcoin ETFs. Edward Snowden spoke about the risks of Bitcoin ETFs at the 2023 Bitcoin Conference. In international news, Russia's Sber announced its participation in the Central Bank's digital ruble pilot. Major Japanese businesses requested crypto tax reforms in Japan. South Korea aimed to establish comprehensive guidelines for the issuance and distribution of cryptocurrencies. South Korean prosecutors sought the death penalty for four suspects involved in a crypto murder-kidnap case. Israel ordered a freeze on hundreds of crypto accounts and seized millions in crypto to block funds to Hamas. Tether froze 32 addresses related to events in Israel and Ukraine, totaling $870,000. Coinbase chose Ireland as its main European hub due to regulatory pressure in the US. Bitpanda obtained a license to offer virtual asset services in Norway. Upbit received in-principle approval for a Major Payment Institution license from the Monetary Authority of Singapore. The general manager of Binance France decided to step down from her role. Lastly, a series of crypto-related jokes were shared on social media.
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Crypto Scam Based on TV Show The Boy’s Word Sweeping Russia, Warns Central Bank

Russia's Central Bank has issued a warning to citizens about a cryptocurrency scam project that is based on the popular TV show The Boy's Word: Blood on the Asphalt. The project, which also goes by the name "The Boy's Word," is described by the Central Bank as a pyramid scheme that has no official affiliation with the show. The project asks investors to pay $10 in exchange for tokens that supposedly represent the project's own cryptocurrency. The scammers promise high returns of up to 25% per day. Advertisements for the project are circulating on social media platforms, featuring music and images from the TV show, as well as stolen pictures from legitimate cryptocurrency providers' websites. The Central Bank warns that the scammers will eventually disappear with the investors' money, as the project is not licensed to operate in the financial market. Only financial organizations with permits from the Central Bank can request public investment. The project has been added to the Central Bank's list of probable financial pyramid schemes. The TV show has gained significant popularity in Russia and other Russian-speaking countries, surpassing searches related to the war in Ukraine and special military operations.

New Bitcoin ETFs See Record Daily Flows As Total BTC Holdings Rise to $3 Billion

Newly launched Bitcoin exchange-traded funds (ETFs) experienced their highest daily inflows on the fourth day of trading, with $913.6 million invested on Wednesday. This influx of capital brings the total assets under management for all recently launched ETFs to $2.9 billion. These figures, provided by Bloomberg ETF analyst Eric Balchunas, do not include flows related to the Grayscale Bitcoin Trust (GBTC), which is the largest and most actively traded Bitcoin ETF. The GBTC recently converted into an ETF on January 11 after accumulating over 600,000 BTC prior to conversion. Since the conversion, the fund has experienced consistent outflows as investors sell their long-held BTC or move to newer and cheaper Bitcoin ETFs offered by companies like BlackRock and Fidelity. On Wednesday, the Grayscale Bitcoin Trust saw $450.6 million in outflows, bringing its total net outflows since the ETF conversion to $1.6 billion. Overall, all Bitcoin ETFs have seen net flows of $1.2 billion. The first day of the ETF launch remains the day with the highest Bitcoin ETF inflows when including GBTC, though this includes seed capital such as Bitwise's initial $200 million contribution. Other Bitcoin funds and investment products have also suffered following the ETF launch, including the ProShares Bitcoin Strategy ETF (BITO) and MicroStrategy, which has seen a 25% drop in value since last Thursday. Bitcoin itself has fallen approximately 11% to $41,250 since last week, and newly launched ETFs like the iShares Bitcoin Trust (IBIT) have yet to experience a positive trading day. Coinbase, the custodian for most ETF providers, has also seen a 19% decline in value year to date.

Ethereum Staking Platform Kiln Raises $17 Million in Funding Round Led by 1kx

Paris-based Ethereum staking platform Kiln has raised $17 million in a funding round led by 1kx. The funding will be used to expand internationally and support decentralized finance (DeFi) reward models. Other investors in the round include Crypto.com, IOSG, Wintermute Ventures, KXVC, and LBank. Kiln plans to use the capital to expand its global presence, particularly in the Asia-Pacific region, and further develop its product offerings in the DeFi space. The platform has seen significant growth, with staked assets under management reaching $4.2 billion in 2023. Kiln aims to democratize value creation in the digital assets ecosystem and is the largest operator of Ethereum validator nodes, representing about 4% of the Ethereum network. The funding will also support the integration of additional reward mechanisms in the DeFi space and the development of a DeFi product for integrator customers.

Crypto Trader Makes $1 Million in 10 Days Following Elon Musk’s Bio Update

A crypto trader has made $1 million in just 10 days by investing in TROLL tokens following Elon Musk's bio update. The trader initially invested $10,000 and purchased TROLL tokens before their value skyrocketed due to Musk's bio change. The trader turned $300 into $1.03 million by selling some of the TROLL tokens. Despite a slight decrease in TROLL's value, the trader still maintains a significant gain. Other traders have also profited from the price rally of TROLL tokens, with one trader making a $2.7 million profit from a $30,000 investment. Elon Musk's influence on the crypto market is evident, as his tweets and actions can shape the direction of certain assets. For example, his tweets about Dogecoin caused its value to increase by over 50%.