Crypto

Last week [in] Crypto: Friday roundup of the week in the news

It’s Friday, which means it’s time to reflect on another glorious week in crypto.

This week has had it all. There have been hacks, regulatory whistleblowers and outlandish phone calls, and Michael Saylor continues to push forward despite the price of bitcoin knocking him onto the web more times than we can count.

Forget Saylor, my head is spinning just thinking about it. Let’s do this.

MicroStrategy buys the dip. Still

In a Ctrl+C Ctrl+V news event, MicroStrategy bought Bitcoin this week.

Whatever else you can say about co-founder and executive chairman Michael Saylor, you can never doubt his determination or his conviction.

MicroStrategy now holds 130,000 Bitcoins (BTC) purchased at an average price of $30,639 per coin. Ouch. The 2022 BTC price crash may have left Saylor bloodied and bruised, but this punch drunk warrior isn’t about to give up on his BTC fever dreams just yet.

Perhaps it’s fitting that MicroStrategy’s headquarters are (honestly) located at Tysons Corner. As Saylor himself once said, “It’s not how hard you hit, but how hard you can be hit and keep going.”

No wait, it was Rocky. Same energy though.

Stablecoins a threat to stability

Michael Barr, vice chairman for oversight of the Board of Governors of the Federal Reserve System, said stablecoins could pose a threat to financial stability. On Wednesday, we reported that US Treasury Secretary Janet L. Yellen was proposing to introduce legislation that would create new stablecoins. illegal.

Cynically-minded crypto chiefs might argue that the biggest risk to financial stability is wobbly inflationary fiat currencies such as the rupee, euro, and yen, but Janet Yellen isn’t listening. So the.

Who is being sued this week? Ian Balina.

Which stablecoin issuer lost a major court order? Attached.

Who claims to have authority over the entire Ethereum network? The second.

Who is rumored to be nearing a deal with the SEC? Ripple.

Binance is centralized. Fears?

A Be[In]Crypto the analysis revealed that 94% of BUSD is held by just four addresses. While such centralization issues may cause other projects to fail – it’s Binance. It’s not clear that Binance customers care so much about hyper-centralization or any of the other burning issues driving the rest of the crypto industry. They just want things that, on the face of it, seem to be working and good for them.

In other Binance news that will depress crypto libertarians, the exchange has maintained its top spot in the market with a massive 55.1% share of total trading volume while the rest of the industry has to share the minority share between them.

Finally, in a strange moment of serendipity, WazirX, the Indian exchange that Binance CEO Changpeng Zhao flatly denied owning, announced that it will now convert all stablecoins to BUSD, just like Binance.

The big hack

Wintermute suffered a $160 million exploit earlier this week in a case that has since had its fair share of twists and turns. At least now we can put a price on vanity.

FTX says “that wasn’t me”

In perhaps the weirdest story of the week, Sam Bankman-Fried told the UK’s Financial Conduct Authority (FCA) that he was a punk. According to SBF, “a scammer pretended to be FTX in the UK over the phone.”

This came in response to the FCA saying that FTX does not have the proper authorization to operate in the country. Big pushback Sam. It will be interesting to see if FCA changes its mind on this now that he’s told them they don’t even know who the hell they’re talking to.

Has the FCA spoken to Fonejacker?

Oh, one more thing before we go. Has anyone seen Do Kwon lately?

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