A stablecoin invests in crypto mining, a fake tweet moves the markets again and a Binance customer manager is kidnapped and robbed! These stories and more, this week in crypto.
Stablecoin launches into Bitcoin mining
First issuer of stablecoins Tether invests $500 million in Bitcoin mining operations with the aim of becoming one of the largest miners in the world. The company is building mining facilities in South and Central America with the ambitious plan to contribute 1% of the total computing power to the Bitcoin network. Tether disclosed a $3 billion cash surplus in its recent attestation report.
Bitcoin ETF Decisions Face Delays
Amid increased anticipation of approvals, the US SEC postponed Bitcoin ETF spot application decisions again. The deferrals affect the ETF applications of Hashdex, Global X and Franklin Templeton. Shades of grey Ether ETF the request was also delayed. The deadline for Franklin Templeton was supposed to be November 17th and Global X for the 21st; but with these new delays, we probably won’t see a decision until the end of the year.
Fake tweets shock the market
XRP surged 12% in 25 minutes after a fake tweet hinted at a BlackRock XRP ETF filing, causing a rapid price rally and leading to the liquidation of $5 million in leveraged trades. Despite the volatility, optimism persists for XRP as legal developments and Ripple’s cross-border partnerships intrigue the crypto community. In the meantime, BlackRock has officially filed a spot Ether ETF this week naming Coinbase as custodian, as expected by the market based on prior filings.
Token plunges as OpenAI CEO ousted
Following an announcement by ChatGPT creator OpenAI that Sam Altman was ousted as CEO Worldcoin, a $200 million crypto project backed by Altman, saw a 13% drop in the price of its token. In an open letter to the public, OpenAI revealed that its board of directors had reached a consensus that it no longer had confidence in Altman’s ability to continue to lead OpenAI.
Pension fund invests in Coinbase
WE regulatory filings revealed that South Korea’s National Pension Service purchased Coinbase shares valued at $20 million during the third quarter, marking its first move into cryptocurrency. South Korea’s public pension fund is the third largest in the world and covers both Korean citizens and foreign residents in the country.
High-Level Lending Protocol Rebranding
The much-publicized lending protocol, Aave, is renamed Avara, as announced by founder Stani Kulechov. Avara also shared its strategic acquisition of Los Feliz Engineering, the team behind the Ethereum crypto wallet, Family. Aave holds nearly $8.7 billion in liquidity across eight networks, including Ethereum, Avalanche, Optimism and Polygon.
Disney and Star Wars NFTs
Dapper Labs revealed the waiting list for Disney Pinnacle, an NFT platform that promises to transform the traditional pastime of pin collecting into a digital experience featuring characters from Disney, Pixar and Star Wars. Dapper Labs is known for its successful NBA Top Shots collection which saw NFTs go mainstream in 2021.
Binance intervenes in cases of kidnapping and theft
Executives of a company affiliated with Binance the client has been kidnapped in Montenegro and forced into a $12.5 million crypto theft, but Binance managed to freeze $11.8 million of the stolen funds attributed to a Tron wallet. Changpeng Zhao, CEO of Binance, has stressed the need for balance to prevent such confiscations, and while praised for its speed of action, Binance is under continued scrutiny from regulators.
This is what happened this week in crypto, see you next week.
