Results of the week: ex-head of FTX admitted guilt


The difficulty of Bitcoin mining decreased by almost 3%, top managers of the Russian direction left Binance, the former head of FTX admitted guilt, MetaMask added the function of withdrawing funds to fiat and other events of the past week.

Bitcoin price went flat

On Friday, September 8, the quotes of the first cryptocurrency exceeded $26,000, but soon dropped again below the psychological level.

At the time of writing, digital gold is trading at $25,800.

BTC/USDT hourly chart of the Binance exchange. Data: TradingView.

All digital assets from the top 10 by capitalization finished the week in the “red zone”. The biggest losers were Solana (-5.6%) and Dogecoin (-2.4%).

Data: CoinGecko.

The total capitalization of the cryptocurrency market is below $1.1 trillion. Bitcoin dominance index – 49.3%.

Bitcoin mining difficulty has dropped by almost 3%

As a result of the next recalculation, the difficulty of mining the first cryptocurrency decreased by 2.65%. The indicator reached 54.15 T.

The average hashrate for the period since the previous change in value is 387.57 EH/s. The range between blocks exceeded the 10 minutes prescribed by the algorithm by 16 seconds.

Binance will allow clients from the Russian Federation to withdraw assets in case of leaving the country

Russian users of the Bitcoin exchange Binance will be able to withdraw funds if the company leaves the country. This was reported to the support service, noting the irrelevance of this option at the moment.

On September 6, the director for Eastern Europe, Gleb Kostarev, and the director for the CIS, Vladimir Smerkis, announced their departure from Binance. Both were also responsible for running the company’s business in the Russian Federation.

What to discuss with friends?

  • Casio will release NFT watches powered by Polygon.
  • Yuri Dud explained the reason for refusing his own NFTs.
  • Hackers hacked Vitalik Buterin’s X-account.
  • The user sold 9 million SYN and dumped the token by 25%.

Former FTX top manager admitted guilt

On Thursday, September 7, the former CEO of the Bahamas division of FTX, Ryan Salameh, pleaded guilty to criminal charges related to the collapse of the cryptocurrency exchange.

The charges include conspiracy to make illegal contributions and conspiracy to operate an unlicensed money transmitting business.

Salameh made political donations in his own name “to initiatives launched by others but supported by Sam Bankman-Fried.” According to him, the funds were provided at the expense of Alameda Research and were “classified as loans.”

In addition to forfeiting more than $1.5 billion as part of the agreement, Salameh must repay $5.6 million. He also agreed to pay $6 million before sentencing in March 2024. To cover this amount, the former top manager will hand over a Porsche car and several properties, including two houses in Massachusetts, to the authorities.

MetaMask added the function of withdrawing funds to fiat

The developers of the non-custodial crypto wallet MetaMask have integrated the ability to “cash out” digital assets with withdrawal to a bank card or PayPal account.

The feature is available in the US, UK and some European countries. Dollars, euros and pounds are supported for withdrawal. You can cash out cryptocurrency in the MetaMask browser application.

At the first stage, only Ethereum is available.

Also on ForkLog:

  • Experts have identified 28 crypto billionaires.
  • The media learned about bitcoins on the Bitfinex balance sheet.
  • Vitalik Buterin sold MakerDAO tokens for $580,000.
  • The former head of Thodex was sentenced to 11,196 years in prison.

An unknown person withdrew more than $40 million from the Stake wallet

The wallet of the betting platform Stake was subject to a hacker attack. The project lost approximately $41 million as a result of the hack.

According to Stake co-founder Edward Craven, the platform’s private keys were not compromised, but the hacker did withdraw funds from actively used hot wallets. The attack was “sophisticated” and aimed at the transaction authorization service used by the company, he said.

“The funds lost are by no means a trivial amount, but the incident did not have a material impact on Stake’s operations,” he said.

FBI accused the North Korean hacker group Lazarus Group of hacking.

The expert predicted the growth of Bitcoin to $150,000

The founder of Edelman Financial Engines, Rick Edelman, predicted that the price of digital gold will rise to $150,000 by the summer of 2025. According to him, the crypto winter lasted longer than most investors expected.

The drivers could be improvements in technology and the likely approval of a spot Bitcoin ETF, Edelman explained. He also noted the growing interest in the first cryptocurrency from institutions and the upcoming halving in 2024.

What else to read?

This week, ForkLog figured out how businesses integrate digital assets, how the cryptopayment market is developing in post-Soviet countries, whether AI can abolish the “new serfdom” and why the Czechs love Bitcoin so much.

The traditional digest collected the main events of the week in the field of cybersecurity.

The decentralized finance sector continues to attract increased attention from cryptocurrency investors. ForkLog has collected the most important events and news of recent weeks in a digest.

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