Top Crypto News This Week: (Jan 15th-20th) Trending News You Might Have Missed.

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This week in crypto is full of excitement as we have witnessed the past hangover of spot Bitcoin ETF approval on Bitcoin price and many developments that have shaken investors. Coinbase V. SEC legal dispute and Binance V. SEC took a new twist and many more. Now, let’s dive into each news you’ve missed this week.

Bitfinex, a prominent cryptocurrency exchange, has successfully prevented a massive attack to compromise $15 billion worth of XRP tokens. The bold exploit, which sought to exploit a “Partial Payments Exploit,” was effectively neutralized through the exchange’s adept management of critical transaction data. 

Paolo Ardoino, CTO of Bitfinex, addressed the situation on social media. He explained that the exchange had been targeted by an attacker who presumed that Bitfinex’s software was susceptible to a “Partial Payments Exploit.” 

Bitcoin Plunge Despite Spot Bitcoin ETF Approval

Since spot Bitcoin ETF has been approved by the SEC the major effect it created is on Bitcoin price which has suffering since the day after approval. This week Bitcoin has decreased over 10% of its value, now trading at $41,470.

Now, the question is why the price is going below expectations, the major reason is investors are chasing temporary profits from the initial ETF hype. Some analysts anticipated that approval would skyrocket the price, but some have deep observations that due to temporary gains, Bitcoin still plunge in the coming days.

Vivek Ramaswamy Drops Out of Presidential Campaign

The US presidential race began with a lot of enthusiasm for Vivek Ramaswamy. Still, in the recent losing Iowa caucus race as Trump achieved victory in Iowa, he ended his 11-month presidential race. Despite ending his journey, he made it clear that he would support Donald Trump in his journey and said that no deserving candidate was left in this race.

Binance Opens Doors to Thailand’s Crypto Market

Binance giant exchange and Thailand’s Gulf Innova, Gulf Binance, has officially launched its cryptocurrency exchange services in Thailand. This joint venture, backed by Binance Capital Management and Gulf Energy Development, represents a significant advancement in the digital finance sector. This platform enables Thai users to engage in cryptocurrency trading easily, offering a variety of local currency pairs.

Brad Garlinghouse Shared the Stage With CFTC Commissioner

Ripple CEO Brad Garlinghouse made his presence pivotal this week by sharing the stage with CFTC Commissioner Caroline D. Pham in Davos. The World Economic Forum (WEF) held its 54th annual meeting in the Swiss city of Davos. The gathering lasted for five days, attracting participants globally, including civil society leaders, social entrepreneurs, and the media.

EU Tightened Anti-Money Laundering Rules For Crypto Firms

The European Banking Authority (EBA) has strengthened its guidelines on money laundering (ML) and terrorist financing (TF) risk factors for crypto-asset service providers (CASPs). The new Guidelines highlighted ML/TF risk factors and mitigating measures CASPs need to consider, representing an important step forward in the EU’s fight against financial crime. 

Grayscale, BlackRock, and Fidelity-Ruled Bitcoin ETFs with $1.6B Trading Volume

After acquiring significant victory by SEC, Grayscale, BlackRock, and Fidelity collectively accounted for 90% of the total trading volume. Together, they contributed an impressive $1.6 billion to the overall trading volume of $1.8 billion. These giants have contributed $1.6 billion from the total $1.8 billion in trading volume. Despite the overall volume dipping from Friday’s peak of $3 billion, these market giants maintained an impressive stronghold. 

Sam Bankman’s Parents Denied Allegations

Joseph Bankman and Barbara Fried, parents of FTX founder Sam Bankman-Fried, recently denied allegations made by FTX employees that, during the lowest time of FTX, they received millions of money and now they are denying it. They also refused control over FTX, in return they have claimed that $16.4m Bahamas property was used by FTX employees.

Socket Protocol Hacked! Massive $3.3M Drained

Socket, a key player in decentralized finance (DeFi) became a victim of a major hack this week by facing a security breach that led to losses exceeding $3.3 million. This breach was linked to a vulnerability in user input validation and has sent ripples through the DeFi community, prompting a reevaluation of security measures. Over 200 wallets using Bungee’s Socket route on Ethereum experienced losses surpassing $3.3 million. The attackers showcased detailed knowledge by swiftly converting funds into Ether, Polygon’s Matic token, wrapped versions of Bitcoin and Ethereum, and MakerDAO’s Dai stablecoin.

Binance lost 5% of Market Shares While OKX and Bybit Witnessed a Boost

Binance had a challenging year and that resulted in a 5% drop in its market shares. TokenInsight data showed that Binance has witnessed a 5% dip in its market shares while it is seen that OKX and Bybit are leading the race. Binance has seen a massive drop from 54.2% to 48.7% in 2023. 

Donald Trump Vows to Block CBDC if He Got Elected as President

Donald Trump US presidential candidate who recently acquired victory in lowa caucus is promising to block CBDC if he gets elected. According to him, CBDC is a threat to the development of the United States and it will give total control of investors’ money to the government which he thinks is not cool.  In this journey, Vivek Ramaswamy is giving his best support as he thinks Trump is one of the deserving candidates. 

Thailand SEC Eases Restrictions on Digital Token Investments

The Thailand Securities and Exchange Commission (SEC) has removed restrictions on individual digital token investments. The announcement on January 18, shared in a press release, signifies a crucial step in enhancing investor protection, promoting technological innovation, and boosting national growth through digital fundraising.

Cristiano Ronaldo Faces $1 Billion Lawsuit Over Binance NFT Promotion

Cristiano Ronaldo known soccer player is under fire again by the NFT investors from Binance. The investors made allegations against him that he is the reason they lost their investment because he is a known personality who supports Binance and attracted many people around the world and now it has become an issue for them to reach out to him.

On January 16, aggrieved users took legal action against Ronaldo, filing a class-action lawsuit seeking significant damages. Frustrated investors, grappling with financial losses, are turning to the courts due to the difficulty of reaching the high-profile player.

European Union Cracks Down Against Money Laundering and Terror Financing

The European Union reached a provisional deal on parts of a comprehensive regulatory package to battle money laundering that will force all crypto firms to run due diligence on their customers. The anti-money laundering regulations include the creation of a single rulebook and set up a supervisory authority that will also have an impact on the crypto sector. These regulations will affect entities such as financial institutions, banks, real estate agencies, asset management services, casinos, and merchants.

SEC v. Binance: Federal Judge Orders Digital Asset Securities Review

SEC v. Binance’s lawsuit took an interesting turn as the court ordered a review to find out whether digital assets are securities. Judge Amy Berman Jackson ordered lawyers representing Binance.US will defend against the SEC’s allegations that digital assets are securities. The result of the lawsuit will explain whether digital assets and staking products are securities.

Hong Kong’s VSFG Plans to Launch First Ever Spot Bitcoin ETF Fund

Hong Kong’s Venture Smart Financial Holdings Limited plans to introduce its spot Bitcoin ETF fund in Q1, targeting assets worth 500 million. Hong Kong allows futures-based crypto ETFs and three have listed already: CSOP Bitcoin Futures, CSOP Ether Futures, and Samsung Bitcoin Futures. They have relatively modest combined assets of about $50 million.

So, this is all for this week, stay tuned for more updates on Coinpedia.

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