Goldman Sachs buying crypto firms, FTX news, 3AC and Celsius updates: Hodler’s Digest Dec. 4-10


Top Stories This Week

7 class action lawsuits have been filed against SBF so far, records show

Former FTX CEO Sam Bankman-Fried has been named in seven class action lawsuits filed since the fall of his crypto empire. These lawsuits, however, are separate from the numerous probes and investigations examining the crypto exchange and its founder, including a reported market manipulation probe by federal prosecutors. Another headline shows the United States House of Representatives has called on SBF to speak at a hearing on Dec. 13. Amid investigations by lawmakers and a flurry of civil litigation, SBF hired former federal prosecutor Mark Cohen to act as his defense attorney. A team of financial forensic investigators was also hired by FTX’s new management to track down the billions of dollars worth of missing customer crypto.

3AC subpoenas issued as dispute grows over claims of Terraform dump

An order signed by a federal judge overseeing the bankruptcy proceedings of Three Arrows Capital has authorized subpoenas for the company’s former leadership, including co-founders Su Zhu and Kyle Davies. Under the authorized subpoenas, Zhu and Davies are required to hand over any “recorded information, including books, documents, records, and papers” related to the firm’s financial affairs or property. The founders will not be served on Twitter, as previously required by the advisory firm and liquidator in this case, Teneo.

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Is China softening on Bitcoin? A turn of phrase stirs the crypto world


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USDC issuer Circle terminates SPAC merger with Concord

Stablecoin issuer Circle will not merge with special purpose acquisition company (SPAC) Concord Acquisition due to a mutual decision by the two entities. Circle’s original plans, unveiled in July 2021, included going public via a merger with Concord. Between then and February 2022, Circle’s valuation grew from $4.5 billion to $9 billion. Circle still plans to go public at some point, however, according to comments from CEO Jeremy Allaire. The company had a profitable third quarter for 2022 amid the backdrop of the crypto bear market.

Bankruptcy judge orders $44M in crypto to be returned to Celsius customers

Bankrupt crypto lending firm Celsius has been ordered to give back roughly $44 million to customers who kept their digital assets on the platform’s custody accounts. U.S. Bankruptcy Judge Martin Glenn issued the ruling, expressing his wishes for a speedy resolution for creditors. The crypto return falls under certain specifications, only applying to assets that never interacted with Celsius’ Earn product and stayed in custody accounts.

Goldman Sachs reportedly looking to buy crypto firms after FTX collapse

Goldman Sachs wants to invest millions in crypto firms as the FTX meltdown has affected crypto market prices. Mathew McDermott, an executive at Goldman Sachs, said in a recent interview that big banks are seeing opportunities that are “priced more sensibly” and are already doing due diligence on some crypto companies. The FTX collapse also highlighted the need for more regulation within the industry, according to the executive.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $17,118, Ether (ETH) at $1,263 and XRP at $0.38. The total market cap is at $852.99 billion, according to CoinMarketCap.

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Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Axie Infinity (AXS) at 14.67%, EOS (EOS) at 9.38%, and Trust Wallet Token (TWT) at 7.83%.

The top three altcoin losers of the week are 1inch Network (1INCH) at -12.41%, Chiliz (CHZ) at -11.13% and Helium (HNT) at -10.35%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

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5 years of the ‘Top 10 Cryptos’ experiment and the lessons learned


North American crypto miners prepare to challenge China’s dominance

Most Memorable Quotations

“When you’re looking at countries like Iran and North Korea, from a U.S. perspective, crypto has in fact been comprehensively sanctioned.”

Andrew Fierman, head of sanctions strategy for Chainalysis

“Greed cannot be regulated.”

Jaime Zulueta, retail crypto investor

“I do not think the FTX collapse will spill into the real economy.”

Elvira Sojli, associate professor of finance at the University of New South Wales

“Stablecoins and CBDCs may coexist in some way in the future, depending on how restricted the regulations would be on stablecoins and the adoption rate of CBDCs.”

Bitcoin takes liquidity near $17K as US dollar shows weakness pre-CPI

Bank of Russia wants to ban miners from selling crypto to Russians

In Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC

Inside South Korea’s wild plan to dominate the metaverse

South Koreans are obsessed with technology. More than half the population plays video games, and crypto adoption is high — both of which are very promising signs that its plan to dominate the Metaverse will succeed.

Blockchain is the only viable path to privacy and censorship resistance in the 21st century

Decentralized file-sharing services that Big Tech companies can’t control are the only way internet users will be able to maintain their freedom in the years ahead.

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Editorial Staff

Cointelegraph Magazine writers and reporters contributed to this article.

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Author: Editorial Staff

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