All eyes are on Binance, MetaMask partners with PayPal, and major investment banks now have a shocking view on the future of cryptos. These stories and more this week in crypto.
Binance Temporarily Halts USDC Withdrawals
The world’s largest exchange, Binance, was quick to reassure its customers after temporarily halting withdrawals of the stablecoin USDC while it carried out a token swap. CEO, Changpeng Zhao indicated that the 8-hour delay was due to the fact that the New York based bank it needed to route the swaps through hadn’t yet opened for the day. Binance confirmed that withdrawals were managed with ease.
Mazars Suspends Activity with Crypto Exchanges
Global accounting firm, Mazars has suspended all work with its crypto clients, including Binance, KuCoin, and Crypto.com. Mazars Group said in a statement that it had paused its activity relating to the provision of Proof of Reserves Reports for entities in the cryptocurrency sector, due to concerns regarding the way these reports are understood by the public.
Leading Wallet MetaMask Partners with PayPal
Leading self-custody wallet MetaMask has teamed up with payment giant PayPal to allow certain US citizens to purchase Ether directly from the application. The collaboration will give clients an opportunity to dive into the Web3 ecosystem, while the move marks a deeper foray for PayPal into the field of cryptocurrencies.
SBF Arrested in The Bahamas
Sam Bankman-Fried, the founder of the collapsed exchange FTX, has been arrested in The Bahamas. Local police said Bankman-Fried was arrested for financial offenses against laws in the US and The Bahamas and will appear in a magistrates’ court in the Bahamian capital of Nassau. The ex-CEO has been denied bail and remanded into custody.
Kevin O’Leary: Binance Caused the FTX Downfall
Shark Tank investor, Kevin O’Leary, testified in front of the Senate Banking Committee on the fallout of FTX, for which he was a paid spokesperson. O’Leary suggested that the downfall of the exchange was caused by Binance selling its 20% stake in the firm back to Sam Bankman-Fried. Binance CEO, Changpeng Zhao, called O’Leary’s claims nonsense, openly calling him a liar.
Terra CEO Do Kwon Hiding in Serbia
According to a South Korean publication, Do Kwon, the CEO of Terraform Labs, wanted on charges of fraud, is now living in Serbia. The Justice Ministry in Seoul is now seeking the Serbian government’s help in investigating the claims. Kwon, who remains active on Twitter, has previously denied reports he is on the run.
OneCoin Founder Pleads Guilty
One of the co-founders of the fraudulent crypto project OneCoin pleaded guilty to wire fraud and money laundering charges. Karl Sebastian Greenwood was arrested at his island residence in Thailand and extradited to the United States. Greenwood faces as many as 20 years in prison. Touted once as a “Bitcoin killer,” OneCoin was in fact a pyramid scheme that conned billions of dollars from investors worldwide.
Leading Investment Analysts Expect Crypto Rise
Most large banks and investment managers expect the crypto market to pick up in 2023 following a year that saw bitcoin sink around 75% from its all-time high. According to a report from Reuters, the likes of Van Eck, Deutsche Bank, JP Morgan, Bank of America, and Goldman Sachs have all made optimistic predictions for prices in the coming year.
That’s what’s happened this week in crypto, see you next week.
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