SEC Probes Ethereum, Classifies Ether as Security

Top Stories This Week: The SEC reportedly seeks to classify Ether as a security, with subpoenas issued to companies. Celsius aims to recover $2 billion in customer withdrawals made before its bankruptcy. A U.S. district court sanctions the SEC for "gross abuse of power" in the Debt Box case. Binance offers a $5 million reward for insider trading tip-offs. Former FTX CEO Sam Bankman-Fried's lawyers argue against a proposed 50-year prison sentence.

SEC Probes Ethereum, Classifying Ether as a Security

In a bid to assert regulatory authority over Ether, the United States Securities and Exchange Commission (SEC) has reportedly issued subpoenas to numerous companies, according to a recent report. The investigation into the Ethereum Foundation may provide the SEC with jurisdiction to designate the digital asset as a security.

Celsius Seeks $2 Billion in Customer Withdrawals

Bankrupt crypto lender Celsius aims to recover $2 billion from major customers who withdrew funds shortly before its collapse in July 2022. The bankruptcy oversight committee has contacted customers who withdrew over $100,000, offering favorable rates for settlements. Non-compliant customers face potential litigation.

SEC Sanctioned for Misrepresentation in Debt Box Case

A United States district court has imposed sanctions on the SEC for acting in "bad faith" in its lawsuit against Debt Box. The regulator was accused of intentionally misrepresenting evidence to obtain a temporary restraining order and freeze the company's assets.

Binance Offers Rewards for Insider Trading Tips

Crypto exchange Binance has announced rewards ranging from $100,000 to $5,000,000 for individuals providing information on potential insider trading or corruption within the exchange. This follows a flagged trade involving a significant purchase of a memecoin ahead of its listing on Binance.

SBF's 50-Year Sentence Proposal Deemed Excessive

Lawyers representing former FTX CEO Sam "SBF" Bankman-Fried have criticized a proposed 50-year prison sentence, arguing that it is "medieval" and disproportionate to the severity of his crimes. They accuse the government of distorting reality to cast SBF as a "depraved super-villain."

Market Roundup

At the end of the week, Bitcoin (BTC) stood at $65,744, Ether (ETH) at $3,516, and XRP at $0.64. The total market capitalization reached $2.51 trillion.

Altcoin Gainers and Losers

The top altcoin gainers of the week were Ondo (ONDO) with a 37.73% increase, Jupiter (JUP) with a 35.27% gain, and Fantom (FTM) with a 33.59% rise.

The top altcoin losers were Bonk (BONK) with a 31.09% decline, dogwifhat (WIF) with a 27.28% drop, and Near Protocol (NEAR) with a 26.12% loss.

Memorable Quotes

"Customers still will never be in the same position they would have been had they not crossed paths with Mr. Bankman-Fried and his so-called brand of 'altruism.'" - John Ray III, FTX restructuring officer and CEO

"Am I sorry for a company going bankrupt? No. Like, companies go bankrupt all the time." - Kyle Davies, co-founder of Three Arrows Capital

"People can do what they want with their money but sending money to a 'memecoin presale' that has a 99.9% chance of rugging is actually just dumb as hell." - Anthony Sassano, independent Ethereum educator

"I guess it's that time of the cycle where everyone freaks out about Cardano's potential and roadmap, so they throw a wave of FUD at us." - Charles Hoskinson, founder of Cardano

"Dogecoin's enduring popularity and the active community support suggest that it has transcended its origins as a meme to become a staple of the cryptocurrency world." - Coinbase, cryptocurrency exchange

"It will be interesting to watch what, if any, excuse the SEC uses if it were to delay or deny an ETH ETF, given it has already informed the market on ETH being outside its jurisdiction." - Brian Quintenz, former commissioner of the CFTC

Prediction of the Week

Ethereum's price could reach $5,400 in 2024, according to a technical indicator that measures whether the cryptocurrency is overbought or oversold.

FUD of the Week

A hacker transferred $10 million from a 2023 phishing incident to Tornado Cash, raising concerns about the anonymity and security of cryptocurrency transactions.

Scam Sniffer

An old contract previously used by the Dolomite crypto exchange was exploited for approximately $1.8 million. Users who had previously authorized approvals to the contract were affected, and the development team recommended revoking approvals to protect against further attacks.

Top Magazine Pieces of the Week

• Bitcoin ETFs Make Coinbase a 'Honeypot' for Hackers and Governments: Trezor CEO
• Why Boomers 'Like' AI Pics on Facebook, Mind-Reading AI Breakthrough: AI Eye
• Web3 Gamer: Gods Unchained App Drops Crypto, Kings of Fighters Arena Review