Crypto Daily Roundup, 25 Sep: FTX and JPEX Make Headlines in Crypto
Cryptos with the Top Gainer in the past 24 hours
TOP 5 Gainers
| Indices | LTP | Change (%) |
|---|---|---|
| Curve DAO Token | $0.5076 | 7.20% |
| Aptos | $5.50 | 6.89% |
| Axie Infinity | $4.62 | 4.32% |
| PEPE | $0.0000007100 | 3.91% |
| Frax Share | $5.55 | 3.50% |
Crypto News Key Highlights:
Coinbase's layer 2 scaling solution, Base, has experienced rapid growth, with its total value locked (TVL) reaching nearly $400 million in just six weeks since launch. Base has even surpassed Solana in TVL. Despite some initial glitches and setbacks, Base's TVL has grown by +111% in the past month, driven by projects like Aerodrome and Friend.tech. It now aims to solidify its position as a leader in layer-2 scaling networks, potentially exceeding $500 million in TVL in the near future. Base has seen a record of 1.88 million daily transactions and over 40.31 million transactions overall.
Caitlin Long, CEO of Custodian Bank, has called for a radical transformation of the crypto industry, advocating that 99% of crypto firms be eliminated due to excessive leverage and risky practices. She likened the industry's current state to the 1999 tech stock bubble, emphasizing the need for regulation and a focus on technology over cryptocurrency prices.
The SEC faces crucial decisions in October, including whether to appeal its case against Grayscale and rulings on pending spot Bitcoin ETF applications. An appeal could delay a Spot Bitcoin ETF, while Ethereum futures ETFs are expected to see approvals in October, with Volatility Shares launching on October 12.
Ethereum co-founder Vitalik Buterin has made multiple large ETH transactions totaling over $3.9 million to various centralized exchanges in September 2023. This includes deposits to Kraken, Bitstamp, and Paxos. Blockchain analysts also noted a transfer of 2,000 ETH to an address linked to Buterin.
A crypto whale named "0xb154" moved over $8.1 million worth of Ethereum from Binance to a non-custodial wallet on September 21. This move signals confidence in Ethereum despite its recent price drop and increased volatility. The whale has also been actively involved in NFT transactions.
Bitwise has withdrawn its application to convert its Bitcoin futures ETF to include Ethereum, opting to maintain only Bitcoin exposure. Speculation suggests they see no benefit in a dual BTC and ETH ETF, especially with Ethereum futures ETFs launching shortly. Bitwise still has a separate Ethereum futures ETF application.
FTX, led by John J. Ray III, intensifies efforts to recover billions following its collapse, suing FTX founder Sam Bankman-Fried's parents for alleged fraudulent transfers. FTX also sues former Alameda Ltd. employees for $153 million. Outside investors buy over $250 million in FTX debts, and Stanford University returns $5.5 million in gifts from FTX entities. Bankman-Fried family shifts blame to law firm Sullivan & Cromwell in a risky legal strategy.
The masterminds of Hong Kong's JPEX crypto exchange scandal, involving complaints totaling $178 million, remain at large despite 11 people questioned. Police seek Interpol's help as suspicious crypto transfers are identified. Celebrities and influencers, including Joseph Lam Chok, were arrested or questioned in connection with the case.
Also read - 24 Crypto Update, 24 Sep: The global crypto market traded in the red
