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Crypto Roundup: Altman's Exit: A Turning Point for OpenAI and Crypto

18-Nov-2023 By: Lokesh Gupta
Crypto Roundup: Altm

Top 5 Crypto currencies Trending in the Last 24 Hours

TOP 5 Trending Coin

Indices LTP Change (%)
Kaspa $0.1302 1.65%
Celestia $6.55 0.66%
Solana $55.84 5.64%
Bonk $0.00000266 15.93%
Bitcoin $36340 0.26%

Crypto News Key Highlights:

OpenAI faces internal turmoil as CEO Sam Altman's ouster sparks a widening rift among board members. Co-founder Greg Brockman, initially set to resign as board chairman, departs abruptly. Altman's exit raises questions about talent retention and impacts affiliated projects like Worldcoin, with its native cryptocurrency dropping 12%. Disputes with the board, notably with co-founder Ilya Sutskever, center on AI safety, technology pace, and commercialization, echoing longstanding challenges within OpenAI.

On November 17, OpenAI's surprising decision to remove Sam Altman from the board reverberated across the AI community, citing a loss of confidence. The aftermath hit Altman's Worldcoin project hard, with native cryptocurrency WLD plummeting 10% to below $2. Worldcoin's innovative iris-scanning user acquisition process and Altman's earlier efforts had propelled WLD to $2.5 post-launch in July, aided by listings on major exchanges like Binance.

The SEC delays decisions on Franklin Templeton's and Global X's spot Bitcoin ETF applications, citing late filings compared to other issuers. Analysts predict a prolonged comment period, potentially extending into late December. The SEC's approach raises concerns about delays impacting all spot Bitcoin ETF applications, including potential ramifications for WisdomTree and Franklin. The SEC is also engaging with exchanges on Bitcoin ETF cash creates, with expected amendments in the coming weeks.

XRP enthusiast blames lawyer John E Deaton for financial losses tied to a fake post about BlackRock's iShares XRP Trust. The incident underscores FOMO risks in crypto. Deaton defends himself, advises strategic buying, and warns against FOMO-driven decisions. The event emphasizes diligence and strategic planning in crypto investments.

CoinShares' report, analyzed by James Butterfill, explores the potential correlation between Bitcoin ETF inflows and price changes. Galaxy's estimation suggests a US Bitcoin spot ETF could attract $14.4 billion in the first year, marking a record inflow, surpassing 2021's $7.24 billion. Notably, 2020 saw $5.5 billion in inflows, representing a higher percentage of assets under management while Bitcoin's price surged more compared to 2021.

Financial expert Linda Jones anticipates Ripple's potential IPO in mid-May 2024, citing investor pressure despite Ripple's current financial stability. She emphasizes favorable market conditions and decreasing inflation as catalysts, though legal conflicts with the SEC pose challenges, requiring approval for an IPO.

North Korea's reliance on cryptocurrency theft as its primary source of foreign currency income is revealed, amounting to $1.65 billion in 2022, exceeding global ransomware earnings. The country's hacking gang targeted crypto exchanges, capitalizing on their unregulated and often insecure nature, contributing to Kim Jong-un's missile tests and potential weapons sales to Russia.

Jump Trading has separated its cross-chain protocol, Wormhole, into an independent entity following a $320 million hack in 2022. Key Jump Trading executives, including Wormhole CEO Saeed Badreg and COO Anthony Ramirez, will lead Wormhole separately. Jump Crypto, the firm's cryptocurrency arm, has seen a 50% staffing reduction amid regulatory uncertainties. The move comes amid legal scrutiny, with Jump Crypto President Kanav Kariya invoking the Fifth Amendment during an SEC deposition. The implications of these developments for Jump Trading in the evolving crypto market are uncertain.

The U.S. Department of Justice (DOJ) charges three individuals—Zhong Shi Gao, Naifeng Xu, and Fei Jiang—in an alleged scheme involving the theft of millions from U.S. banks. The trio is accused of an intricate operation that laundered $10 million through foreign crypto exchanges. Charges include bank fraud conspiracy, wire fraud conspiracy, money laundering conspiracy, and aggravated identity theft, with potential penalties of decades in prison if convicted.

Also read - 24 Crypto Update, 17 Nov: Crypto Prices Continue to Decline Today