What’s up? All wonderful crypto enthusiasts. You must be waiting for our weekly Crypto Updates, and now, we’re here to shed light on the top crypto headlines of this week of September (23rd to 27th). Like other weeks, this week in the crypto landscape was not much different, except for two major hacking cases. There were arrest, bail, price drops, hacking, and what’s more? Some furious debates. Without further ado, let’s discuss the top weekly crypto updates.
Ben Armstrong Unexpected Arrest and Bail, Leading to BEN Token Dropping to 30%:Crypto Updates
Ben Armstong, a founder of BitBoy Crypto, was arrest on Monday due to an evident clash with his former business partners (September 25th, 2023). The Gwinnett County Sheriff’s Department arrested Armstrong on the reasons of loitering and causing simple assault by placing another in fear. As per videos live streamed on X (Twitter), Ben was also carrying a gun in his car. As soon as this news broke out on the internet, BEN tokens dropped by 30%. However, a day later, the renowned crypto influencer was released on bail (September 26th, 2023).
3.6% Drop in Optimism’s Prices Ahead of Unlocking Event on Saturday:Crypto Updates
Locking a certain part of any token’s supply and releasing it gradually is a well-known strategy, often used by many cryptocurrency projects, to prevent investors from selling their tokens in large quantities. By doing so, cryptocurrency projects stabilize their prices. Optimism (OP), a well-known cryptocurrency, is also implementing this strategy by scheduling an unlocking event (of 3% of the circulating supply, worth 30 million dollars) this Saturday. But things aren’t looking well for this unlocking event. On Tuesday, Optimism’s prices dropped by 3.6%, resulting in the loss of 10% of its value in a week. This is such a negative sign ahead of a crucial unlocking event that was meant to revive OP.
Deutsche Bank Agreed to Pay $25 Million Fine for its Subsidiary in SEC Settlement:Crypto Updates
In July, the SEC made serious allegations of greenwashing and anti-money laundering lapses against DWS Investment Management Americas Inc. (Subsidiary of Deutsche Back). As a result, the SEC fined the company. However, it looks like both sides have settled their issues. On Monday, news broke out in public that Deutsche Bank has agreed to pay $25 million as a fine in SEC settlement charges. $19 million for misleading information and statements and $6 million for not following anti-money laundering security programs.
HTX Loses $7.9 Million to Hacker, Offers Job and Reward for Return:Crypto Updates
HTX, formerly known as Huobi, has lost 7.9 million dollars’ worth of ETH due to hacking. This hacking news shocked everyone since a few weeks ago, the company made a huge rebranding. But things are not as bad as it seems. Justin Sun, an HTX advisor, tweeted on Monday that HTX is operating completely normally, and the company has even recovered from its loss. Besides this, according to messages sent over the blockchain, HTX argues they had unmasked the hacker’s identity. HTX has given one week to a hacker to return the funds. Otherwise, they’ll take legal action. Moreover, the company is willing to hire a hacker as a security white-hat advisor and offer 5% of the stolen amount if the hacker comes forward to return the stolen funds.
Hong Kong to Announce Full Disclosure of Crypto License Seekers After JPEX Probe
Last week, the JPEX probe became the talk of the crypto town, where SCMP took action in favor of 83 complaints against JPEX (Hong Kong Crypto Platform) operating in the territory without a license. According to local media, around $128 million is involved in this whole probe. This news came as a shock to the internet, starting a debate on illegal operating systems of cryptocurrencies. On Monday, SFC (Securities and Futures Commission) made an announcement to disclose all crypto license applicants. The decision was taken due to high public demand. The SFC has asked for the need of proper regulation to issue crypto licenses.
Mixin Network Faces $200 Million Hack, Offers $20 Million Bounty for Stolen Assets’ Return
Mixin Network, a service to make cross-chain transfers cheaper, has been confirmed to have been hacked for nearly $200 million. On September 23rd, 2023, some hackers attacked the Mixin Network’s database, resulting in the hacking of $200 million worth of assets. After a few days, on September 27th, 2023, Mixin Network sent a message to hackers, requesting them to return the assets; moreover, they also agreed to offer $20M as a bounty reward.
Weekly Gainers and Losers:
Top Gainers of this Week:
|Top Gainers of this Week||Price||Volume
|Growth in the Last Seven Days|
|Curve DAO Token||$0.5312||$32,712,826||20.93%|
Top Gainers of this Week
|Top losers of this Week||Price||Volume
|Loss in the Last Seven Days|
This week was a wild ride for the crypto world: numerous hacking cases, a highly publicized arrest, some shocking news, and more. Let’s see what’s going to happen next week in the crypto world. Probably, the hacking case of Mixin Network and HTX will come to an end, and some insights will be released behind Sam Armstrong’s arrest. The most interesting thing is surely going to be Optimism’s unlocking event amid the price drop. Moreover, many SEC court trials are on the way in a legal battle with many big crypto world names. For now, stay tuned and wait for Coin Informer’s next weekly roundup.