Weekly Crypto News: Gensler's Letter, SafeMoon CEO Woes

Have you missed checking the top crypto news of this week? Coin Informer has compiled a detailed weekly crypto news blog post that discusses the top headlines of this ever-evolving industry. This week was no exception, featuring drama, court trials, price surges, and more. Let’s delve into it.

TL;DR

This week’s crypto news includes Gary Gensler’s letter to Congress regarding a hacked SEC account, legal troubles for SafeMoon’s CEO, and Bitcoin reaching a significant price milestone.

Key Takeaways

Gary Gensler confirmed the hacking of the SEC’s X account and ongoing investigations.
SafeMoon CEO Braden Karony faces legal challenges as his legal team withdraws support.
Bitcoin hit $51,000, marking a significant milestone for the cryptocurrency.
The crypto market cap surpassed $1 trillion for the first time since May 2022.
Spot Bitcoin ETFs have surpassed gold ETFs in net flows, reaching $3 billion.

Gary Gensler Penned a Letter to US House of Representatives Over SEC’s Hacked X Account

On February 12, 2024, Gary Gensler, Chairperson of the SEC, confirmed in a letter to members of the US House of Representatives that the SEC’s X account was hacked using a SIM swap attack. This incident raised concerns about the security of government social media platforms. Although the SEC later approved Bitcoin spot ETFs, the hacking incident overshadowed the announcement.

SafeMoon CEO’s Legal Team Ended their Support Due to Unavailability of Fees

On February 13, 2024, it was reported that Braden John Karony, CEO of SafeMoon, is currently out on bail with a $3 million bond. However, his legal team is considering withdrawing their support due to unpaid fees. This follows his arrest in November 2023 on charges of wire fraud and money laundering.

Bitcoin Hits $51,000 Mark and Crypto Market Flourished to New Level

On February 14, 2024, Bitcoin’s price surged to $51,000, marking its highest point since December 2021. This milestone contributed to the crypto market cap exceeding $1 trillion, the highest since May 2022. Notable price growth was observed in several cryptocurrencies:

Bitcoin: 2.9%+
Ether: 3.2%+
COIN: 7%+
MSTR: 6.5%+
IBIT: 3%+
HOOD: 13%+

For more details, read our previous blog post here.

Bitcoin Spot ETFs Surpass Gold ETF with $3 Billion Net Flows

As of February 13, 2024, Bitcoin spot ETFs have surpassed gold ETFs in net flows, reaching $3 billion since their approval by the SEC. This surge in net flows coincided with Bitcoin’s price reaching $51,000, indicating strong investor interest.

Stay Tuned!

Craig Wright remained a prominent figure in the crypto industry this week. For more updates, stay tuned for our next blog post.