Weekly Crypto News: Bitcoin’s Stability, NYDFS Crypto Chief Resigns 

crypto news

When we say the crypto world is ever-evolving and incredibly dynamic, we don’t just say it lightly; we truly mean it. Like, who knows before August that Bitcoin will crash in September? No one. But it did. In simple words, it is highly dynamic. So, this last week (September 13th – 16th), the crypto world witnessed many thrilling news, dramas, shocking research papers, and what more? Some signs of stability in prices. In a new edition of weekly crypto news, let’s discuss top headlines that made massive noise in a digital world.

NYDFS Crypto Chief’s Resignation Fuels Speculation on Future Digital Currency Rules in New York

The New York State Department of Financial Services (NYSDFS) is one of the influential organizations to regulate digital assets. On September 16th, 2023, shocking news surfaced on the interest related to crypto regulations and Deputy Superintendent of Virtual Currency at NYSDFS. According to sources, Peter Marton resigned from the position of crypto regularity chief at NYSDFS. The leading organization hasn’t made any public announcement related to this. However, seeing who’ll fill Marton’s position will be exciting.

Bitcoin Surpasses $26.4K, Amidst Potential for Continued Selling Pressure

The crypto world was surrounded by shock waves at the start of September when Bitcoin crashed, with its price reaching below $2500K.But things are changing gradually. On Friday (September 16th, 2023), the most prominent cryptocurrency witnessed a modest growth of 2%, with its prices standing at $26,463K compared to the previous week. On Monday morning (September 18th, 2023), the Bitcoin price gains at $26,758K. For the last four months, Bitcoin’s price has been going up and down. And when it goes up, many lenders and companies try to sell their assets to gain big profits. This practice can put downward pressure on the price and prevent it from rising even further. However, some leading firms like Franklin Templeton and Deutsche Bank are trying to trade or invest in Bitcoin.

bitcoin index
                                                                Source: Coin Desk’s Live Bitcoin Index

North Korea’ Allegedly Pilfers $240M in Crypto in 104 Days, According to Elliptic

A Saturday night of crypto investors was turned into Monday mornings when they got to know about Elliptic’s research paper. The research accuses North Korea’s Lazarus Group of behind four recent attacks against crypto entities since July. Lazarus Group is charged with stealing $240M in crypto assets in the last 104 days.

$100M in Atomic Wallet’s Case, $37.3M in Coinspaid’s hacking, $60M in Alphapo, and $41M funds stolen in Stacke.com. Moreover, they are also suspected of the recent attack against CoinEx, stealing around $54M. This news gained wide traction on social media, resulting in many people demanding an immediate investigation of whether the research paper is true or not.

US DOJ Criticizes Sam Bankman-Fried’s ‘Intrusive’ Jury Questions Proposal:

Sam Bankman-Fried was one of the most influential crypto leaders before November 2022. However, with the collapse of FTX, Sam’s career and reputation were also submerged like Titanic. Well, jokes apart. Last month, serious allegations were made against Sam Bankman, involving his name in many fraud activities. Recently, during his legal trial in New York Court, one news gained colossal limelight. In a letter to Judge Lewis Kaplan, persecutors wrote Sam Bankman’s proposed questions are ‘unnecessarily intrusive’, involving out-of-context questions. They argue numerous questions indicated Sam Bankman’s being a victim in this case. To accelerate this narrative, Sam’s defence team highlights his philosophical views and ADHD medication. It looks like, for Sam Bankman, the year 2023 is his 2020.

Resignation of Brian Shroder, CEO of Binance U.S. & Elimination of 100 Jobs as a Part Restructuring Effort

Binance is back in the news, but this time, not for its controversies but for internal disturbances. On September 13th, 2023, Binance. US announced that Brian Shroder is going to step down as its CEO. Norman Reed, one of the prominent individuals of Binance, will be the next CEO. Besides replacing Brain Shroder as CEO, a leading crypto exchange has also eliminated 100 jobs, resulting in the cut-down of 1/3rd of the company’s workforce. This may sound like an internal crisis in Binance US, but, in reality, this elimination is a part of a significant restructuring effort. As we all know, in the last few months, Binance has been fighting against SEC in a legal battle that has heavily impacted its working and reputation. Let’s see how this decision will help Binance US to bounce back in the game.

What’s Next?

Since the crypto world is all about ups and downs in prices, legal battles, controversies, and some websites exposing severe matters, it is pretty evident next week will be nothing different from others. Coin Informer, your ultimate provider of crypto news, will make sure to notify you about all the exclusive crypto information. Let’s wrap up this edition and keep your eyes on the clock and, obviously, our website for the next weekly crypto news article.