Weekly Crypto News: Gensler’s Letter, SafeMoon CEO in BIG Trouble

Crypto News

Have you missed checking the top crypto news of this week? Yes! Then, there’s nothing to worry about. Coin Informer has come up with a detailed weekly crypto news blog post that discusses the top headlines of this ever-evolving industry. Like other weeks, this week was no exception. There was drama, court trials, price surges, and more. So, without wasting our time, let’s delve into it.

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

February 12, 2024. As a crypto enthusiast, you may remember January 9 when two shocking tweets from SEC’s X (formerly Twitter) account became the biggest news headlines in the world. The tweets officially said that the SEC has approved Bitcoin spot ETFs. But, after a few hours, the SEC officially released a statement that these tweets were not from their side. Insider sources confirmed that SEC’s X account was hacked using a ‘SIM swap’ attack. Though the SEC approved spot Bitcoin ETFs later that day, the hacking of the government regulatory institute questioned the security of the US government’s social media platforms. At that time, the crypto market and the world were celebrating spot Bitcoin ETFs’ approval. Thus, this news didn’t get the major attraction.

But this news from insider sources can turn into official news as Gary Gensler confirmed this incident in his letter to US House of Representatives members. This letter was written on February 6 to Patrick McHenry, French Hill, Bill Huizenga, and Ann Wagner.

In his letter, Gary Gensler (Chairperson of SEC) confirmed this news. The letter also confirms that SEC is coordinating with The Federal Bureau of Investigation, The Department of Homeland Security’s Cybersecurity, Office of Inspector General & Infrastructure Security Agency to find the hacker or cause of this incident.

SafeMoon CEO’s Legal Team Ended their Support Due to Unavailability of Fees: Weekly Crypto News

February 13, 2024. Braden John Karony, CEO of bankrupt crypto firm SafeMoon, is on bail through a $3 million bond. Though he is out of jail, it seems he still has to face enough trouble. In a filing dated February 7, 2024, Karony’s legal lawyers and advisors, Adam Schuman & Petrillo Partner, are considering withdrawing their professional responsibilities with him. The reason is simple: Karony could not deliver his legal team’s fee for many months. Due to this, Partner & Schuman have to break their long-term professional bond with Karony.

Back in November 2023, US persecutors arrested Bradon Karony and Thomas Smith (SafeMoon’s chief technology officer). Both were charged with wire fraud & money laundering activities.

Bitcoin Hits $51,000 Mark and Crypto Market Flourished to New Level: Weekly Crypto News.

February 14, 2024. On Tuesday, Bitcoin’s price takes a huge jump by hitting the $51,000 mark (for the first time since Dec 2021). This historic milestone came with one more remarkable achievement for the entire crypto industry. After a really long time, the crypto market cap surpassed the $1 trillion mark. It is the highest peak since May 2022, when the market cap touched the $2 trillion mark for the very first time. This news brought an abundance of happiness and a festive kind of joy to the crypto industry. In the last 24 hours, the cryptocurrencies below showed excellent price growth.

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

Read our previous blog post, which has covered this news in detail. Click here

Bitcoin Spot ETFs Surpass Gold ETF with $3 Billion Net Flows: Weekly Crypto News

February 13, 2023. It has been one month since the SEC granted approval for spot Bitcoin ETFs in the US. In such a short time, spot Bitcoin ETFs have surpassed the performance of gold ETFs in terms of net flows. According to BitMEX Research data, Bitcoin Spot ETFs have breached $3 billion in net flows. Since Bitcoin’s price also has a net high of $51,000, Spot Bitcoin ETFs also benefit from it. On Monday, spot Bitcoin ETFs saw $493 million worth of flows (the 3rd strongest inflow since the launch.

Stay Tuned!

Craig Wright also remained one of the most talked about personalities in the crypto industry this week. You must be excited to know what exactly happened to him. Well, for that, you have to wait for our next blog post. Stay tuned for now!