Crypto News Roundup: August 20, 2023 📰

Welcome to the crypto news roundup, where I bring you the latest and most important headlines from the world of cryptocurrencies. Today, I have some exciting updates on Sam Bankman-Fried’s legal case, Coinbase International’s trading volumes, Ether futures ETFs, and North Korean hackers. Let’s dive in!

Sam Bankman-Fried Requests Weekday Freedom for Legal Defence Work ⚖️

Sam Bankman-Fried, the founder and CEO of FTX, one of the largest and most innovative crypto exchanges in the world, is facing a tough legal battle with the US authorities. He is accused of violating securities laws and operating an unregistered exchange in the US, among other charges.

He is currently confined in a federal prison in Brooklyn, where he has limited access to his legal team and the documents related to his case. His lawyers have asked the judge to grant him five weekdays outside his confinement, so that he can work on his defence more effectively.

His lawyers argue that he is not a flight risk, as he has surrendered his passport and cooperated with the authorities. They also claim that he is being unfairly treated compared to other defendants in similar cases, who have been allowed to remain free on bail.

The judge has not yet ruled on the request, but it could have a significant impact on the outcome of the case, which is scheduled to start in October. If Sam Bankman-Fried wins the case, he could resume his role as one of the most influential and visionary leaders in the crypto space. If he loses, he could face a long prison sentence and a hefty fine.

Coinbase International Volumes Pick Up, Topping $280 Million In One Day 📊

Coinbase, the largest and most popular crypto exchange in the US, has been expanding its global presence with its offshore derivatives platform, Coinbase International. The platform, which launched in May this year, allows users to trade crypto futures and options with high leverage and low fees.

The platform has seen a remarkable growth in its trading volumes, reaching a new record of $287 million on August 18. This is more than double the average daily volume of $120 million in July. The platform has also seen volumes exceed $100 million daily since August 14.

The surge in volumes could be attributed to several factors, such as the increased demand for crypto derivatives, the improved liquidity and execution on the platform, and the recent market volatility that has created more trading opportunities.

Coinbase International is competing with other established players in the crypto derivatives market, such as FTX, Binance, BitMEX, and Bybit. However, it has some advantages over its rivals, such as its strong reputation, its compliance with regulatory standards, and its integration with Coinbase’s main platform.

SEC Could Greenlight Ether Futures ETFs at Same Time 🧐

The US Securities and Exchange Commission (SEC) has been notoriously slow and cautious in approving crypto exchange-traded funds (ETFs), which are investment products that track the performance of an underlying asset or index. So far, the SEC has not approved any crypto ETFs in the US, despite receiving dozens of applications from various firms.

However, there is a glimmer of hope for crypto enthusiasts, as the SEC could soon approve multiple applications for Ether futures ETFs at the same time. These are ETFs that track the price of Ether futures contracts traded on regulated exchanges.

According to a report by The Wall Street Journal, the SEC is likely to adopt a “batched” approach for reviewing and approving Ether futures ETFs, similar to what it did for gold futures ETFs in 2004. This means that instead of approving one application at a time, the SEC could approve several applications simultaneously.

This could speed up the process and create more competition and innovation in the crypto ETF market. Currently, there are at least 16 applications for Ether or Bitcoin-Ether futures ETFs pending before the SEC. Some of the applicants include well-known firms such as Valkyrie, VanEck, WisdomTree, and Grayscale.

North Korean Hackers Have Stolen $200 Million So Far This Year: Report 🔎

North Korea is notorious for its cyberattacks on various targets around the world, especially those related to cryptocurrencies. According to a report by TRM Labs, a blockchain intelligence firm, North Korean hackers have stolen over $200 million worth of cryptocurrencies in 2023 so far.

This accounts for over 20% of all stolen crypto in 2023, which amounts to about $1 billion. The report claims that North Korean hackers use various techniques to launder and cash out their stolen funds, such as chain hopping, mixers, and low-KYC exchanges.

Chain hopping is the process of moving funds across different blockchains to obscure their origin and destination. Mixers are services that mix funds from different sources to make them harder to trace. Low-KYC exchanges are platforms that have weak or no identity verification requirements for their users.

The report also reveals that North Korean hackers have a preference for a specific mixer service, called Sinbad. Sinbad is a decentralized mixer that operates on the Ethereum blockchain and allows users to anonymize their Ether transactions. The report says that Sinbad has been used by North Korean hackers to launder over $50 million in 2023.

The report warns that North Korean hackers pose a serious threat to the security and integrity of the crypto ecosystem, and urges the crypto community to adopt more robust measures to prevent and detect their malicious activities.

Conclusion 🙌

That’s all for today’s crypto news roundup. I hope you found it informative and entertaining. If you want to learn more about any of the topics I covered, you can check out the links I provided below. Thank you for reading and stay tuned for more updates from the crypto world!

Sources 🔗

1. Sam Bankman-Fried Requests Weekday Freedom for Legal Defence Work | Source: Cointelegraph
2. Coinbase International Volumes Pick Up, Topping $280 Million In One Day | Source: The Block
3. SEC Could Greenlight Ether Futures ETFs at Same Time | Source: Wall Street Journal
4. North Korean Hackers Have Stolen $200 Million So Far This Year: Report | Source: Decrypt

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