OTC’s Weekly Retrospect 09/01–13/01/2023

Each week we bring you a round-up of the most important Bitcoin and virtual asset-related stories making waves in the cryptosphere.­­­­

Major news stories this week;

1. El Salvador Passes Key Bitcoin Legislation, Making Way for ‘Volcano Bonds’
2. SEC Drops Hammer on Gemini for Unregistered Security Offerings Via Earn Program
3. Terra And Do Kwon Lawsuit Voluntarily Dismissed, But Why?
4. Bitcoin miner Northern Data says production increased by 315% Y/Y in 2022
5. Meet the cybercriminals of 2022

Story Summaries;

1. The bill separates cryptocurrencies from all other assets and financial products, including central bank digital currencies (CBDCs) — the digital versions of fiat currencies regulated according to each country’s financial guidelines.
2. The United States SEC has charged Gemini for the unregistered offering and sale of securities. The charge has to do with the Gemini Earn program. The Gemini Earn program, which has been at the center of a heated debate between Cameron Winklevoss and DCG CEO Barry Silbert, launched in February 2021. This revenue program allowed retail investors to earn interest on their assets.
3. The plaintiffs alleged that the defendants falsely promoted, manipulated, and offered UST stablecoin and LUNA. Zhu Su, a cofounder of failed crypto hedge fund Three Arrows Capital (3AC), announced the voluntary dismissal of the class action lawsuit via a tweet on January 10.
4. Northern Data AG said that in fiscal 2022, it mined 2,798 Bitcoin, up 315% from the previous year. This led to BTC mining revenues of 77.7 million euros in fiscal 2022. The company sold 3,005 BTC sold in 2022 for an average price of 23,849 euros, contributing to a cash revenue of 71.7 million euros.
5. In November 2022, U.S. federal agents said it found $3.36 billion worth of bitcoin that had been stashed in a popcorn can under the bathroom closet floorboards in the home of the hacker nearly a decade earlier.

And that’s all for this weeks news! Wishing you a great weekend ahead!