RoboFi News Recap: Top Crypto News of the Week
This week’s news roundup is presented below:
Analysis: Fever over BlackRock’s bitcoin fund faces chill of rate hikes and regulations
According to analysts and industry insiders, BlackRock’s intentions to establish a bitcoin fund have contributed to propelling the world’s largest cryptocurrency to its highest point in a year. However, the rally’s momentum may be hindered by the combined factors of increasing interest rates and a regulatory crackdown. In the past week, Bitcoin experienced a surge of over 15%, surpassing the $30,000 mark for the first time since April. This impressive performance, marking its most successful week since March, was largely fueled by BlackRock’s recent submission of an application to the U.S. Securities and Exchange Commission, aiming to launch a bitcoin-backed exchange-traded fund (ETF). Read More.
Cryptoverse: Bitcoin bounces on BlackRock buzz
Bitcoin, the decentralized currency designed to challenge the traditional financial system, has rebounded from a period of decline with the backing of influential figures on Wall Street. The original cryptocurrency has surged by 20%, reaching its highest level in two months at $30,182, in the span of 11 days. This significant upswing can be attributed to BlackRock, the largest asset manager globally, expressing its interest in establishing a bitcoin exchange-traded fund (ETF) in the United States. Read More.
Dogecoin plaintiffs lawyers move to oust Musk, Tesla counsel after ‘leaked’ sanctions letter
A perplexing development has emerged in a class action lawsuit that accuses Elon Musk and Tesla of defrauding investors in the cryptocurrency Dogecoin out of billions of dollars. According to the motion filed by Evan Spencer of Evan Spencer Law, the plaintiffs’ counsel, an attempt is being made to disqualify Quinn Emanuel Urquhart & Sullivan, a law firm, and Allison Huebert, an in-house lawyer at Tesla, from representing either Tesla or its CEO. Currently, Quinn Emanuel and Huebert are representing both Musk and Tesla in the securities fraud case. The motion, if successful, would prevent them from continuing their representation. The accusation revolves around allegations that Musk’s enthusiastic promotion of Dogecoin led to a surge in its value, allowing him to sell off the coins and allegedly defraud investors in the process. This latest legal twist adds further complexity to an already intricate situation. Read More.
FTX accuses ex-lawyer of aiding Bankman-Fried’s fraud, silencing whistleblowers
FTX, a cryptocurrency exchange that has declared bankruptcy, has filed a lawsuit against one of its former senior lawyers. The lawsuit alleges that the lawyer, Daniel Friedberg, not only aided in fraudulent activities orchestrated by FTX founder Sam Bankman-Fried but also worked to suppress whistleblowers who attempted to report misconduct within the company. The complaint was lodged in U.S. Bankruptcy Court in Delaware and portrays Friedberg as a facilitator, or “fixer,” for Bankman-Fried and other FTX executives. It asserts that Friedberg played a role in enabling the improper diversion of customer funds, characterized as “wholesale raiding.” This legal action adds to the growing controversy surrounding FTX and its alleged fraudulent practices. Read More
Binance’s European banking partner Paysafe to withdraw support
Paysafe Payment Solutions, the European banking partner of Binance, has announced its decision to discontinue providing its embedded wallet solution to the cryptocurrency exchange in the European Economic Area (EEA) starting from September 25th. In an email statement to Reuters, Paysafe stated that it is collaborating with Binance to establish a smooth and equitable process to terminate this service in the coming months. This development signifies a change in the business relationship between Paysafe and Binance within the EEA region. Read More
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