Bitcoin enjoys a respite from Crypto Winter

#Web3Weekly: Jan. 8–14, 2023

“Vermeer’s Bitcoin” by Peter A. McKay × DALL·E
  • The Winklevoss brothers’ Gemini Trust terminated its partnership with Genesis Global Trading and escalated criticism of company founder Barry Silbert. Gemini accused Silbert of “bad faith stalling tactics” in returning almost $1 billion in customer funds it lent to his company. Meanwhile, federal regulators filed a civil complaint against both sides of the industry feud alleging they jointly offered unregistered securities to investors.
  • Exchange layoffs: Coinbase and each announced they will lay off an additional 20% of their employees, citing pressures of the longer-term downturn in crypto.
  • FTX’s attorney said the bankrupt exchange has recovered over $5 billion in assets that it may use to reimburse creditors. In its original bankruptcy filing, FTX said it could have up to $10 billion in liabilities, so it is still falling far short of making clients whole, as the lawyers say. But this does seem like a significant start.
  • Binance now “dominates” crypto trading, and its founder CZ Zhao is the single most powerful person in the industry following rival FTX’s collapse, according to a new episode of Bloomberg’s crypto podcast.
  • U.S. prosecutors arrested hacker Avraham “Avi” Eisenberg in Puerto Rico and charged him with fraud in connection with his $110 exploit of the Mango Markets exchange in October. Eisenberg is also being sued for civil penalties by the Commodity Futures Trading Commission.
  • The Block reports that “a growing number” of venture capital firms in crypto complain their portfolio projects are postponing launch of their tokens due to fears over pricing, exchange fees, and increased regulation.
  • MIT Technology Review reports that a national park in Congo has begun mining bitcoin with hydroelectric power to fund protection of its forests and wildlife.
  • Bloomberg News reports that Apple is set to unveil a mixed-reality headset, dubbed Reality Pro, at its upcoming Worldwide Developers Conference in June after seven years of development.
  • Are we too dumb for aliens to contact? A new paper suggests that Earth may not have given off enough signs of intelligent life, or that other civilizations may not be interested in contacting us due to a weak “technosignature.” Ouch.



The Modern Scientist aspires to connect builders & the curious to forward-thinking ideas. Either you are novice or expert, TMS will share contents that fulfils your ambition and interest. Write with us:

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Peter A. McKay

I publish the newsletter #Web3Weekly. Former Head of Content & Writer Development at Capsule Social. Other priors: WSJ, Washington Post, and Vice News.