Last week [In] Crypto: Tesla Dumps Bitcoins, Founders of Three Arrows Capital Reemerge, Emmer Blasts SEC

It’s been a rough week for crypto, but don’t worry, Be[in]Crypto has compiled the leading stories that created all the buzz in the markets. Crypto exchanges are expanding their turf, Finland makes a pledge to donate to Ukraine, Tesla dumps a load of BTC, Zipmex collapses and there’s a new stablecoin bill in the UK

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Cryptocurrency exchanges have been in the news this week for a number of reasons. Coinbase, the largest American crypto exchange, has received regulatory approval to expand into Italy while expanding its presence in Europe.

Despite the lofty growth goals, Coinbase lost its record as the exchange with the largest Bitcoin holdings. Binance snagged the crown through a series of shrewd business partnerships and shrewd financial decisions that instilled an image of trust in users.

Not to be dubbed, Gemini became the first cryptocurrency exchange to be registered as a Virtual Asset Service Provider in Ireland. The move follows other small successes like its push into the EU in 2021, but famously ran into trouble with US regulators and announced job cuts last month.

The Crypto crime saga continues

This week, crypto regulators seemed to have the upper hand over bad actors. The industry breathed a sigh of relief after it was revealed that Randell Carter, founder of My Big Coin, had been convicted of fraud with his front company. He faces up to 30 years in prison, but his lawyer maintains his innocence.

The Finnish Customs Service has sold a large portion of its bitcoin holdings seized from drug snares. Finland’s Finance Minister announced the country will donate a portion of the proceeds to war-torn Ukraine, totaling “tens of millions”.

While law enforcement reigned supreme this week, hackers managed to flip 300 NFTs for $400,000 following a phishing attack on the Premint website. CertiK noted that collectibles such as Bored Ape Yacht Club, Otherside, and Goblintown were among those affected.

Waning interest in cryptocurrencies

Tesla stunned crypto enthusiasts with the landmark announcement that it had sold 75% of its Bitcoin holdings. The move dampened the asset’s recovery and sparked widespread condemnation from space pundits.

Zip, a BNPL firm, has announced that it will downgrade its cryptocurrency offerings while shifting its focus to its European and American operations. The Australian company cited the unfavorable conditions in crypto as the main reason for its waning interest in the ecosystem.

Apathy for blockchain technology has spread to Nigerian banks as they remain reluctant to adopt central bank digital currencies (CBDCs). Godwin Emefiele, governor of the country’s Apex Bank, blamed lenders for their fear of losing revenue at the expense of financial inclusion.

The Return of the Fallen

A number of troubled cryptocurrency firms are attempting to boldly return to the scene. Celsius has received approval to construct a mining facility as plans to restructure are put in place.

Embattled Vauld has filed for bankruptcy protection in the courts because it stopped paying out. The move should allow the company to “buy time and air” to seek funding sources or restructure its business.

For Voyager, FTX has come up with a proposal that aims to help its users get their funds back through the exchange. As part of the new offering, Voyager customers can open a new account with FTX and receive an opening cash balance that matches their needs.

The founders of Three Arrows Capital broke their silence to express regret over their firm’s implosion, saying they never withdrew funds before the collapse. Both Kyle Davies and Su Zhu claim the reason for their disappearance was as a result of death threats from angry investors.

Zipmex joined the list of crypto firms that have suspended payouts for their customers, citing credit defaults by major counterparties and adverse market conditions. The exchange had significant exposure to both Babel Finance and Celsius, but its CEO has said it will write off its $5 million exposure to Celsius.

Regulating crypto’s rugged terrain

The Bank of Central African States has called on member countries to create a single digital currency for the region. The creation of a collective CBDC for the region aims to improve financial inclusion and modernize payment systems, but financial regulators continue to oppose bitcoin as legal tender.

In the UK, the new finance minister has proposed a new wave of regulation for stablecoins. The bill is put to the test in the House of Lords and the House of Parliament.

The US Securities and Exchange Commission (SEC) has been criticized by Senator Tom Emmer for acting outside of its jurisdiction in an attempt to regulate the crypto industry. Emmer accused the commission of conducting industry searches and “extrajudicial inquiries” outside the body’s remit.

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