SBF pleads not guilty, layoffs, and bank run on Silvergate: Hodler’s Digest, Jan. 1-7

Top Stories This Week

Sam Bankman-Fried enters not guilty plea for all counts in federal court

Former FTX CEO Sam Bankman-Fried (has pleaded not guilty to all charges related to the collapse of the crypto exchange, including wire fraud and securities fraud. He faces eight criminal counts, which could result in 115 years in prison if convicted. Furthemore, a petition has been filed by Bankman-Fried’s legal team asking a court to redact and not disclose certain information on individuals acting as sureties for his $250-million bond, alleging threats against his family.

US Feds put together ‘FTX task force’ to trace stolen user funds

A task force organized by the Southern District of New York has been formed to track and recover missing customer funds as well as investigate and prosecute the collapse of crypto exchange FTX. A similar effort had already been underway by FTX’s new management, which hired financial advisory company AlixPartners in December to conduct “asset-tracing” for missing digital assets.

SEC files objection to Binance.US’s plans to acquire Voyager Digital

The United States Securities and Exchange Commission (SEC) has filed a “limited objection” against Binance.US’s proposal to acquire the assets of bankrupt firm Voyager Digital. In its offer, Binance.US pledged $1 billion to purchase the assets, but the SEC raised concerns about the company’s ability to fund the deal, suggesting that Binance’s global unit would be required to support the acquisition.

Coinbase reaches $100M settlement with NY regulators

In response to violations of New York’s financial services and banking laws, crypto exchange Coinbase will pay a $50 million fine and invest $50 million to correct its compliance program. According to the financial regulator, the crypto exchange had many compliance “deficiencies” related to Anti-Money Laundering requirements, particularly regarding onboarding and transaction monitoring.

Community celebrates Bitcoin Genesis Day by sending BTC to the genesis block

The crypto community celebrated the 14th birthday of Bitcoin this week, with some sending BTC to the address containing the rewards for mining the genesis block — the first block of BTC to be mined. On Jan. 3, 2009, pseudonymous Bitcoin creator Satoshi Nakamoto mined the genesis block, which led to the minting of the first 50 BTC, paving the way for an entire industry to be developed.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $16,819, Ether (ETH) at $1,263 and XRP at $0.33. The total market cap is at $819.9 billion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Lido DAO (LDO) at 52.19%, Solana (SOL) at 37.44% and BitDAO (BIT) at 23.50%.

The top three altcoin losers of the week are Huobi Token (HT) at -9.32%, Chain (XCN) at -7.09% and Internet Computer (ICP) at -5.19%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“Bitcoin, specifically, has the potential to promote financial inclusion because of its decentralized nature, which makes it resistant to censorship and manipulation.”

Philip Karađorđević, prince of Serbia

“The problem for many in DC is that they equate FTX with the entire crypto industry.”

Ron Hammond, director of government relations at the Blockchain Association

“We see lots of problems in security because people don’t realize that this is their personal responsibility against their own assets. People are not ready for this.”

Dmitry Mishunin, CEO of HashEx

“We’re proud of our commitment to compliance, but we are also willing to acknowledge where we have fallen short, including by paying penalties & working hard to fix issues.”

Paul Grewal, chief legal officer at Coinbase

“In fact, crypto assets have become investment and financial instruments, so they need to be regulated on an equal basis with other…