This Week in Crypto: On-Chain Data Suggests Whales Are Dumping BTC at Record Rates, Elon Musk Could Resign When Twitter CEO and DOGE Respond, ARG Price Falls Following Argentina's Crypto World Cup Win FIFA and Core Scientific filed for bankruptcy. Charles Hoskinson called the XRP community "toxic and mean-spirited" and argued that the project "brings no association or technical value", nearly 8 in 10 Russians said bitcoin is the "most popular" and "trusted" crypto asset in circulation, and a new report has shown that DeFi is overtaking traditional financing in the market. Meanwhile, Visa has released a proposal that would allow Ethereum users to make automated programmable payments.
Experts have explained why Terra's Do Kwon might be in Serbia while Sam Bankman-Fired agreed to be extradited to the United States, promptly signed extradition papers and was officially extradited on Thursday. FTX's new management said he would recover money paid in political donations as part of his bankruptcy proceedings in the United States.
OKX said its 7-hour outage was due to hardware issues with its cloud service provider, Michael Burry argued that audits of Binance and other exchanges are "essentially pointless" because auditors don't know how to deal with cryptocurrencies , while Binance joined the Chamber of Digital Commerce in a move that was expected to increase their lobbying power over new crypto regulations. Jo Johnson, brother of Boris Johnson, has resigned from the UK advisory board of Bifinity, which is a unit of Binance, and a global drug cartel has laundered millions of dollars through Binance.
While all this was going on, French financial regulators added a number of cryptocurrency trading websites to a blacklist of companies operating without proper permission, and the Governor of the Reserve Bank of India said that cryptocurrencies could cause the next financial crisis. Meanwhile, South Korean police have charged a man with embezzlement and fraud, saying he fueled his cryptocurrency trading habits by selling fake concert tickets online. Crypto scammers were intensifying their catfishing campaigns on East Asian dating apps, and Donald Trump was heavily criticized for his NFT collection, poor editing, and use of stock footage.