This Week in Crypto: A leading financial services lawyer discussed the type of companies that will survive the crypto winter, Crypto chief Mike Novogratz says it's time to cut costs and survive this "transition period", Mark Cuban was looking to acquire more bitcoin, Groupe One Trading took a “sweet spot” representing thirteen percent of MicroStrategy, Bitcoin bull company Michael Saylor, and Ethereum developers planned to launch the Shanghai testnet in late February. The former president of FTX US said he would share more details about the trade when the time comes, new revelations suggest close ties between the creator of FTX, Sam Bankman-Fried, and some of his main backers, a lawyer said that FTX recovered more than €XNUMX billion that could be used to pay off creditors, and Bankman-Fried went on to blame Binance for the collapse of their crypto empire.
Meanwhile, Wintermute paid its thirty-six UK employees a total of €20 million in 20, suggesting it made thirty-six new millionaires, WazirX released its Proof of Reserves report showing that around 3% of the holdings were in Shiba Inu, Wyre limited withdrawals for its clients from the service to ninety% of the funds held in the account, Metropolitan Commercial Bank claimed it would “exit the crypto vertical altogether”, and Coinbase has reduced its workforce by a total of nine hundred and fifty employees, or XNUMX% of its workforce. In addition to this, while Gemini's Cameron Winklevoss wrote an open letter to the DCG board demanding the removal of director Barry Silbert, the latter's cryptocurrency conglomerate, Digital Currency Group, was "actively engaged" in talks with creditors. Meanwhile, software giant AhnLab launched a crypto portfolio, and the Venom Foundation partnered with Iceberg Capital to uncover a US$XNUMX billion venture capital fund focused on blockchain and WebXNUMX companies.
While all this was going on, El Salvador's congress passed a law that would let the nation produce volcanic bonds, China's digital yuan was about to expand into the world of wealth management, securities and education, Argentina's Ministry of Finance was about to launch a bill that would essentially require citizens to declare their cryptocurrency holdings, a Russian teacher asserted that "mass" adoption of cryptocurrency was underway in the country, and in the city of Hong Kong, the The financial secretary said the city would continue to work to become a major crypto hub, while the financial regulator would create a whitelist of tokens that retail users could trade. The US Department of Justice retained control of Robinhood's fifty-six million disputed shares worth around €XNUMX million, Bithumb was subject to a 'special' tax investigation, Logan Paul dropped his threat to sue Coffeezilla once it was accused of running a crypto investment scam, and a security vendor has claimed that XNUMX will see a "surge" in North Korean cryptocurrency hacks.
Joke time!