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Solana's price is up 40% this week due to easing FTX-dump fears and growing Bitcoin ETF buzz, while SOL/USD technicals hint at more upside. The price of Solana (SOL) has soared 40% this week to establish a new 2023 high at around $58.  That is Solana's best weekly performance since January 2023. Many factors have contributed to the gains, including a general cryptocurrency market uptrend led by Bitcoin ETF euphoria and growing appetite for risk overall. Solana (SOL) weekly price chart. Source: TradingView FTX-dump fears fails to shake Solana bulls Solana's rise coincides with the daily selling of 250,000-750,000 SOL tokens by FTX bankruptcy estate in the last two weeks. FTX has been selling between 250k-700k $SOL every day for the last 2 weeks while price has either been going up or sideways. so far its been getting absorbed like a champ and at current rate their unlocked tokens should be depleted within a week. once this seller is gone i can… pic.twitter.com/AtnTqz3uxG...

According to blockchain analytics firm Elliptic, the anonymous FTX exploiter has used THORSwap to convert ETH to BTC, which is traceable on-chain. Decentralized exchange (DEX) THORSwap has resumed operations after briefly going into maintenance mode due to detecting illicit funds on its platform. THORSwap took to X (formerly Twitter) on Oct. 12 to announce that the platform is back online . The platform asked users to resume their regularly scheduled swapping of over 5,500 assets across 10 blockchains, right from their own self-custody wallet. The protocol originally halted swaps on its platform on Oct. 6 as an immediate measure to counter the potential movement of illicit funds. THORSwap acknowledged that its DEX platform encountered illicit use, deciding to pause to find a permanent solution to the misuse. According to the latest announcement, THORSwap hasn’t applied any big changes on its platform other than the “shiny new terms of service.” Updated on Oct. 11, THORSwap’s new ter...

SEC takes legal action against Prager Metis, auditor of bankrupt crypto exchange FTX. Prager Metis is accused of breaching auditor independence rules by adding indemnification provisions. Lack of transparency and ethical concerns raise questions about auditing practices in the cryptocurrency industry. The United States Securities and Exchange Commission (SEC) has taken legal action against Prager Metis, the audit or of the now-bankrupt cryptocurrency exchange FTX , alleging multiple breaches of audit or independence rules. The SEC has accused Prager Metis of failing to maintain the required independence while providing auditing services to its clients. This violation of auditor independence rules is a serious issue that can have significant repercussions in the financial industry. SEC charges against Prager Metis  According to the SEC, Prager Metis added indemnification provisions to engagement letters for more than 200 audits, reviews, and exams con...

BTC price strength marches on despite the curveball CPI print and FTX liquidation go-ahead, and Bitcoin traders are hopeful for long opportunities. Bitcoin (BTC) hit new September highs after the Sep. 14 daily close as markets digested macroeconomic and crypto industry news. BTC/USD 1-hour chart. Source: TradingView Trader: Bitcoin market "feels different" Data from Cointelegraph Markets Pro and TradingView tracked overnight BTC price highs of $26,535 on Bitstamp. The largest cryptocurrency had shaken off higher-than-expected United States Consumer Price Index (CPI) the day prior, maintaining $26,000. Subsequent confirmation that defunct exchange FTX had received legal permission to liquidate its remaining assets likewise failed to dent Bitcoin’s comparatively solid intraday performance. At the time of writing, BTC/USD traded at near $26,300, still up 5.5% versus its September lows. “Coming up to the range highs and once e flip these levels we can look to finally get into a...

Judge Kaplan: On advice of counsel, I'd like a joint proposal by the close of business Friday. I'll resolve that over the weekend. I'm grateful for the zealous advocacy. Anything else? SBF's lawyer: Not from the defense. AUSA: We don't think adjournment needed advertisement — Inner City Press (@innercitypress) August 30, 2023 Facing the Challenges Head-On Significantly, Bankman-Fried’s defense has not directly sought a new trial date. They initially opted for an aggressive timeline, aiming to exonerate their client promptly. However, they hinted at needing more time, citing issues accessing discovery materials. Kaplan, showing his typical straightforwardness, emphasized the need for substantial reasons. “There’s got to be more meat on those bones,” he remarked. Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated Lis...

FTX's decision was undertaken as a proactive measure aimed at preventing the occurrence of any potential future incidents or additional harm following the recent hack. Following the recent Kroll cybersecurity breach , FTX Derivatives Exchange, a financially distressed cryptocurrency trading company, has opted to temporarily suspend accounts of impacted users accessing its claims portal. FTX's decision which was posted on X (formerly known as Twitter) was undertaken as a proactive measure aimed at preventing the occurrence of any potential future incidents or additional harm following the recent hack. The exchange is dedicated to offering more comprehensive information in the subsequent stages. In response to Kroll’s cybersecurity incident, FTX has taken the precautionary measure of temporarily freezing affected user accounts within the customer claims portal. We thank you for your patience, and will provide additional information regarding next steps in due course. — FTX (@F...

A creditor of now-bankrupted crypto exchange FTX pledged a $31,307 claim as collateral for a DeFi loan. A creditor of now-bankrupted crypto exchange FTX pledged a claim as collateral for a loan in the decentralized finance (DeFi) protocol Arcade. The transaction was the first on-chain loan backed by an FTX claim , according to the bankruptcy claim s platform Found. The $31,307 claim was tokenized, and its ownership was represented by a nonfungible token (NFT). On June 23, the NFT was used as collateral for a $7,500 loan to be repaid in five days. In the event of a payment default, the lender is entitled to the claim. Congrats wagmiclaims.eth for being the first onchain #RWA loan backed by a #FTX #bankruptcy claim WAGMI is happy to have some spending cash for the @Azuki Vegas party this weekend Special thanks to @Arcade_xyz for building a great platform pic.twitter.com/l8n8jGyKpp — Found (@foundxyz) June 23, 2023 The transaction is an example of real-world assets (RWA) tokenizati...

The pension fund had invested twice in the now-bankrupt crypto exchange, once during the peak of the bull run in 2021 and again in early 2022. The Onatario Teachers’ Pension Plan has decided to steer its investment away from cryptocurrencies.  The decision comes after the OTPP — which manages over $190 billion in assets  — lost the entirety of its $95 million investment in crypto exchange FTX after it went bust in November 2022. OTPP was one of the many backers of the now-bankrupt crypto exchange and had invested twice: Once during the bull market in 2021 and again during exchange’s Series C funding round in early 2022. OTPP chief executive Jo Taylor said in an interview with the Financial Times that it’d be unwise for the pension fund to rush into another crypto investment . Taylor said that they are still processing what happened with the exchange, and they would be much more cautious before invest ing in emerging assets like digital currencies. The pension fund is responsible f...

The deadline for bidders to submit offers for the Bitcoin-machine-backed loans is set for Jan. 24. Bankrupt crypto lending firm BlockFi has plans to sell off $160 million in loans backed by around 68,000 Bitcoin mining machines as part of bankruptcy proceedings, according to reports. In a Bloomberg report on Jan. 24, two people “familiar with the matter” claim that BlockFi started the process of selling off the loans last year. The crypto lender filed for Chapter 11 bankruptcy in Nov. 2022, citing its significant exposure to the now-defunct crypto exchange FTX for its downfall. However, some of these loans have already defaulted since then and could be undercollateralized given the decline in the price of Bitcoin mining equipment, according to the sources, adding the last day for bidders to submit offers for the loans is Jan. 24. In comments to Cointelegraph, crypto lawyer Harrison Dell, director at Australian Law firm Cadena Legal explained that if Bitcoin Mining equipment used as co...