Hello, crypto enthusiasts! This is Melega Finance, the world's leading decentralized ecosystem. Welcome to the latest edition of our weekly cryptocurrency news roundup, where we will discuss the most interesting news from the crypto market from September 24 to September 30, 2023.
The crypto world is dynamic and always changing, making it difficult to stay up-to-date on the most recent news. But don't worry, we've got you covered! Here's a brief summary of some of the most important crypto news stories from the previous week.
Bitcoin (BTC) held steady at around $27,000 for the past week, while most other top altcoins saw little to no growth. Bitcoin Cash (BCH) and Chainlink (LINK) were the exceptions, with gains of over 14% and 13%, respectively.
Moreover, the crypto market has had a pretty rough week, with Mixin Network and HTX crypto exchange losing millions of dollars to hacks, crypto influencer BitBoy Crypto being arrested while live streaming, and Epic Games laying off 870 employees due to failed metaverse ambitions.
Alright, let's take a look at the top crypto news stories this week!
TOP CRYPTO NEWS RECAP (SEPTEMBER 24 – SEPTEMBER 30, 2023)
- Mixin Network Loses $200 Million From Mainnet Assets
- Crypto Influencer Bitboy Crypto Arrested Over Lamborghini Dispute
- HTX Global (Formerly Huobi Global) Hacked for $8 Million in ETH
- Epic Games Lays Off 870 Employees, Over Metaverse Ambitions
- SEC's Decision on Bitcoin ETF for BlackRock, Invesco, Bitwise, and Ark 21Shares Faces Another Delay
- Stablecoin Issuer Circle Supports Binance’s Case Against SEC in New Filing
Mixin Network Loses $200 Million From Mainnet Assets
Mixin Network, a peer-to-peer digital asset platform based in Hong Kong, was hacked and nearly $200 million was stolen. The breach, which was linked to a third-party cloud service provider, resulted in the suspension of deposit and withdrawal services immediately. However, Feng Xiaodong, the company's founder, promised compensation with a 50% cap and the remainder in bond tokens. This suspension of services will continue until vulnerabilities are resolved.
Crypto Influencer Bitboy Crypto Arrested Over Lamborghini Dispute
Crypto influencer Ben 'BitBoy' Armstrong was arrested live on stream outside his ex-partner Carlos Diaz's home over a Lamborghini dispute. Armstrong accused Diaz of having his car and confronted him during the broadcast. Police arrived, questioning Armstrong about weapons. He denied having any and was detained.
This incident follows BitBoy's controversies, including his removal from Bitboy Crypto for substance abuse and harm to employees. He also sought donations for legal battles. Interestingly, blockchain investigator ZachXBT called it karma for a notorious figure in the crypto world.
HTX Global (Formerly Huobi Global) Hacked for $8 Million in ETH
Huobi Global (now HTX) crypto exchange suffered a major blow on Sept. 24, as hackers made off with 5,000 ETH, totaling $8 million. However, founder Justin Sun assured users that all losses were covered.
In a unique twist, HTX offered the attacker a 5% "white-hat bonus" of $400,000, provided the stolen funds were returned. If not, law enforcement will be brought in. Despite the breach, HTX remains resilient, with normal operations and user assets intact. This incident follows Huobi's recent rebranding to HTX.
Epic Games Lays Off 870 Employees, Over Metaverse Ambitions
Epic Games, creator of Fortnite, is letting go of 16% of its staff, impacting 870 employees. CEO Tim Sweeney admitted overspending and investing heavily in Fortnite's metaverse, leading to financial strain. The move includes divesting Bandcamp and spinning off SuperAwesome.
Sweeney expressed regret over the layoffs but assured a robust severance package. The company also faces a legal battle with Apple. Despite challenges, Epic remains focused on key projects, including Fortnite's next season. This significant restructuring aims to ensure long-term financial stability amid the ever-evolving gaming landscape.
SEC's Decision on Bitcoin ETF for BlackRock, Invesco, Bitwise, and Ark 21Shares Faces Another Delay
The United States SEC has again delayed decisions on BlackRock and Invesco's Bitcoin ETF applications. The regulator also postponed Bitwise and Valkyrie's requests. Despite a mid-October deadline, the race for a US Bitcoin ETF continues, with over 10 firms awaiting SEC approval. The SEC's final ruling could extend to March 2024, but industry experts continue to estimate a 75% chance of approval.
Stablecoin Issuer Circle Supports Binance’s Case Against SEC in New Filing
Stablecoin issuer Circle steps up in the SEC's case against Binance, asserting stablecoins like USDC shouldn't face the same regulations as other cryptocurrencies. Circle contends that standalone purchases don't bring profit, exempting them from SEC oversight.
This move challenges the SEC's claims on Binance's BUSD. However, companies like Binance and Coinbase continually argue against stringent rules. The outcome may set a precedent for the future of stablecoins in the U.S. financial landscape.
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