18 Sep: JPEX

"Sooner or later, those who win are those who think they can."
 –Paul Tournier

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Happy Monday Folks! Over the weekend Mark Cuban was hacked and $900K was stolen. Today, we learn that JPEX exchange had some complications with a third party, resulting in the exchange suspending withdrawals, which lead to an investigation by Hong Kong authorities where one person was arrested; what a way to start a week. Meanwhile, Bitcoin is trading at $27,197.25; step by step, inch by inch it will be back above $30K soon. Let's get on with the news...


FOMC versus BTC price ‘local bottom’ — 5 things to know in Bitcoin this week (Cointelegraph):

  • Trader eyes BTC price “local bottom”
  • FOMC volatility due with rate pause odds at 99%
  • Difficulty, hash rate return to new records
  • Bitcoin address numbers reach multiyear highs
  • Crypto fear is never far away

The sale of tokens held by bankrupt crypto exchange FTX will not result in a market shock due to several mitigating factors, Coinbase said in a research report Thursday. Crypto investment products have seen over $450 million in cumulative outflows over the past nine weeks.

Bitcoin tops $27.4K a week after death cross formation with Fed likely to extend rate pause and open interest matches Grayscale peak; Bitcoin dominance back above 50% as Altcoins struggle. However, Also, data shows the Bitcoin Open Interest has shot up by $1.8 billion as the cryptocurrency’s price has broken the $27,000 level. Meanwhile, Bitcoin (BTC) rise above $27,000 proved short-lived, as the token tumbled about 2% in minutes during early afternoon U.S. hours to $26,700.
However, Bitcoin investors are bullish on the US Fed’s $100B loss as the debt ceiling is unlikely to hold as the government faces increased pressure from interest rate payments, a potential catalyst for Bitcoin and cryptocurrencies.

Bitcoin is ‘on sale,’ Yusko says, but customers are running out of the store as "parabolic blow-off top" is coming. Willy Woo reveals his ‘big worry’ for Bitcoin as BTC begins to trade like other macro assets.

Ethereum bulls could seize market control, as ETH aims at higher resistance levels. Crypto whale takes $150M bullish bet on Ether, trading data tracker shows. Ether trading at 27% discount to fair value, new research shows. Ethereum’s Holesky testnet fails to launch, in rare tech misstep for the Blockchain. As XRP nears 5 million holders, key insights into token ownership come to light, offering valuable perspectives on growing ecosystem of XRPL. Toncoin leads bitcoin in crypto market rally after Telegram endorsement.

Three central banks have launched new pilots for central bank digital currencies (CBDCs), according to an announcement from the Society for Worldwide Interbank Financial Telecommunication (SWIFT). The United States House Financial Services Committee is moving forward with legislation aimed at preventing the issuance of a central bank digital currency. Stablecoin issuer Paxos, in one of the latest developments, released the first transparency but unaudited report for the recently born Paypal USD, or PYUSD stablecoin, affirming the stability and reliability of the assets.

Trading activity on Binance.US has reached new lows in September, as the crypto exchange faces unprecedented challenges. On Sep. 16, exchange volume stood at $5.09 million on Binance.US, as reported by Amberdata on The Tie Terminal. The Base Layer 2 network achieved a significant milestone of 1.88 million daily transactions on September 14.

Cryptocurrency exchange CoinEx, which recently suffered a breach, has called on the hacker to negotiate with the company while also promising a generous bounty reward if they decided to return the stolen assets.

Nine United States Senators have added their support to Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act, according to a statement from Warren’s office. Tom Emmer, majority whip of the United States House of Representatives and crypto proponent, says that digital assets have become a “sleeper issue” in U.S. politics, both at the state and federal levels. The New York State Department of Financial Services, or NYDFS, has called on the public to provide feedback to a proposal aiming to strengthen regulatory requirements for crypto firms operating in the state.

Crypto exchange JPEX has pointed the finger at its third-party market makers for “maliciously” freezing funds, which led to the exchange being forced to hike withdrawal fees to battle a liquidity crisis. As a result they suspended trading following an probe by the Hong Kong Securities and Futures Commission (SFC); Hong Kong police reportedly arrested crypto influencer Joseph Lam (Lin Zuo), who goes by the username “jolamchok” on Instagram, for his association with crypto exchange JPEX. SEC accuses Binance of noncooperation, court unseals case documents and as regulators prepare to square off with one of the world’s biggest crypto exchanges in court, Ceffu has denied any ties to Binance or U.S. operations. The reality is murkier.

3 steps crypto investors can take to avoid hacks by the Lazarus Group: Use hardware wallets, enable 2FA, and be suspicious of all links. Four Chinese nationals and one from Laos were arrested by Thailand’s Cyber Crime Investigation Bureau (CCIB) in connection with a fraudulent crypto investment platform that swindled over 2.7 billion Baht (worth around $76 million) from local investors.



Podcast of the day: Macroeconomics & On-Chain Data with Nik Bhatia & Willy Woo - WBD Live in Sydney | WBD


Crypto Market
 - FTX Impact (CoinDesk)
 - Outflows (Cointelegraph)
 - Price (CoinDesk | Cointelegraph | Cointelegraph | NewsBTC | CoinDesk
 - Dominance (UToday)
 - Opinion (Blockworks | TDH | TDH
 - Ethereum (CoinDesk | CoinDesk | CoinDesk | CryptoPotato)
 - XRP (UToday)
 - TON (TB)
 - Central Banks (TDH)
 - Legislation (Cointelegraph)
 - PayPal (CryptoPotato)
 - Binance.US (Cointelegraph)
 - Coinbase (BIC)
 - Elizabeth Warren (CointelegraphBIC)
 - Tom Emmer (Cointelegraph)
 - NYDFS (Cointelegraph | Blockworks | TB | BIC)
Legal Cases
 - Joseph Lam/JPEX (Cointelegraph | TB | CoinDesk | BIC | Cointelegraph)
 - Binance (Cointelegraph | CoinDesk | TB | CoinDesk)
 - CoinEx (CryptoPotato)
 - Prevent Hacks (Cointelegraph)
 - Thailand (CryptoPotato | TDH)

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