BlackRock meets with SEC over ETF, Binance’s new era begins and SBF loses release bid: Hodler’s Digest, Nov. 19-25

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2 years ago

November 25, 2023

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US officials announce $4.3B settlement with Binance, plea deal with CZ

Binance and its co-founder, Changpeng “CZ” Zhao, have reached a settlement over criminal and civil cases with the United States Department of Justice. CZ will plead guilty to one felony charge as part of the negotiated agreement. Attorney General Merrick Garland announced the settlement, claiming Binance’s policies allowed criminals involved in illicit activities to move “stolen funds” through the exchange. As part of the settlement, CZ announced on X (formerly Twitter) that he had stepped down as CEO and that Binance’s global head of regional markets, Richard Teng, will assume the position. He added he was “proud to point out” that U.S. officials didn’t allege that Binance misappropriated funds or manipulated markets. CZ was released on bail and is battling government efforts to bar his return to the United Arab Emirates to be with his family. His sentencing is scheduled for February.

BlackRock met with SEC officials to discuss spot Bitcoin ETF

Representatives from BlackRock and Nasdaq met with the U.S. Securities and Exchange Commission (SEC) to discuss the proposed rule allowing the listing of a spot Bitcoin exchange-traded fund (ETF). BlackRock provided a presentation detailing how the firm could use an in-kind or in-cash redemption model for its iShares Bitcoin Trust. Many reports have suggested the SEC could be nearing a decision on a spot BTC ETF for listing on U.S. markets. SEC officials also met with Grayscale representatives this week to discuss the listing of a Bitcoin ETF. BlackRock is one of many firms with spot crypto ETF applications in the SEC pipeline awaiting a response, including Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck and Bitwise.

Bitcoin user pays $3.1M transaction fee for 139 BTC transfer

A Bitcoin user paid $3.1 million in fees for transferring 139.42 BTC. The transaction fee is the eighth-highest in Bitcoin’s 14-year history. A wallet address tried transferring 139.42 BTC only to pay more than half the actual value of the transaction fee. The destination address received only 55.77 BTC. The mining pool Antpool captured the absurdly high mining fee on block 818087. This is the largest Bitcoin transaction fee ever paid in dollar terms, knocking off Paxos’s September transfer of $500,000.

SEC sues Kraken alleging it’s an unregistered exchange, mixes user funds

The U.S. Securities and Exchange Commission has sued Kraken, alleging it commingled customer funds and failed to register with the regulator as a securities exchange, broker, dealer and clearing agency. Additionally, the SEC alleged Kraken’s business practices and “deficient” internal controls saw the exchange commingle up to $33 billion worth of customer assets with its own. The SEC said this resulted in a “significant risk of loss” for its clients. In a follow-up blog post, Kraken said the SEC’s commingling accusations were “no more than Kraken spending fees it has already earned,” and the regulator doesn’t allege any user funds are missing.

Appeals court rejects Sam Bankman-Fried’s bid for release

Sam Bankman-Fried will stay jailed after failing to convince a United States appellate court that he should be freed while his legal team appeals his conviction. Government prosecutors accused Bankman-Fried of leaking Caroline Ellison’s journals to The New York Times in July, which caused his bail to be revoked by a New York District Court. Bankman-Fried was found guilty of seven fraud and money laundering-related charges on Nov. 2. The former FTX CEO will remain behind bars while he awaits his sentencing on March 28 next year.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $37,710, Ether (ETH) is at $2,079, and XRP is at $0.62. The total market cap is at $1.43 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Blur (BLUR) at 99.25%, FTX Token (FTT) at 39.05% and KuCoin Token (KCS) at 24.82%.

The top three altcoin losers of the week are Celestia (TIA) at -19.89%, ORDI (ORDI) at -17.63% and THORChain (RUNE) at -15.53%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“The U.S. has a financial regime that basically has been weaponized.”

Charles Hoskinson, founder of Cardano

“I made mistakes, and I must take responsibility.”

Changpeng “CZ” Zhao, former CEO of Binance

“We, the employees of OpenAI, have developed the best models and pushed the field to new frontiers, [but] the process through which you terminated Sam Altman […] has jeopardized all of this work and undermined our mission and company.”

OpenAI employees

“Get your crypto company out of the U.S. warzone.”

Jesse Powell, co-founder of Kraken

“The regulatory uncertainty that permeates the U.S. market is having an impact on the rest of the world.”

Oliver Linch, CEO of Bittrex Global

“I’m looking forward to returning to OpenAI and building on our strong partnership with Microsoft.”

Sam Altman, CEO of OpenAI

Prediction of the week

‘Enjoy sub-$40K Bitcoin’ — PlanB stresses $100K average BTC price from 2024

Bitcoin buyers should enjoy the chance to add to their stack below $40,000, according to PlanB, pseudonymous creator of the stock-to-flow family of BTC price models. He believes Bitcoin will rise much higher than its recent 18-month highs.

Bitcoin bear market bottoms are characterized by the spot price dipping below the realized price, while bull markets begin once the spot crosses the two-year and five-month realized price levels. BTC/USD is now once again above all three realized price iterations.

“Enjoy sub-$40k bitcoin … while it lasts,” PlanB commented on an accompanying chart.

Asked whether the market should expect lower levels from here, PlanB would not be drawn, saying that he simply expected an average BTC price of at least $100,000 between 2024 and 2028 — Bitcoin’s next halving cycle.

FUD of the Week

HTX to restore services ‘within 24 hours’ after $30M hack

Crypto exchange HTX, formerly known as Huobi Global, resumed deposits and withdrawals within 24 hours after suffering a $30 million exploit on Nov. 22. The exploit was reported to be $13.6 million around the time of the incident, but has since increased in value. HTX’s hot wallets were compromised alongside a coordinated $86.6 million attack against the HTX Eco (HECO) Chain bridge, consisting of HTX, Tron and BitTorrent. The company has promised to fully compensate users for any losses incurred as a consequence of the hack.

CZ an ‘unacceptable risk of flight,’ should stay in US: DOJ

United States prosecutors are trying to stop former Binance boss Changpeng “CZ” Zhao from leaving the country, expressing concern about his potential flight risk. The government requested a review and overturn of a judge’s decision that would allow Zhao to return to his home in the United Arab Emirates (UAE) on a $175 million bond under the condition that he returns to the U.S. two weeks before his February 2024 sentencing. In a proposed order, prosecutors wrote that Zhao “presents an unacceptable risk of flight,” arguing that his ties and favored status in the UAE, along with the country’s lack of an extradition treaty with the U.S., are reasons to block him from leaving the country.

KyberSwap hacker offers $4.6M bounty for return of $46M loot

The decentralized exchange KyberSwap has offered a 10% bounty reward to the hacker who stole $46 million on Nov. 22 and left a note of negotiation. The exchange wants 90% of the loot returned. The hacker made away with roughly $20 million in Wrapped Ether, $7 million in wrapped Lido-staked Ether and $4 million in Arbitrum tokens. The hacker then siphoned the loot across multiple chains, including Arbitrum, Optimism, Ethereum, Polygon and Base.

Top Magazine Pieces of the Week

This is your brain on crypto: Substance abuse grows among crypto traders

According to some addiction experts, the high-stress atmosphere of cryptocurrency trading can provide a perfect environment for substance abuse.

Michael Saylor’s a fan, but Frisby says bull run needs a new guru: X Hall of Flame

Bitcoin enthusiast Dominic Frisby has a wild journey, from penning one of the first-ever Bitcoin books to plastering “Bitcoin fixes this” on the Bank of England.

6 Questions for Alex O’Donnell about financial journalism and the future of DeFi

Alex O’Donnell spoke to Cointelegraph Magazine about his career as a financial journalist — and how it led to his involvement in crypto and Umami DAO.

Editorial Staff

Cointelegraph Magazine writers and reporters contributed to this article.

Politics

Labour deputy leadership candidate accuses opponent’s team of ‘throwing mud’ and briefing against her

Published

2 hours ago

October 18, 2025

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Labour deputy leadership candidate accuses opponent's team of 'throwing mud' and briefing against her

Lucy Powell has accused Bridget Phillipson’s team of “throwing mud” and briefing against her in the Labour deputy leadership race in a special episode of Sky’s Electoral Dysfunction podcast.

With just days to go until the race is decided, Sky News’ political editor Beth Rigby spoke to the two leadership rivals about allegations of leaks, questions of party unity and their political vision.

Ms Powell told Electoral Dysfunction that through the course of the contest, she had “never leaked or briefed”.

But she said of negative stories about her in the media: “I think some of these things have also come from my opponent’s team as well. And I think they need calling out.

“We are two strong women standing in this contest. We’ve both got different things to bring to the job. I’m not going to get into the business of smearing and briefing against Bridget.

“Having us airing our dirty washing, throwing mud – both in this campaign or indeed after this if I get elected as deputy leader – that is not the game that I’m in.”

Ms Powell was responding to a “Labour source” who told the New Statesman last week: “Lucy was sacked from cabinet because she couldn’t be trusted not to brief or leak.”

Ms Powell said she had spoken directly to Ms Phillipson about allegations of briefings “a little bit”.

Phillipson denies leaks

But asked separately if her team had briefed against Ms Powell, Ms Phillipson told Rigby: “Not to my knowledge.”

And Ms Phillipson said she had not spoken “directly” to her opponent about the claims of negative briefings, despite Ms Powell saying the pair had talked about it.

“I don’t know if there’s been any discussion between the teams,” she added.

On the race itself, the education secretary said it would be “destabilising” if Ms Powell is elected, as she is no longer in the cabinet.

“I think there is a risk that comes of airing too much disagreement in public at a time when we need to focus on taking the fight to our opponents.

“I know Lucy would reject that, but I think that is for me a key choice that members are facing.”

She added: “It’s about the principle of having that rule outside of government that risks being the problem. I think I’ll be able to get more done in government.”

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

Insider vs outsider

But Ms Powell, who was recently sacked by Sir Keir Starmer as leader of the Commons, said she could “provide a stronger, more independent voice”.

“The party is withering on the vine at the same time, and people have got big jobs in government to do.

“Politics is moving really, really fast. Government is very, very slow. And I think having a full-time political deputy leader right now is the political injection we need.”

The result of the contest will be announced on Saturday 25 October.

The deputy leader has the potential to be a powerful and influential figure as the link between members and the parliamentary Labour Party, and will have a key role in election campaigns. They can’t be sacked by Sir Keir as they have their own mandate.

The contest was triggered by the resignation of Angela Rayner following a row over her tax affairs. She was also the deputy prime minister but this position was filled by David Lammy in a wider cabinet reshuffle.

Politics

UK tax authority doubles crypto warning letters in crackdown on unpaid gains

Published

6 hours ago

October 18, 2025

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UK tax authority doubles crypto warning letters in crackdown on unpaid gains

HMRC sent nearly 65,000 warning letters to crypto investors last year, more than double the previous year, as the UK steps up efforts to trace undeclared capital gains.

Politics

‘Additional resources’ offered by govt to reverse ban on Maccabi Tel Aviv fans at Villa game

Published

17 hours ago

October 17, 2025

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'Additional resources' offered by govt to reverse ban on Maccabi Tel Aviv fans at Villa game

The government says it is exploring what “additional resources and support are required” to allow “all fans” to attend Maccabi Tel Aviv’s match against Aston Villa next month.

Supporters of the Israeli side have been told they are not allowed to attend November’s game in Birmingham after a decision by Birmingham’s Safety Advisory Group (SAG).

The group – made up of local stakeholders, including representatives from the council, police and event organisers – said the decision was due to a high risk of violence based on “current intelligence and previous incidents”.

Politics live: MPs react to Maccabi Tel Aviv fan ban

The decision has been criticised across the political spectrum, with Sir Keir Starmer describing it as a “wrong decision” while Tory opposition leader Kemi Badenoch called it a “national disgrace”.

In a statement on Friday night, a government spokesperson said: “No one should be stopped from watching a football game simply because of who they are.

“The government is working with policing and other partners to do everything in our power to ensure this game can safely go ahead, with all fans present.

“We are exploring what additional resources and support are required so all fans can attend.”

Meanwhile, Home Secretary Shabana Mahmood said: “Antisemitism is a stain on our society that shames us all. Every football fan, whoever they are, should be able to watch their team in safety.

“This government is doing everything in our power to ensure all fans can safely attend the game.”

The prime minister’s spokesman previously said Sir Keir would “do everything in his power to give Jewish communities the security they deserve”.

The Home Office offered to provide more police for the event, while Culture Secretary Lisa Nandy and Communities Secretary Steve Reed also intervened.

However, senior police insisted the ban was necessary and cited clashes and hate crime offences committed when the Israeli team travelled to Amsterdam to play Ajax last year.

The Aston Villa vs Maccabi Tel Aviv match – set to take place on Thursday 6 November – is a Europa League fixture.

UEFA, which runs the tournament, had urged UK authorities to ensure away fans could attend.