Ether futures ETFs launching, SBF trial to begin and 3AC’s Su Zhu arrested: Hodler’s Digest, Sept. 24-30

Published

2 years ago

September 30, 2023

admin

Ethereum futures ETFs to start trading next week

Investment firm Valkyrie will start offering exposure to Ether futures in the coming days. On Sept. 28, the firm told Cointelegraph that its Bitcoin Strategy ETF will allow investors access to Ether and Bitcoin futures “under one wrapper,” making it one of the first firms to do so amid several pending applications with the U.S. Securities and Exchange Commission. Starting Oct. 3, the fund’s name will be updated to the Valkyrie Bitcoin and Ether Strategy ETF. Asset manager VanEck also disclosed its upcoming Ethereum Strategy ETF, which will be listed on the Chicago Board Options Exchange in the coming days. Analysts suggested that a potential U.S. government shutdown might have accelerated the launch of Ether futures ETFs.

SBF trial dates revealed: FTX founder to stand trial over 6 weeks

Former FTX CEO Sam “SBF” Bankman-Fried will spend at least 21 days in court as part of his criminal trial, which will begin in earnest on Oct. 4 and last until Nov. 9, according to a newly released trial calendar posted to the public court docket. The first official date of the Bankman-Fried trial is Oct. 4, where the participants will begin discussing seven fraud charges laid against SBF. There are two substantive charges where the prosecution must convince a jury that Bankman-Fried committed the crime. Five other “conspiracy” charges involve the prosecution convincing a jury that Bankman-Fried planned to commit the crimes. The former FTX CEO has been serving pre-trial detention at the Brooklyn Metropolitan Detention Center since Aug. 11. If considered guilty of fraud, Bankman-Fried is likely to spend the rest of his life in prison, legal specialists explained to Cointelegraph.

3AC’s Su Zhu arrested in Singapore

Co-founder of Three Arrows Capital (3AC) Su Zhu was detained at Changi Airport in Singapore while trying to leave. Teneo, the joint liquidator of the now-bankrupt hedge fund, told Cointelegraph that Zhu’s arrest followed a committal order from the Singapore Courts, which is a directive used to imprison someone for contempt of court. On Sept. 25, Teneo secured this committal order, alleging that Zhu didn’t comply with a court order. His arrest is part of an ongoing investigation to retrieve funds for 3AC’s creditors. The $10 billion hedge fund crashed in 2022 due to the collapse of the Terra ecosystem. A similar committal order was granted against Kyle Davies, also co-founder of 3AC. His whereabouts remain unknown.

Binance urges users to convert euros to USDT after Paysafe debank

Binance has warned its European users to convert their euro (EUR) balances to Tether by Oct. 31 due to the loss of support from its banking partner, Paysafe. Paysafe ceased processing EUR deposits for Binance users on Sept. 25. While EUR withdrawals to bank accounts remain available, Paysafe users won’t be able to engage in EUR spot trading. Binance’s token swap feature, Binance Convert, will also restrict EUR transactions. Paysafe previously facilitated fiat deposits and withdrawals for Binance users in Europe, including via bank transfer in the European Union’s Single Euro Payments Area. The move is the latest to add to Binance’s regulatory and debanking woes in the West.

SEC delays spot Bitcoin ETF decision for BlackRock, Invesco and Bitwise

The U.S. Securities and Exchange Commission has again postponed its decision on several spot Bitcoin ETF applications, including those from BlackRock, Invesco, Bitwise and Valkyrie, ahead of a potential government shutdown. Bloomberg ETF analyst James Seyffart anticipates similar delays for Fidelity, VanEck, and WisdomTree. These delays came two weeks before the applicants’ expected second deadline. Seyffart links the premature delays to an anticipated U.S. government shutdown on Oct. 1, which would impact financial regulators and federal agencies.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $26,895, Ether (ETH) at $1,667 and XRP at $0.53. The total market cap is at $1.07 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Compound (COMP) at 23.71%, Chainlink (LINK) at 15.12% and THORchain (RUNE) at 14.51%.

The top three altcoin losers of the week are Immutable (IMX) at -9.80%, UNUS SED LEO (LEO) at -5.38% and XDC Network (XDC) at -4.61%.

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

Most Memorable Quotations

“You [Gary Gensler] are kneecapping the U.S. capital markets with the avalanche of red tape coming out of your commission.”

Andy Barr, U.S. representative

“A central bank that introduces a CBDC should increase the choices for society, not diminish them.”

Agustín Carstens, general manager at the Bank of International Settlements

“Looking like the SEC is gonna let a bunch of #Ethereum futures ETFs go next week potentially.”

James Seyffart, analyst at Bloomberg Intelligence

“Do you think it’s possible for you [Gary Gensler] to serve as an impartial regulator and not favor large financial intermediaries?”

Tom Emmer, U.S. representative

“[Stablecoins] will be a big driver of economic freedom in the decade ahead.”

Jesse Pollak, head of protocols at Coinbase

“The symbiosis between street art and Bitcoin is a powerful one. By working together, these two movements help to create a more just and equitable world.”

Street, pseudonymous co-founder of the Street Cy₿er artist collective

Prediction of the Week

Bitcoin shorts keep burning as BTC price seeks to hold $27K

Bitcoin (BTC) bounced around $27,000 on Sept. 29 as a challenge to month-to-date highs dragged BTC price action upward. Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency attempting to hold gains after a classic “short squeeze.”

The day prior offered a trip past the $27,000 mark, with Bitcoin bulls unable to seal a fresh peak for September. Topping out at $27,300 on Bitstamp, BTC price strength returned to consolidate, still up 4% versus the week’s low at the time of writing.

Analyzing the situation on low timeframes (LTFs), popular pseudonymous trader Skew said that the upside had come courtesy of derivatives markets, with spot traders selling at the highs. “LTF stuff but pretty clear spot absorption around the high so $27.2K is an important price area to clear for spot buyers,” he explained on X (formerly Twitter).

Skew subsequently noted that $27,200 remained a rejection point on the day, ahead of the Wall Street open. Going into next week, he added, the market was “likely to hunt both sides of the book.”

FUD of the Week

Ben ‘BitBoy’ Armstrong arrested on livestream over Lambo dispute

Crypto influencer Ben Armstrong, formerly known as “BitBoy,” was arrested on Sept. 25 while livestreaming outside a former business associate’s house, claiming the associate had his Lamborghini. He was charged with “loitering/prowling” and “simple assault by placing another in fear” and was held for over eight hours before being released on a $2,600 bond and $40 in fees. In Georgia, the misdemeanor charges of loitering and prowling could result in a fine of up to $1,000, up to one year in jail, or both.

Crypto exchange claiming $1.4B trading volume uses reportedly fake license data

An investigation by Cointelegraph revealed that several cryptocurrency platforms, reporting significant daily trades on CoinMarketCap, may have provided misleading information about their crypto licenses. Bitspay, for instance, which has a daily trading volume of $1.4 billion on CoinMarketCap and ranks as the fourth-largest crypto exchange, claimed to be licensed in Estonia. However, after inquiries by Cointelegraph, Bitspay quickly removed the potentially false license data and no longer provides details about its registration or licensing.

Huobi Global hacked for $7.9M: Report

Huobi Global’s HTX crypto exchange was hacked on Sept. 24, according to a report from blockchain analytics platform CyVers. A total of $7.9 million of crypto has been drained in the attack. A known Huobi hot wallet posted a message to the attacker in Chinese. According to the message, the exchange knows the identity of the attacker and has offered to let them keep 5% of the drained funds as a “white-hat bonus,” but only if the attacker returns the remaining 95%. Binance CEO Changpeng “CZ” Zhao offered the help of the exchange’s security team in investigating the attack.

Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis

From solving Mt. Gox to tracing crypto used by child abuse syndicates in Korea, Chainalysis has a long but sometimes controversial history.

US gov’t messed up my $250K Bitcoin price prediction: Tim Draper, Hall of Flame

Tim Draper’s first big Bitcoin prediction came off without a hitch, but he says the current administration is making his second one look bad.

China dev fined 3 yrs’ salary for VPN use, 10M e-CNY airdrop: Asia Express

Chinese national fined three years’ salary for using VPN for remote work, Hangzhou airdrops 10M digital yuan, JPEX alleged Ponzi nears $200M, and more.

Editorial Staff

Cointelegraph Magazine writers and reporters contributed to this article.

Politics

‘The time is now to stop Reform’ – Plaid Cymru calls on Labour voters to unite behind Welsh nationalists

Published

1 hour ago

October 10, 2025

admin

'The time is now to stop Reform' - Plaid Cymru calls on Labour voters to unite behind Welsh nationalists

One party has held court over Welsh politics for more than a century.

Welsh Labour MPs have been the largest group sent to Westminster in every general election since 1922 – and the party has been in government in the country for more than a quarter of a century.

But if the polls are accurate, Labour’s long-standing grip on politics in Wales is fading.

Politics latest – follow live

Plaid Cymru and Reform UK are running almost neck and neck, while Labour trails significantly. A recent YouGov poll put Plaid Cymru on 30%, Reform UK on 29% and Labour at 14%.

Plaid Cymru, heading into its conference this weekend, can sense the mood for change in Wales – and intends to show it is ready for government.

The party hopes to capitalise on disillusioned Labour voters feeling let down by their party under Sir Keir Starmer, and use this to tackle the rise of Reform – which is key to getting it into power.

In his leader’s speech, Rhun ap Iorwerth is expected to position Plaid Cymru as Wales’s progressive force, and the only party capable of taking on Reform.

He will say: “We’re not here to act as Labour’s conscience. We are not here to repair Labour. We are here to replace them.

“If you’ve never voted for Plaid Cymru before, the time is now.

“The time is now to stop Reform and elect a government more radical, more ambitious, more impatient to bring about positive change than any which has gone before it. A government of progress and of progressive values.”

One in five Labour voters in Wales intend to back Plaid Cymru at the Senedd elections in 2026, according to YouGov. But almost a quarter of Labour voters remain undecided on who to endorse.

The topic of independence will no doubt be a contentious issue for voters who are angry about decisions made by Labour in Wales and Westminster, but do not want an independent Wales.

Mr ap Iorwerth has ruled out an independence referendum if Plaid Cymru wins next year’s elections, signalling that he doesn’t want the campaign to centre on independence.

Throughout the conference, Plaid Cymru will position itself as ready to govern. But voters will expect clear plans for the NHS, education, and the economy. The question for the party, both during this conference and over the coming months, will be whether its proposals can win over Labour voters in its quest to beat Reform.

But Plaid Cymru’s challenge to Nigel Farage’s party faces a critical test sooner than May. Instead, its next battle will be in the Caerphilly Senedd by-election on 23 October.

Historically a Labour stronghold at both Senedd and Westminster levels, Caerphilly has consistently returned Labour representatives, with Plaid Cymru as the main opposition at Senedd elections.

However, this election introduces a new dynamic, as Reform has emerged as a credible challenger, poised to disrupt the traditional two-party contest.

Coming second at this election won’t be a total loss for Plaid Cymru.

If it can come second at the by-election, it will prove the point Mr ap Iorwerth will be making at the conference in Swansea: that his party is the only credible anti-Reform vote.

The full list of candidates standing at the Caerphilly by-election:

Labour – Richard Tunnicliffe
Plaid Cymru – Lindsay Whittle
Reform UK – Llŷr Powell
Conservative – Gareth Potter
Green Party – Gareth Hughes
Gwlad – Anthony Cook
UKIP – Roger Quilliam
Liberal Democrats – Steve Aicheler

Politics

Starmer’s found new enthusiasm for his digital ID project – but will he be able to sell it?

Published

1 hour ago

October 10, 2025

admin

Starmer's found new enthusiasm for his digital ID project - but will he be able to sell it?

One metric for the rise and fall of this government might end up being the progress of the rollout of digital ID.

The lack of a clear plan – despite the high profile announcement by the PM – means the destination still remains slightly opaque, and some cabinet ministers are sceptical.

However, the PM’s India trip suggests that there might just be a path to success, if things fall in Keir Starmer’s favour.

During his visit, Starmer met the boss of Infosys, Nandan Nilekani, who is behind the rollout of digital ID to more than 1.4 billion Indian citizens.

Afterwards, when I asked about it at the closing press conference of the India trip, he was infused by a fresh enthusiasm for the plan, not evident at the Labour gathering in Liverpool in the days after he first unveiled it.

Below is what he said to me, transcribed in full.

But as you read it, notice how the PM’s explanation and justification for this scheme – which will be one of the biggest projects this government undertakes if it does happen – centres around convenience for citizens and makes no mention of the case originally used for it – to combat illegal migration.

Politics latest – follow live

Starmer told me: “We did discuss [digital ID] yesterday. And in particular, the benefits that it has brought in India.

“We’ve obviously also looked at other countries – Estonia, for example. The speed with which it allows citizens here to access services, particularly financial services, is something that was recognised in our discussions yesterday and actually at the fintech discussion that we had today, as well.

“So, we’re looking at those examples of how digital ID helps individuals, with the processes that sometimes take too long and are too cumbersome, and makes it easier for them.”

The answer is clear: the prime minister now puts personal convenience as the top justification.

While Starmer was locked in the Fintech summit, we visited Mumbai University to gauge opinion on digital ID, which has rolled out across India over the past 10 to 15 years.

We asked students as they could traditionally have been thought to be one of the more cautious groups in society towards a project which involves state intrusion into the lives of individuals.

Among all the people that we talked to – and you can watch our video at the top of this page – there was a recognition of privacy concerns, worries about data leaks, and uncertainty about how some of the information might be used.

But every single person we stopped and talked to about it was nevertheless enthusiastically in favour – and said it had made their lives simpler and more efficient.

The net benefits of this scheme had landed with the Indian citizens we spoke to.

The engagement from Infosys is also significant after the boss of Palantir, a rival tech company, gave the idea of a UK digital ID scheme a comprehensive shellacking last week.

For a moment, it looked like the corporate world might be pulling back from the scheme – so the engagement of a massive multinational corporation has come at just the right moment.

None of which is to downplay the obstacles.

In a bizarre move, the Home Office appears to have been allowed to swerve responsibility for the project, which has gone instead to Liz Kendall’s Department of Science, Innovation and Technology (DSIT), which does not yet have any track record of major delivery.

One DSIT aide said that the young average age of staff at the newly formed department is an advantage, a claim which seems somewhat doubtful.

So, Whitehall may tie itself up in knots over this project. Or, it might turn out that India’s cultural norms simply make it an easier place to roll out a scheme like this.

But on the basis of our enquiries, there is the potential case for a scheme that can be sold to a willing public.

Politics

Democrats propose ‘restricted list’ for DeFi protocols, sparking outcry

Published

4 hours ago

October 10, 2025

admin

Democrats propose ‘restricted list’ for DeFi protocols, sparking outcry

Democrat Senators have been slammed for pitching a counter-proposal that seeks to give the Treasury Department authority to place risky DeFi protocols on a “restricted list.”