CryptoSlate Wrapped Daily: Another Spot Bitcoin ETF gets rejected by SEC; Google, Coinbase partner for crypto payments CryptoSlate Wrapped Daily: Another Spot Bitcoin ETF gets rejected by SEC; Google, Coinbase partner for crypto payments
The SEC rejects WisdomTree's Spot Bitcoin ETF, TampleDAO loses over $2.3M to a hack, and much more in this edition of CryptoSlate Wrapped Daily.
3 min read
Updated: Oct. 12, 2022 at 12:08 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The biggest news in the cryptosphere for Oct. 10 includes Google’s new partnership with Coinbase to start accepting crypto payments, Bittrex’s $30 million fine for violating federal sanctions, and the SEC’s rejection of WisdomTree’s Spot Bitcoin ETF for not having enough surveillance.
CryptoSlate Top Stories
Google to integrate crypto payments with cloud services from 2023 via Coinbase partnership
Google and Coinbase are collaborating to launch a crypto payments solution. Upon the announcement, COIN shares recorded a spike of 6%.
The duo will allow Google cloud services users to pay via cryptocurrencies supported in Coinbase. Google will also store its crypto holdings using Coinbase Prime.
Bittrex to pay $30M for sanctions violation
Crypto exchange platform Bittrex was fined $30 million by the U.S. Treasury Department’s Office of Foreign Assets (OFAC) and the Financial Crimes Enforcement Network (FinCEN) for violating federal sanctions.
Bittrex allowed around 1,800 individuals from sanctioned regions like Iran, Crimea, and Syria to conduct crypto transactions on its platform between 2014 and early 2017. The exchange agreed to pay the fine and make necessary adjustments to comply with the sanctions.
SEC rejects WisdomTree’s Spot Bitcoin ETF
The U.S. Securities and Exchange Commission (SEC) rejected the Wisdom Tree Bitcoin (BTC) Trust ETF for not offering a valid measure that could protect investors against market manipulation.
The SEC said that given the highly unregulated nature of the crypto market, the surveillance was crucial before approving any spot Bitcoin-ETF.
Temple DAO hacked for over $2.3M
Temple DAO was hacked on Oct. 11 and lost 1,831 Ethereum (ETH), equating to over $2.3 million. The project team offered a bounty on the hacker’s head and shut down the dApp to prevent accidental usage.
#PeckShieldAlert Seems like @templedao got exploited. The exploiter funded from SimpleSwap and already transferred 1,831 $ETH (~$2.34M) to a new address 0x2B63d…B5A0 @peckshield https://t.co/bOyOARyyxY pic.twitter.com/SVEm8o95U6
— PeckShieldAlert (@PeckShieldAlert) October 11, 2022
Coffeezilla calls out Celsius founder Alex Mashinsky for dumping CEL tokens
Crypto sleuth Coffeezilla blamed Celsius (CEL) founder Alex Mashinsky for allegedly dumping over 10,000 CEL tokens during the early hours of Oct. 11.
Coffeezilla published his accusations on his Twitter account as a thread. Mashinsky’s wallet address was later identified by Nansen, which revealed that around 10,000 CEL tokens were indeed swapped for approximately $9300 USD Coins(USDC).
BNY Mellon receives New York approval for crypto custodial services
Bank of New York Mellon (BNY Mellon) was approved to offer digital assets custody services on Oct. 11. With that, BNY Mellon customers will be able to store keys to their assets with the bank.
CNN’s NFT marketplace shutdown sparks rug pull accusations
CNN’s NFT Marketplace “Vault by CNN” announced that it shut down. The platform was launched in the summer of 2021 during the NFT boom, and its unexpected shutdown sparked talks of a possible rug pull.
A spokesperson from CNN responded to the community’s concerns by saying that Vault by CNN holders can expect to be compensated with roughly 20% of the distributions based on the NFTs in their wallets.
Research Highlight
Liquidations expected as Bitcoin open interest, leverage ratio spike higher
Given the state of the fiat market and Bitcoin’s relatively flat price movements, which remained between $18,400 and $22,800 over the past months, Bitcoin might be giving signals of decoupling from legacy markets.
CrytpoSlate analysts examined three different indicators; Bitcoin Futures Estimated Leverage Ratio (ELR), Futures Open Interest, and Futures Perpetual Funding Rates (FPFR) to discover that the crypto market is significantly hot and overleveraged to the upside.
This is an indicator for the upcoming widespread liquidations period, which might decline the asset prices led by Bitcoin.
Research: What exactly happened in 2021 for Shiba Inu?
Shiba Inu (SHIB) soared through 2021, only to keep falling in 2022. CryptoSlate analysts identified a difference in the amount of SHIB held by exchanges in both major SHIB unlocks.
SHIB was released for the first time in April/May, which soared the price and the amount of SHIB tokens held on exchanges. The second major unlock took place in October/November and recorded a new price ATH. However, SHIB tokens held by exchanges decreased drastically.
SHIB price only continued to fall from that point on. According to CryptoSlate data, SHIB fell by 58.32% in the last 365 days, and the current price lingers around $0.000011, which is 88% lower than its ATH.
News from around the Cryptoverse
YugaLabs faces SEC probe for unregistered offerings
Bored Ape creators, Yuga Labs is facing an investigation from the SEC, according to Bloomberg. The commission is examining the legality of Yuga Labs’ high-value NFT sales.
Crypto Market
Bitcoin (BTC) decreased by 1.19% in the last 24 hours to be traded at $19,003, while Ethereum (ETH) also fell by 2.02% to trade at $1,282.
Biggest Gainers (24h)
- TerraUSD (USTC): +34.71%
- Hedera (HBAR): +2.48%
- Huobi Token (HT): +1.57 %
Biggest Losers (24h)
- ApeCoin (APE): -11.11%
- Ravencoin (RVN): -7.64%
- NEAR Protocol (NEAR): -7.45%
Mentioned in this article
Bitcoin 
Celsius 
Ethereum 
USD Coin 
SHIBA INU 
ApeCoin 
NEAR Protocol 
Ravencoin 
Hedera 
TerraClassicUSD 
HTX Token 
Coinbase 
Bittrex 
Yuga Labs 
Alex Mashinsky Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Celsius
$0.23609
Celsius Network is a P2P decentralized lending & borrowing platform.
Ethereum
$3,355.08
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
USD Coin
$0.99988
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
SHIBA INU
$0.00002
Shiba Inu (SHIB) is a decentralized meme token that aims to be the Ethereum-based counterpart to Dogecoin’s Srypt-based mining algorithm. According to SHIBA INU, the reasoning behind the creation of SHIBA is that Shibas constantly forget where they bury their treasure.
ApeCoin
$1.14997
ApeCoin is an ERC-20 governance and utility token used within the APE Ecosystem to empower and incentivize a decentralized community building at the forefront of web3.
NEAR Protocol
$5.70310
NEAR is a decentralized development platform built on top of the NEAR Protocol, which is a public, sharded, developer-friendly blockchain.
Ravencoin
$0.02248
Ravencoin is a digital peer to peer network that aims to implement a use case specific blockchain, designed to efficiently handle one specific function: the transfer of assets from one party to another.
Hedera
$0.12260
The Hedera hashgraph platform provides a new form of distributed consensus; a way for people who don’t know or trust each other to securely collaborate and transact online without the need for a trusted intermediary.
TerraClassicUSD
$0.02113
TerraUSD (UST) is a decentralized and algorithmic stablecoin on the Terra blockchain.
HTX Token
$0.64183
HTX Token(formerly HT or Huobi Token) is a decentralized digital asset based on Ethereum, with a limited total supply of 500 M, issued by Huobi Group.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Bittrex
Founded in 2014 by three cybersecurity engineers, Bittrex is a global leader in the blockchain revolution.
Yuga Labs
Yuga Labs is one of the savviest marketers of NFT brands, including Bored Ape Yacht Club, a collection of 10,000 Bored Ape NFTs—unique digital collectibles living on the Ethereum blockchain.
Alex Mashinsky, born in 1965 in the Soviet Union to a Jewish family, moved to Israel in the 1970s.
