BlockchainReporter Weekly News Review: Dynamic Crypto Week Unfolds Excitingly

This week, the crypto sector observed multiple developments that have caught the attention of many crypto enthusiasts. Ex-BitMEX CEO Arthur Hayes sparks a lively debate by tactically switching from $SOL to $ETH. The U.S. District Court approves Binance and the CFTC’s $2.85 billion settlement, ending a long dispute. The court fined Binance and its former CEO, Changpeng Zhao, with legal and financial consequences, demonstrating the U.S. government’s commitment to cryptocurrency regulation. Moreover, the crypto sector donates $78 million to empower 52 million American digital asset holders by creating a just financial system and sponsoring pro-crypto lawmakers in 2024. AllianceBlock offers EIP7208, a unique ERC token standard for Real World Assets on-chain data management. Hut 8 Mining Corp. plans a major Cedarvale, Texas project linked to Celsius Network’s bankruptcy. Moreover, Trust Wallet also improves its user-friendly Web3 centre with swap functions to ensure smooth cryptocurrency conversion across networks.

Arthur Hayes Sparks Debate with $SOL Exit for $ETH

Arthur Hayes, former CEO of BitMEX, revealed a major change in his investment strategy on X (formerly Twitter). Hayes, known for his predictions, liquidated his holdings in $SOL (Solana) and started positions in $ETH (Ethereum), prompting cryptocurrency community debate. Hayes predicted $SOL would rise to $100 in the future. He predicted a 57% price increase from $63 to $99, which happened. However, the price fell to $93 after Hayes announced his sale of $SOL.

Hayes’ price predictions for $ETH and $BTC have been accurate over 60% of the time. On February 7, his capital-raising move and acquisition of Bitcoin caused a 90% price increase in $BTC. Hayes has lost $2.87 million (-64%) on $LOOKS, $ENS, and $FXS despite some gains. In particular, $LOOKS and $ENS lost over $2.27 million each. Using judicious withdrawals and deposits, Hayes won $55,000 on $LDO in August 2022 despite these challenges.

Binance Settles Long-Standing Dispute with CFTC

A U.S. court approved the settlement between Binance, the largest cryptocurrency exchange, and the CFTC. The CFTC fined Binance and its former CEO, Changpeng Zhao, $2.85 billion in November. The court fined Binance and its CEO, Zhao, $150 million for violating laws. Binance must forfeit $1.35 billion in illegal transaction fees and pay the CFTC $1.35 billion. The CFTC and Binance have resolved their longstanding dispute. The March 2023 charges accused Binance of operating an illegal futures exchange.

The arrangement required Zhao to resign as Binance CEO on November 21 and admit to civil and criminal anti-money laundering charges. Zhao will not appeal due to the prospect of an 18-month sentence. This decision’s legal and financial repercussions demonstrate the U.S. government’s commitment to cryptocurrency regulation. It also shows US regulatory organizations cooperating on cryptocurrencies, raising anticipation for future business changes.

Crypto Community Backs Pro-Crypto Politicians for 2024 Elections

The crypto sector is working together to empower 52 million American digital asset owners with a fair financial system. A group of twenty prominent cryptocurrency companies and individuals contributed $78 million, growing the fund. The movement supports impartial, cryptocurrency-friendly MPs in the 2024 elections. According to Coinbase’s blog post, the fundraising drive aims to enhance the financial system for average Americans using digital assets to accomplish the American Dream. This project addresses 91% of Americans’ dissatisfaction with conventional banking.

The crypto industry recognizes that elections and fair and sensible regulation will determine the future of cryptocurrencies in the US. The Fairshake SuperPAC and its allies’ $78 million campaign emphasizes the importance of supporting candidates that share the crypto industry’s goal of a fair and comprehensive financial system. This financial support aims to influence elections and promote a crypto-sector regulatory environment that encourages innovation and growth.

AllianceBlock Introduces EIP7208 for Enhanced On-Chain Data Management

AllianceBlock created EIP7208, a pioneering ERC token standard, to improve on-chain data management, notably for Real World Assets. The proposed ERC-7208 standard introduces On-Chain Data Container (ODC) interfaces enabling alterable data and metadata modification, expansion, and combination. AllianceBlock CEO and Founder Rachid Ajaja encourages Ethereum users to join in EIP7208 discussions and provide ideas. He encourages collaboration in developing this plan.

Ethereum token creation relies on Ethereum Request for Comment (ERC) standards like ERC-7208 to ensure compliance. The Ethereum Magicians website shows how ODCs can divide, combine, fractionalize, and attach/detach attributes. The Ethereum ecosystem relies on community input, and any proposed changes are carefully examined before implementation. Although such changes are rare, AllianceBlock’s proposal has attracted tremendous support, demonstrating the community’s commitment to extensive consultation and testing to adopt unique ERC token specifications into Ethereum.

Hut 8 Mining Plans Major Operation in Texas Amid Celsius Network Bankruptcy

Hut 8 Mining Corp., a prominent North American digital asset miner, plans to build a large-scale mining operation in Cedarvale, Texas. This statement coincides with Celsius Network LLC’s insolvency, a cryptocurrency event. With 215 megawatts of energy and 66,000 miners, Cedarvale hopes to become a major mining center. Hut 8’s success solidifies its position as a leading North American digital asset miner.

Their ability to quickly establish mining infrastructure and improve operations gives Hut 8 President Asher Genoot confidence in their selection. The Cedarvale plant will increase the firm’s managed services segment from 680 MW to over 895 MW. Genoot wants to improve Celsius’s creditors and Hut 8’s managed services company.

Trust Wallet Boosts User-Friendly Web3 Hub with Enhanced Swap Functionality

Trust Wallet updated its popular swap functionality for a user-friendly Web3 hub. The changes aim to create a transparent system that ensures public availability and enables crypto exchange across networks straightforward and competitive. Making customization easier makes the switch experience more user-friendly and responsive. Crypto trading between blockchain networks and inside them is now simpler.

Specifying the originating network and token before the destination is a big improvement. Advanced token filtering provides a quick overview of crucial information before confirmation, facilitating token swap selection. Trust Wallet’s default switch experience is user-friendly, but the latest update offers greater customization and freedom. Change slippage settings, enable Thorchain streams for ideal pricing, and adjust token allow limits in swap settings.