Scenius Sync (Issue #81)
NO SECOND CRIMINAL TRIAL FOR SAM, VITALIK SHARES UPDATED ETHEREUM ROADMAP, BLACKROCK UPDATES SEC FILING WITH JANE STREET AND JPM AS AUTHORIZED PARTICIPANTS, & A MICKEY MEME COIN
Scenius: The intelligence and the intuition of a whole cultural scene. The communal form of the concept of genius.
Welcome to The Scenius Sync.
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Essential News 🗞
FTX Founder Sam Bankman-Fried Won't Face Second Criminal Trial, U.S. Prosecutors Say
FTX Founder Sam Bankman-Fried will not face a second criminal trial, federal prosecutors said Friday in a letter filed in New York federal court. In the letter, prosecutors suggested a second trial would "delay" a "timely and just resolution of the case." The government's lawyers also argued that their original case against Bankman-Fried had already provided ample evidence that the former executive committed a rash of financial crimes during his tenure at FTX, making a second trial largely unnecessary.
Former Binance CEO Changpeng Zhao is blocked again from traveling
Former Binance CEO Changpeng Zhao was blocked again from traveling as his sentencing for criminal charges approaches in late February. In a sealed order on Friday, the U.S. District Court for the Western District of Washington in Seattle denied Zhao's "request for permission to travel." This marks the second time the court has placed limitations on Zhao's movements. Judge Richard Jones ordered last month that a condition that would have allowed Zhao to return to his home in United Arab Emirates before his sentencing be "stayed until such time as this Court resolves the Government’s motion for review."
Bitcoin Greets 2024 With a Peek Over $45,000
The eyes of the crypto world remain on the SEC as bullish traders eagerly await the regulator’s decision on a Bitcoin spot ETF. Bitcoin squeaked briefly above $45,000 on New Year's Day, a view it hasn't enjoyed since April 2022, and echoing the rollercoaster of January that year, when the price of the world's leading cryptocurrency oscillated above the threshold three times within a matter of days, interleaved with dips as low as $36,000.
SEC may notify approved ETF issuers by early next week, ahead of January 10 launch: Reuters
Ahead of the Jan. 10 deadline for the SEC to decide whether or not to approve the spot Bitcoin ETF proposed by Ark Investments and 21Shares, the agency may let asset managers know if their own applications will be approved by Tuesday or Wednesday next week, according to a report in Reuters.
Orbit Chain's bridge reportedly hacked for $81.5 million
Orbit Bridge, a cross-chain bridge protocol, has seen unusual outflows of $81.5 million in several cryptocurrencies in what appears to be a major hack.
In five separate transactions, each to a fresh wallet, the Orbit Bridge sent $50 million in stablecoins (30 million Tether, 10 million DAI, and 10 million USDC), 231 wBTC (about $10 million), and 9,500 eth (about $21.5 million). The hack was first noticed by X user Kgjr.
Innovation & Adoption 💡📈
BlackRock updated its filing with the SEC on Friday for its proposed spot bitcoin ETF in what could be a final push from the asset manager toward gaining approval from the regulator, naming Jane Street Capital and JP Morgan Securities LLC as authorized participants. Jane Street was expected, Bloomberg Intelligence ETF research analyst James Seyffart said on X in response to the filing. JPMorgan, less so, and the move was widely noted in crypto circles.
In related news, Coinbase changes head of custody amid rush for spot bitcoin ETF approval
Vitalik Buterin shares updated 2024 roadmap for Ethereum
Ethereum co-founder Vitalik Buterin has shared an updated 2024 roadmap for the blockchain, outlining the core priorities for the ecosystem moving forward. These priorities include the Merge (a robust proof-of-stake consensus), the Surge (a goal of 100,000 transactions per second across Ethereum and its Layer 2 networks), the Scourge (mitigating risks around MEV and liquid pooling), the Verge (easier block verification), the Purge (simplifying the protocol), and the Splurge (everything else). Vitalik, in his thread on X, endorsed single-slot finality (SSF) as "the easiest path to resolving a lot of the Ethereum [Proof of Stake] design's current weaknesses" and praised the progress made on L2 networks and with Verkle tree implementations.
Avalanche Foundation to Purchase Meme Coins as Part of Culture Drive
The Avalanche Foundation, whose grants and investments help support the development of the Avalanche blockchain ecosystem, is considering buying meme coins as part of a drive that recognizes the distinct niches of the cryptocurrency market after a surge in tokens such as bonk (BONK) almost single-handedly kickstarted activity on the Solana network earlier this month.
The selection process for the collection will be based on criteria such as the number of holders, liquidity thresholds, project maturity, principles of a fair launch and overall social sentiment, among other factors, the foundation said in a post on X.
The year in data: 5 charts that show how crypto changed in 2023
GBTC’s narrowing discount to NAV, Binance’s loss of market share, a USDC stablecoin squeeze, the rise of Bitcoin NFTs and the crypto market recovery were among the most notable data trends of 2023.
Early Mickey Mouse Now Belongs To Everyone—So Of Course There's a Meme Token
The first-ever cartoon of Mickey Mouse is finally old enough to age out of U.S. copyright protection. Crypto enthusiasts have, perhaps predictably, marked the occasion by minting a meme coin.