Weekly Crypto News: Bitcoin’s Stability, NYDFS Crypto Chief Resigns

When we say the crypto world is ever-evolving and incredibly dynamic, we truly mean it. This past week (September 13th – 16th), the crypto world witnessed significant news, dramas, and signs of stability in prices. Let’s discuss the top headlines that made a massive impact in the digital world.

NYDFS Crypto Chief’s Resignation Fuels Speculation on Future Digital Currency Rules in New York

The New York State Department of Financial Services (NYSDFS) regulates digital assets. On September 16th, 2023, Peter Marton resigned from his position as the Deputy Superintendent of Virtual Currency at NYSDFS. The organization has not made a public announcement regarding this change, but it raises questions about the future of crypto regulations in New York.

Bitcoin Surpasses $26.4K, Amidst Potential for Continued Selling Pressure

Bitcoin experienced volatility at the start of September, dropping below $25K. However, by September 16th, 2023, it had seen a modest growth of 2%, reaching $26,463. On September 18th, Bitcoin's price rose to $26,758. Over the past four months, Bitcoin's price has fluctuated, with many lenders and companies selling their assets for profit, which can exert downward pressure on prices. Notably, firms like Franklin Templeton and Deutsche Bank are looking to invest in Bitcoin.

Source: Coin Desk’s Live Bitcoin Index

North Korea Allegedly Pilfers $240M in Crypto in 104 Days, According to Elliptic

A recent research paper from Elliptic claims that North Korea’s Lazarus Group has been behind four attacks on crypto entities since July, stealing $240M in total. The breakdown includes $100M from Atomic Wallet, $37.3M from Coinspaid, $60M from Alphapo, and $41M from Stacke.com. They are also suspected of stealing around $54M from CoinEx. This news has sparked discussions on social media, prompting calls for an investigation into the claims.

US DOJ Criticizes Sam Bankman-Fried’s ‘Intrusive’ Jury Questions Proposal

Sam Bankman-Fried, once a prominent figure in crypto, faces serious allegations following the collapse of FTX. During his trial in New York, prosecutors criticized his proposed jury questions as 'unnecessarily intrusive.' They argue that these questions suggest he is a victim in the case. Bankman-Fried's defense team has also highlighted his philosophical views and ADHD medication.

Resignation of Brian Shroder, CEO of Binance U.S. & Elimination of 100 Jobs as a Part of Restructuring Effort

On September 13th, 2023, Binance U.S. announced that Brian Shroder would step down as CEO, with Norman Reed taking over. Additionally, the company has eliminated 100 jobs, reducing its workforce by one-third. This restructuring comes amid ongoing legal battles with the SEC, impacting Binance's operations and reputation.

What’s Next?

The crypto world continues to experience fluctuations in prices, legal battles, and controversies. Coin Informer will keep you updated with all the latest crypto news. Stay tuned for our next weekly crypto news article.