12/24/2023 0 Comments Hack social empires facebook![]() ![]() Coinbase Restructures and Sheds Jobs: Coinbase, the largest U.S.Cuts Staff: reduced its workforce by 28%, eliminating about 110 jobs after a prior round of layoffs in Argentina.This move further aggravated the financial turmoil in the crypto industry, resulting in ongoing bankruptcy proceedings involving major players like FTX, Blockfi, Celsius, and Voyager. The Federal Reserve’s continuous rate increases prompted a mass exodus of investors from cryptocurrencies to safer asset classes. This crisis has revealed the close connections among various industry players, leading to a series of bankruptcy filings in 2023. Many prominent crypto lenders have suffered due to customer withdrawals, risky practices, and the absence of regulation. The crypto industry faces a crisis that began with the run on the stablecoin terraUSD in the spring. These 2023 events marked a shift in the SEC-crypto industry relationship, with ongoing cases shaping the crypto market’s future direction.įinancial Troubles: Layoffs and Bankruptcies in 2023.SEC Charges Genesis and Gemini In January 2023: In January 2023, the SEC charged Genesis and Gemini for their involvement in the unregistered offer and sale of crypto asset securities through the Gemini Earn Lending Program.The SEC’s previous reluctance added doubt to the prospects of an ETF, which could potentially attract significant capital. Uncertainty on Bitcoin ETF Approval: Uncertainty surrounded the approval of a Bitcoin ETF, despite optimism sparked by BlackRock’s application.His testimony revealed concerns about risk management and transparency issues in FTX, including borrowing funds and conflicts of interest. The Ongoing FTX Trials: Founder of FTX and Alameda Research, Sam Bankman-Fried, faced charges including money laundering and fraud, leading to the downfall of his crypto empires.SEC Sues Binance US and Changpeng Zhao: The SEC continued their legal offensive by targeting Binance US and its CEO, Changpeng Zhao, over unregistered activities and the operation of staking programs, marking a notable regulatory escalation.SEC Sues Coinbase: In 2023, the SEC took legal action against Coinbase, alleging unregistered activities and issues with their crypto asset staking program, causing significant concern in the crypto community.Regardless of the market’s terrors, the crypto community always finds a way to bounce back and emerge stronger. However, in the world of crypto, where there is fear, there is also bravery. ![]() Whether it’s a multi-million dollar hack or another lawsuit in the SEC’s ongoing campaign against cryptocurrencies, the blockchain industry has a knack for giving its participants cold sweats. While Halloween is a one-day scare-fest, the crypto market can haunt investors all year round. ![]() In this article, we will delve into some of the scariest occurrences in cryptocurrency this year and provide insights on how to navigate the crypto market with confidence. These stories might not be your typical ghost tales, but they are equally chilling and hair-raising for anyone involved in the blockchain industry.įrom multimillion-dollar hacks to regulatory battles, 2023 has seen its fair share of heart-stopping moments. As Crypto Halloween 2023 approaches, it’s time to gather around the bonfire and share some of the spookiest stories from the dark corners of the cryptocurrency world that have unfolded in 2023. ![]()
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