Welcome to this week's crypto recap! It's been an eventful week in the global crypto market, with a series of interesting updates from multiple high-profile lawsuits.
It's good news for #Bitcoin enthusiasts, as the coin saw a surge in price, hitting over $39,000 - a level last seen in May 2022. The price hike was fueled by the Federal Reserve's latest commentary on inflation, which created excitement in the market. 
Additionally, MicroStrategy's announcement of a whopping $600 million $BTC purchase further supported the surge. This purchase comes ahead of the potential approval of all Bitcoin exchange-traded fund (ETF) applications by the U.S. Securities and Exchange Commission.
What are the top news stories you might have missed this week?
Let's dive in!
For transparent and decentralized crypto trading and to list your crypto token for free, don’t forget to visit our website and follow Melega Finance (@melegadex) on Twitter for more on all things cryptocurrency.
TOP CRYPTO NEWS RECAP (NOVEMBER 19–NOVEMBER 25, 2023)
●      SEC Accelerates Public Input on Crypto ETFs, Fuels Speculation for January Approvals
●      #Celsius Enables Withdrawals for Eligible Crypto Holders Amid Bankruptcy Proceedings
●      KyberSwap Hacker Demands Control Over Kyber Company in Return for Stolen Funds
●      #FTX Granted Approval to Sell $873M of Assets for Creditor Repayment
●      #Genesis and DCG Reach Repayment Agreement, Potentially Ending $620M Lawsuit
●      #CZBinance Steps Down as Binance US Chairman; Investors Sue Ronaldo Over Binance Ties
SEC Accelerates Public Input on Crypto ETFs, Fuels Speculation for January Approvals
The Gary Gensler-led U.S. Securities and Exchange Commission (SEC) has opened a public comment period for Franklin Templeton and Hashdex's Bitcoin ETFs, hinting at a potential accelerated approval process by January 10, 2024. This unexpected development follows the SEC's initiation of a 21-day comment period for Fidelity's Ethereum ETF proposal, reinforcing speculation of a broader regulatory shift towards approving both Bitcoin and Ethereum ETFs simultaneously. 
As public interest grows, the SEC seeks feedback on market manipulation concerns, pricing mechanisms, and liquidity issues on associated exchanges. Bitcoin ($BTC ) and Ethereum ($ETH ) respond positively, hitting new 2023 highs.
Celsius Enables Withdrawals for Eligible Crypto Holders Amid Bankruptcy Proceedings
Celsius, the bankrupt cryptocurrency lending platform, has announced that eligible participants can now withdraw 72.5% of their cryptocurrency holdings, minus transaction fees. This development comes as a crucial step forward for the company and its clients, who have been facing financial instability and legal issues. 
The withdrawals are available to participants falling under specific custody claims, with a withdrawal deadline set for February 28, 2024. The platform has been navigating bankruptcy proceedings and legal challenges while also planning to transition its core business to Bitcoin mining.
KyberSwap Hacker Demands Control Over Kyber Company in Return for Stolen Funds
The hacker responsible for the $46 million KyberSwap exploit has outlined their conditions for returning the stolen funds. The demands, as seen in an on-chain message on Etherscan, include complete executive control over the Kyber company, ownership of its governance mechanism, and all company assets. 
In exchange, the hacker promises to buy out executives, double employee salaries, and provide severance packages. Token holders and investors would also benefit from the transition. Liquidity providers would receive rebates for losses incurred. The hacker sets a deadline of December 10 for the Kyber team to meet their demands, threatening to void the treaty otherwise.
FTX Granted Approval to Sell $873M of Assets for Creditor Repayment
Bankrupt crypto exchange FTX has received court approval to sell approximately $873 million worth of trust assets. The proceeds will be used to repay creditors affected by the exchange's collapse. The assets, sourced from FTX's stakes in trusts issued by Grayscale Investments and Bitwise, include the Grayscale Bitcoin Trust (GBTC) and the Grayscale Ethereum Trust (ETHE). 
FTX's administrators have been working to recover assets since the collapse, with around $7 billion recovered so far. Meanwhile, FTX's founder, Sam Bankman-Fried, awaits sentencing after being convicted on fraud-related charges.
Genesis and DCG Reach Repayment Agreement, Potentially Ending $620M Lawsuit
Crypto lender Genesis and its parent company, Digital Currency Group (DCG), have reached a repayment agreementthat could bring an end to a $620 million lawsuit. According to the deal, #DCG will repay Genesis's outstanding $324.5 million in loans by April 2024, with Genesis able to pursue any unpaid amounts. The agreement aims to avoid the costs and resources associated with litigation. 
This development is part of Genesis's plan to repay creditors, pending a vote from creditors and a decision from Judge Sean Lean. Genesis has also filed a lawsuit against crypto exchange Gemini for nearly $670 million in transfers.
CZ Steps Down as Binance US Chairman; Ronaldo Sued Over Binance Ties
The world's leading cryptocurrency exchange, Binance, continues to struggle in the midst of legal difficulties. Its former CEO, Changpeng Zhao (CZ), has pleaded guilty to violating the Bank Secrecy Act. CZ, who is stepping down and facing a $150 million penalty, may not leave the United States until 2024. 
On November 28, 2023, Binance US, the American branch of the global cryptocurrency exchange, also announced that Changpeng Zhao is stepping down as chairman of the board of directors. Meanwhile, the exchange assures customers that operations will proceed as usual despite CZ's departure and legal issues.
Simultaneously, soccer star Cristiano Ronaldo faces a lawsuit for promoting Binance's NFTs, accused of involving unregistered securities.
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CryptosHeadlines.com - The Leading Crypto Research Network:

Digital Currency Group (DCG) announced that they have chosen Mark Shifke to be their new chief financial officer (CFO).

Digital Currency Group (DCG) is close to reaching a settlement with Genesis, its subsidiary’s creditors, as reported by Bloomberg on July 31.

In DCG’s second-quarter shareholder letter released on the same day, they mentioned making significant progress in negotiations to resolve the claims in the Genesis Capital Chapter 11 cases. The company is optimistic about bringing these cases to a close soon and will provide updates as the claim resolution process moves forward.

DCG Reports Revenue Growth but Records Loss in Q2:

Regarding financials, DCG reported $216 million in revenue for the second quarter, showing a 17% increase in sequential revenue growth. However, the company also incurred a consolidated quarterly loss of about $79 million. The loss was mainly due to a one-time counterparty default at Genesis, which cost $113 million.

As part of the developments, DCG appointed Mark Shifke as its new CFO. Shifke has a background in the fintech industry, having held executive roles in companies like Billtrust and Green Dot, as well as traditional financial firms like JP Morgan and Goldman Sachs. He is relatively new to the cryptocurrency industry.

Genesis Commences Bankruptcy in Early 2023:

Genesis Global Holdco’s lending arm, a subsidiary of DCG, filed for bankruptcy protection on January 19, 2023, stating a debt of $3.5 billion owed to its 50 largest creditors. The bankruptcy proceedings are still ongoing and have significantly impacted Gemini, a crypto exchange that collaborated with Genesis to offer an interest-bearing “Earn” product. Gemini is now one of Genesis’ largest creditors and expressed frustration with a deal expected to close in mid-July.

In early July, Gemini filed a lawsuit against DCG and its CEO, Barry Silbert, accusing them of “fraud and deception.” DCG has denied any wrongdoing.

On the other hand, Genesis reached an agreement with another creditor, the defunct crypto exchange FTX, as per court filings on July 27. The situation remains complex, with ongoing legal actions and negotiations.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#NFT #Web3 #Blockchain #DCG #GENESIS