Ether’s Future EFF Launching, SBF Trial About To Begin, 3AC’s Su Zhu Arrested

This week's main news

Ethereum futures ETFs will begin trading next week

Investment firm Valkyrie will begin exposure to Ether futures in the coming days. On September 28, the company told Cointelegraph that the Bitcoin Strategy ETF will allow investors to access Ether and Bitcoin futures “under one package,” making it one of the first firms to do so amid several applications pending with the US Securities and Exchange Commission. . Effective October 3, the fund name will be updated to Valkyrie Bitcoin and Ether Strategy ETF. Asset manager VanEyck has revealed its upcoming Ethereum Strategy ETF, which will be listed on the Chicago Board Options Exchange in the coming days. Analysts have suggested that the US government shutdown may have accelerated the launch of Ether futures ETFs.

SBF trial dates revealed: FTX founder to stand trial in over 6 weeks

Former FTX CEO Sam “SBF” Bankman-Fried will spend at least 21 days in court as part of his criminal trial, which begins Oct. 4 and runs through Nov. 9, according to a newly released public court document. The first official day of the Bankman-Fried trial is October 4, the participants will begin to discuss the seven fraud charges against SBF. There are two substantive allegations that the prosecution must convince the jury that Bankman-Fried committed the crime. Five other “conspiracy” charges involve convincing jurors that Banman-Fried planned to commit the crimes. The former FTX CEO has been serving pre-trial detention at the Brooklyn Metropolitan Detention Center since August 11. Lawyers told Cointelegraph that Banman-Fried could spend the rest of his life in prison if convicted of fraud.

3AC's Su Zhu was arrested in Singapore.

Three Arrows Capital (3AC) co-founder Su Zhu was detained at Singapore Changi Airport while trying to leave. Teneo, the joint liquidator of the now-bankrupt hedge fund, told Cointelegraph following a commitment order by the Singapore courts to arrest Zhu, which is a directive to jail a person for contempt of court. On September 25, Teneo secured this mandatory injunction, claiming that Zhu did not comply with the court order. His arrest is part of an ongoing investigation into getting money for 3AC's creditors. A $10 billion hedge fund collapses in 2022 due to the collapse of the Terra ecosystem. A similar verbal order was issued against 3AC co-founder Kyle Davis. His whereabouts are unknown.

Binance urges users to convert EUR to USDT after Paysafe DeBank

Binance has warned people to convert their Euro (EUR) balances to Tether by October 31 after losing support from its banking partner Paysafe. Paysafe stopped processing Euro deposits for Binance users on September 25. While euro withdrawals to bank accounts remain available, Paysafe users cannot engage in euro spot transactions. Binance's token swap feature, Binance Convert, also limits euro transactions. Paysafe previously facilitated fiat deposits and withdrawals for Binance users in Europe, including bank transfers in the EU's single euro payment environment. The move is the latest to add to Binance's regulatory and banking woes in the West.

SEC Delays Bitcoin ETF Decision for BlackRock, Invesco and Bitwise

The US Securities and Exchange Commission postponed its decision on several Bitcoin ETF applications, including those from BlackRock, Invesco, Bitwise and Valkyrie, before the government shutdown began. Bloomberg ETF analyst James Seifert expects similar delays for Fidelity, VanEck and WisdomTree. These delays come two weeks before the deadline for applicants' expected second term. Seifert links the premature delay to the expected U.S. government shutdown on Oct. 1, which would affect financial regulators and federal agencies.

Winners and losers

At the end of the week, Bitcoin (BTC) at $26,895, Ether (ETH) at $1,667 and XRP at $0.53. According to CoinMarketCap, the total market cap is $1.07 trillion.

Among the largest 100 cryptocurrencies, the top three altcoin gainers for the week were Compound (COMP) with 23.71%, Chainlink (LINK) with 15.12% and THORchain (RUNE) with 14.51%.

The top three altcoin losers of the week were Immutable (IMX) at -9.80%, UNUS SED LEO (LEO) at -5.38% and XDC Network (XDC) at -4.61%.

Be sure to read Cointelegraph's market analysis for more information on crypto prices.

The most memorable quotes

“Hey you [Gary Gensler] You are bringing the US capital markets to their knees with the red tape from your commission.

Andy Barr, US Representative

“A central bank that promotes the CBC should increase public choice, not decrease it.”

Agustin Carstens, General Manager of the Bank of International Settlements

“Looks like SEC will allow more #Ethereum futures ETFs to go next week.”

Bloomberg Intelligence analyst James Seifert.

“You think it's possible for you [Gary Gensler] To serve as an impartial regulator and not make big financial intermediaries?

Tom Emer, US Representative

“[Stablecoins] It will be a major driver of economic freedom in the coming decades.

Jesse Pollack, Head of Protocol at Coinbase

“The symbiosis between street art and Bitcoin is powerful. These two movements can work together to help create a fairer and more just world.”

Street, co-founder of Anonymous Street Sayer Artist

Forecast of the week

Bitcoin shorts continue to burn as BTC price seeks to hold $27k.

Bitcoin (BTC) rose to $27,000 on September 29, challenging a month-to-day high that sent BTC price action to the upside. Data from Cointelegraph Markets Pro and TradingView showed the cryptocurrency's biggest test as it tried to hold profits after a familiar “short squeeze.”

The previous day featured a trip past the $27,000 mark, with Bitcoin bulls failing to post a new high for September. Topping out at $27,300 on Bitstamp, BTC's price strength has strengthened, still up 4%, the week's low at the time of writing.

Analyzing the situation on lower time frames (LTFs), the famous Anonymous Trader Skew upswing comes in the derivatives markets, where spot traders sell high. “LTF stuff but a pretty clear spot to absorb the high area so $27.2K is an important price point for spot buyers to clear,” X (formerly Twitter) explained.

Skew then revealed that $27,200 had been rejected on the day before Wall Street opened. Going into next week, the market is likely to “hunt both sides of the book,” he added.

FUD of the week

Ben ‘Beatboy' Armstrong caught on live in the Lambo controversy

Crypto influencer Ben Armstrong, formerly known as “Beatboy,” was arrested on Sept. 25 while live streaming outside the home of a former business associate, claiming the associate owned a Lamborghini. He was charged with “harassment/harassment” and “simple assault of another in fear” and was held on a $2,600 bond and $40 fee after being held for more than eight hours. A loitering and loitering charge in Georgia carries a fine of up to $1,000, up to a year in jail, or both.

The crypto exchange claims $1.4B in trading volume uses fake license data.

An investigation by Cointelegraph revealed that several cryptocurrency platforms reporting significant daily trading volume on CoinMarketCap may have provided misleading information about their crypto licenses. For example, Bitspay, which ranks fourth largest crypto exchange on CoinMarketCap with a daily turnover of $1.4 billion, says it is licensed in Estonia. However, after an inquiry by Cointelegraph, Bitspay quickly removed the potentially fake license information and would not provide details about the registration or license.

Huobi Global Hacked for $7.9M: Report

Huobi Global's HTX crypto exchange launched in 2018. It was hacked on September 24, according to a report from blockchain analytics platform Syverse. A total of $7.9 million worth of crypto was leaked in the attack. A well-known Huobi Hot Bag posted a message to the attacker in Chinese. According to the message, the exchange knew the attacker's identity and offered to keep 5% of the liquidated funds as a “white hat bonus” but only if the attacker returned the remaining 95%. Binance CEO Changpeng “CZ” Zhao offered assistance to the exchange's security team in investigating the attack.

Blockchain investigators: MT Gox's collapse saw the birth of Chinalysis

From solving Mount Goxen to tracking down crypto used by child abuse syndicates in Korea, Chinalysis has a long but sometimes controversial history.

The US Government Broke My Prediction of $250k Bitcoin Price: Tim Draper, Hall of Flames

Tim Draper's first big bitcoin prediction went off without a hitch, but the current administration is making the second one look bad.

China DV fined 3 years salary, 10m e-CNI for VPN service: Asia Express

Chinese man fined three years salary for using VPN for remote work, Hangzhou Airdrops 10m digital yuan, JPEX Ponzi close to $200m and more.

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Cointelegraph magazine writers and reporters contributed to this article.