{"id":13084,"date":"2023-09-03T19:25:23","date_gmt":"2023-09-03T19:25:23","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=13084"},"modified":"2023-09-03T19:25:28","modified_gmt":"2023-09-03T19:25:28","slug":"hodlers-digest-aug-27-sept-2-cointelegraph-magazine","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13084","title":{"rendered":"Hodler\u2019s Digest, Aug. 27 \u2013 Sept. 2 \u2013 Cointelegraph Magazine"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<h2 class=\"wp-block-heading\" id=\"h-top-stories-this-week\"><strong>Top Stories This Week\u00a0<\/strong><\/h2>\n<h2 class=\"wp-block-heading\" id=\"h-grayscale-wins-sec-lawsuit-for-bitcoin-etf-review\"><strong>Grayscale wins SEC lawsuit for Bitcoin ETF review<\/strong><\/h2>\n<p>Crypto asset manager Grayscale Investments recently scored a big win in its battle against the United States Securities and Exchange Commission.\u00a0<\/p>\n<p>In an ongoing effort to convert its Grayscale Bitcoin Trust (GBTC) into a Bitcoin exchange-traded fund (ETF), the U.S. appeals court judge accepted Grayscale\u2019s argument that the SEC\u2019s rejection of its recent ETF application was unfair. The SEC had alleged that the GBTC didn\u2019t have enough safe practices and fraud protection in place.<\/p>\n<p>Judge Neomi Rao gave the green light to Grayscale\u2019s request for a second review.Previously, Rao said that the SEC did not \u201coffer any explanation\u201d as to why Grayscale was in the wrong.<\/p>\n<p>However, the victory doesn\u2019t automatically mean Grayscale\u2019s Bitcoin ETF is a done deal. There\u2019s still more to come\u2026<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-bitboy-crypto-brand-will-no-longer-include-youtuber-ben-armstrong\"><strong>BitBoy Crypto brand will no longer include YouTuber Ben Armstrong<\/strong><\/h2>\n<p>The parent company of Hit Network, the folks behind the \u201cBitBoy Crypto\u201d brand, just gave the boot to its public face, Ben Armstrong.<\/p>\n<p>The company alleged issues of substance abuse and financial damage as reasons behind the decision.\u00a0<\/p>\n<p>In a YouTube and social media announcement, Hit Network revealed that despite its efforts to support Armstrong during his struggle with addiction, it had decided to part ways with the influencer.<\/p>\n<p>This follows Armstrong facing a series of lawsuits in recent times. He was in a class-action lawsuit where investors accused him and other influencers of promoting FTX without disclosing how much they were getting paid by the exchange.<\/p>\n<p>Furthermore, during the lawsuit, there were claims that Armstrong threatened the plaintiff\u2019s lawyers and even blew off a federal judge\u2019s orders to show up in court. The case was put on hold in June.\u00a0<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-sec-delays-decision-on-6-spot-bitcoin-etf-applications\"><strong>SEC delays decision on 6 spot Bitcoin ETF applications<\/strong><\/h2>\n<p>The SEC has chosen to postpone delivering a decision on six applications for spot Bitcoin ETFs in the United States. The commission has opted to extend its review period by an additional 45 days, pushing the eventual decision back until October. Shortly after the news broke, the SEC also put BlackRock, the biggest asset manager in the world, in the same delayed decision boat.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-bitwise-withdraws-bitcoin-and-ether-market-cap-etf-application\">Bitwise withdraws Bitcoin and Ether Market Cap ETF application<\/h2>\n<p>In a surprising twist following the U.S. SEC\u2019s announcement of delays, Bitwise has submitted a request to retract its application for its Bitcoin and Ether Market Cap Weight Strategy ETF. This application was originally submitted to the SEC on Aug. 3. It seems that Bitwise is taking a step back to reconsider its approach, despite the brief positive market sentiment that followed Grayscale\u2019s recent SEC win.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-robinhood-bought-back-sam-bankman-fried-s-stake-from-us-gov-t-for-606m\"><strong>Robinhood bought back Sam Bankman-Fried\u2019s stake from US gov\u2019t for $606M<\/strong><\/h2>\n<p>Crypto and stock trading platform Robinhood scooped up more than 55 million shares of their own company that were previously owned by Sam Bankman-Fried, the former CEO of FTX. The purchase, which cost Robinhood roughly $606 million, was finalized this week after it filed the paperwork with the U.S. SEC. These shares originally held by Bankman-Fried and Gary Wang, a co-founder of FTX, through a company called Emergent Fidelity Technologies.<\/p>\n<p>However, back in January, the U.S. Department of Justice seized these shares. The purchase has been in the works for a while. Robinhood\u2019s board of directors gave it the green light in its Q4 2022 report, and an SEC filing from August confirmed that the U.S. District Court for the Southern District of New York approved the purchase without any legal complications.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-winners-and-losers\">Winners and Losers<\/h2>\n<p>At the end of the week, <strong>Bitcoin (BTC) <\/strong>is at $25,610, <strong>Ether (ETH)<\/strong> at $1,618 and <strong>XRP <\/strong>(<strong>XRP<\/strong>) at $0.49. The total market cap is $1.03 trillion, according to CoinMarketCap.\u00a0<\/p>\n<p>Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are <strong>Toncoin (TON)<\/strong> at 33.90%, <strong>Iota (MIOTA)<\/strong> at 13.13% and <strong>Maker (MKR) <\/strong>at 12.33%.<\/p>\n<p>The top three altcoin losers of the week are KuCoin Token<strong> (KCS)<\/strong> at 15.53%, Hedera (HBAR) at 15.02% and Astar<strong> (ASTR)<\/strong> at 12.82%.<\/p>\n<p>For more info on crypto prices, make sure to read Cointelegraph\u2019s market analysis.\u00a0<\/p>\n<p>Read also<\/p>\n<p>                            Columns<\/p>\n<p>Socios boss\u2019 goal? To knock crypto out of the park<\/p>\n<p>                            Features<\/p>\n<p>The blockchain projects making renewable energy a reality<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-most-memorable-quotes\">Most Memorable Quotes<\/h2>\n<p>\u201cThere are many cases where transparency is a feature, but people do not want most transactions in the economy to be public.\u201d<\/p>\n<p><strong>Brian Armstrong, CEO of Coinbase<br \/><\/strong><\/p>\n<p>\u201cNow that the courts are starting to rein in the SEC a bit, I think there\u2019s some hope that the industry is kind of igniting again in the U.S.\u201d<\/p>\n<p><strong>Jeremy McLaughlin, partner at K&amp;L Gates<\/strong><\/p>\n<p>\u201cIn the end, we will win. You can\u2019t steal someone\u2019s company they built on their identity and win.\u201d<\/p>\n<p><strong>Ben Armstrong, former frontman of BitBoy Crypto<\/strong><\/p>\n<p>\u201cI definitely do think we could see in this next cycle $100,000 cost per Bitcoin, and that\u2019s based on if BTC were to capture even 2 to 5% of gold\u2019s $13 trillion place in institutional portfolios.\u201d<\/p>\n<p><strong>Sue Ennis, vice president of Hut 8<\/strong><\/p>\n<p>\u201cWe see limited downside for crypto markets over the near term.\u201d<\/p>\n<p><strong>JPMorgan analysts<\/strong><\/p>\n<p>\u201cI spoke to a guy the other day that has 80 altcoins in his portfolio. There\u2019s no way an individual investor can stay across and know exactly what 80 different coins are doing at any one time.\u201d<\/p>\n<p><strong>Ben Simpson, founder of Collective Shift<\/strong><\/p>\n<h2 class=\"wp-block-heading\" id=\"h-prediction-of-the-week\">\u00a0Prediction of the Week<\/h2>\n<p><strong>Bitcoin risks \u2018swift\u2019 $23K dive after BTC price loses 11% in August<\/strong><\/p>\n<p>Data indicates that Bitcoin is on track for a retest of long-term support levels following a drop in BTC price as August came to a close. Reversing the gains witnessed the previous week, BTC\/USD is now trading below $26,000 as of Sept. 1, according to data from Cointelegraph Markets Pro and TradingView.<\/p>\n<p>Initially, market participants had reasons to be optimistic as Bitcoin held a key long-term trendline and maintained the $27,000 level. However, a decision by the U.S. SEC to delay several Bitcoin ETF applications caused a change in sentiment.Bitcoin swiftly shed $1,000 in value over just two hourly candles.<\/p>\n<p>Read also<\/p>\n<p>                            Features<\/p>\n<p>Is China softening on Bitcoin? A turn of phrase stirs the crypto world<\/p>\n<p>                            Features<\/p>\n<p>Australia\u2019s world-leading crypto laws are at the crossroads: The inside story<\/p>\n<p>Traders have been speculating over the movements. \u201cOn-chain data suggests that $BTC lacks strong support below the $25,400 mark,\u201d popular pseudonymous trader Ali told X (formerly Twitter) subscribers.<\/p>\n<p>On-chain monitoring resource Material Indicators delivered a similarly grim picture for BTC\/USD on daily, weekly and even monthly timeframes. Using signals from one of its proprietary trading tools, Trend Precognition, Material Indicators advised that $24,750 needed to hold for bulls to have a chance at clinching a rebound.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-fud-of-the-week\">FUD of the Week<\/h2>\n<h2 class=\"wp-block-heading\" id=\"h-balancer-exploited-in-nearly-900k-after-vulnerability-warning\">Balancer exploited in nearly $900k after vulnerability warning.<\/h2>\n<p>The Ethereum automated market maker and decentralized finance protocol, Balancer, confirmed that it had fallen victim to an exploit, resulting in losses of nearly $900,000. This incident occurred shortly after it had disclosed a vulnerability that impacted several pools.<\/p>\n<p>An Ethereum address allegedly belonging to the attacker has been revealed by blockchain security expert Meier Dolev. Following the exploit, the address received two transfers of Dai stablecoin worth $636,812 and $257,527, respectively, bringing its total balance to over $893,978.<\/p>\n<p>\u201cBalancer is aware of an exploit related to the vulnerability below,\u201d the protocol\u2019s team posted on X, adding that, while mitigation measures taken in recent days had drastically reduced risks, affected pools could not be paused. \u201cTo prevent further exploits, users must withdraw from affected LPs,\u201d the team advised.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-brazilian-crypto-streamer-loses-money-by-accidentally-exposing-private-key\"><strong>Brazilian crypto streamer loses money by accidentally exposing private key<\/strong><\/h2>\n<p>A Brazilian cryptocurrency streamer is one of the latest victims of unsafe self-custody practices, reportedly losing thousands of dollars due to a private key accident. The owner of the <em>Fraternidade Crypto<\/em> channel, Ivan Bianco, unwittingly exposed his private key to a self-custodial cryptocurrency wallet during a livestream on YouTube.<\/p>\n<p>In the middle of the livestream related to Bitcoin<strong> <\/strong>and blockchain games, Bianco apparently tried to access his passwords for the blockchain games platform Gala Games through a text file on his computer.<\/p>\n<p>Unfortunately for the streamer, his Gala Games passwords were stored in the same text file as the seed phrase for his MetaMask wallet, which had a significant amount of Polygon (MATIC).<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-exploits-hacks-and-scams-stole-almost-1b-in-2023-report\"><strong>Exploits, hacks and scams stole almost $1B in 2023: Report<\/strong><\/h2>\n<p>Cybersecurity firm CertiK reported that over $997 million was lost to flash loan attacks, exit scams and exploits in 2023. Malicious actors targeting the crypto space have taken more than $45 million in digital assets from their victims in the month of August alone and a total of $997 million year-to-date.<\/p>\n<p>In the report, CertiK highlighted that exit scams took around $26 million, flash loan attacks took $6.4 million, and exploits took $13.5 million from their victims in August 2023. The cybersecurity firm confirmed that the total losses amounted to over $45 million.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-best-cointelegraph-features\"><strong>Best Cointelegraph Features<\/strong><\/h2>\n<p><strong>How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in.<\/strong><\/p>\n<p>Crypto is a volatile place. Money can be as easily lost as made through the ups and downs of Bitcoin and the wider market. Bitcoin OGs, veterans and experts provide their opinions, tools and views on how to protect your crypto.<\/p>\n<p><strong>6 Questions for Leila Ismailova: Digital fashion and life after Artisant<\/strong><\/p>\n<p>Leila Ismailova began her professional career at the age of 15 as a broadcasting star in Belarus, the Russian-neighboring Eastern European country that plays home to 9.3 million citizens. She continued in the role for 10 years, she says, before reaching what she felt was a \u201cprofessional ceiling\u201d and beginning a journey that led to Web3.<\/p>\n<p><strong>Crypto Banter\u2019s Ran Neuner says Ripple is \u2018despicable,\u2019 tips hat to ZachXBT: Hall of Flame<\/strong><\/p>\n<p>Ran Neuner is the CEO of Onchain Capital, founder of Crypto Banter, and a vocal crypto commentator on X. According to Crypto Banter\u2019s Ran Neuner, following people you dislike on Twitter\/X can actually make you smarter.<\/p>\n<p>Subscribe<\/p>\n<p>The most engaging reads in blockchain. Delivered once a<br \/>\n        week.<\/p>\n<h2 class=\"author__name\">Editorial Staff<\/h2>\n<p>Cointelegraph Magazine writers and reporters contributed to this article.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/magazine\/sec-delays-btc-etf-decision-grayscale-triumphs-sec-and-bitboy-gets-the-boot-hodlers-digest-aug-27-sept-2\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Top Stories This Week\u00a0 Grayscale wins SEC lawsuit for Bitcoin ETF review Crypto asset manager Grayscale Investments recently scored a big win in its battle against the United States Securities and Exchange Commission.\u00a0 In an ongoing effort to convert its Grayscale Bitcoin Trust (GBTC) into a Bitcoin exchange-traded fund (ETF), the U.S. appeals court judge [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13085,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13084","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13084"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13084\/revisions"}],"predecessor-version":[{"id":13086,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13084\/revisions\/13086"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13085"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}