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Biweekly crypto round-up for December 2022 (Part 2)

Farewell, 2022. You will not be missed.

What a year it has been for the crypto space – epic hacks, dizzying implosions and shocking lows. Whether 2023 is going to be a better year is anyone’s guess.

Here’s your final biweekly round-up for 2022.

Quick take

  • Binance stepped up its regulatory efforts by joining the executive committee of the US blockchain industry lobby group.
  • Bored Ape Yacht Club parent company Yuga Labs has appointed former Activision Blizzard COO as its new CEO.
  • China’s first regulated platform for NFT trading to launch on 1 January.
  • Disgraced FTX founder Sam Bankman-Fried (SBF) was released on a $250 million bail and ordered to home confinement at his parents’ home.
  • Mango Markets hacker Avraham Eisenberg was charged and arrested for market manipulation offences.
  • Binance.US to acquire bankrupt Voyager Digital’s assets in a $1 billion deal.

Key events

We’ve hand-picked some of the most relevant emerging stories in the crypto space to help you stay ahead of the curve.
Pat Toomey

Government announcements and regulations

  • 16 Dec: New York financial regulator set crypto guidelines requiring banks to submit a business plan before engaging in cryptocurrencies.
  • 17 Dec: Japan to exempt cryptocurrency issuers from paying corporate tax on unrealised profits.
  • 19 Dec: Kazakhstan to implement a phased central bank digital currency (CBDC) rollout until 2025. The country will also impose a corporate tax for Bitcoin miners and restrictions on the industry’s energy consumption.
  • 20 Dec: Central African Republic delayed its sango crypto coin listing to 2023.
  • 22 Dec: Retiring US senator Pat Toomey introduced the Stablecoin Transparency of Reserves and Uniform Safe Transactions (TRUST) Act to legitimise the use of stablecoins in payment systems.
  • 22 Dec: British Columbia put up an 18-month moratorium on new connection requests for Bitcoin miners.
  • 22 Dec: Brazil’s president Jair Bolsonaro approved a new crypto regulation bill.
  • 22 Dec: Marshall Islands legally recognised decentralised autonomous organisations (DAOs) as domestic limited liability companies (LLCs), enabling the legal entities to adopt DAO structures and governance tools.
Amber Group

Investments

  • 16 Dec: Web3 infrastructure firm Blocknative secured $15 million in a series A-1 funding round to accelerate its initiatives in the block-building market in the Ethereum ecosystem.
  • 16 Dec: Crypto trading firm Amber Group raised $300 million in a series C round to steer away from the effects of FTX’s collapse.
  • 19 Dec: Binance finalised its acquisition of Indonesian crypto asset trader Tokocrypto.
  • 19 Dec: Binance.US to buy bankrupt Voyager Digital’s assets for $1 billion.
  • 19 Dec: Bitcoin-centric tools developer Foundation Devices raised $7 million in a funding round led by Polychain Capital to expand self-custody push.
  • 19 Dec: Blockchain Axelar launched a $60 million startup for the development of decentralised applications and protocols that can replace centralised exchanges.
  • 20 Dec: Polygon founder unveils Web3 accelerator Beacon to drive mainstream adoption.
  • 28 Dec: Bitcoin miner Argo Blockchain sold its flagship Helios mining facility to Galaxy Digital for $65 million.
Trump NFT

NFTs, GameFi and metaverses

  • 16 Dec: Former US president Donald Trump launched a collection of NFT trading cards. While the 45,000 collection was sold out at $99 apiece within a day, its value quickly tumbled 80% from its peak floor in mere days.
  • 16 Dec: Warner Music Group collabed with digital fashion startup DressX to launch 3D/augmented reality (AR) wearables and merchandise.
  • 19 Dec: Bored Ape creator Yuga Labs appointed former president and COO of gaming giant Activision Blizzard Daniel Alegre as new CEO.
  • 20 Dec: Fortnite maker Epic Games slapped with a $520 million fine by the Federal Trade Commission (FTC) for tricking millions of players into making unintentional in-game purchases.
  • 23 Dec: The United States Federal Election Commission (FEC) has approved the use of NFTs for campaign fundraising efforts.
  • 24 Dec: NFT marketplace OpenSea confirmed ban on Cuban and other projects by digital artists from sanctioned countries.
  • 27 Dec: Fidelity and HSBC hint plans at offering financial services in the metaverse with new trademark filings.
  • 28 Dec: China to launch its first regulated platform for non-fungible token (NFT) trading on 1 January 2023.
Binance

Digital banks and exchanges

  • 16 Dec: Dutch central bank issued a warning to cryptocurrency exchange KuCoin for operating without a licence in the Netherlands.
  • 16 Dec: Crypto.com secured Payment Institution Licence (EMI) in Brazil.
  • 21 Dec: Binance joined the Chamber of Digital Commerce, the US crypto lobbying group, in an attempt to step up its regulatory efforts.
  • 21 Dec: Coinbase secured virtual asset service provider (VASP) registration in Ireland.
  • 23 Dec: OKX published its second proof-of-reserve report in 2 months, revealing a 101% reserve ratio in Bitcoin and Tether and 103% in Ethereum.
  • 27 Dec: Russia’s largest bank Sber issued gold-backed digital financial assets (DFAs).
  • 28 Dec: Crypto exchange Kraken to cease its operations in Japan and deregister from the Financial Services Agency.
Exploits Defaults Lawsuits

Defaults, exploits and lawsuits

  • 16 Dec: Crypto bank Silvergate faced a class action lawsuit for alleged roles in aiding and abetting FTX and Alameda’s fraudulent activities.
  • 16 Dec: Solana-based DeFi exchange Raydium hacked for over $2 million.
  • 17 Dec: OneCoin co-founder Karl Sebastian Greenwood pleaded guilty to wire fraud and money laundering charges.
  • 21 Dec: Cryptocurrency miner Core Scientific files for Chapter 11 bankruptcy.
  • 23 Dec: SBF was released on a $250 million bond and awaits trial at his parents’ home in Palo Alto, California.
  • 23 Dec: Crypto exchange AAX’s 2 executives – former CEO Liang Haoming and founder Thor Chan – were arrested in Hong Kong for fraud and misleading law enforcement.
  • 25 Dec: Decentralised leveraged trading platform Defrost Finance suffered a $12 million flash loan attack.
  • 25 Dec: French investors sued Binance for over EUR€2.4 million in losses from alleged misleading commercial practices and fraudulent concealment.
  • 26 Dec: Users of crypto wallet BitKeep lost millions in various cryptocurrencies in a hacking incident caused by malicious APK packages.
  • 26 Dec: Bitcoin mining pool BTC.com fell victim to a $3 million cyberattack.
  • 28 Dec: North Korean hacking collective Lazarus Group posed as venture capitalists to spread malware.
  • 28 Dec: SBF filing revealed a $546 million loan from Alameda Research for the purchase of Robinhood shares.
  • 28 Dec: The US Department of Justice arrested and charged $110 million Mango Markets hacker Avraham Eisenberg with market manipulation offences.
  • 28 Dec: Crypto exchange Gemini and its founders faced a class action lawsuit from investors over high-yield earn products.
  • 28 Dec: Crypto investment firm Midas winded down its business following losses this year, with over 60% of its assets under management withdrawn after the collapse of Celsius Network and FTX.

Images: Getty Images

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