Crypto News Highlights ( 22nd to 26th January 2024)

Here are the top stories that happened in crypto this week.

Crypto News Highlights ( 22nd to 26th January 2024)
Here are the top stories that happened in crypto this week.

BlackRock's Bitcoin ETF Surpasses $2 Billion in AUM

BlackRock's iShares Bitcoin ETF (IBIT) has become the first recently launched spot bitcoin product to reach $2 billion in assets under management (AUM). Investors added approximately $170 million on Thursday, pushing the total AUM above $2 billion.

IBIT now ranks third in asset gathering among over 600 ETFs launched in the past year, with potential to become the top-ranking ETF, according to ETF Store president Nate Geraci.

OneCoin Lawyer Receives 10-Year Sentence in $400 Million Fraud Scheme

Mark Scott, a former partner at the U.S. law firm Locke Lord, has been sentenced to 10 years in prison for his involvement in a $400 million fraudulent cryptocurrency scheme related to OneCoin. The sentencing took place on Thursday, and Scott was found guilty of conspiracy to commit money laundering and conspiracy to commit bank fraud.

Manhattan U.S. Attorney Damian Williams emphasized Scott's financial success through fraud and deception, ordering him to forfeit significant assets.

Binance and SEC Clash Over Evidence Production and Depositions

The legal battle between Binance and the U.S. Securities and Exchange Commission (SEC) escalates as court documents reveal disputes over evidence production and witness depositions.

The SEC alleges incomplete compliance from BAM Trading Services, Binance.US's parent company, with information requests. BAM contends that the SEC is exceeding agreed terms, expanding its probe beyond customer asset safety.

Drake Loses $700,000 in Bitcoin Betting on UFC Match

Renowned Canadian rapper Drake lost $700,000 worth of Bitcoin (BTC) after betting on a UFC fight using the crypto platform Stake. Drake predicted that Sean Strickland would win against Dricus du Plessis, with an estimated profit of over $650,000 in BTC.

Unfortunately, Strickland lost the match, marking another instance of Drake's bets on sports events resulting in losses, leading to the popular notion of the "Drake curse."

Ethereum's Upgrade Progresses Toward Implementation

Ethereum's long-awaited upgrade, known as the Sepolia and Holesky testnets, is on track to be completed by early February, with the mainnet implementation expected by March.

The upgrade, called Dencun, aims to enhance Ethereum's scalability, making it faster and more cost-effective.

Developers anticipate solving the network's congestion issues, enabling it to handle over 100,000 transactions per second through features like proto-danksharding (EIP-4844).

The upgrade is crucial for improving Ethereum's efficiency and reducing transaction costs.

Disclaimer:  The information provided in this crypto news round-up is for informational purposes only and should not be considered financial or investment advice. Obiex will not be held liable for your investment decisions.