Crypto Market Heats Up: BonqDAO Loses $120 Million, FTX Relations and 20 Crypto Jokes !

• Bitcoin neared its seventh “golden cross” in 10 years, whales discussed potential altcoins, and crypto assets under management surged 36.7%.
• Ethereum developers launched the Zhejiang testnet, Mike Novogratz endorsed Binance and a Premier League backed Sorare’s NFT fantasy football game.
• Changsha accepted digital yuan payments, frauds like BonqDAO lost $120 million and US Senators demanded answers from Silvergate over FTX’s misuse of customer funds.

Bitcoin Market Activity

This week in crypto saw Bitcoin nearing its seventh “golden cross” in 10 years, with analysts discussing which altcoins had huge potential for the future of the crypto world. Crypto assets under management surged by 36.7% in January and Grayscale’s situation remained delicate. Ark Invest CEO Cathie Wood also stood by her thesis that bitcoin would hit $500,000 by 2030.

Ethereum Developments

Ethereum developers launched the “Zhejiang” testnet and Mike Novogratz endorsed Binance and urged success for CEO CZ. The first-ever NFT and metaverse assets-focused ETF announced closure due to market conditions, while Rally announced the closure of its sidechain operations due to a lack of funding. However, Premier League ignored the crypto chaos and backed Sorare’s NFT fantasy football game.


Over 300,000 stores and vendors in Changsha, China now accept digital yuan payments while India’s largest retailer Reliance Retail announced plans to accept payments in the digital rupee.

Crypto Frauds

BonqDAO lost $120 million in a hack while CertiK revealed two individuals behind a several-million-dollar heavy scam. A Canadian man allegedly lost his home and his entire life savings after falling victim to a crypto scam; South Korean police were probing an $8 million dollar crypto scam; North Korean hackers finished laundering 17,278 ETH valued at over $27 million; and US said that crypto industry security vulnerabilities allowed North Korean hackers to steal more than $1 billion dollars over two years.

Silvergate & FTX Relations

US senators demanded answers from Silvergate over FTX’s misuse of customer funds; Australian regulators probed FTX before its collapse; Sam Bankman-Fried requested to meet with new FTX CEO John Ray; a South Korean ministry; local law firm; Samsung affiliate included on creditor list; Grayscale sued by Osprey Funds over how it promotes Grayscale Bitcoin Trust Fund; Coinbase won legal battle related to lawsuit by clients alleging platform facilitated sale of unregistered securities