This week was another busy week for the cryptocurrency market. Bitcoin soars above $107,000, FTX to start repaying customers in early 2025, CyberKongs receives ‘concerning rhetoric’ from SEC in Wells notice, US lawmakers say SEC Commissioner Caroline Crenshaw’s Nomination voting canceled, and Injective and Sonic team up to build the first cross-chain AI agent hub.
Bitcoin surpasses $107,000 for the first time
Earlier this week, Bitcoin reached new highs, surpassing $107,000. At the same time, the defunct cryptocurrency exchange Mt.Gox moved approximately 1,620 Bitcoins to an unknown wallet. The value of Bitcoin transfers reached over $172.5 million.
The Bitcoin move comes on the heels of a transfer made by Mt.Gox two weeks ago. The platform then moved 24,000 Bitcoins to an unknown wallet. According to Arkham, the bankrupt exchange transferred 1,619.6 bitcoins in two separate transfers. The first time he sent 1,427.9 Bitcoins and the second time he sent 191.7 Bitcoins to two new addresses.
Bitcoin hit $106,000 before hitting $107,000 following news that President-elect Donald Trump is considering plans to create a U.S. Bitcoin Strategic Reserve. Investors believe it is achievable for Bitcoin to reach $120,000 by the end of 2024.
FTX to start repaying virtual currency in early 2025
Collapsed cryptocurrency exchange FTX has announced that it will begin distribution to customers in early January. The court-approved Chapter 11 bankruptcy reorganization process will become effective on January 3, 2025.
FTX plans to collaborate with crypto asset management company BitGo and cryptocurrency exchange Kraken to distribute assets to retail and institutional investors. In November, it was reported that FTX would begin distribution by March 2025.
FTX went bankrupt in November 2022, and five executives were jailed or sentenced to prison. That includes former CEO Sam Bankman Freed, who was sentenced to 25 years in prison in March.
CyberKongz receives Wells notice from SEC
CyberKongz, a non-fungible token (NFT) platform, has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC).
In a post to Blockchain games cannot be issued without being registered as securities.
The SEC believes it may have violated securities laws by issuing a Wells notice and is preparing to take action against the platform. One of the issues the SEC has with CyberKongz is the “sale” of Genesis Kongz NFTs in April 2021. However, CyberKongz stated that this is a contractual transition and not a sale.
Earlier this year, cryptocurrency exchange Coinbase received a Wells Notice from the SEC, followed by NFT marketplace OpenSea and blockchain gaming platform Immutable.
U.S. Congressman cancels vote on nomination of SEC Director Caroline Crenshaw
The U.S. Senate’s vote to renominate Democrat Caroline Crenshaw for a second term at the U.S. Securities and Exchange Commission (SEC) was called off this week.
The vote was originally scheduled for December 11th. But Senate Banking Committee Chairman Sherrod Brown adjourned within minutes, citing issues between Democrats and Republicans.
Brown later issued a statement saying that corporate special interests were waging a “disgusting smear campaign against Caroline Crenshaw.”
However, because Congress adjourned for vacation on Dec. 20, Crenshaw was not nominated until President-elect Donald Trump’s administration rejoins the White House in January.
Following news of Crenshaw’s reappointment, Coinbase CEO Brian Armstrong told X: “She tried to block Bitcoin ETFs, but on some issues Gensler (I didn’t think it was possible).”
Injective and Sonic team up to build the first cross-chain AI agent hub
Injective and Sonic are collaborating to build the first cross-chain artificial intelligence (AI) agent platform.
The two crypto platforms said the new AI agent hub leverages Sonic’s HyperGrid technology to integrate the Solana and Injective ecosystems. The smart agent hub also leverages the Inter-Blockchain Communication Protocol (IBC), an open-source protocol that enables blockchain interoperability.
According to Injective Labs, AI Agent Hub provides developers with tools to create, deploy, and monetize AI agents across decentralized ecosystems.
