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Mastercard and Paxos help banks offer crypto, Jack Dorsey details new social platform and Tesla hodls BTC: Hodler’s Digest, Oct. 16-22



Mastercard and Paxos help banks offer crypto, Jack Dorsey details new social platform and Tesla hodls BTC: Hodler’s Digest, Oct. 16-22

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Mastercard taps Paxos to launch crypto trading for banks

Banks will soon be equipped to offer clients crypto trading and custody thanks to a new program called “Crypto Source” from Mastercard and Paxos Trust Company. As part of the program, Mastercard will cover some of the compliance, security and interface details while Paxos handles crypto custody and trading. Expected in the final quarter of 2022, the Crypto Source program will essentially provide the underpinning that will let banks offer crypto trading and custody to their clients.

Jack Dorsey unveils decentralized social with algo choice and portable accounts

Under the supervision of former Twitter CEO Jack Dorsey, a new social media platform called “Bluesky Social” has entered its private beta phase after years of anticipation. Underpinning the platform is a protocol known as the Authenticated Transfer Protocol (formerly named ADX). The protocol essentially removes the walls around user data, letting users move their accounts from platform to platform rather than having their profiles and information locked on a single platform.

Hodl! Tesla hangs onto all its remaining $218M in Bitcoin in Q3

After offloading 75% of its Bitcoin holdings in Q2, Tesla decided to retain its remaining BTC in Q3, according to the company’s latest earnings report. The Q3 earnings report detailed Tesla’s balance sheet carrying $218 million in digital assets. In February 2021, Tesla notably unveiled holding $1.5 billion worth of Bitcoin, but sold most of its holdings the following year due to China-related COVID-19 concerns.

Not like China: Hong Kong reportedly wants to legalize crypto trading

Although a special administrative region of China, Hong Kong is reportedly looking to ease its crypto regulations to favor the industry. China has taken regulatory steps to discourage crypto industry activity in the past. Crypto trading in Hong Kong itself is largely limited to professional investors, thanks to Hong Kong’s Securities and Futures Commission (SFC). However, the SFC is now taking steps to allow retail crypto trading, as well as other crypto-friendly pursuits.

‘Performing as expected’ — Aptos Labs defends day 1 criticism

Aptos, a blockchain constructed using programming language that was once intended for Meta’s Diem project, launched its mainnet on Oct. 17. The well-funded blockchain created by Aptos Labs claims a processing capacity of 160,000 transactions per second (TPS). However, just 4 TPS was observed at the time of Cointelegraph reporting on Oct. 18. The initial low numbers were expected, according to Aptos on Twitter. Oct. 20 reporting revealed numbers for the blockchain had risen to 16 TPS.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $19,115, Ether (ETH) at $1,299 and XRP at $0.44. The total market cap is at $916.20 billion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Casper (CSPR) at 32.19%, Lido DAO (LDO) at 16.23% and Maker (MKR) at 16.07%. 

The top three altcoin losers of the week are TerraClassicUSD (USTC) at -24.65%, Axie Infinity (AXS) at -16.18% and EthereumPoW (ETHW) at -15.52%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“Well, I mean, there are a few reasons [for having Bitcoin in space]. One, because it’s cool, and you can.

Adam Back, co-founder and CEO of Blockstream

“Now is the time to tell your friends and explain the benefits about crypto, because when they’re FOMOing at $70,000 [per Bitcoin] you should be telling them not to enter the market.

Marcel Pechman, markets analyst and Cointelegraph contributor

“Right now, hacking is certainly the biggest issue that we’re thinking about that’s happening in the industry that’s a real threat to security.

Kim Grauer, director of research at Chainalysis

“We believe everything [in museums] will be an NFT, just like a serial number, for every product there will be an NFT.”

Hussein Hallak, CEO and founder of Next Decentrum Technologies

“PoW was a dead end for Ethereum.

Tansel Kaya, CEO of Mindstone Blockchain Labs

“Price manipulation is a cousin of misrepresentation, and in many jurisdictions, engaging in misleading and deceptive conduct is unlawful and grounds for legal claims.

Michael Bacina, partner at Piper Alderman

Prediction of the Week 

Bitcoin price ‘easily’ due to hit $2M in six years — Larry Lepard

Bitcoin’s price traded relatively sideways for most of this week yet again, according to Cointelegraph’s BTC price index. 

Equity Management Associates founder Larry Lepard sees Bitcoin reaching $2 million per coin over the next five or six years, he said on a Quoth the Raven podcast episode published on Oct. 16. “Bitcoin could go to zero, but I personally believe Bitcoin’s going to go up 100x,” according to Lepard. He also, however, noted the possibility of Bitcoin dropping to $14,000 before then.

FUD of the Week

Report: Half of all DeFi exploits are cross-bridge hacks

Cross-chain bridges are the weakest security point in decentralized finance (DeFi), according to a Token Terminal report. The crypto data provider detailed that cross-chain bridge exploits, largely on Ethereum Virtual Machine blockchains, have accounted for about $2.5 billion in lost funds over the last two years. Cross-chain bridge exploits represent about half of all DeFi hacks during that period.

77.1% of Salvadorans surveyed think the gov’t should ‘stop spending public money’ on Bitcoin

Most Salvadorans are not pleased with their government’s Bitcoin spending, according to residents polled as part of a study from El Salvador’s José Simeón Cañas Central American University. The country made Bitcoin legal tender in September 2021, although just 24.4% of Salvadorans polled have used Bitcoin for payments since then, as of polling in September 2022. Additionally, less than 40% of those polled favored El Salvador’s decision to make Bitcoin legal tender.

4,400 disgruntled investors are hunting for Terra’s Do Kwon

Formerly organized to initiate lawsuits from Terra investors, the UST Restitution Group (URG) has now shifted focus to searching for Terra head Do Kwon. The URG Discord group has 4,400 participants who are discussing and searching for Kwon as a result of the Terra project’s collapse earlier in 2022. Authorities have taken various measures to find the Terraform Labs co-founder. Kwon said safety precautions drove him to leave Singapore, according to an interview published this week by journalist Laura Shin.

Best Cointelegraph Features

‘Terra hit us incredibly hard’: Sunny Aggarwal of Osmosis Labs

“The Terra Luna protocol was created by someone with either an IQ of 50 or 150. And frankly, I can’t tell which one.”

DeFi abandons Ponzi farms for ‘real yield’

“Returns based on marketing dollars are fake. It’s like the Dotcom boom phase of paying customers to buy a product.”

KYC to stake your ETH? It’s probably coming to the US

It shouldn’t surprise anyone if regulators begin telling node validators to impose KYC and AML requirements on users staking Ether.


The most engaging reads in blockchain. Delivered once a

Editorial Staff

Cointelegraph Magazine writers and reporters contributed to this article.

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Whale Watching: The Top 5 Crypto Transactions of the Week



Whale Watching: The Top 5 Crypto Transactions of the Week

Bitcoin takes the throne for this week’s 127,351 BTC ($2,062,504,721) whale transfer out of Binance into an unknown wallet on Nov. 28, 2022, while an Ethereum whale transferred about 231,782 ETH ($274 million) on Nov. 28, 2022.

Binance reportedly paid $0.42 in transaction fees to move the large volume of Bitcoin in a bid as part of an audit process with the goal of greater transparency following the collapse of FTX. It assured users of the exchange that all their funds were safe.

Three Major Whale Transactions Done by Binance, Admits CZ

Additionally, the crypto exchange made at least two other whale transactions of around 200,000,000 BUSD, its native stablecoin, on Nov. 30, 2022. Binance was responsible for 81% of the roughly $3.2 billion of all whale transfers in the past week, with these two similar transfers tied for the fifth position.

Binance CEO Changpeng ‘CZ’ Zhao took to Twitter to allay fears of malpractice at the exchange, stating that a third-party auditor requires Binance to transfer a certain amount of crypto to itself to prove that the company owns the wallet. The remainder goes to another address, called a “Change Address.”

This is part of the Proof-of-Reserve Audit. The auditor require us to send a specific amount to ourselves to show we control the wallet. And the rest goes to a Change Address, which is a new address. In this case, the Input tx is big, and so is the Change. Ignore FUD! https://t.co/36wUPphIZk pic.twitter.com/2NkH5L5J9j

— CZ 🔶 Binance (@cz_binance) November 28, 2022

Other cryptos coming in close behind Binance’s Bitcoin transfer is the second-largest cryptocurrency by market capitalization, Ethereum, with almost $560 million transferred in two transactions of 231,736 ETH ($272 million) and 231,782 ETH ($274 million). Validators were later rewarded with $1.32 and $2.51 in transaction fees.

In both cases, the source and destination addresses were unknown. Crypto Twitter has speculated that the first transaction could have involved Ethereum co-founder Vitalik Buterin. Earlier this year, he reportedly dumped 3,000 ETH to DeFi protocol Uniswap V3 shortly after news broke of the failure of FTX.

Fueling the speculation was the fact that Buterin had moved 30,000 ETH out of his self-custodial wallet in May 2022, prompting speculation that Ethereum would dump later. However, it turned out that the transferred funds were set aside for charitable donations.

Whale Transaction Unlocks XRP From Escrow

Rounding up the top five is the transfer of 500,000,000 XRP ($204 million) from an escrow wallet to an unknown address on Dec. 1, 2022. The escrow is essentially a smart contract on the XRP Ledger, written to dispense locked tokens once certain external conditions are met.

In 2018, Ripple launched an initiative to release 1,000,000,000 XRP at the start of each month through an escrow to create a predictable supply of its native coin. 

Accordingly, the transfer of 500,000,000 XRP was followed by transfers of 400 million and 100 million coins to unlock 1,000,000,000 XRP for Dec. 2022. In the past, Ripple has kept 800,000,000 coins, choosing to lock up the remaining 200,000,000 XRP for a new release.

Summary of the Top 5 Whale Transactions

The top five transactions for the week were:

5. 200,000,000 BUSD ($200,080,000) was transferred from Binance to an unknown wallet on Nov. 30, 2022, followed by a transfer of the same amount of BUSD from an unknown wallet to Binance.

Tx costs: $3.31 and $1.27

4 – 500,000,000 XRP ($204,402,898) was unlocked from escrow at an unknown wallet on Dec. 1, 2022.

Tx cost: Not available

3 – 231,736 ETH ($271,829,771) was transferred from an unknown wallet to another unknown wallet on Nov. 28, 2022.

Tx cost: $1.32 

2 – 231,782 ETH ($274,046,462) was transferred from one unknown wallet to another on Nov. 28, 2022.

Tx cost: $2.51

1 – 127,351 BTC ($2,062,504,721) was transferred from Binance to an unknown wallet, likely another new Binance address, on Nov. 28, 2022.

Tx cost: $0.42

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Bybit announces second round of layoffs in 2022 to survive bear market



Bybit announces second round of layoffs in 2022 to survive bear market

Ben Zhou, the co-founder and CEO of Bybit, announced a reorganization plan amid a prolonged bear market, which involves a steep reduction in the workforce.

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Bybit announces second round of layoffs in 2022 to survive bear market

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Yes, the bear market weeds out the bad actor, but it also forces the existing players to rethink their business strategies to offset resultant losses. In this effort, crypto exchange Bybit announced mass layoffs for the second time in 2022.

Ben Zhou, the co-founder and CEO of Bybit, announced a reorganization plan amid a prolonged bear market, which involves a steep reduction in the workforce. The “planned downsizing” will affects employees across the board:

“We are all saddened by the fact this reorganization will impact many of our dear Bybuddies and some of our oldest friends.”

Independent reporter Colin Wu highlighted that the layoff ratio is 30%. On June 20, Bybit silently laid off employees, citing unsustainable growth, which was confirmed via leaked internal documents. Bybit’s employee headcount grew from a few hundred to over 2000 in 2 years.

1) Difficult decision made today, but tough times demand tough decisions. I have just announced plans to reduce our workforce as part of an ongoing re-organisation of the business as we move to refocus our efforts for the deepening bear market.

— Ben Zhou (@benbybit) December 4, 2022

While announcing the incoming downsizing, Zhou shared his intent to make the offboarding process as smooth as possible. Sufficing this need for restructuring, Zhou said:

“It’s important to ensure Bybit has the right structure and resources in place to navigate the market slowdown and is nimble enough to seize the many opportunities ahead.”

For affected Bybit employees, the revelation is a hard pill to swallow, but Wu reported that employees would receive three months of salary as compensation.

Related: Bybit releases reserve wallet addresses amid calls for transparency

On Nov. 24, Bybit launched a $100 million support fund to provide liquidity to institutional traders following the FTX collapse.

The fund was made available to eligible market makers and high-frequency trading institutions and distributed at a 0% interest rate.

The maximum amount distributed per applicant was $10 million under the condition that the funds would be used for spot and Tether (USDT) perpetual trading on Bybit.

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Elon Musk alleges SBF donated over $1B to Democrats: “Where did it go?”



Elon Musk alleges SBF donated over $1B to Democrats: “Where did it go?”

SBF made the “highest ROI trade of all time” by donating $40 million to the right people for getting away with stealing over $10 billion, said Will Manidis, the CEO of ScienceIO.

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Elon Musk alleges SBF donated over B to Democrats: "Where did it go?"

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The attempts of mainstream media to water down the frauds committed by FTX CEO Sam Bankman-Fried (SBF) did not fare well in convincing the crypto community and entrepreneurs. Instead, the misinformation campaign collided with Tesla CEO Elon Musk’s drive to position Twitter as “the most accurate source of information.”

The world is yet to overcome the shock after witnessing the legal leniency awarded to SBF for misappropriating users’ funds and shady investment practices via trading firms Alameda Research and FTX. Will Manidis, the CEO of ScienceIO, a healthcare data platform, pointed out that SBF made the “highest ROI trade of all time” by donating $40 million to the right people for getting away with stealing over $10 billion.

That’s just the publicly disclosed number. His actual support of Dem elections is probably over $1B. The money went somewhere, so where did it go?

— Elon Musk (@elonmusk) December 3, 2022

On the other hand, Musk alleged that SBF donated over $1 billion to Democratic candidates, which is way more than the publicly disclosed amount of $40 million. SBF previously admitted to making backdoor donations to the Democratic Party. Musk asked:

“His actual support of Dem elections is probably over $1B. The money went somewhere, so where did it go?”

The United States House Financial Services Committee chair Maxine Waters, a Democrat, and ranking member Patrick McHenry, a Republican, have requested SBF to appear in an investigative hearing scheduled for Dec. 13.

.@SBF_FTX, we appreciate that you’ve been candid in your discussions about what happened at #FTX. Your willingness to talk to the public will help the company’s customers, investors, and others. To that end, we would welcome your participation in our hearing on the 13th.

— Maxine Waters (@RepMaxineWaters) December 2, 2022

To this request, prominent entrepreneurs, including Polygon CEO Ryan Wyatt, informed Waters that “he’s (SBF) a criminal” after being shocked at the leniency shown by the people in power to the fugitive.

Related: FTX collapse drives curiosity around Sam Bankman-Fried, Google data shows

The crypto community openly criticizes paid narratives that try to show SBF in good light. The latest backlash is related to SBF’s interviews in New York Times DealBook Summit and Good Morning America interviews.

Speaking to the news outlets during the ‘apology tour,’ SBF portrayed himself as a victim and got applauded at the end. “Watching SBF’s interview is kind of like watching Casey Anthony’s documentary. They’re so mechanical, they’re so inauthentic in their delivery. If you feel any emotion, at all, it slows people down. The way it is expressed is a separate subjective matter,” said Twitter user and developer Naom.

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