Cryptocurrency

SBF’s Conviction, SEC’s Legal Defeats Against Ripple, Binance’s New CEO: Major Crypto Events That Dominated 2023

Published

1 year ago

January 2, 2024

What an eventful year it has been for the crypto industry!

With 2023 coming to an end, the cryptocurrency space has had its share of battles and victories, all of which continue to shape an industry that, though still growing, has managed to make a mark in the global financial sector.

This year, regulators came down hard on key players in the market, one of the biggest and most influential CEOs pleaded guilty to a criminal charge, and the hype around a spot Bitcoin exchange-traded fund (ETF) intensified following applications from major financial institutions.

We now go further to explore some of the major events that made headlines in 2023.

Bank Collapses That Affected Crypto Companies

Silicon Valley Bank (SVB), Signature Bank, and Silvergate, which catered to crypto businesses and tech startups, fell apart within a week in March in what was described as one of the major collapses to rock the American banking sector.

It all started with Silvergate Bank, which revealed that it was struggling to stay in operation after reporting a $1 billion loss in the fourth quarter of 2022 following the collapse of the once-cryptocurrency exchange giant FTX. Days after, the financial institution announced the closure of its Silvergate Exchange Network (SEN) – an instant settlement service that allowed crypto clients to make payments 24/7 – stating that the move was a “risk-based decision.”

Silvergate eventually went into voluntary liquidation even though it was solvent. Amid the bank’s crisis at the time, crypto heavyweights, such as Huobi and Coinbase, cut ties with Silvergate. A few days later, the California Department of Financial Protection and Innovation closed down SVB, which mostly served the tech industry, becoming the largest bank in the United States to fail after Washington Mutual Bank in 2008.

SVB experienced a bank run after depositors made huge withdrawals. Furthermore, banking Regulators shut down the crypto-friendly Signature Bank, which saw panic from customers after SVB’s fall, resulting in major stock sell-offs and massive outflows.

The collapses, meanwhile, had a significant impact on crypto companies, with one of the biggest clients being Circle. The USDC stablecoin issuer revealed that it held part of its cash reserves in various US financial institutions, including SVB, Silvergate, and Signature banks, with over $3 billion in SVB.

The USDC temporarily depegged as a result of SVB’s failure. Other crypto companies that had exposure to SVB and Signature included Ripple, BlockFi, Coinbase, and Paxos.

The Inscriptions Craze

First started on the Bitcoin network, the inscription mania also found its way to Ethereum and Ethereum Virtual Machine (EVM) chains.

Inscriptions, simply put, are data files embedded on the blockchain. The fad started on the Bitcoin blockchain with Bitcoin Ordinals, which, similar to non-fungible tokens (NFTs), can be inscribed on a satoshi – the smallest denomination of Bitcoin (BTC).

The ordinals craze prompted a surge in transactions on the Bitcoin network. But the trend has also caused network congestion, along with high fees.

Meanwhile, inscriptions went beyond the Bitcoin network when developers found a way to deploy inscriptions on Ethereum and other blockchains beginning in November. Inscriptions on Ethereum and EMV-compatible chains are embedded in transaction call data.

According to data from Etherscan in December, a spike in transaction activity on EVM chains was majorly attributed to inscriptions.

However, Bitcoin Ordinals, especially, have not been without criticism, with maximalists labeling the trend as spam and a scam. Bitcoin Core developer Luke Dashjr stated that Ordinals creators were exploiting a vulnerability in Bitcoin Core to spam the blockchain. The developer also believes that ordinals are an attack on Bitcoin.

Binance and Coinbase Slammed With SEC Lawsuit

In June, the US Securities and Exchange Commission (SEC) went after two of the biggest cryptocurrency exchanges – Binance and Coinbase. According to the regulator, in its lawsuits against both companies, which were each filed within 24 hours, both firms violated securities laws and offered assets for trading deemed as securities.

However, Binance and Coinbase denied the SEC’s claims, with both exchanges seeking to dismiss the regulator’s lawsuits. Binance.US, the American affiliate of the international exchange Binance, trimmed down its workforce as the company anticipated a long and expensive legal battle with the SEC.

Ripple’s Victories Against the SEC

A month after the SEC’s lawsuit against Binance and Coinbase, another crypto company, which has been involved in a lengthy legal fight with the regulator, scored a major win in July.

In December 2020, the SEC sued Ripple Labs, the company behind the XRP token, for conducting a $1.3 billion unregistered securities offering through its sale of XRP. Ripple and its CEO, Brad Garlinghouse, fought back against the allegation, maintaining that the firm did not commit any crime.

A partial victory came for Ripple in July 2023 after Judge Analisa Torres ruled that XRP sales on public crypto exchanges did not violate securities laws. However, Judge Torres stated that the sale of XRP directly to sophisticated investors violated securities laws.

Ripple scored another win in October after Judge Torress dismissed the SEC’s appeal against the judge’s decision in July. A third victory came for the company in the same month after the securities watchdog dropped its charges against Ripple’s top executives — Brad Garlinghouse and Chris Larsen.

BlackRock’s Spot Bitcoin ETF Filing

BlackRock, the world’s largest asset manager with nearly $10 trillion in assets, made headlines in June after the company filed for a spot Bitcoin exchange-traded fund (ETF) with the SEC. Following BlackRock’s filing, other companies such as Fidelity Digital, WisdomTree, Invesco, and VanEck resubmitted their applications.

The SEC has yet to approve any spot Bitcoin ETF in the United States, with the regulator only favoring Bitcoin futures ETFs. However, there have been renewed hopes of a possible spot BTC ETF, with reports stating that discussions between potential issuers and the SEC have reached an advanced stage.

Meanwhile, ETF applicants, investors, and the broader crypto community have set their sights on deadlines between Jan. 5th and 10th, 2024 deadline, with the hope the US will finally have a spot Bitcoin ETF product after years of delays and rejections.

Worldcoin: The Crypto Iris-Scanning Project

Worldcoin, co-founded by OpenAI CEO Sam Altman, launched its WLD token in July 2023. However, the project has faced criticisms for its iris-scanning feature, which users will undergo to get WLD tokens.

Regulatory authorities in France, the United Kingdom, Germany, and Argentina raised privacy concerns and initiated investigations into the project. Kenya, on the other hand, suspended Worldcoin activities in the country.

Amid regulatory scrutiny, recent reports stated that Worldcoin quietly discontinued its orb verification for offline users in India, Brazil, and France. Meanwhile, the project expanded into Singapore, allowing users to “verify their unique humanness at an Orb.”

Grayscale’s Win Against the SEC

After its defeat to Ripple, the SEC suffered another loss in a legal case involving asset management firm Grayscale. The latter sued the Commission for rejecting its request to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.

In August, a United States court instructed the regulator to reconsider Grayscale’s application, a ruling that served as a major win for the crypto company. However, some experts at the time noted that the victory did not mean an automatic endorsement of spot Bitcoin ETF.

Sam Bankman-Fried: From Crypto Darling to Criminal

November can be said to be one of the most eventful months in 2023 for the cryptocurrency industry. Sam Bankman-Fried, popularly known as SBF, whose company FTX fell in November 2022, was convicted nearly a year later of a seven-count charge, including fraud and conspiracy.

Following FTX’s collapse, Bankman-Fried resigned from his position as CEO of the crypto exchange. The former chief was subsequently arrested and later extradited to the United States.

After a month-long trial, which began in October 2023, a 12-man jury declared SBF guilty of all seven counts involving fraud, conspiracy, and money laundering, with the charges carrying a combined maximum sentence of 120 years in prison. Following the guilty verdict, Bankman-Fried’s defense lawyer said that his client maintained his innocence and would continue to fight the allegations.

SBF’s sentencing is scheduled for March 28, 2024, with a second trial also to happen in the same month. However, a recent letter, according to Bloomberg, revealed that Bankman-Fried will not face a second trial, with US prosecutors informing Judge Lewis Kaplan of their intention to drop the second set of charges, part of which accuse the former entrepreneur of bank fraud, trying to bribe foreign officials, and operating an unlicensed money transmitting business.

CZ Stepping Down and Binance’s $4 Billion Fine

Another major event happened in November, with the largest cryptocurrency exchange by market capitalization, Binance, paying a $4.3 billion fine in a settlement with United States regulators.

The company, which is facing regulatory issues from different watchdogs, chief among them the SEC, paid the hefty settlement., in addition to pleading guilty to various charges, including knowingly violating the Bank Secrecy Act.

Binance CEO Changpeng Zhao, popularly known as CZ, also pled guilty to contravening the Bank Secrecy Act, agreed to step down from his position and pay a personal fine of $50 million.

Meanwhile, CZ, who also resigned as chairman of the board of directors at Binance.US, will remain in the U.S. until his sentencing on Feb. 23, 2024, with a United States district court ruling in favor of the government, which claimed that he was a flight risk.

Binance’s former head of regional markets outside the U.S., Richard Teng, became the company’s new CEO.

Major Hacks in 2023

While hacking incidents in 2023 recorded less volume compared to 2022, there were still some notable hacks that occurred this year.

DeFi lending protocol Euler Finance lost $197 million worth of customer assets in March through a flash loan attack. In April, the project announced that the attacker returned all recoverable funds.

Crypto exchange Poloniex also fell victim to a hacking incident, causing the platform to lose $125 million in various assets, including Ether (ETH), USDT, USDC, and Shiba Inu (SHIB).

Another project, Mixin Network, suffered a $200 million loss in September after attackers exploited a vulnerability in the database of its cloud service provider. Shortly after the attack, the Mixin team appealed to the hacker to return the stolen funds while offering them a $20 million bug bounty reward.

Fingers Crossed for 2024

With 2024 just around the corner, the industry seems to be optimistic about a potential crypto bull run. Already, there have been massive Bitcoin (BTC) price predictions for 2024, which analysts and stakeholders believe will be propelled by a potential spot Bitcoin ETF approval and the upcoming Bitcoin halving event.

Bitwise recently predicted that BTC’s price will hit a new all-time high of $80,000 in 2024. Other predictions put the value of the crypto asset at $100,000 and above per coin also in 2024.

It remains to be seen how the new year will shape the crypto industry, with various activities and anticipations, but hopefully, the leap year will be good for the market.

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Cryptocurrency

XRP Price Outlook: XRP Headed For $5 but Some Analysts Think BTC Bull Token Might Pump More

Published

8 hours ago

March 14, 2025

XRP is rallying again, and some traders believe it could continue to rise to $5.

However, the new BTC Bull Token project is also gaining momentum in its presale – with one top analyst predicting it could deliver even bigger returns than XRP this year.

XRP Rebounds as Expert Predicts $5 Could Finally Be in Reach

XRP’s jump back to $2.30 has drawn plenty of attention, but what’s interesting is how the rebound started.

After dipping to the crucial $2 support level, the token reacted aggressively.

It bounced off support for the third time since February 3 and is now among the top five most-traded cryptos globally, thanks to retail traders jumping back in after seeing the token’s bullishness.

Popular analyst Ali Martinez thinks this momentum could carry XRP a lot higher.

He recently pointed out on X (Twitter) that XRP’s price chart had formed a head-and-shoulders pattern – usually bad news.

But Martinez claimed that if XRP avoids dipping below that pattern’s neckline and instead breaks above the right shoulder (around $2.90), it could trigger a more extended rally.

And that move might propel XRP towards $5 for the first time.

Legal Wins, Institutional Interest, and Whales – Why XRP Could Keep Climbing

While XRP’s technicals are starting to look promising, there might be even more positivity ahead, especially considering the bullish factors accumulating behind the scenes.

First, according to experts, XRP’s long legal battle with the SEC could finally be resolved by mid-April.

If Ripple wins, that alone could send XRP soaring by removing the uncertainty that has hung over the project for years.

But it’s not just about the legal drama – big money could soon be pouring in, too.

Institutional investors seem increasingly confident with Ripple, which is now licensed to expand XRP payments across the Middle East and Southeast Asia.

The success of spot BTC ETFs last year showed us just how explosive institutional inflows can be, and that sort of money could flow XRP’s way if it gets the green light.

Whale activity also indicates that XRP might be gearing up for another big move.

Transactions exceeding $1 million have risen in recent weeks, suggesting that whales are preparing for more upside.

This sets the stage for a rally to $5 like Ali Martinez predicted.

BTC Bull Token Gains Momentum in Presale – Could This Bitcoin Rewards Coin Outpace XRP?

While XRP’s bullish outlook is exciting, another coin is catching crypto traders’ attention this week.

BTC Bull Token isn’t your typical meme coin; it’s designed to benefit from Bitcoin’s momentum by rewarding holders every step of the way.

Think of it as a way to cheer Bitcoin on without holding BTC.

When Bitcoin reaches key milestones (like $150,000), BTCBULL’s team distributes Bitcoin rewards, giving the community passive exposure.

They’ll also burn some of the BTCBULL supply every time Bitcoin rises by $25,000.

And if Bitcoin reaches the $250,000 mark, a massive 10% of BTCBULL’s supply will drop directly into holders’ wallets.

Several top influencers have already backed the project, and analysts like Crypto Scholar believe BTCBULL might have a bright future.

He even suggested the coin could pump once it’s live on exchanges.

Crypto Scholar is adamant that Bitcoin will hit $250,000 this year, and if it does, it’ll be great news for the BTC Bull Token community.

Right now, BTCBULL is still in presale and has raised $3.5 million in early funding.

Interested investors can secure BTCBULL tokens at a discount using crypto, a bank card, or through the Best Wallet mobile app.

So, even though XRP might be on its way to $5, BTC Bull Token might have all the ingredients to pump more.

Visit BTC Bull Token Presale

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Cryptocurrency

Crypto Market Faces More Trouble as Traders See Few Signs of Recovery

Published

8 hours ago

March 14, 2025

There has been a significant decline in crypto-wide trading volume following its peak on February 27th. Back then, traders were optimistically purchasing tokens as prices dipped.

However, in the two weeks that followed, market cap declines have contributed to a noticeable shift in trader sentiment.

Exhaustion, Hopelessness, And Capitulation

According to Santiment’s analysis, this shift can be characterized by exhaustion, hopelessness, and capitulation. The drop in trading volume has continued, even amid brief price recoveries such as the one observed on Wednesday.

This declining volume suggests a growing sense of caution among traders, indicating that many remain unconvinced that recent upward price movements will sustain. This lack of confidence is reflective of uncertainty, with fewer investors willing to buy at current levels due to concerns about potential losses.

Additionally, declining trading volume during minor price rebounds can serve as an early warning of weakening market momentum. Without significant buying interest to support price gains, any recovery may prove temporary, leaving prices vulnerable to another downturn. While falling volume during brief rebounds is not inherently bearish, it does reflect hesitation from both retail and institutional traders.

If both groups hold back, waiting for the other to re-enter the market and boost prices, this indecision may lead to stagnation with a slight downward bias.

For a stronger and more sustainable recovery, Santiment said that traders typically look for rising prices accompanied by increased trading volume. Until this occurs, prevailing market sentiment is expected to remain cautious, and hesitant investor behavior will likely dominate crypto trading patterns in the short term.

Stablecoin Activity Surges

On a positive note, the total amount of tokens transferred for all stablecoins is surging, which points to a potential accumulation by large investors. Historically, such spikes occur during consolidation phases rather than price declines. Such a trend could mean that major investors are likely absorbing market shocks through over-the-counter (OTC) transactions.

Increased active addresses further indicate increased network activity. With extreme fear sentiment dominating, this accumulation may point to a potential recovery phase. Once accumulation stabilizes, a futures market rebound is expected. Given the current “subdued” sentiment, any rise in futures prices is unlikely to overheat, but a short squeeze could accelerate recovery significantly.

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Cryptocurrency

Ourbit Distributes 85% of $BITCH Memecoin to Community Alongside SuperCEX Debut with DEX Integration

Published

8 hours ago

March 14, 2025

[PRESS RELEASE – Singapore, Singapore, March 13th, 2025]

Ourbit, one of the fastest-growing memecoin-focused exchanges of 2024, today announced the launch of Phase 3 of its $BITCH memecoin airdrop campaign. With Phase 1 continuing through March 31 and Phase 2 now completed, Ourbit is allocating 85% of the token’s 1 billion supply directly to community members through this multi-phase airdrop. This airdrop campaign coincides with Ourbit’s debut of the world’s first “SuperCEX,” a hybrid trading model that integrates DEX capabilities with centralized exchange functionality, poised to transcend the boundaries of CeFi and DeFi and reshape how crypto assets are traded.

Prophetic Listings Meets Degen DNA: The Memecoin SuperCEX

While traditional centralized exchanges have kept memecoins at arm’s length, Ourbit has consistently embraced them as a true cultural phenomena that drive expressions of community identity and crypto-native culture. The platform has established itself as a leading hub for memecoin trading because of its comprehensive selection of memecoin trading pairs, industry-leading memecoin liquidity, and its strategic approach – listing tokens like $SPX (up 96x), $VIRTUAL (up 56x), $KOMA (up 49x), and $ACT (up 46x) before their rise.

$BITCH: 85% to the Community, 100% to Degen Energy

From Ourbit’s perspective, memecoins are not simply speculative assets. With $BITCH, Ourbit is acknowledging the central role that memecoins play in onboarding new users to crypto and driving trading volume across the ecosystem. The $BITCH ticker represents the evolution of Ourbit’s beloved iconic “Queen” mascot – the fierce, commanding female figure who has become synonymous with the platform’s degen-first approach to crypto trading. While some centralized exchanges might remain detached observers of memecoin culture, Ourbit understands the unique psychology and motivations of degen traders.

[https://www.youtube.com/watch?v=u-cnFxSQkhI]

With the total supply of $BITCH being 1 billion, Ourbit is distributing 85% of $BITCH total supply to the community, demonstrating its maximum degen energy. $BITCH represents more than just a token—it serves as a cultural symbol that acknowledges and engages the degen community, which has played a key role in Ourbit’s expansion. This strategic move further solidifies Ourbit’s ambition in forging a new breed of exchange, for the next generation of degen traders.

3-Phase Airdrop: The Ultimate Degen Reward System

The $BITCH airdrop mechanics retroactively reward Ourbit’s early users while incentivizing new user acquisition and high-frequency trading activity for its DEX platform:

Phase 1: February 26th – March 31st, 2025 (ACTIVE)

Retroactive airdrops for Ourbit’s early supporters and users
Existing Ourbit users can visit Ourbit’s dedicated airdrop page at www.ourbit.com/activity/airdrop to check for eligibility for Phase 1 airdrops

Phase 2: March 3rd – March 10th, 2025 (COMPLETED)

Invite & Earn – Users can complete daily tasks and invite others to sign up on Ourbit DEX to accumulate points, with $BITCH distribution determined based on the points earned.

Phase 3: March 13th, 12PM EST (March 14th, 4PM UTC) until all mystery boxes are distributed

Invite & Trade – Mystery box fragments can be obtained through Futures trading, DEX trading, or inviting others to join. These fragments can be used to open mystery boxes, which may contain $BITCH rewards.
Crypto enthusiasts and traders interested in participating in the $BITCH Airdrop Phase 3 can visit www.ourbit.com/activity/airdrop to register for Ourbit’s DEX platform

Redefining Centralized Exchange (CEX) Architecture

Ourbit isn’t stopping with the memecoin launch. The siloed nature of CeFi and DeFi has been a significant barrier to mainstream adoption. Today’s traders shouldn’t have to choose between the speed of centralized platforms and the sovereignty of decentralized protocols. Ourbit has engineered a solution to one of crypto’s most persistent pain points. Its SuperCEX hybrid model is the industry’s first true integration of decentralized exchange (DEX) capabilities into a centralized platform. Ourbit has created the ultimate hassle-free trading experience where it handles all the complexity, so users can focus solely on capitalizing on opportunities.

SuperCEX: Trading Everything On One App

Ourbit’s SuperCEX delivers seamless access to both on-chain and off-chain assets through a single interface, fundamentally transforming how traders discover and access new assets:

No more juggling multiple wallets, exchanges, or Telegram trading bots
AI-curated trading feed for high-potential on-chain asset discovery
Real-time data and smart money tracking

*Currently, Ourbit’s DEX product is in the beta testing phase and only the website version is available, users can expect more upgrades and the app version to be on the way.

With Ourbit – The Future of Trading Is Hybrid

Ourbit is launching more than just a token and a new feature. By combining the $BITCH memecoin with the SuperCEX model, Ourbit creates a practical solution for traders who want access to all types of crypto opportunities in one place. The SuperCEX approach breaks down the walls between centralized and decentralized systems, giving traders what they actually need: maximum degen trading potential unlocked with institutional-grade trading tools.

About OURBIT

Ourbit is the world’s 1st SuperCEX integrating CEX and DEX in one platform, allowing users to trade all on-chain and off-chain assets in just one app. Ourbit delivers the most comprehensive memecoin trading pairs, industry-leading memecoin liquidity, and prophetic listing strategy with a proven track record of identifying explosive gems before other exchanges ($SPX 96X, $VIRTUAL 56X, $KOMA 49X since listed on Ourbit). Founded by ex-founding teams of top-tier exchanges with authentic roots in memecoin ecosystems, Ourbit has earned official endorsements from memecoin projects such as Retardio, HarryPotterObamaSonic10Inu and more. With its $BITCH memecoin launch in 2025 Q1, Ourbit SuperCEX combines institutional expertise with degen DNA to empower traders in pursuit of “meme-ionaire” dreams.

Website: https://www.ourbit.com/

X: https://x.com/Ourbit_Official

Telegram: https://t.me/Ourbitglobal

YouTube: https://www.youtube.com/@ourbitexchange

Contact: marketing@ourbit.com

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