The crypto market had a bullish week, with Bitcoin (BTC) soaring 12.6% and reaching stability around $52,000. This surge pushed its market cap past $1 trillion, highlighting renewed investor confidence. Interestingly, 75% of new Bitcoin investments are linked to recently approved spot Bitcoin ETFs, showcasing their growing impact.
Beyond the Bitcoin boom, exciting developments abound. Uniswap v4 gears up for launch with Ethereum's Dencun upgrade, aiming to improve efficiency and scalability. Meanwhile, legal battles heat up, with FTX creditors suing Sullivan & Cromwell and Binance founder CZ's sentencing postponed. In positive news, Celsius completes a $2 billion crypto distribution to its creditors.
However, potential challenges loom. Galaxy Digital warns of a possible 20% drop in Bitcoin's hash rate post-halving. GoFundMe halts fundraising for Tornado Cash's legal defense, raising concerns about censorship and privacy.
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TOP CRYPTO NEWS RECAP (FEBRUARY 4–10, 2024)
●      Uniswap v4 Set to Launch in Q3 After Ethereum’s Dencun Upgrade
●      FTX Creditors Sue Sullivan & Cromwell, Alleging Fraud in Bankruptcy Case
●      Binance Founder CZ's Sentencing Postponed to April 30
●      Celsius Completes $2B Crypto Distribution to Creditors
●      GoFundMe Halts Tornado Cash Legal Defense Crowdfunding
●      Bitcoin Hash Rate Faces Potential 20% Drop Post-Halving, Says Galaxy Digital
Uniswap v4 Set to Launch in Q3 After Ethereum’s Dencun Upgrade
The Uniswap Foundation plans to release version 4 of its decentralized exchange after Ethereum's Dencun upgrade, tentatively scheduled for the third quarter of 2024. Currently in the "Code Freeze" phase, Uniswap v4 undergoes rigorous testing, optimization, and security checks. The foundation aims for it to be the most thoroughly audited code on Ethereum. Following community and audit firm assessments, v4 will move to the testnet before its mainnet deployment, contingent on the Dencun upgrade's progress. Ethereum's Dencun upgrade introduces EIPs like proto-danksharding to reduce layer 2 transaction fees, with mainnet activation slated for March 13, 2024.
FTX Creditors Sue Sullivan & Cromwell Alleging Fraud in Bankruptcy Case
FTX creditors have filed a class-action lawsuit against law firm Sullivan & Cromwell (S&C), accusing it of actively participating in FTX Group's multibillion-dollar fraud. The lawsuit claims S&C knew about FTX's fraudulent conduct but still stood to gain financially. S&C, overseeing FTX's bankruptcy, had a prior relationship with the exchange, raising concerns about conflicts of interest. Former FTX executives revealed close ties between the companies. Despite S&C's denial of wrongdoing, its involvement in FTX's affairs is under intense scrutiny, prompting calls for an independent examination.
Binance Founder CZ's Sentencing Postponed to April 30
Binance's former CEO, Changpeng Zhao, known as CZ, was slated for sentencing on Feb. 23 for money laundering charges, facing up to 18 months in prison. However, the sentencing has been delayed to April 30, per a Seattle Federal Court filing. While some expect a minimal sentence, the prosecution hinted at the possibility of a longer term, up to ten years. Despite efforts from Zhao's legal team, including offering his equity in Binance.US as security, his fate remains uncertain as he awaits sentencing on bail.
Celsius Completes $2B Crypto Distribution to Creditors
Celsius, a bankrupt cryptocurrency lender, has successfully distributed $2 billion worth of cryptocurrency to 172,000 creditors. The distribution, managed by PayPal and Coinbase, saw 20,500 Bitcoin and 301,000 Ether tokens transferred without issues. Despite concerns about compliance hurdles, nearly 75% of the BTC/ETH intended for distribution have been collected. However, creditors who didn't agree to the restructuring plan will have to wait for the resolution of their claims. The completion of this distribution marks a significant milestone in Celsius' journey since filing for bankruptcy in July 2022.
GoFundMe Halts Tornado Cash Legal Defense Crowdfunding
GoFundMe abruptly terminated a fundraiser aimed at supporting the legal defense of Tornado Cash co-founder Roman Storm and developer Alexey Pertsev. The platform cited a breach of its terms of service, specifically Term 22, which prohibits campaigns that could expose GoFundMe to harm or liability. Despite accumulating $30,000 in donations, the fundraiser was canceled, prompting questions from the Tornado Cash community about GoFundMe's actions. Donors, including Ryan Adams, had their contributions returned, while Storm and Pertsev continue to seek financial support through other platforms like JuiceBox.
Bitcoin Hash Rate Faces Potential 20% Drop Post-Halving, Says Galaxy Digital
Galaxy Digital's research suggests that up to 20% of Bitcoin's hash rate might go offline after the upcoming halving, as older mining rigs struggle to break even with reduced block rewards. The report highlights how sensitive breakevens are to Bitcoin's price and transaction fees, indicating potential shutdowns of older models like Bitmain's S9 and Canaan's A1066. Newer, more efficient models like the Antminer S19 are expected to fare better.
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