🔴 Fake Tweet Shocks Market | This Week in Crypto – Nov 20, 2023

A stablecoin invests into crypto mining, a fake tweet moves markets again, and a Binance client executive is kidnapped and robbed! These stories and more, this week in crypto.

Stablecoin Moves into Bitcoin Mining

Leading stablecoin issuer Tether is investing $500 million into bitcoin mining operations aiming to become one of the largest miners in the world. The firm is building mining facilities in South and Central America with the ambitious plan to contribute 1% of Bitcoin’s total network computing power. Tether disclosed a $3 billion cash surplus in its recent attestation report.

Bitcoin ETF Decisions Face Delays

Amid heightened anticipation of approvals, the US SEC has postponed decisions on spot bitcoin ETF applications yet again. The postponements affect ETF applications from Hashdex, Global X, and Franklin Templeton. Grayscale’s ether ETF application was also delayed. The deadline on Franklin Templeton was supposed to have been November 17th, and Global X for the 21st; but with these new delays, we probably won’t see any decisions come down before the end of the year.

Fake Tweet Shocks Market

XRP surged 12% in 25 minutes after a fake tweet hinted at a BlackRock XRP ETF filing, causing prices to swiftly revert, and leading to the liquidation of $5 million in leveraged trades. Despite volatility, optimism persists for XRP as Ripple’s legal developments and cross-border partnerships intrigue the crypto community. Meanwhile, BlackRock has officially filed for a spot Ether ETF this week naming Coinbase as its custodian as was anticipated by the market based on prior filings.

Token Plunges as OpenAI CEO Ousted

Following an announcement by ChatGPT creator OpenAI, that Sam Altman has been ousted as CEO, Worldcoin, a $200million crypto project backed by Altman, experienced a 13% drop in its token price. In an open letter addressed to the public, OpenAI revealed that its board has reached a consensus that it no longer has confidence in Altman’s ability to continue leading OpenAI.

Pension Fund Invests in Coinbase

US regulatory filings revealed that the National Pension Service of South Korea purchased Coinbase shares valued at $20 million during the third quarter, marking its inaugural move into cryptocurrency. South Korea’s public pension fund is the third-largest in the world and covers both Korean citizens and foreign residents in the country.

High Profile Lending Protocol Rebrands

The high profile lending protocol, Aave, is rebranding to Avara, as announced by founder Stani Kulechov. Avara also shared its strategic acquisition of Los Feliz Engineering, the team behind Ethereum crypto wallet, Family. Aave holds nearly $8.7 billion in liquidity across eight networks, including Ethereum, Avalanche, Optimism, and Polygon.

Disney and Star Wars NFTs

Dapper Labs has unveiled the waitlist for Disney Pinnacle, an NFT platform that promises to transform the traditional pin-collecting hobby into a digital experience featuring Disney, Pixar and Star Wars characters. Dapper Labs is known for its successful NBA Top Shots collection that saw NFTs cross over into mainstream in 2021.

Binance Intervenes on Kidnapping and Robbery

Executives of a Binance-affiliated client were kidnapped in Montenegro and forced into a $12.5 million crypto theft, but Binance managed to freeze $11.8 million of the stolen funds traced to  a Tron wallet. Changpeng Zhao, CEO of Binance highlighted the need for balance in preventing such confiscations, and while praised for swift action, Binance faces continued scrutiny from regulators.

That’s what’s happened this week in crypto, see you next week.