The Week in Crypto – FTX, Celsius, Hacks

2023 has started just as busily as 2022 ended, with Sam Bankman-Fried getting an October court date after pleading not guilty, Celsius being awarded $150 million in customer funds, and several huge hacks. It’s like we’ve never been away.

No. 3 – Sam Bankman-Fried Pleads Not Guilty

Sam Bankman-Fried will go on trial in October after he pleaded not guilty this week to a litany of crimes associated with the downfall of FTX. Bankman-Fried, who was expected to deny all charges, will remain on a $250 million bond until the trial date, which will be one of the most hotly anticipated legal events of the year when it rolls around later in the year.

No. 2 – 2023 Starts With Series of Hacks

2023 has started with some huge hacks, most notably that of Bitcoin OG developer Luke Dashjr. Dashjr, who has been working on Bitcoin since 2011, had ₿200 worth over $3 million stolen when his PGP key was compromised on New Year’s Eve.

This was followed by Nikhil Gopalani, the COO of RTFKT, losing $173,000 worth of NFTs to a “clever phisher” and NFT diehard CryptoNovo losing CryptoPunks valued at over $330,000 through a hack.

These hacks show that even those with huge experience in the space can be compromised, so just watch the hell out.

No. 1 – Celsius Wins Customer Funds Court Battle

A bankruptcy judge this week ruled that cryptocurrency deposited in Celsius Network’s interest-bearing accounts belongs to the company, rather than its customers. The decision, which was decided by virtue of the fact that customers has consented via the terms and conditions, means that Celsius now has an extra $150 million or so to pay its creditors, taking the total to $4.2 billion.

The ruling could impact other cases such as those of FTX and BlockFi when it comes to the true owners of customer funds. Not your keys, not your coins, bro.

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