What occurred in crypto this week

It’s been one other busy week within the crypto market: Bitcoin tops $107,000, FTX is to start buyer repayments in early 2025, CyberKongz receives “regarding rhetoric” in Wells discover from the SEC, US lawmakers cancel vote to renominate SEC Commissioner Caroline Crenshaw, and Injective and Sonic associate to construct first cross-chain AI agent hub.

Bitcoin tops $107,000 for the primary time

Earlier this week, Bitcoin reached new heights, topping above $107,000. On the identical time, the defunct crypto trade Mt. Gox moved round 1,620 Bitcoin to an unknown pockets. The worth of the Bitcoin switch stood at over $172.5 million.

The Bitcoin motion adopted a switch made two weeks in the past by Mt. Gox. Then, the platform moved 24,000 Bitcoin to unknown wallets. In keeping with Arkham, the bankrupt trade transferred 1,619.6 Bitcoin in two transfers: one among 1,427.9 and the opposite of 191.7 to 2 new addresses.

Earlier than hitting $107,000, Bitcoin reached $106,000 following information that President-elect Donald Trump is contemplating plans to create a US Bitcoin strategic reserve. Buyers imagine Bitcoin reaching $120,000 by the top of 2024 is achievable.

FTX to start crypto repayments in early 2025

Collapsed crypto trade FTX has introduced that it’s going to begin its buyer distribution in early January. Its court-approved Chapter 11 chapter reorganization will probably be efficient on January 3, 2025.

FTX is to work with crypto custodian BitGo and crypto trade Kraken to distribute belongings to retail and institutional buyers. In November, it was reported that FTX was to begin distributions by March 2025.

FTX collapsed in November 2022, with 5 of the highest executives jailed or sentenced to time served. This contains former CEO Sam Bankman-Fried who was sentenced to 25 years in jail in March.

CyberKongz receives Wells discover from the SEC

CyberKongz, a non-fungible token (NFT) platform, acquired a Wells discover from the US Securities and Change Fee (SEC).

In a publish on X, CyberKongz stated that they’ve “been struggling in silence for the final two years, ever since we first acquired contact from the SEC,” including that it had acquired some “regarding rhetoric” that an ERC-20 token can’t be issued with a blockchain recreation with out being registered as a safety.

By issuing a Wells discover, the SEC believes there could also be securities legislation violations and is making ready to take motion in opposition to the platform. One of many points the SEC has with CyberKongz is the “sale” of its Genesis Kongz NFTs in April 2021; nonetheless, CyberKongz stated this was a contract migration and never a sale.

Earlier this yr, crypto trade Coinbase acquired a Wells discover from the SEC adopted by OpenSea, an NFT market, and blockchain gaming platform Immutable.

US lawmakers cancel vote to renominate SEC Commissioner Caroline Crenshaw

A US Senate vote to renominate Democrat Caroline Crenshaw for a second time period on the US Securities and Change Fee (SEC) was canceled this week.

The unique vote was scheduled for December 11; nonetheless, Sherrod Brown, the Senate Banking Committee Chair, postponed it inside minutes of beginning, as a result of points between the Democrats and Republicans.

Brown later launched a press release saying that company particular pursuits are operating a “disgusting smear marketing campaign in opposition to Caroline Crenshaw.”

But, with Congress stopping on December 20 for the vacations, Crenshaw was not renominated earlier than President-elect Donald Trump’s administration re-enters the White Home in January.

Following the information of Crenshaw’s reappointment, Brian Armstrong, CEO of Coinbase, took to X to say: “She tried to dam the Bitcoin ETFs, and was worse than Gensler on some points (which I didn’t suppose was attainable).”

Injective and Sonic associate to construct the primary cross-chain AI agent hub

Injective and Sonic are working collectively to create the primary cross-chain synthetic intelligence (AI) agent platform.

The 2 crypto platforms stated the brand new AI agent hub will leverage Sonic’s HyperGrid expertise to combine Solana and Injective ecosystems. The Sensible Agent Hub will even leverage the Inter-Blockchain Communication Protocol (IBC), an open-source protocol enabling blockchain interoperability.

In keeping with Injective Labs, the AI agent hub will provide builders the instruments to create, deploy, and monetize AI brokers throughout the decentralized ecosystem.