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DeFi faces stress test, DoJ fears run on Binance, Hong Kong’s…

**Top Stories This Week**

– The decentralized finance (DeFi) ecosystem experienced a challenging week after a security incident led to over $61 million being stolen from Curve Finance’s pools, exposing vulnerabilities across DeFi projects.
– The US Department of Justice is reportedly considering charging Binance with fraud, but is concerned about causing a run on the exchange.
– Hong Kong’s HashKey has obtained the necessary licensing to offer retail crypto trading, expanding cryptocurrency trading to individual investors.

**US DoJ is concerned about a run on Binance should prosecutors bring fraud charges**
The US Department of Justice (DoJ) is considering charging cryptocurrency exchange Binance with fraud but is hesitant due to concerns about causing a run on the exchange, similar to what happened with FTX in 2022. The DoJ officials are considering imposing fines or non-prosecution agreements instead of criminal charges to minimize harm to consumers. Binance is currently facing a criminal probe in the US for allegedly violating Russian sanctions and has also been sued by US regulators.

**Hong Kong debuts retail crypto trading with HashKey and OSL**
Hong Kong’s digital asset firm HashKey has obtained the necessary licensing to expand its business from serving professional investors to offering retail trading to individual investors. The licensing allows HashKey to operate a virtual asset trading platform under Hong Kong’s securities laws and provide automated trading services to both institutional and retail users. Another local crypto firm, OSL, has also received an upgrade to its existing license, enabling it to offer Bitcoin and Ether trading to retail investors immediately.

**Coinbase denies SEC told it to delist everything but Bitcoin**
Coinbase has denied reports claiming that its CEO, Brian Armstrong, was once told by the US Securities and Exchange Commission (SEC) to delist all cryptocurrencies on its platform except for Bitcoin. According to a Coinbase spokesperson, the SEC didn’t request the delisting of any specific assets. SEC Chair Gary Gensler has previously stated that “everything other than Bitcoin” is a security under the agency’s remit.

**Ethereum’s 8th birthday: Crypto industry shares its top moments**
The crypto community has celebrated the 8th birthday of the Ethereum network. Ethereum, along with its native currency Ether (ETH), has grown to become the second-largest cryptocurrency by market capitalization, with over 1,900 monthly active developers. The network’s launch in 2015 marked the realization of a decentralized, censorship-proof “world computer” that anyone can program.

**Winners and Losers**
– Bitcoin (BTC) is priced at $28,985, Ether (ETH) at $1,823, and XRP at $0.63. The total market cap is $1.16 trillion.
– The top three altcoin gainers of the week are Helium (HNT) at 39.79%, XDC Network (XDC) at 20.11%, and Bone ShibaSwap (BONE) at 18.04%.
– The top three altcoin losers of the week are Compound (COMP) at -18.41%, Curve DAO Token (CRV) at -15.86%, and Stellar (XLM) at -14.36%.

**Most Memorable Quotations**
– “The digital asset products and services that TASE is exploring will no doubt play foundational roles in the future of Israel’s economy.” – Michael Shaulov, CEO of Fireblocks.
– “Spot [Bitcoin] ETFs will serve another set of customers in a synergistic fashion to grow the entire asset class.” – Michael Saylor, CEO of Microstrategy.
– “Generative AI has enormous economic potential and could boost global labor productivity by more than 1 percentage point a year in the decade following widespread usage.” – Goldman Sachs.
– “I personally have not seen any audit reports of USDT. I don’t think most people I spoke to have not seen that either. So it’s kind of a black box because we just don’t know.” – Changpeng “CZ” Zhao, CEO of Binance.
– “As president, on day one, CBDC goes into the trash can — we’re not going to allow it.” – Ron DeSantis, governor of Florida.
– “The most important thing that happened this year in Bitcoin is Larry Fink.” – Mike Novogratz, CEO of Galaxy Digital.

**Prediction of the Week**
Bitcoin price is yet to see the majority of its gains this cycle, according to popular traders who believe that conditions have been reset. They anticipate big upside moves in BTC price, as the market cap dominance and relative strength index (RSI) have been reset, indicating potential for the next leg up.

**FUD of the Week**
– California files order against Nexo interest account.
– Crypto Twitter debates whether FTX founder SBF is secretly behind the Bald memecoin.
– Individual charged with money laundering admits to hacking Bitfinex in 2016.
– Certik’s warning about a possible rug pull was dismissed by users, but the project eventually collapsed.

**Best Cointelegraph Features**
– Deposit risk: What do crypto exchanges really do with your money? Examining the actions of crypto exchanges behind the scenes.
– Facebook’s parent company loses over $40 billion in the metaverse.
– Crypto Twitter, Rug Pulls, and More: A Hall of Flame series featuring individuals in the crypto industry.
– Crypto pioneer Girl Gone Crypto’s journey in the crypto industry, from playing the ukulele to speaking at conferences.

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