Here are Key Events That Happened in Crypto Last Week

The last week of September was an important week for crypto. As the month draws to a close, here are some attention-grabbing developments across the industry.

The Good…..in Crypto

Binance founder and former CEO Changpeng Zhao regained his freedom after serving a four-month sentence. Zhao left the prison earlier than anticipated due to laws mandating the release of inmates whose sentences end on the weekend on the preceding weekday. His release sparked bullish sentiments all over the crypto space, with Binance coin (BNB) gaining 2%, stretching its weekly gains to 7%.

This week also saw Bitcoin rise to over $66k, setting a fresh two-month high on Sept. 27. The U.S. Fed cut interest rates by 50 basis points. The Bank of China announced plans to cut interest rates and issue $284 billion worth of bonds on Thursday, both contributed to fueling the surge in the price of Bitcoin.

The popular telegram “tap to earn” game Hamster Kombat was listed on Friday on major crypto exchanges. Additionally, the Hamster Kombat team sent 60 Billion $HMSTR tokens to 130 million players.

The Bad…..

Caroline Ellison, the former CEO of Alameda Research, was sentenced to two years in prison for her role in the multibillion-dollar fraud involving FTX, one of the largest cryptocurrency exchanges. The former girlfriend of FTX founder and criminal conman Sam Bankman-Fried pleaded guilty in December 2022 to two counts of wire fraud and five conspiracy counts as part of her cooperation agreement with the government to offer information indicting Bankman-Fried. She was also ordered to forfeit $11 billion.

This week also saw Truflation, a blockchain-based platform that provides real-time inflation data, fall victim to a malware attack, resulting in losses estimated to be around $ 5.2 million. The hackers reportedly carted about $3.89 million in Truflation’s native token (TRUF), $1.07 million in Ether, and $236,000 in a stablecoin from the team’s Ethereum wallets. Following the hack, TRUF token prices dropped by 15.6% to $0.068 but have since recovered to $0.073.

The Ugly…..

Furthermore, Telegram announced plans to begin providing the government with IP addresses and phone numbers of criminals on the app. In a post on Telegram, Durov revealed that Telegram had updated its terms of service and privacy policy to note that it would hand over the IP addresses and phone numbers of users who violate its rules to authorities in response to “valid legal requests.” The platform also revealed that it would disclose all user data shared with law enforcement officials in quarterly transparency reports.