Bitcoin Price: US$39,972.26 (+1.32%)
Ethereum Price: US$ 2,192.95 (+1.30%)
Zodia Custody, a cryptocurrency storage provider backed by Standard Chartered, is joining Ripple-owned custody specialist Metaco’s network, aiming to offer global sub-custody. The move is part of the evolving landscape of crypto storage and settlement networks, where multiple custodians are linked together. Zodia Custody CEO Julian Sawyer views this as the third generation of crypto custody, facilitating custodians’ connections globally and to exchanges in a compliant manner. Meanwhile, Bitcoin has broken the $40,000 mark for the first time since May 2022, reaching $40,600. Ethereum also rose past $2,200 amid a broader crypto market rally. The rally is attributed to dovish comments from U.S. central bankers and hopes for a spot bitcoin ETF approval. Bitcoin holders withdrew 37,000 BTC between Nov. 17 and Dec. 1, indicating a trend of taking direct custody of coins. Grayscale, positioning for the Bitcoin ETF race, has hired former Invesco executive John Hoffman to lead its distribution and partnerships team ahead of a potential ETF decision in six weeks. Hoffman brings over 17 years of ETF expertise from Invesco.
North Korean hacker group Lazarus has reportedly stolen $3 billion in cryptocurrency over the past six years, with $1.7 billion pilfered in 2022 alone, potentially funding North Korean projects. A significant portion, $1.1 billion, was stolen from decentralised finance (DeFi) platforms. The U.S. Treasury Department has imposed new sanctions, adding ‘Sinbad’ to its list for allegedly laundering cryptocurrencies stolen by Lazarus. The group, known for fund theft since 2016, employs Sinbad’s mixer services to obscure transaction origins. In a separate development, Arbitrum DAO has approved an extra budget of $23.4 million to fund additional projects, overcoming controversy. FTX and Alameda Research continue significant crypto transfers despite bankruptcy, orchestrating transactions totalling $22 million involving various tokens and exchanges. This follows their prior moves amounting to $551 million across 59 tokens since October 2023. The liquidation saga of FTX, facing liabilities exceeding $8.8 billion, remains ongoing, with uncertainty surrounding its resolution and impact on the crypto community.
Ethereum team lead Peter Szilagyi expresses frustration over his university’s lack of interest in collaborating with Ethereum. Szilagyi noted that despite organising a grant for students to participate in Devconnect, the students are unaware of who is funding the initiative, and the university has yet to respond to his attempts to collaborate. In another development, following Binance’s settlement with U.S. regulators, Coinbase’s market share reportedly surged during European trading hours, as revealed by on-chain data analytics firm Kaiko Research. Additionally, Elon Musk dismisses AI copyright lawsuits, stating that a “digital god” will make such legal actions irrelevant in the future, emphasising the imminent arrival of superhuman intelligence.
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