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Crypto Weekend Recap: Coinbase Explored FTX Acquisition

Crypto Weekend Recap Coinbase Explored FTX Acquisition

Coinbase takes the spotlight over the weekend in our crypto recap of what you might have missed over the weekend. The CEO of Coinbase doesn’t want AI regulation. Reports showed that the exchange also explored acquiring FTX in November 2022. The same exchange is also the biggest holder of BTC. More also to come!

Coinbase CEO Doesn’t Want AI Regulation

CEO Coinbase Brian Armstrong opposes regulation of artificial intelligence (AI), arguing that it could hinder innovation. He advocates for promoting decentralization and open sourcing to safeguard AI development. However, critics highlight potential risks and draw parallels to nuclear weapons. While major stakeholders like Google, Meta, and Tesla CEOs support AI regulations, the specifics of these regulations are still being determined. Overall, the debate on AI regulation involves concerns about safety, innovation, and the government’s role in overseeing the technology.

Coinbase Registered in Spain Amidst Strong Regulatory Opposition Against Crypto in the UK and US

Coinbase strengthened its presence in the EU by obtaining registration as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain. This allows Coinbase to offer a wide range of virtual asset services, including custody, trading, and buying/selling of cryptocurrency assets. With increasing regulatory challenges in the US and UK, obtaining this registration in Spain provides Coinbase with a safer jurisdiction for its operations.

Coinbase Explored FTX acquisition, documents show

Coinbase has shown interest in acquiring FTX Europe, the European arm of the now-bankrupt crypto exchange FTX. This follows FTX’s declaration of bankruptcy in November 2022. It also marks Coinbase’s intent to extend its reach in the global crypto derivatives market. Other exchanges such as and Trek Labs have also eyed FTX Europe for potential acquisition.

FTX Europe’s appeal lies in its regulatory license and the range of popular crypto derivatives it offers, including Perpetual futures. Meanwhile, Coinbase has recently entered the US crypto derivatives market after securing regulatory approval. However, Fortune’s sources claim that Coinbase is no longer interested in this acquisition. 

Coinbase becomes the biggest holder of BTC

Coinbase, a leading cryptocurrency exchange, has emerged as the biggest holder of Bitcoin (BTC), with an estimated 1 million BTC valued at around $25 billion in its possession. This represents nearly 5% of the total BTC supply, a figure that parallels the holdings of Bitcoin’s anonymous creator, Satoshi Nakamoto. In addition to Bitcoin, Coinbase also holds a significant amount of other cryptocurrencies such as Ether (ETH), Chainlink (LINK), and USD Coin (USDC

BTC Mining Machines Seized in Venezuelan Prison Bust

Venezuelan authorities have discovered a secret Bitcoin mining operation in the Tocorón prison, previously controlled by the Tren de Aragua gang. The discovery raises questions about how the equipment got into the facility in the first place. Cryptocurrencies are reportedly being used by criminal groups in Venezuela due to economic instability and high inflation rates. Despite a previous ban on crypto mining following a corruption investigation, it seems criminal organizations have continued these operations within prisons. A comprehensive investigation is underway to understand the full scope of this operation. 

Digital asset platform Mixin Network suffers $200M exploit

Decentralized peer-to-peer network Mixin Network has suffered a hack that resulted in the loss of approximately $200 million worth of cryptocurrency assets. The attack, which occurred on September 23, 2023, was due to a breach of the database of a third-party cloud service provider. In response, Mixin Network suspended all deposit and withdrawal services. At the time of the hack, Mixin held $94.48 million in Ether (ETH), $23.55 million in Dai (DAI), and $23.3 million in Bitcoin (BTC). The company plans to resume deposits and withdrawals after the confirmation and fixing of vulnerabilities. However, it remains unclear how the company plans to recover the lost assets for users.

And that’s our crypto news recap for the weekend!

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