Web3🌗Wednesday Highlights: Major Sentences, Market Moves, and SEC Updates!

As the cryptocurrency landscape continues to evolve, significant events are shaping the narrative. From high-profile legal rulings to pivotal endorsements and market movements, today’s updates are essential for anyone tracking the world of digital finance. Join us as we delve into the latest news, including the sentencing of a key player in the FTX saga, Vitalik Buterin’s support for Celo, and market volatility surrounding Bitcoin’s options expiry. Plus, we’ll explore the SEC’s recent decision on Ethereum ETF options. Let’s unpack these developments and what they mean for the future of Web3!

1. Caroline Ellison, the FTX fraudster, receives a 2-year prison sentence and is ordered to forfeit $11 billion.

Caroline Ellison, former Alameda Research CEO and key witness in the FTX fraud case, was sentenced to two years in prison and ordered to forfeit $11 billion for her role in the $32 billion FTX collapse. Despite cooperating with prosecutors and expressing remorse, Judge Lewis Kaplan emphasized the need for deterrence in what he called the "greatest financial fraud" in U.S. history. Ellison's cooperation helped convict FTX founder Sam Bankman-Fried, who received a 25-year sentence. Ellison will remain free on bail until November 7. This case highlights the significant consequences of financial misconduct.

TSMC and Samsung in talks with UAE to build chip megafactories, WSJ reports

Discussions are still in the early stages, according to the outlet.

CNBCAnniek Bao

2. Vitalik Buterin backs Celo for surpassing Tron in stablecoin addresses.

Vitalik Buterin commended Celo for surpassing Tron in daily stablecoin addresses, highlighting its role in improving global financial access. Celo is preparing for a major upgrade on Sept. 26, transitioning from a standalone blockchain to an Ethereum Layer 2 (L2). This shift enhances its integration with Ethereum’s ecosystem, enabling greater innovation and bridging between the networks. With major stablecoins like USDC and Tether already integrated, Celo’s adoption has surged. As it becomes an L2, Celo is poised to play an even bigger role in the future of decentralized finance.

Vitalik Buterin endorses Celo for beating Tron in stablecoin addresses

Ethereum co-founder Vitalik Buterin praised the Celo blockchain for surpassing Tron in daily active addresses for stablecoins.

CointelegraphHelen Partz

3. Deribit warns that Bitcoin's $5.8 billion quarterly options expiry could trigger market fluctuations.

The Bitcoin (BTC) market is poised for activity as $5.8 billion in options contracts expire Friday at 08:00 UTC. Of the total, 20% are “in-the-money,” which may increase market volatility as traders adjust positions. Deribit CEO Luuk Strijers noted that this expiry could lead to price fluctuations. Additionally, the potential approval of options linked to BlackRock's Bitcoin ETF may boost institutional interest. Analysts also suggest a bullish outlook, particularly if Bitcoin surpasses the $65,200 mark. Meanwhile, the max pain point for this expiry is set at $59,000, which could exert downward pressure on prices.

Bitcoin’s $5.8B Quarterly Options Expiry May Spark Market Swings, Deribit Says

The so-called quarterly expiry is due Friday at 08:00 UTC.

CoinDeskOmkar Godbole

4. The SEC pauses on Ethereum ETF options after approving Bitcoin.

The U.S. SEC has postponed its decision on Nasdaq’s proposal to list options for BlackRock’s iShares Ethereum Trust (ETHA) until November 10, giving the agency more time to assess market stability. This delay follows a recent approval for options trading on BlackRock’s iShares Bitcoin Trust. If approved, Ethereum options could integrate the cryptocurrency further into traditional finance, offering new avenues for investors to hedge or speculate on Ethereum’s price movements. Meanwhile, Ethereum ETFs have seen significant outflows, with Grayscale’s spot Ether ETF recording the largest withdrawals since its launch earlier this year.

SEC Hits Pause on Ethereum ETF Options Following Bitcoin Nod - Decrypt

While the SEC ponders its decision on Ethereum options, the ETH ETF market on Monday saw its largest net outflows since July.

DecryptVismaya V

As we wrap up today’s Web3 Highlights, it’s clear that the landscape is buzzing with activity and anticipation. The sentencing of Caroline Ellison underscores the ongoing repercussions of the FTX scandal, while Vitalik Buterin’s support for Celo marks a significant milestone in the stablecoin space. The impending Bitcoin options expiry hints at potential market shifts, and the SEC’s decision to delay Ethereum ETF options keeps investors on their toes. Stay connected with us for the latest updates and insights, as we continue to navigate this dynamic world of blockchain and cryptocurrency. Your engagement is key to understanding these evolving narratives—thank you for joining us today!

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