STORY: From a not-so-fond farewell for 2022, to a day in court for Sam Bankman-Fried, these are the week’s big stories in the world of virtual money.
Crypto fans won’t lament the passing of the old year.
Bitcoin lost around 60% of its value over the period.
The wider crypto market shrank by about $1.4 trillion.
Investors were scared off by rising interest rates, a dwindling appetite for risk, and big corporate collapses, including FTX.
About the only good news of the year was ether’s mega-upgrade to a less power-hungry version of its blockchain.
2023 does not bode well for Sam Bankman-Fried.
He pleaded not guilty to criminal charges in a New York court on Tuesday.
He faces two charges of wire fraud and six for conspiracy, and could face up to 115 years in prison if convicted.
The founder of the failed FTX crypto exchange is currently free on a $250 million bail bond.
And Binance could face more scrutiny from Washington watchdogs.
Its $1 billion acquisition of bankrupt crypto lender Voyager Digital is set to face a national security review.
The interagency Committee on Foreign Investment in the United States says its assessment could delay or block the deal, but didn’t give any specific reason.
Washington has increasingly used the Committee to stymie Chinese investment in the U.S.