• Argo Blockchain (ARBK) has avoided bankruptcy after entering into a deal with Galaxy Digital for the sale of its Helios mining facility in Dickens Country, Texas for $65 million.
• The deal also includes a new $35 million loan from investor Michael Novogratz’s crypto-focused financial-services firm, which will be secured by Argo’s mining equipment.
• Argo will also enter into a two-year hosting agreement with Galaxy, securing a place for Argo’s computers to keep mining at the Helios facility.

Argo Blockchain, a crypto miner, had to look for ways to stay afloat during the bear market and reduce its debt load. After a deal for $27 million in funding fell through in October, the company was on the brink of bankruptcy. However, they managed to avoid this fate by entering into a deal with Galaxy Digital for the sale of its Helios mining facility in Dickens Country, Texas for $65 million.

The deal also includes a new $35 million loan from investor Michael Novogratz’s crypto-focused financial-services firm, which will be secured by Argo’s mining equipment. This transaction will help Argo bolster its balance sheet and avoid bankruptcy. Additionally, Argo will enter into a two-year hosting agreement with Galaxy, securing a place for Argo’s computers to keep mining at the Helios facility.

The CEO of Argo Blockchain, Peter Wall, stated that this deal with Galaxy achieved all of their goals and let them “live to fight another day”. Chris Ferraro, the president and chief investment officer at Galaxy, mentioned that the deal was structured to boost Argo’s balance sheet and capital structure.

When the news of the deal broke out, Argo’s shares more than doubled in early London Stock Exchange trading. On Tuesday, the company requested a 24-hour suspension of trading in its Nasdaq-listed shares.

Overall, the deal between Argo Blockchain and Galaxy Digital was something that was beneficial to both parties. Argo managed to avoid bankruptcy and Galaxy was able to acquire a mining facility that will help with their own mining capabilities.

Bullet Points:
• Bitcoin prices drifted slightly lower in Tuesday trading, but remain largely frozen near levels they’ve held for a week.
• CoinDesk’s Chief Insights Columnist David Z. Morris recently wrote about the implosion of crypto exchange giant FTX, which led to the US Department of Justice charging the CEO with wire fraud and other alleged crimes.
• Catch the latest episodes of CoinDesk TV for insightful interviews and analysis, and sign up for First Mover, our daily newsletter.

Cryptocurrency markets were largely frozen on Tuesday as prices traded near levels they’ve held for much of the past week. The largest cryptocurrency by market capitalization, Bitcoin (BTC) was recently changing hands at $16,700, off 1.3% over the past 24 hours. The CoinDesk Market Index (CMI) was 792.84, down 7.9% over the past 24 hours.

This week marked the last of 2022, and CoinDesk (CD) took the opportunity to look back on some of its most impactful stories from the past year. In November, CD published a story that eventually led to the implosion of the crypto exchange giant FTX. Following this, Chief Insights Columnist David Z. Morris zeroed in on the seriousness of the CEO Sam Bankman-Fried’s offenses.

The U.S Department of Justice subsequently charged Bankman-Fried with wire fraud and other alleged crimes. After posting bail, he is confined to his parents California home except to exercise, and must wear a tracking device.

Investors looking to stay up to date with the latest crypto news and analysis should tune in to CoinDesk TV, the network’s weekly show featuring insightful interviews with industry leaders and analysis. For a daily update on the crypto markets, sign up for First Mover, the daily newsletter which puts the latest moves in context.

In traditional markets, the S&P 500 index closed at 3,829.25, down 15.6 points. Gold was up 1.4% at $1,821, while the 10-year Treasury yield was at 3.86%, up 0.1%.

• Crypto lender Nexo sent an open letter to creditors of Singapore-based rival Vauld, which it’s seeking to buy, after Vauld said it had suspended all withdrawals, trading and deposits on its platform and filed for creditor protection.
• Nexo said it had presented a revised proposal on December 2 and that the team negotiating the transaction had faced daily challenges.
• Kroll, Vauld’s financial adviser, didn’t immediately respond to a request for comment.

Crypto lender Nexo has sent an open letter to creditors of Singapore-based rival Vauld, which it is looking to purchase. The letter comes after Vauld announced it had suspended all withdrawals, trading and deposits on its platform, filed for creditor protection and was looking at restructuring options.

Nexo said in the letter that it had presented a revised proposal on December 2, but that the team negotiating the transaction faced daily challenges, such as receiving slow and incomplete financial and legal due diligence information. The letter also claimed that terms of the deal presented to Vauld creditors were misleading.

Furthermore, the letter aimed to create transparency to Vauld’s creditors, where it has been insufficient, regarding the merits of Nexo’s acquisition plan, as well as to contribute final improvements to some of the proposal’s commercial terms based on feedback from Vauld’s community.

Vauld has until Jan. 20 to work on a restructuring plan. However, earlier in the day, Vauld said that the deal announced in July had „not come to fruition.“ Nexo responded by saying talks were continuing and it still hoped to complete the purchase.

Kroll, Vauld’s financial adviser, didn’t immediately respond to a request for comment. This lack of response only heightens the uncertainty surrounding the acquisition process and the future of Vauld.

• Bitcoin held steady over the Christmas holiday weekend, trading at about $16,900.
• Most other major cryptos were largely flat, although tinted more green than red.
• Analysts believe Bitcoin may be finding a home between the $16,000 and $17,000 zone.

The Christmas holiday weekend turned out to be a quiet one for the crypto market, with Bitcoin holding steady at about $16,900 and most other major cryptos remaining flat, although tinted more green than red. This lack of volatility was to be expected, however, as the traditional financial markets tend to slow down during this time of the year.

Edward Moya, senior market analyst for foreign-exchange market maker Oanda, believes that Bitcoin may be finding a home between the $16,000 and $17,000 zone. This sentiment is echoed by other analysts, with some expecting Bitcoin to remain around this range for the foreseeable future. This stability is seen as a positive sign for the cryptocurrency as it signals that investors may be growing more confident in the digital asset.

The past year has been a tumultuous one for the crypto industry, with numerous debacles and scandals weakening investor confidence in the asset class. However, some analysts have argued that this uncertainty could have a positive effect, forcing investors to be more discerning and focus on „good deals and ideas“.

CoinDesk Market Index (CMI) was recently trading at 799.40, up by +3.7 or 0.5%. Ethereum (ETH) was at $1,224, up by +6.6 or 0.5%. The S&P 500 daily close was 3,844.82, up by +22.4 or 0.6%. Gold was at $1,809, up by +13.4 or 0.7%. Treasury Yield 10 Years was 3.75%, up by 0.1.

Overall, the crypto markets were relatively quiet over the Christmas holiday weekend, with Bitcoin holding steady at around $16,900 and most other major cryptos remaining flat. Analysts are optimistic about the future of Bitcoin, believing that the asset may be finding a home between the $16,000 and $17,000 zone. This could be a sign that investors are beginning to gain more confidence in the digital asset, although the industry still has a long way to go before it can recover from the series of debacles that have taken place over the past year.

• Bitcoin (BTC) prices were flat over the past 24 hours as U.S. stocks sold off due to fears that the Federal Reserve may need to keep tightening monetary policy longer than expected.
• Ether (ETH) was trading around $1,223, up 0.82%. The CoinDesk Market Index was up 0.5%.
• Messari’s Ryan Selkis in a report on his 2023 predictions wrote the market’s direction is „still all about macro and regulation.“

Bitcoin prices have been largely flat over the past 24 hours, as U.S. stocks sold off on the back of strong economic data that has caused investors to reconsider expectations that the Federal Reserve will pivot anytime soon to a more dovish monetary policy. The fear is that the central bank will need to keep tightening monetary policy longer than expected, which has put downward pressure on risky asset prices all year.

The largest cryptocurrency by market volume, Bitcoin (BTC), was trading above $16,800, down just 0.01% over 24 hours. Ether (ETH), the second largest, was trading around $1,223, up 0.82%. The CoinDesk Market Index was up 0.5%, indicating a slight increase in prices.

Messari’s Ryan Selkis, in a 168-page report on his 2023 predictions, wrote the market’s direction is „still all about macro and regulation.“ He said that the resting market sentiment is that there will be a recession in 2023, although there is debate over its potential magnitude. Selkis added that the market also seems to trust that central banks will continue to tighten until inflation is under control, although there are some investors who think it’s more likely that the Fed will pivot once the recession reaches its peak.

In addition to the economic data, crypto traders are also keeping an eye on the Central Bank of Indonesia’s white paper on the development of the country’s central bank digital currency (CBDC), which envisions a world with a government-sanctioned payment layer.

Overall, it appears the market is still holding out for the Fed to make a move before the end of the year, and the price of Bitcoin is likely to remain relatively flat until then.

• Sam Bankman-Fried, the founder of crypto exchange FTX, has been extradited to the US and is set to appear in a Manhattan federal court.
• Bankman-Fried’s former business partners Caroline Ellison and Gary Wang have turned on him, possibly in an attempt to secure lighter sentencing for themselves.
• The SEC’s complaint paints a damning picture of Bankman-Fried, portraying him as the main person behind many of the wrong actions that led to FTX’s collapse.

Disgraced crypto exchange founder Sam Bankman-Fried is set to appear in front of a US judge on Thursday, after his extradition from the Bahamas on Wednesday. The court session is set to take place in a Manhattan federal court, where Bankman-Fried will have to answer to the charges against him.

While the full extent of the accusations against Bankman-Fried is still unclear, the US Attorney for the Southern District of New York has stated that his former business partners Caroline Ellison and Gary Wang have turned on him, possibly in an attempt to secure lighter sentencing for themselves. This is based on the Securities and Exchange Commission’s (SEC) civil complaint against the two which was made public, and which shows that the document was built on participation from Ellison and Wang.

The accusations against Bankman-Fried are quite damning, portraying him as the main person behind many of the wrong actions that led to FTX’s collapse. According to the SEC’s complaint, Ellison was instructed by Bankman-Fried to purchase large amounts of FTX’s exchange token FTT on the open market, propping up its price. This token was then used as collateral for undisclosed loans by FTX to Alameda, Bankman-Fried’s trading firm, giving it a virtually unlimited “line of credit” funded by the platform’s customers.

The investigation into Bankman-Fried and FTX has moved incredibly quickly, with the crypto-focused lawyer Jake Chervinsky noting that just two months ago Bankman-Fried was debating future crypto regulations. Now, he is in FBI custody and his chief co-conspirators have pleaded guilty.

With Bankman-Fried now in US custody and the SEC’s complaint painting a damning picture of him, it will be interesting to see what comes out of the court session on Thursday. Whatever the outcome, it is clear that Bankman-Fried will face serious consequences for his actions.

– French financial regulators have added a number of crypto trading websites to a blacklist of firms operating in France „without proper authorization.”
– The list is co-authored by the Autorité des marchés financiers (AMF) and the Banque de France’s Prudential Supervisory and Resolution Authority (ACPR).
– The list is not intended to be exhaustive and unregulated crypto operators could pose dangers to users.

The French financial regulators are taking steps to protect investors from potential scams and fraudulent activities in the crypto space. In a bid to protect citizens from such threats, the Autorité des marchés financiers (AMF) and Banque de France’s Prudential Supervisory and Resolution Authority (ACPR) have co-authored a list of crypto trading websites that are operating in France “without proper authorization”.

The list, which was updated on the ACPR website yesterday, includes 49 names of sites that are not authorized to offer Forex investments, and 2 names in the cryptoasset derivatives category. The regulators warn that the list is not intended to be exhaustive and that new unauthorized entities may appear regularly. They also “strongly recommend” that the public not to “make use of the services” of firms whose names do not appear on the ACPR’s Financial Firms Register.

The French regulators have also noted that any firm not on the register but offering crypto, forex, or securities trading in France is “in breach of the applicable legislation” and is thus “not required to comply with basic rules of investor protection, information disclosure, and claims handling.”

The regulators have thus urged the public to be extra cautious when investing in the crypto space, and to do their own due diligence before engaging with any website offering crypto, forex, or securities trading in France. They have also granted operating permission to larger-name crypto players, including Binance’s French arm, Bitpanda, and eToro. It also granted a permit to FORGE, the crypto custody subsidiary of the French banking heavyweight Societe Generale.

Earlier this month, French police claimed they had caught two notorious crypto scammers who preyed on victims in exclusive ski resorts and luxury hotels. This serves as a reminder to be vigilant in the crypto space, as scams are still very much a part of it. By taking such proactive steps, the French regulators are making sure that investors are protected and that the crypto space is kept clean.

1. Elon Musk announced he would resign as CEO of Twitter soon, leading to a sell-off in Dogecoin’s price.
2. Dogecoin remains closely tied to Musk, who is a fan of the meme-based token.
3. Analysts predict Dogecoin could drop to $0.0573 if it confirms a break below $0.0702, but bullish momentum is gradually building.

The crypto market is constantly changing, and the recent news of Elon Musk’s resignation as CEO of Twitter is yet another development that could have significant implications for the industry. On December 21, 2022, Musk announced that he intends to resign as CEO as soon as he finds someone foolish enough to take the job, causing Dogecoin’s price to fall.

Dogecoin has been closely tied to Musk since he first hinted that the token would be integrated into Twitter. Despite Twitter later announcing that it was delaying the addition of cryptocurrency payments, Dogecoin remains a popular token among the crypto community.

The news of Musk’s departure from Twitter has caused Dogecoin’s price to drop to $0.0741. Analysts have predicted that the meme coin may drop to a lower price level at $0.0573 if it confirms a break below $0.0702. However, bullish momentum is gradually building, possibly bolstered by an incoming buy signal from the Moving Average Convergence Divergence (MACD) indicator. DOGE/USD price chart shows that for DOGE to trade above two consecutive falling trend lines (dotted and continuous lines) and move toward and above $0.10, it must make a clean break above all the major moving averages, including the 50-day Exponential Moving Average (EMA) (in red) currently holding at $0.0839, the 100-day EMA (in blue) at $0.0874 and the 200-day EMA (in purple) at $0.884.

On-chain data from Santiment shows Dogecoin whales have been accumulating the token, with addresses with holdings of 100,000 to 1,000,000 coins now holding 6% of the network’s total supply – the highest proportion in six months. This suggests investors believe Dogecoin has a long-term bullish outlook.

As Dogecoin’s future remains uncertain due to Musk’s departure as CEO of Twitter, investors have started looking at newer cryptocurrency projects with more potential in the short term. One of these projects is FightOut (FGHT), an Ethereum-based platform that will reward users for engaging in a wide variety of workouts. Its token sale has already raised over $2.2 million, with $1 currently buying you 60.06 FGHT tokens.

Another project is Dash 2 Trade (D2T), an Ethereum-based trading intelligence platform that will provide real-time analytics and social trading data when it launches in the first quarter of next year. Its token sale has raised over $10.4 million and is now in its final stage (due to end in 15 days). It has also announced listings on BitMart, Changelly Pro, and LBANK Exchange for early 2023.

Finally, C+Charge (CCHG) is a peer-to-peer payment system for electric vehicle (EV) charging stations, based on Binance Chain. With a focus on widening access to carbon credits, its token sale has already raised over $2.2 million, with $1 currently buying you 60.06 FGHT tokens.

Overall, the crypto market is full of potential, and the news of Elon Musk’s resignation as CEO of Twitter has caused some uncertainty in the Dogecoin price. However, with bullish momentum building and Dogecoin whales accumulating the token, the meme-based token may still have a long-term bullish outlook. There are also other projects with potential in the short term, such as FightOut, Dash 2 Trade and C+Charge, which could offer investors quick returns.

• A South Korean man in his twenties has been charged with fraud and embezzlement for allegedly selling fake concert tickets to fuel his crypto trading habits while he was serving in the military.
• Police said the man managed to raise over $34,500 from his victims and began selling the fake tickets in February 2021.
• In September 2022, the South Korean government reported that it had traced $1 billion worth of fraudulent crypto transactions, and a court in Seoul handed out a five-year jail sentence to a crypto fraudster.

A 22-year-old South Korean man has been arrested and charged with embezzlement and fraud after it was discovered he was using his military service to fuel his crypto trading habits. The man, who has not been named for legal reasons, was apprehended at the Heungdeok Police Station in Cheongju, North Chungcheong Province.

According to reports from Joongang Ilbo and News1, the man had been selling fake concert tickets to unsuspecting buyers on an online sales platform. Police believe the man was able to raise over $34,500 from his victims, who were all eager to purchase tickets for popular performers. It is believed the man began selling these tickets in February 2021, and his activities continued even whilst he was under police investigation.

The unidentified man was taking advantage of the fact that buyers often do not check whether the tickets they are purchasing are genuine or not. This was not the only malicious activity reported in the South Korean crypto industry. In September 2022, the government reported that it had traced $1 billion worth of fraudulent crypto transactions, while a court in Seoul also handed out a five-year jail sentence to a crypto fraudster who had duped victims out of $1.7 million worth of crypto and fiat.

The South Korean government is taking a hard line against any fraudulent activities in the crypto industry and is determined to provide a safe, reliable and secure environment for users. As such, it is likely that more arrests and sentences will be seen in the future as the authorities continue to hunt down those who seek to take advantage of innocent people.

• Core Scientific, one of the largest Bitcoin mining companies, has filed for Chapter 11 bankruptcy protection in Texas.
• The company has attributed its bankruptcy to a $7 million unpaid debt from Celsius Network, a bankrupt cryptocurrency lending company, as well as slumping crypto prices and rising energy costs for mining.
• Other crypto mining firms are also struggling amid the market downturn, with FTX, once the third-largest crypto exchange in the world, filing for bankruptcy protection last month.

Core Scientific, one of the largest Bitcoin mining firms in the industry, has filed for Chapter 11 bankruptcy protection in Texas. The filing notes that Core Scientific has $1 to $10 billion in assets and liabilities, and the company has attributed its bankruptcy to a $7 million unpaid debt from Celsius Network, a bankrupt cryptocurrency lending company, as well as slumping crypto prices and rising energy costs for mining.

Core Scientific had gained a record valuation of $4.3 billion in mid-2021 when the company went public through a special purpose acquisition vehicle or SPAC. However, the company’s market capitalization had fallen to $78 million as of the end of trading Tuesday, with its stock down by over 98% over the past year. In its court filings, Core Scientific stated that it had suffered a net loss of $434.8 million for the three months ending September 30, 2022, and had just $4 million in liquidity at the time of its bankruptcy filing.

The crypto market crash this year has eliminated key industry players such as crypto hedge fund Three Arrows Capital and Celsius, with the biggest blow coming after FTX, once the third-largest crypto exchange in the world, filed for bankruptcy protection last month. Sam Bankman-Fried, the disgraced founder of FTX, was arrested in the Bahamas earlier this month after US prosecutors formally filed criminal charges against him. The Southern District of New York has indicted SBF on eight criminal charges including wire fraud and conspiracy by misusing customer funds. Separately, the Securities and Exchange Commission charged SBF with „orchestrating a scheme to defraud equity investors in FTX.

The crypto mining industry is struggling from the downturn in the crypto market, with other mining firms such as Argo Blockchain, Iris Energy, and Greenidge Generation facing financial issues. Mining for cryptocurrencies requires expensive equipment and a lot of electricity, and involves powering data centers across the country, packed with highly specialized computers that crunch math equations in order to validate transactions and simultaneously create new tokens.

Rising interest rates as well as exacerbating worries of an economic downturn have further attributed to slumping prices, leading to the downfall of multiple crypto companies. Core Scientific’s bankruptcy filing is a sign of the struggles facing the industry, and it remains to be seen how the crypto sector will recover from the losses.