Crypto News: Sam Bankman-Fried Trial Set to Resume with Crypto-Spot ETF Updates in Focus

Key Insights:

• Lookonchain disclosed a return of 4,999 ETH to Huobi Global after Huobi offered a white hat bonus.
• Former FTX CEO Sam Bankman-Fried returns to court for another week of testimonies, with the crypto world attentively observing.
• Crypto-futures inflows and progress toward crypto-spot ETFs remain focal points.

HTX Global Hacker Returned Stolen Funds

On Saturday, Lookonchain announced the return of 4,999 ETH in stolen funds to HTX Global.

The hacker acknowledged the white hat bonus offer, providing a wallet address for payment. Additionally, the hacker outlined the weakness in the system, saying,

“Your system hot wallet private key leak, you should change system hot wallet address and reduce the system hot wallet rate.”

Hackers accessed a Huobi hot wallet in late September, stealing 5,000 ETH. HTX announced a 5% white hat bonus to the hackers.

Sam Bankman-Fried Trial to Resume after a Bruising Start to Proceedings

Former FTX CEO Sam Bankman-Fried will return to court for the resumption of the US vs. Sam Bankman-Fried (SBF) trial.

Last week, FTX co-founder Gary Wang delivered damaging testimony. Under questioning, Gary Wang admitted committing crimes at FTX, naming Sam Bankman-Fried, Caroline Ellison, and Nishad Singh as co-conspirators. Significantly, Wang said they allowed Alameda Research to withdraw unlimited funds. Wang elaborated, saying that he wrote code, under the instruction of SBF, to grant Alameda Research access to FTX user accounts.

SBF lawyers will likely cross-examine Wang before the prosecution moves on to new witnesses. Former CEO of Alameda Research Caroline Ellison may testify against SBF this week. Ellison agreed to give testimony against SBF as part of a plea deal with the US Department of Justice.

As the trial progresses, the crypto community may attempt to distance themselves from SBF.

Amicus Curiae attorney John E. Deaton had this to say about SBF and SBF sympathizers,

“People who believe SBFraud is a good guy who made mistakes, and FTX grew too fast, and it all got away from him, should NEVER be in charge of other people’s money, and certainly, should never be interviewed by 60 Minutes or any other news outlet. And yes, his parents are 100% complicit.”

Technical Analysis

Bitcoin Analysis

BTC sat above the 50-day and 200-day EMAs, affirming bullish price signals. The 50-day EMA pulled further away from the 200-day EMA, reaffirming a bullish trend.

A BTC move through the $28,187 resistance level would support a run at the October high of $28,593.

However, a break below the EMAs would give the bears a run at the $26,755 support level.

BTC-spot ETF-related updates and SEC v Coinbase (COIN) and Ripple case-related news would offer direction.

The 14-Daily RSI reading of 61.14 indicates that BTC could move through the $28,187 resistance level before it enters the overbought territory.

Ethereum Analysis

ETH sat below the 50-day and 200-day EMAs, affirming bearish price signals.

An ETH break above the 50-day EMA would give the bulls a run at the 200-day EMA and $1,746 resistance level.

Inflows into ETH-Futures ETFs and ETH-spot ETF-related news will likely influence buyer appetite.

However, a fall below the $1,626 support level would support a move to $1,600. An ETH break below $1,600 would bring the $1,502 support level into view.

The 14-Daily RSI reading of 48.24 indicates that ETH could fall below $1,600 before it enters the oversold territory.