The biggest news in the cryptoverse for Oct 13 includes Bitcoin dropping 3% as 8.2% CPI data worsens rate hike fears, Binance reportedly misreporting financials on the UK STEPN denies dismissal claims and US lawmakers demand investigation of ERCOT for paying Bitcoin miners in Texas.

CryptoSlate Top Stories

Bitcoin Falls 3% as Data Reveals Higher Than Expected CPI Print

September Consumer Price Index (CPI) data released today showed an 8.2% rise in inflation. Following the announcement, BTC fell 3% to bottom at $18,200.

Analysts predict that with higher CPI figures, the Fed will necessarily raise rates by 75 basis points on November 3.

Fed Vice Chairman Urges Banks To Treat Crypto Firms Cautiously

Michael Barr called on federally regulated banks dealing with crypto businesses to make sure they put measures in place to prevent crypto-related risks from spreading to the wider economy.

Barr warned that liquidity risks, such as a bank run on crypto exchanges in partnership with a bank, can undermine your financial stability.

US Lawmakers Led by Elizabeth Warren Demand Investigation of ERCOT Support for Bitcoin Miners in Texas

Many cryptocurrency miners are setting up their rigs in Texas, due to the crypto-friendly policies of the Electricity Reliability Council of Texas (ERCOT).

A group of US lawmakers led by Senator Elizabeth Warren has called for an investigation into ERCOT’s mining policies.

Lawmakers declared that it is unfair for the state to pay miners for reducing the energy load they incur on the grid.

October Becomes Worst Month in DeFi History as Hackers Steal $718M Across 11 Protocols

October has been more of a “Hacktober” as 11 DeFi protocols lost $718 million in the first two weeks of the month.

According to Chainalysis, cross-chain stood out as the main target for hackers. Around $600 million has been lost across three bridges, with the Binance BNB chain accounting for $100 million of the recorded losses.

French Cybercrime Authority Leverages ZachXBT Investigation to Stop NFT Fraudsters

Prominent figures, including footballer Neymar and rapper Eminem, lost their Bored Ape Yacht Club NFTs worth around $2.5 million due to phishing scams.

However, chain detective ZachXBT launched an investigation that helped the French cybercrime authority arrest the group of five NFT scammers.

Binance Allegedly Filed Improper Financial Reporting in the UK – FT

Binance partnered with Dimplx to register Binance Digital in 2019. However, a broken relationship led Dimplx to reveal that Binance falsely reported the finances of its UK subsidiary and failed to remit tax dues.

Dimplx said that he would proceed to sue the major cryptocurrency exchange for improper financial reporting.

How Bitcoin turns El Salvador into the next Singapore according to Max Keizer

Bitcoin maximalist Max Keizer said El Salvador’s decision to make Bitcoin legal tender helped the country’s GDP grow 10% and its tourist visitors increase 83% by the end of 2021.

Consequently, the country is working to implement appropriate securities laws to put Bitcoin at the center of the country’s international trade strategy. The move will supposedly make El Salvador the central financial center of Latin America.

STEPN denies layoff claims

Earlier reports claimed that move-to-win game company STEPN laid off more than 100 staff members.

STEPN has contacted CryptoSlate to debunk the reports. However, he admitted that he only relieved volunteer MODs of their roles.

Featured Research

US debt exceeds $31 trillion

The national debt of the world’s leading economy has reached a peak of more than 31 trillion dollars, with a debt-to-GDP ratio of 137%.

Given an interest rate of 3.2%, the US would have to pay up to $1 trillion in debt service annually.

Consequently, the US may have to borrow more or embark on aggressive quantitative easing (QE) to service its debt, which may worsen recession fears.

News from around the Cryptoverse

Uniswap Labs raises $165 million

Decentralized exchange platform Uniswap Labs announced that it has raised $165 million in a Series B round to advance its web app, developer tools, and NFT project.

Voyager Digital creditors oppose plans to shield executives from lawsuits

Voyager Digital executives had filed a motion seeking to grant them immunity from legal confrontation.

Voyager’s unsecured creditors committee (UCC) opposed the motion on the grounds that executives want to evade responsibility for paying creditors the $1.4 billion expected from FTX.

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Bitcoin (BTC) rose 1.08% to hit $19,392 in the last 24 hours, while Ethereum (ETH) fell -0.63% to trade at $1,293.

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This post Bitcoin Plummets After IPC Release; Fed Vice Chairman Warns Banks About Deals With Crypto Firms

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