Co-author: Davier M

What up fellow HODLers, CoinMarketCap here! We know the endless hacks make you wanna rage quit the markets lately. But remember, some billionaires are going bullish on Bitcoin!

So here we are to keep you informed on all those top crypto stories!

But before we dive into the details, here's a quick TLDR rundown of the key news stories:

• Unibot token price crashes 30% following the exploit

• UK government reveals final proposal for UK crypto-asset regulations

• Sam Bankman-Fried's memory falters during testimony: “I don't recall”

• Retail e-HKD CBDC could “add unique value,” according to Hong Kong Monetary Authority

• Billionaire investor Stanley Druckenmiller: “I don’t own any Bitcoin to be frank, but I should”

• Avalanche blockchain explorer SnowTrace to shut down Etherscan-powered website

Now let's dive deeper into each of these crypto stories!

Unibot Token Tanks After Hack

Looks like web3 hacking is back in action! Unibot got taken for a ride when some hacker used a call injection attack to drain over 600 grand worth of tokens from connected wallets.

Prices for Unibot's token took a big fat dive afterwards, plunging over 30%. But hey, maybe getting hacked will be good marketing for them! Nothing gets the people talking like a good crypto crime.

Will Unibot be able to compensate its users? Read the full story!

UK Reveals Crypto Regulation Plan

The UK government wants to round up all the crypto critters and put them under the watchful eye of regulators. They're starting with stapling a "regulated" tag on any stablecoins that want to play in their pen.

And they're making crypto exchanges come running whenever regulators whistle. Those DeFi degens better watch out too, because regulators have got their lasso ready once they figure out how to rein them in.

Innovation is fun until the regulator shows up to lay down the law! Here are some details on how it will regulate the DeFi space too!

SBF Claims Memory Loss

Sam Bankman-Fried seems to be suffering a bad case of amnesia about his time as FTX’s CEO. When grilled about the FTX fiasco, he just kept saying "I don't recall.”

Misplacing billions in customer funds seems like the kind of thing you'd probably remember! Unless getting grilled about fraud makes SBF suddenly empty his memory vaults.

Bankman-Fried claims FTX failed due to market conditions and startup mistakes. He also revealed plans to eventually sell FTX to a rival exchange. But his spotty memory under oath seems rather questionable for someone who lost billions in client money.

Read the full story!

Hong Kong Eyes Digital Currency

Hong Kong is entertaining the thought of issuing a central bank digital currency. A recent report found it could potentially enable new innovations. But they admit the prototype still needs some kinks ironed out before the showtime.

With China cracking down on crypto, a digital HK dollar could help Hong Kong become a blockchain hub. Then all those Chinese crypto refugees may bring their talents (and money) to Hong Kong!

Of course, this is all just speculation at the moment. We'll have to wait and see if Hong Kong takes the plunge into CBDCs. Check out the full plan!

And that brings us to our Word of the Day!

It’s Central Bank Digital Currencies (or CBDC)!

Central bank digital currencies (CBDCs) are fiat currencies that exist in a digital form and are issued by central banks.

CBDCs remain fully within the orbit of the traditional, intermediated financial system of fiat currencies, which are backed by trust in the currency's issuer: a national central bank and ultimately, the sovereign government or political authority behind it.

They are a concept inspired by — but different from — true cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH).

But what makes it different from everyday currencies? And why would anyone wanna use it? Read more!

Now back to our daily stories!

Billionaire Bullish on Bitcoin

A billionaire investor seems to be coming around on Bitcoin. He confessed that the top cryptocurrency has built up impressive brand recognition over 17 years. Like a fine wine, Bitcoin gets better with age!

While Mr. Druckenmiller doesn't own any Bitcoin currently, he admitted he probably should.

Find out the reason for his bullishness on Bitcoin!

Avalanche Explorer Closing

The Avalanche explorer SnowTrace announced it will close its Etherscan-powered website this month. SnowTrace told users to back up their data before the closure.

Rumor is the shutdown relates to Etherscan's service fees being too pricey. But Avalanche insists they're just transitioning to a better product.

Here is the plan they have shared so far!

There you have it - the top crypto updates for today! Check back tomorrow as we analyze the latest news and trends.

Before you head out, take a sec to sign up for our newsletter below, and we'll deliver the hottest crypto stories straight to your inbox!

Subscribe to Our Newsletter!