**Top Stories This Week**
**Caroline Ellison Testifies at FTX Trial and Reveals Plans to Step Down**
Caroline Ellison, the former CEO of Alameda Research, provided detailed testimony this week during Sam Bankman-Fried’s trial. She revealed her plans to leave Alameda months before its collapse, but was concerned about a potential bank run on FTX due to the crypto market downturn. Ellison’s testimony also included a recording of the moment she informed employees about Alameda’s use of FTX customer deposits.
**Bankman-Fried’s Concerns Prior to FTX Collapse**
Evidence presented during the trial showed that Sam Bankman-Fried, the former CEO of FTX, had concerns about buying shares in Snapchat, raising capital from Saudi royalty, and urging regulators to take action against rival exchange Binance. Bankman-Fried believed that Binance leaked an Alameda balance sheet to the media in 2022, leading to a PR campaign against FTX.
**SEC Will Not Appeal Decision on Grayscale Bitcoin ETF**
The United States Securities and Exchange Commission (SEC) reportedly will not appeal a recent court decision favoring Grayscale Investments. This ruling requires the SEC to review Grayscale’s spot Bitcoin exchange-traded fund (ETF) application. However, the decision does not guarantee approval for Grayscale’s application to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF.
**Terraform Labs Claims Citadel Securities’ Role in Stablecoin Depeg**
Terraform Labs has accused market maker Citadel Securities of intentionally causing the depeg of its TerraUSD stablecoin. The accusation comes as Terraform Labs files a motion to compel Citadel Securities to produce documents related to its trading activity during the depegging incident in May 2022. Citadel Securities has previously denied trading the TerraUSD stablecoin at that time.
**Mastercard Completes Successful Wrapped CBDC Trial**
Mastercard has concluded a trial involving the wrapping of central bank digital currencies (CBDCs) on different blockchains. The trial, conducted with the Reserve Bank of Australia, allowed CBDC owners to purchase nonfungible tokens (NFTs) listed on Ethereum. Mastercard’s solution locked the required amount of a pilot CBDC on the RBA’s CBDC platform and minted equivalent wrapped CBDC tokens on Ethereum.
**Winners and Losers of the Week**
At the end of the week, Bitcoin (BTC) is priced at $26,892, Ether (ETH) at $1,551, and XRP at $0.48. Among the top gainers in the altcoin market are Loom Network (LOOM) at 86.71%, Trust Wallet Token (TWT) at 16.72%, and Tether Gold (XAUt) at 5.16%. The top losers in the altcoin market are Mantle (MNT) at -17.27%, Rocket Pool (RPL) at -14.39%, and Avalanche (AVAX) at -13.39%.
**Opinion Piece: Editor Notes**
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