Weekly Market News
South Korea to Deploy Cryptocurrency Tracking System In 2023 🧐
According to local media reports, South Korea’s Ministry of Justice is planning to introduce a crypto-tracking system as part of its efforts to tackle money laundering initiatives and recover illicit funds. Authorities will reportedly utilise the system to monitor transaction history and extract information related to transactions including the source of funds before and after remittance. The crypto-tracking system, officially called the “Virtual Currency Tracking System,” is expected to be deployed within the first half of 2023.
Yuga Labs Co-Founder Takes Leave of Absence Over Health Concerns 🤒
Yuga Labs co-founder Wylie Aronow (aka GordonGoner) has announced that he will be taking a leave of absence from the firm in order to focus on his health. Aronow revealed that he has been diagnosed with congestive heart failure and has been advised to radically change his life. He also stated that he will continue serving the firm as a strategic advisor and board member moving forward.
The tweet reads,
“Some heavy news: a few days ago I was told by my doctor I have congestive heart failure. Symptoms started last year out of the blue and I put off seeking help (like an idiot) so I could keep working. But after testing, my doctor called and asked me to radically change my life […] The condition is progressing pretty fast and that means I need to make some serious changes.”
Sam Bankman-Fried Seeks Right to Transfer FTX’s Crypto ⚖️
According to recent court filings, FTX founder Sam Bankman-Fried (SBF) is seeking to remove a bail condition that prevents him from accessing FTX funds. The bail condition is being contested on the grounds that its reason for being imposed, i.e SBF’s potential involvement in the unauthorised movement of funds, has not been proved even after a period of three weeks since the initial pretrial conference.
SBF’s lawyers have once again submitted that their client was not involved in previous unauthorised transactions and have stated that the lack of evidence after such a period of investigation warrants the removal of the bail condition.
SBF has also denied the recent “witness tampering” allegations against him and has accused prosecutors of trying to portray him “in the worst possible light.” His lawyers have also submitted that placing a restriction on communication with former employees would “place an unnecessary strain on his resources and prejudice his ability to defend this case.” Adding that many former employees are SBF’s friends and imposing a blanket restriction on his contact with them would “remove an important source of personal support.”
Wall Street will face one of its busiest weeks of the year in the coming week, with earnings from Big Tech leaders, the Federal Reserve’s first meeting and rate decision of 2023, and the monthly jobs report for January all set for release.
The S&P 500’s most heavily-weighted components — Alphabet (GOOGL), Apple (AAPL), and Amazon (AMZN), as well as Facebook parent company Meta (FB) — are among important players scheduled to report fourth-quarter financial results through Friday.
Meanwhile, in Washington, D.C., Fed officials will meet Jan. 31-Feb 1 and are expected to raise interest rates by 0.25% in Wednesday’s policy decision. A press conference held by Fed Chair Jerome Powell Wednesday afternoon will offer investors crucial signs regarding the central bank’s path forward on rate increases.
Finally, rounding out the week on Friday morning will be the government’s January jobs report, set for release at 8:30 a.m. ET. Economists expect 185,000 jobs were added to the economy last month, consensus estimates from Bloomberg show.