This week on CryptoWatch saw significant developments on Binance's case, particularly with the plea deal that the company agreed to for a $4.3 billion payout to the US, recently getting its approval from a judge. Alongside this, the massive revelations behind Satoshi Nakamoto's early claims about Bitcoin using massive energy in the present were revealed via the early emails the anonymous creator had.
Also, take a look at the prices of the top coins in the cryptocurrency market, especially with the significant developments in the industry.
Binance's $4.3b Plea Deal Gets US Judge Approval
After the massive guilty plea of Binance last year, the proposed $4.3 billion payout of the company was recently approved by Judge Richard Jones of the US District Court for the Western District of Washington. Now that it is official, it is the largest criminal penalty in United States history, leading the company to continue its operations in the US and other parts of the world.
Bloomberg said that there are still conditions on its operations despite this settlement, with an independent firm to be appointed to monitor the company in the future. A law firm called Sullivan & Cromwell is reportedly looking to take on this role, among many others interested in doing so.
Moreover, Binance's counsel also shared that the company "accepts full responsibility" for the past scrutinies it faced, now looking to move forward without its disgraced former CEO, Changpeng Zhao.
Satoshi Nakamoto: Bitcoin's Energy Consumption
While there is an ongoing dispute on Craig Wright who previously claimed to be the person behind the Satoshi Nakamoto pseudonym, the Bitcoin creator previously unveiled that the present top coin would consume massive energy for its operations in the future.
That said future is now, as recent reports claim that Bitcoin is one of the notorious coins that require massive power for its operations, including the infamous BTC mining.
This was unveiled by Marii "Sirius" Malmi, one of the early collaborators of Bitcoin and a known developer from 2009 to 2011, providing his email conversation with Nakamoto during the starting days of the renowned crypto.
Nakamoto claimed in their email exchanges that they predict BTC's massive power need in the future, alongside the importance of Proof of Work (PoW) in its operations, also a subject of high energy consumption.
Top Cryptocurrencies' Prices Now
This week's charts on CoinMarketCap show some coins seeing a stagnant performance, but others rejoicing in their massive percentage increases over the past week. The top 5's biggest earners include Ethereum and Binance Coin (BNB), and the rest saw either the same pricing or a small dip.
- Bitcoin (BTC) - Price: $51,592.75 | 0.97 percent decrease over the past seven days
- Ethereum (ETH) - Price: $3,121,22 | 8.88 percent increase over the past seven days
- Tether (USDt) - Price: $0.9999 | 0.03 percent decrease over the past seven days
- Binance Coin (BNB) - Price: $387.54 | 10.42 percent increase over the past seven days
- Solana (SOL) - Price: $104.12 | 7.05 percent decrease over the past seven days
