A Week in Review: ETH a security? Celsius clawbacks & other news

We’ve selected the 🔥hottest materials of the past week for you to stay up-to-date with the latest crypto news:

#1\xa0SEC is attempting to classify Ether as a security

The United States Securities and Exchange Commission reportedly issuednumerous subpoenas to companiesas part of its efforts to classify Ether as a security.

According to a recent report, an SEC investigation into the Ethereum Foundation could potentially grant the commission regulatory jurisdiction to label the digital asset as a security.

The foundation suggested via GitHub that it may be under investigation “from a state authority.”

Meanwhile, several U.S.-based companies reportedly received requests from the SEC to provide documents and financial records related to dealings with the Ethereum Foundation.

#2.\xa0Celsius seeks to claw back \\$2B in customer withdrawals

Bankrupt crypto lender Celsius is reportedly aiming to recover \\$2 billion from major customers who withdrew from theplatform just before its bankruptcyin July 2022.

According to a recent report, a Celsius bankruptcy oversight committee has begun contacting customers who withdrew more than \\$100,000 prior to its downfall, with the goal of using potential returned funds to pay back customers who did not withdraw from the platform in time.

The committee will offer clawback-affected customers a “favorable rate” if they decide to settle, with the threat of litigation if funds are not returned.

In addition, customers who settle will have their notional digital assets adjusted based on their July 2022 value, near the nadir of the crypto bear market.

#3.\xa0SBF says proposed 50-year sentence casts him as ‘depraved super-villain’

Lawyers representing former FTX CEO Sam “SBF” Bankman-Fried stated that a proposed maximum sentence of 50 years in prison for the founder invokes a “medieval” view of punishment anddoesn’t accurately reflect the severity of his crimes.

On March 19, Bankman-Fried’s lawyers, Marc Mukasey and Torrey Young, wrote to Judge Lewis Kaplan in response to the government’s sentencing proposal, handed down on March 15.

“With marked hostility, the memorandum distorts reality to support its precious ‘loss’ narrative and casts Sam as a depraved super-villain,” they stated.

#4.\xa0Prediction of the week-\xa0Key Ethereum price metric targets \\$5.4K ETH in 2024

Ether’s price could reach the \\$5,400 mark in 2024, according to a technical price indicator used by traders to assess whether acryptocurrency is overbought or oversold.

On March 22, Ether’s price was currently trading around the \\$3,500 mark, approximately 27% away from its all-time high of \\$4,891 reached on Nov. 16, 2021, according to CoinMarketCapdata.

According to pseudonymous CryptoQuant-verified author Binhdangg, Ether could surpass \\$5,400 in the high-risk scenario based on the Mayer multiple oscillator, which is a ratio based on comparing Ether’s current price with its 200-day moving average.

Its price could reach the upper band of the indicator, but that could be much higher than \\$5,400, Bitfinex analysts told Cointelegraph:

“We expect it to reach oversold condition this year based on the fact that there is a cyclical behavior of the asset to oscillate between the overbought and oversold bands of the indicator. However, this is a dynamic moving average-based deviation, and the upper band may be far above the \\$5,400 level by the time the price reaches those levels.”

#5.FUD of the week-\xa0Hacker moves \\$10M from 2023 phishing incident to Tornado Cash

On March 21, blockchain security firm CertiK flagged an account linked to the \\$24 million hack transferring 3,700 ETH to Tornado Cash. The funds were taken from acrypto whale in a phishing incident on Sept. 6.

At the time, the investor lost \\$24 million in staked ETH on the liquid staking provider Rocket Pool. The hack was done in two transactions: One took 9,579 stETH, while the other drained 4,851 rETH from the crypto whale.

Scam Sniffer, an anti-scam project, said that the victim signed an “Increase Allowance” transaction, which enabled token approvals for the hacker. With smart contracts, the feature allows third parties to spend ERC-20 tokens belonging to others if given approval.

#6.\xa0FUD of the week-\xa0Old Dolomite exchange contract suffers \\$1.8M loss from approval exploit

An old contract previously used by theDolomite crypto exchange has been exploitedfor approximately \\$1.8 million, according to a March 20 report from blockchain security platform CertiK and seen by Cointelegraph.

The exploit affected users who previously authorized approvals to the contract, and the development team recommended revoking approvals to the Ethereum Dolomite address that begins with 0xe2466.

The development team claimed that users who only interacted with the current version on Arbitrum would not be affected.

They also disabled the faulty contract in an effort to protect users who had not yet become victims of the attack. Even so, the team argued that users should revoke approvals to this contract.

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