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First Mover Americas: SEC Scrutnizes Crypto Audits; SBF Gets Bail
The latest price moves in crypto markets in context for Dec. 23, 2022.
Updated Dec 23, 2022, 3:40 p.m. Published Dec 23, 2022, 1:40 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Former FTX CEO Sam Bankman-Fried has been released on bail after appearing in U.S. federal court in New York on Thursday. Bankman-Fried was told he can live with his parents on $250 million bail secured in part by their Palo Alto, California, house. His release also includes a long list of requirements for him to remain free while he faces charges. He's not allowed to make financial transactions of more than $1,000, can't open new lines of credit, can't leave the house except to exercise and must go through substance abuse and mental health treatment, according to the agreement.
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The U.S. Securities and Exchange Commission (SEC) is increasing its scrutiny of audits of cryptocurrency companies in an effort to warn investors who may feel assured by audits such as proof-of-reserve reports. “Investors should not place too much confidence in the mere fact a company says it’s got a proof-of-reserves from an audit firm,” said Paul Munter, the SEC’s acting chief accountant. Having such a report “is not enough information for an investor to assess whether the company has sufficient assets to cover its liabilities,” he added.
Tron founder Justin Sun was a top client of crypto asset manager Valkyrie Investments. A private financial document reviewed by CoinDesk shows that Sun, one of the richest figures in crypto, was responsible for the vast majority of a key Valkyrie division’s assets under management. He had more than $580 million of bitcoin stashed with the asset manager at one point in August. This amounted to over 90% of money at Valkyrie’s largest division, Valkyrie Digital Assets LLC.
Chart of the Day
- The chart shows year-to-date performance of bitcoin and crypto stocks.
- While bitcoin has tanked 63% this year, crypto stocks, often seen as a proxy for digital assets, have suffered bigger losses.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Buyers Step In at $2 Floor as XRP Builds on Bitcoin's Hover Above $91K
Institutional demand for XRP ETFs has surpassed $1 billion, despite muted retail interest.
What to know:
- XRP's price rebounded from the $2.00 level, indicating strong institutional buying at this psychological floor.
- Institutional demand for XRP ETFs has surpassed $1 billion, despite muted retail interest.
- A breakout above $2.11 is needed to trigger further momentum towards higher resistance levels.
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