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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.
- It shows that buying bitcoin is the best bet if you want to add crypto exposure to your portfolio.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
Wat u moet weten:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Lighter trading platform sees $250 million withdrawn 24 hours after airdrop
Bubblemaps CEO says outflows seen on Lighter on Dec. 31 are not uncommon as users rebalance hedging positions and move on to the next farming opportunity.
What to know:
- Approximately $250 million was withdrawn from Lighter after its $675 million LIT token airdrop.
- The withdrawals represent about 20% of Lighter's total value locked, according to Bubblemaps CEO Nicolas Vaiman.
- Large withdrawals post-token generation events are common as early participants exit, says CertiK's Natalie Newson.
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