The Weekly Grind (Sep 7–Sep 14): FTX Creditors Get 120% Back, AI Slashes Bitcoin Crack Costs

Weekly Grind (Sep 7–Sep 14)

This week in crypto was a whirlwind of unexpected returns and technological leaps. FTX creditors got more than they bargained for, while AI research slashed the costs of cracking Bitcoin’s encryption, raising eyebrows across the sector.

The Big Stories

• FTX Creditors Recoup 120%: In a surprising turn, FTX creditors received up to 120% of their money back. Sam Bankman-Fried is using this as part of his Supreme Court defense, claiming FTX was merely ‘temporarily illiquid’. Read more.

• AI Cuts Bitcoin Crack Costs by 86%: A team from Ethereum Foundation and others reduced the cost of cracking Bitcoin’s encryption by 86% using AI agents. The implications for crypto security are massive. Read more.

• Consensys Rebrands as MetaMask: Consensys has rebranded itself, giving the name ‘Consensys’ to a new company and leaving the future of its IPO uncertain. Read more.

• Revolut’s Security Breach: Revolut mistakenly handed over sensitive customer data, including Bitcoin histories, due to a fraudulent email from a real government domain. Read more.

By the Numbers

• $1.4 billion: Trump’s crypto earnings last year.
• 120%: FTX creditors’ repayment rate.
• 86%: Reduction in Bitcoin crack costs.
• $3.8 billion: Losses on $TRUMP token.
• 988,905: Wallets affected by $TRUMP token losses.

What This Means for Crypto Jobs

The AI-driven breakthrough in Bitcoin security highlights a growing demand for AI specialists within crypto. Meanwhile, customer trust issues at Revolut may spur hiring in compliance and security roles. Consensys’ restructuring could lead to shifts in job opportunities, particularly in Web3 sectors. On the flip side, the legal and regulatory battles surrounding FTX might see a slowdown in hiring, especially in roles tied to financial compliance and legal advisory.

Find your next crypto role at cryptogrind.com.