Friday, June 14, 2024
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Sam Bankman-Fried Found Guilty on All Charges
  • The New York Jurors took 4 fours of deliberating before pronouncing the former FTX CEO guilty of all seven charges of fraud and conspiracy to commit fraud.
  • Bankman-Fried will now have to appear in court on 28 March, 2024, where he will face a potential maximum sentence of 115 years in prison.
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Former CEO of FTX Sam Bankman-Fried leaves the Federal Court in New York after pleading not guilty, 3 January, 2022.
lev radin/Shutterstock

FTX, Alameda Wallets Move $13M to Exchanges
  • A little over $13 million in altcoins were sent to crypto exchanges Binance and Coinbase in the past 24 hours, which is in accordance with a September court order.
  • The court ordered a phased liquidation process, which allows the bankruptcy estate to sell $3.4 billion worth of digital assets over a certain period of time.
Unibot to Compensate Users Affected by Exploit
  • Popular Telegram bot Unibot, which is used to snipe trades on Uniswap, became a victim of a token approval exploit earlier today, when it was switching to a new router.
  • After confirming the exploit, Unibot assured users that their keys and wallets were safe, and that the project will compensate all affected users.
Thai Banking Giant KBank Acquires Crypto Exchange Satang
  • One of the largest banks in Thailand, Kasikornbank (KBank), acquired local crypto exchange Satang for $103 million only a month after setting-up a $100 million fund for web3, fintech, and AI.
  • Once the acquisition has been completed, KBank plans to rebrand Satan to Orbix, and separate the business into three divisions, a custody platform, crypto venture arm, and blockchain development.
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J.P. Morgan Handles $1B in Daily JPM Coin Transactions
  • Launched in 2020, the bank’s permissioned blockchain-based value transfer system, called JPM Coin, now handles around $1 billion in daily transactions.
  • The bank’s global head of payments said they now plan to widen the usage of the coin, and possibly create a “more retail version” of the token.
Sam Bankman-Fried’s First Expert Witness to Rebuke DoJ Witnesses
  • Joseph Pimbley, a member of litigation consulting firm PF2 Securities, will try to rebuff testimonies from Caroline Ellison, Gary Wang, Nishad Singh, and Adam Yedidia.
  • During his testimony Pimbley will try to establish a timeline for the FTX-Alameda line of credit, and convince the jury it fluctuated between $1 billion and $3 billion between 2021 and 2022.
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Former CEO of FTX Sam Bankman-Fried leaves the Federal Court in New York after pleading not guilty, 3 January, 2022.
lev radin/Shutterstock

Worldcoin to Pay Orb Operators in WLD From November
  • The digital ID project said Orb Operators received USDC payments as part of the project’s transitional phase after launch, and now that it is nearing its end Worldcoin will be switching to WLD payments.
  • Worldcoin warned Orb Operators to check if they can claim rewards in their region as WLD are not available in the United States and “certain other restricted territories”.
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NY Attorney General Sues DGC, Genesis, and Gemini for Fraud
  • An investigation from the New York Attorney General’s office has allegedly found that Gemini was aware of Genesis’ weak financial position, but still lied to investors.
  • The lawsuit is looking to ban DCG, Genesis, and Gemini from the New York financial industry, seek restitutions for investments, and the return of “ill-gotten gains”.
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Reddit to Shut Down Community Points Feature
  • Launched in May 2020, the Community Points feature allowed Reddit users to earn points in the form of ERC-20 tokens through positive engagement.
  • After the news broke out, the price of several Reddit-based tokens quickly crashed, with r/CryptoCurrency’s MOON going down by 85%, and r/FortNiteBR’s BRICK by 50%.
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J.P. Morgan Handles $1B in Daily JPM Coin Transactions
  • The DEX said it will remain under maintenance mode until a more permanent solution to counter the movement of illicit funds through the platform is implemented.
  • THORSwap has seen a rise in popularity amongst bad actors, and was even used earlier this month by a hacker connected to the $600 million FTX hack from last year.
Sam Bankman-Fried’s Trial Goes Into Day Two
  • The prosecution tried to paint FTX’s founder as someone who deliberately deceived his customers to get rich, and noted that he directed all activities that led to the failure of the company.
  • The defense’s claimed SBF was an entrepreneur whose plans simply “didn’t work out”, and tried to cast the blame for Alameda’s downfall to its former CEO Caroline Ellison.
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Editors' Picks
SEC Sues Coinbase Over Alleged Securities Law Violations
  • The U.S. securities regulator has alleged that Coinbase has been operating as an unregistered securities exchange, broker, and clearing agency since 2019.
  • The exchange pointed out that it had met with the SEC 30 times in 2022 seeking regulatory guidance, and that it will “vigorously defend” itself.
Coinbase CEO Brian Armstrong appears on stage at the 2014 TechCrunch Disrupt Europe/London

Coinbase CEO Brian Armstrong appears on stage at the 2014 TechCrunch Disrupt Europe/London, at The Old Billingsgate on October 21, 2014 in London, England. Anthony Harvey/Getty Images for TechCrunch

SEC Alleges Binance, Binance.US, and CEO Changpeng Zhao Violated Securities Law
  • The U.S. regulator has alleged that the platforms offered unregistered securities to the general pubic in the form of the BNB token and BUSD stablecoin.
  • Binance was also accused of failing to register as an exchange, and that it had comingled funds between its global and U.S. platforms.
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Changpeng Zhao, Co-Founder & CEO of Binance, during day one of Web Summit 2022 at the Altice Arena in Lisbon, Portugal, 2 November, 2022. Ben McShane/Web Summit via Sportsfile

Bybit Becomes Latest Exchange to Exit Canada
  • Bybit is the latest exchange following Binance and OKX to announce its departure from the Canadian market due to “recent regulatory development”.
  • Canadian nationals will no longer be able to open new accounts starting Wednesday, while existing users have until 30 September to withdraw their assets from the platform.
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Guides
4 Common Password Misconceptions
  • Passwords have become a part of our daily life, protecting our most sensitive data, and we have to make sure they are as secure as possible.
  • There are many ways a password can become compromised, as such it remains important that we become aware of some of the most common password myths.
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How to Find The Best DeFi Pools For Your Assets
  • Investment opportunities in defi are innumerous, but finding the best hasn’t been an easy task thus far.
  • Yield Samurai is a decentralized finance data aggregator that helps investors find the highest-yielding pools in a few clicks.
How to Explore Historical DeFi Data
  • Yield Samurai is a decentralized finance historical data aggregator.
  • It allows people to explore pool prospects on different platforms and apps to find the best place to earn interest on cryptoassets.
Impermanent Loss Explained With Examples & Math
  • Learn what impermanent loss is, how it manifests, and how to calculate it.
  • We use several examples and formulae for both standard and complex AMM-based pools to examine, explain, and plot impermanent loss.
How to Leverage Yield Farming on Alpha Homora – The Simple Guide
  • Learn how Alpha Homora works, how to open a leveraged position and earn more with the same amount of assets, and how to manage your positions.
  • We also explain how to choose a pool to leverage, the rules of leveraging on the platform, and how to calculate possible scenarios.
Opinion
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