FTXTrial
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🏛️ Ryan Salame Gets Dumped For 7.5 Years in Prison—
But You Can Keep The PORSCHE Dear 🏎️
The former co-conspirator to Sam Bankman-Fried has been sentenced to 90 months in prison— But he can hold onto his luxury toy.
📰 Former FTX executive Ryan Salame was sentenced to 7 & a half years in prison on Tuesday, making him the latest leader of the fallen cryptocurrency exchange to land behind bars for his role in its downfall. But the news isn't all bad for Salame.
While the one-time lieutenant to FTX founder Sam Bankman-Fried (SBF) and co-CEO of FTX Digital Markets Ltd. was braced for a years-long prison sentence—delivered in a Manhattan courtroom on Tuesday—federal prosecutors said Salame can hold onto a luxury car he purchased amid FTX’s meteoric rise before the ruling.
The value of his 2021 Porsche 911 Turbo S "doesn't have sufficient equity to further pursue forfeiture,” the government said in a filing, arguing Salame should be required to pay the vehicle’s maintenance cost of $1,500. Previously, Salame agreed to forfeit $1.5 billion worth of assets in connection to FTX-related crimes.
Weeks before Bankman-Fried’s trial began—in which the former crypto mogul was found guilty of stealing $10 billion from customers, investors, & lenders—Salame struck a plea deal. He pleaded guilty to violating campaign finance law and operating an unlicensed money transmitter business last Sept. With U.S. District Judge Lewis Kaplan deciding his fate, other former SBF associates are now waiting in the wings.
Salame’s lawyers claim that their client was “duped” by Bankman-Fried into thinking FTX was stable. Yet prosecutors argued in a sentencing memorandum that Salame yanked over $5 million worth of crypto from FTX as the exchange buckled under a bevy of customer withdrawals in November 2022—just before it declared bankruptcy and shut down.
Though Salame made efforts to cooperate with the government, prosecutors described his interactions as “relatively minor” compared to other FTX insiders.
#FIT21 #MtGox #FTXTrial #Megadrop
But You Can Keep The PORSCHE Dear 🏎️
The former co-conspirator to Sam Bankman-Fried has been sentenced to 90 months in prison— But he can hold onto his luxury toy.
📰 Former FTX executive Ryan Salame was sentenced to 7 & a half years in prison on Tuesday, making him the latest leader of the fallen cryptocurrency exchange to land behind bars for his role in its downfall. But the news isn't all bad for Salame.
While the one-time lieutenant to FTX founder Sam Bankman-Fried (SBF) and co-CEO of FTX Digital Markets Ltd. was braced for a years-long prison sentence—delivered in a Manhattan courtroom on Tuesday—federal prosecutors said Salame can hold onto a luxury car he purchased amid FTX’s meteoric rise before the ruling.
The value of his 2021 Porsche 911 Turbo S "doesn't have sufficient equity to further pursue forfeiture,” the government said in a filing, arguing Salame should be required to pay the vehicle’s maintenance cost of $1,500. Previously, Salame agreed to forfeit $1.5 billion worth of assets in connection to FTX-related crimes.
Weeks before Bankman-Fried’s trial began—in which the former crypto mogul was found guilty of stealing $10 billion from customers, investors, & lenders—Salame struck a plea deal. He pleaded guilty to violating campaign finance law and operating an unlicensed money transmitter business last Sept. With U.S. District Judge Lewis Kaplan deciding his fate, other former SBF associates are now waiting in the wings.
Salame’s lawyers claim that their client was “duped” by Bankman-Fried into thinking FTX was stable. Yet prosecutors argued in a sentencing memorandum that Salame yanked over $5 million worth of crypto from FTX as the exchange buckled under a bevy of customer withdrawals in November 2022—just before it declared bankruptcy and shut down.
Though Salame made efforts to cooperate with the government, prosecutors described his interactions as “relatively minor” compared to other FTX insiders.
#FIT21 #MtGox #FTXTrial #Megadrop
A New York federal jury has convicted Sam Bankman-Fried of all seven counts in his federal trial on conspiracy and fraud charges.
BREAKING: Disgraced FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison.
+Ordered forfeit more than $11 Billion.
#FTXTrial #SamBankman-Fried #SambankmanFried #WIF #HotTrends
+Ordered forfeit more than $11 Billion.
#FTXTrial #SamBankman-Fried #SambankmanFried #WIF #HotTrends
FTX is set to retrieve $884 million.
FTX has reportedly secured an agreement allowing them to sell a significant portion of their shares in Anthropic. This sale amounts to $884 million.
#FTXTrial
FTX has reportedly secured an agreement allowing them to sell a significant portion of their shares in Anthropic. This sale amounts to $884 million.
#FTXTrial
🚨 Breaking News: FTX Bankruptcy Update Sparks Controversy Over IRS Tax Claims
In a recent twist in the FTX bankruptcy saga, the cryptocurrency exchange is challenging the Internal Revenue Service (IRS) by urging a Delaware bankruptcy judge to set its tax bill at zero dollars. Here's a breakdown of the latest developments:
FTX vs. IRS: A $24 Billion Dispute
FTX contests the IRS's estimated claims of a staggering $24 billion, asserting that these figures are exaggerated and lack evidential support. The IRS initiated tax audits on FTX in February 2023, initially estimating claims at $44 billion in April, later revising this to $24 billion in November.
IRS Claims: Baseless or Justified?
FTX representatives argue that the IRS's claims are disproportionate to their earnings and potential debt obligations. They maintain that the claims, totaling more than fifty times the debtors' earnings and several times greater than the distributable value available to creditors, are unfounded.
FTX's Strategic Moves Amidst Bankruptcy
Amidst the ongoing bankruptcy proceedings, FTX plans to file an amended Chapter 11 plan in mid-December, initiating a voting process in March with the aim of confirming the plan by June. However, the dispute with the IRS over tax claims remains a critical hurdle.
FTX's Proposed Creditor Repayment Plan
As of December 2023, FTX is undergoing several developments, including an amended proposal for creditor repayment. The proposal aims to return up to 90% of creditor holdings, categorizing customers based on settlement amounts. Notably, customers with settlement amounts below $250,000 can accept the settlement without any reduction in claim or payment.
Restarting FTX Platform for International Customers
FTX administrators are considering restarting the platform for non-US customers. The proposed plan involves organizing creditors into different classes.
🌐 Stay Informed: Follow The Blockopedia for Real-time Updates on Crypto News!
#FTXTrial #BTCto40k #crypto #cryptocurrency #crypto2023
In a recent twist in the FTX bankruptcy saga, the cryptocurrency exchange is challenging the Internal Revenue Service (IRS) by urging a Delaware bankruptcy judge to set its tax bill at zero dollars. Here's a breakdown of the latest developments:
FTX vs. IRS: A $24 Billion Dispute
FTX contests the IRS's estimated claims of a staggering $24 billion, asserting that these figures are exaggerated and lack evidential support. The IRS initiated tax audits on FTX in February 2023, initially estimating claims at $44 billion in April, later revising this to $24 billion in November.
IRS Claims: Baseless or Justified?
FTX representatives argue that the IRS's claims are disproportionate to their earnings and potential debt obligations. They maintain that the claims, totaling more than fifty times the debtors' earnings and several times greater than the distributable value available to creditors, are unfounded.
FTX's Strategic Moves Amidst Bankruptcy
Amidst the ongoing bankruptcy proceedings, FTX plans to file an amended Chapter 11 plan in mid-December, initiating a voting process in March with the aim of confirming the plan by June. However, the dispute with the IRS over tax claims remains a critical hurdle.
FTX's Proposed Creditor Repayment Plan
As of December 2023, FTX is undergoing several developments, including an amended proposal for creditor repayment. The proposal aims to return up to 90% of creditor holdings, categorizing customers based on settlement amounts. Notably, customers with settlement amounts below $250,000 can accept the settlement without any reduction in claim or payment.
Restarting FTX Platform for International Customers
FTX administrators are considering restarting the platform for non-US customers. The proposed plan involves organizing creditors into different classes.
🌐 Stay Informed: Follow The Blockopedia for Real-time Updates on Crypto News!
#FTXTrial #BTCto40k #crypto #cryptocurrency #crypto2023
📰 According to Bloomberg and multiple criminal lawyers, former FTX and Alameda Research executives Caroline Ellison, Nishad Singh, and Gary Wang are expected to receive fines rather than prison sentences in the FTX trial, as they have pleaded guilty to their crimes, and prosecutors intend to submit a letter to the court detailing their cooperation in the investigation. Meanwhile, FTX founder Sam Bankman-Fried (SBF) was unanimously found guilty on seven counts in his criminal trial today. ⚖️🔒 #FTXTrial #CryptocurrencyLegal 📊📅📜
Sam Bankman-Fried has now been convicted nearly one year on from the infamous collapse of his FTX empire.
Approximately six hours ago, FTX's FTT Treasury executed a transfer of all its assets to a newly designated wallet. The assets encompassed in this transfer include:
195.87 million FTT tokens valued at approximately $246.8 million.
1,938 Ethereum (ETH) tokens amounting to approximately $5.94 million.
6.36 million JOE tokens with an approximate value of $3.25 million.
The receiving address for these assets is 0x2a4F8d77bAde18256b1BDB3cF8782645037f60d3.
#FTXTrial
195.87 million FTT tokens valued at approximately $246.8 million.
1,938 Ethereum (ETH) tokens amounting to approximately $5.94 million.
6.36 million JOE tokens with an approximate value of $3.25 million.
The receiving address for these assets is 0x2a4F8d77bAde18256b1BDB3cF8782645037f60d3.
#FTXTrial
Ex-FTX Exec Ryan Salame Fights for Reduced Jail Sentenced in Fraud Case
Following the legal troubles of FTX founder Sam Bankman Fried, all eyes are now on Ryan Salame, the former executive, as he stands on the brink of sentencing. Salame, who once led FTX Digital Markets, a now-defunct arm of FTX Ltd, faces a possible 18-month prison term over alleged fraudulent activities connected to FTX in the Bahamas.
Despite the looming sentencing, Salame’s legal team is fighting hard, arguing for leniency by stressing his purported limited involvement in the major fraud case.
Allegations Against Salame
Once a key figure within FTX and its sibling company, Alameda Research, Salame is accused of managing wire deposits and currency conversions, supposedly central to the FTX fraud scandal.
While officially heading FTX Digital Markets, Salame allegedly directed political contributions using Alameda’s funds and led charitable initiatives in the Bahamas. However, his defense claims that his role was minor in the core fraudulent activities that rocked FTX.
#FTXTrial #PEPEATH #Fraud
$ADA $SHIB $FLOKI
Following the legal troubles of FTX founder Sam Bankman Fried, all eyes are now on Ryan Salame, the former executive, as he stands on the brink of sentencing. Salame, who once led FTX Digital Markets, a now-defunct arm of FTX Ltd, faces a possible 18-month prison term over alleged fraudulent activities connected to FTX in the Bahamas.
Despite the looming sentencing, Salame’s legal team is fighting hard, arguing for leniency by stressing his purported limited involvement in the major fraud case.
Allegations Against Salame
Once a key figure within FTX and its sibling company, Alameda Research, Salame is accused of managing wire deposits and currency conversions, supposedly central to the FTX fraud scandal.
While officially heading FTX Digital Markets, Salame allegedly directed political contributions using Alameda’s funds and led charitable initiatives in the Bahamas. However, his defense claims that his role was minor in the core fraudulent activities that rocked FTX.
#FTXTrial #PEPEATH #Fraud
$ADA $SHIB $FLOKI
"FTX Ex-Founder Faces Push for 50 Years Behind Bars!"
The highly anticipated sentencing of former FTX founder Sam Bankman-Fried (SBF) is scheduled to take place today at 13:30 (UTC).
Read more on: https://thecryptobasic.com/2024/03/28/court-set-to-announce-ftx-founder-prison-sentence-as-prosecutor-argues-for-50-years-jail-term/
#Ftx❓ #FTXTrial #Crypto #CryptoNewsFlash #CryptonewswithJack
Read more on: https://thecryptobasic.com/2024/03/28/court-set-to-announce-ftx-founder-prison-sentence-as-prosecutor-argues-for-50-years-jail-term/
#Ftx❓ #FTXTrial #Crypto #CryptoNewsFlash #CryptonewswithJack
Based on Sam Bankman-Fried's request to be released from the Metropolitan Detention Center in Brooklyn, the court has deemed this pursuit unpersuasive .
#FTXUpdate #FTXTrial #SBFTrial #SBFVerdict #CryptoNews🔒📰🚫
#FTXUpdate #FTXTrial #SBFTrial #SBFVerdict #CryptoNews🔒📰🚫
FTX Challenges IRS 🤝💼
FTX says IRS demand for $24 billion in unpaid taxes is delaying recovery of user funds
In the latest twist of the FTX-IRS saga, FTX lawyers demand the IRS substantiate its $24 billion tax claim, calling it "absurd and meritless." FTX, in bankruptcy, contends it never earned enough to owe such colossal taxes. The IRS, reducing its initial $44 billion claim, insists on its estimation's correctness. FTX claims the IRS's stance delays creditor payouts. The legal showdown continues with the next hearing on Dec. 13. Stay tuned for updates! ⚖️💸 #FTX #IRSLawsuit #LegalDrama #FTT #FTXTrial
FTX says IRS demand for $24 billion in unpaid taxes is delaying recovery of user funds
In the latest twist of the FTX-IRS saga, FTX lawyers demand the IRS substantiate its $24 billion tax claim, calling it "absurd and meritless." FTX, in bankruptcy, contends it never earned enough to owe such colossal taxes. The IRS, reducing its initial $44 billion claim, insists on its estimation's correctness. FTX claims the IRS's stance delays creditor payouts. The legal showdown continues with the next hearing on Dec. 13. Stay tuned for updates! ⚖️💸 #FTX #IRSLawsuit #LegalDrama #FTT #FTXTrial
New Details Emerge about SBF’s Life in Prison
A former inmate at the Brooklyn Metropolitan Detention Center has revealed details of Bankman-Fried’s life in prison leading up to his landmark fraud trial.
Talking to crypto content creator, Tiffany Fong, former inmate Gene Borello claimed the FTX founder was at one point on suicide watch and did not eat or shower for several days.
Borello claims a fellow inmate attempted to extort the “timid” Bankman-Fried by suggesting he pay a fellow inmate for “protection,” claiming “they knew he had a lot of money.”
Subsequently, Borello confronted the prisoner in Bankman-Fried’s defense, leading to a physical altercation that caused Borello to spend time in solitary confinement.
“You could tell he didn’t want to be there,” Borello said of Bankman-Fried. “He was just nervous.”
Moreover, Borello claimed Bankman-Fried “just didn’t understand” that he could face a sentence that would amount to life in prison.
According to an alleged conversation Fong had with the FTX founder, Bankman-Fried said he believed his chances of getting off with no jail time were “around 50/50.”
“He believed he was only getting twenty years,” Borello said.
While Bankman-Fried’s sentencing is not scheduled until March 28th, 2024, the former FTX CEO and founder could face a maximum sentence of 115 years in prison, a term length Borello disagrees with.
“You mean to tell me that a guy who stole money is going to get life in prison and never hurt a person in his life?” Borello told Fong. “I don’t agree with that.”
On November 2nd, Bankman-Fried was found guilty on seven different fraud-related charges following a grueling month-long trial that saw multiple of his former associates and closest friends testify against him.
When asked whether or not Bankman-Fried expected the guilty verdict, Borello said no.
“He was not worried about the case,” claimed Borello.
#ftx #BankmanFriedTrial #Bankman-Fried #FTXUpdate #FTXTrial
$SOL $XRP $SHIB
A former inmate at the Brooklyn Metropolitan Detention Center has revealed details of Bankman-Fried’s life in prison leading up to his landmark fraud trial.
Talking to crypto content creator, Tiffany Fong, former inmate Gene Borello claimed the FTX founder was at one point on suicide watch and did not eat or shower for several days.
Borello claims a fellow inmate attempted to extort the “timid” Bankman-Fried by suggesting he pay a fellow inmate for “protection,” claiming “they knew he had a lot of money.”
Subsequently, Borello confronted the prisoner in Bankman-Fried’s defense, leading to a physical altercation that caused Borello to spend time in solitary confinement.
“You could tell he didn’t want to be there,” Borello said of Bankman-Fried. “He was just nervous.”
Moreover, Borello claimed Bankman-Fried “just didn’t understand” that he could face a sentence that would amount to life in prison.
According to an alleged conversation Fong had with the FTX founder, Bankman-Fried said he believed his chances of getting off with no jail time were “around 50/50.”
“He believed he was only getting twenty years,” Borello said.
While Bankman-Fried’s sentencing is not scheduled until March 28th, 2024, the former FTX CEO and founder could face a maximum sentence of 115 years in prison, a term length Borello disagrees with.
“You mean to tell me that a guy who stole money is going to get life in prison and never hurt a person in his life?” Borello told Fong. “I don’t agree with that.”
On November 2nd, Bankman-Fried was found guilty on seven different fraud-related charges following a grueling month-long trial that saw multiple of his former associates and closest friends testify against him.
When asked whether or not Bankman-Fried expected the guilty verdict, Borello said no.
“He was not worried about the case,” claimed Borello.
#ftx #BankmanFriedTrial #Bankman-Fried #FTXUpdate #FTXTrial
$SOL $XRP $SHIB
🔥 FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison
The court sentenced Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, to 25 years in prison.
This verdict comes after a tumultuous period marked by fraud, perjury, and witness tampering allegations.
FTX’s Sam Bankman-Fried Sentenced to 25 Years in Prison:-
Despite arguments from Sam Bankman-Fried‘s defense team portraying him as a misunderstood genius, Judge Kaplan’s findings painted a starkly different picture. Kaplan highlighted Bankman-Fried’s false testimonies, stating he lied about his knowledge of FTX customer deposit expenditures.
As a result, Bankman-Fried received a 25-year sentence in a federal penitentiary for committing fraud against clients and backers of the cryptocurrency exchange FTX. Additionally, Kaplan noted Bankman-Fried’s attempts at witness tampering, further complicating the founder’s legal battle.
Marc Mukasey, Bankman-Fried’s attorney, attempted to soften his client’s image, emphasizing his non-malicious intentions. Mukasey described Bankman-Fried as an “awkward math nerd” with passions for video games, veganism, and animal welfare, arguing that his client never intended to harm anyone.
Furthermore, Mukasey maintained that given more time, Bankman-Fried could have rectified the issues plaguing FTX.
“His real motivations were misapprehended and misunderstood. Really he’s an awkward math nerd… He loves video games and veganism, and he’s compassionate to animals,” Mukasey said.
The prosecution, however, underscored the financial devastation wrought by Bankman-Fried’s actions, revealing losses totaling over $11 billion across various stakeholders. These figures contrast the defense’s claims of no real loss, with Judge Kaplan dismissing the notion that victims would be fully compensated through bankruptcy as “misleading” and “speculative.”
#WIF #FTXTrial #sui #SHIB #FET
The court sentenced Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, to 25 years in prison.
This verdict comes after a tumultuous period marked by fraud, perjury, and witness tampering allegations.
FTX’s Sam Bankman-Fried Sentenced to 25 Years in Prison:-
Despite arguments from Sam Bankman-Fried‘s defense team portraying him as a misunderstood genius, Judge Kaplan’s findings painted a starkly different picture. Kaplan highlighted Bankman-Fried’s false testimonies, stating he lied about his knowledge of FTX customer deposit expenditures.
As a result, Bankman-Fried received a 25-year sentence in a federal penitentiary for committing fraud against clients and backers of the cryptocurrency exchange FTX. Additionally, Kaplan noted Bankman-Fried’s attempts at witness tampering, further complicating the founder’s legal battle.
Marc Mukasey, Bankman-Fried’s attorney, attempted to soften his client’s image, emphasizing his non-malicious intentions. Mukasey described Bankman-Fried as an “awkward math nerd” with passions for video games, veganism, and animal welfare, arguing that his client never intended to harm anyone.
Furthermore, Mukasey maintained that given more time, Bankman-Fried could have rectified the issues plaguing FTX.
“His real motivations were misapprehended and misunderstood. Really he’s an awkward math nerd… He loves video games and veganism, and he’s compassionate to animals,” Mukasey said.
The prosecution, however, underscored the financial devastation wrought by Bankman-Fried’s actions, revealing losses totaling over $11 billion across various stakeholders. These figures contrast the defense’s claims of no real loss, with Judge Kaplan dismissing the notion that victims would be fully compensated through bankruptcy as “misleading” and “speculative.”
#WIF #FTXTrial #sui #SHIB #FET
💸FTX Losing $1 Million a Day: Check Why and How
📉 The Fallout of FTX's Bankruptcy: A Prolonged Bearish Trend
In the aftermath of FTX's bankruptcy, the ongoing saga is posing significant challenges for creditors. Here's the latest:
🔍 Evaluation at Pre-Crash Prices:
FTX's rescue plan proposes valuing creditors' claims based on November 11, 2022, crypto prices. However, the crypto market has since seen a surge, leaving creditors potentially facing substantial losses.
📊 Impact on Cryptocurrency Values:
Bitcoin, valued at $17,500 on November 11, 2022, has more than doubled since, reaching $40,965. Ethereum followed suit, rising from $1,284 to $2,214. Creditors could face losses of $24,000 per BTC and nearly $1,000 per ETH. Some creditors argue this overlooks FTX's Terms of Service, asserting that digital assets belong to users.
💼 Legal Expenses Mounting:
FTX's bankruptcy proceedings have come at a significant cost. Over the three months leading to October 31, expenses on legal and advisory services amounted to a staggering $53,000 per hour. Key contributors to these costs include Alvarez and Marshall, billing $35.8 million, and Sullivan & Cromwell, invoicing $31.8 million.
💡 Creditor Voting and Uncertain Repayments:
Before finalization, specific creditor classes will have the opportunity to vote on the restructuring plan. One major concern is whether compensation to FTX's victims will be in cash or cryptocurrency, adding another layer of uncertainty to an already complex situation.
💼 Anonymous Creditor Insights:
An anonymous FTX creditor revealed on December 17 that the total legal fees incurred since the start of FTX's bankruptcy case reached approximately $350 million.
🚨 Stay Informed, Stay Prepared: Follow The Blockopedia for Real-time Updates!
#FTX's #FTXTrial #crypto #cryptocurrency #crypto2023
📉 The Fallout of FTX's Bankruptcy: A Prolonged Bearish Trend
In the aftermath of FTX's bankruptcy, the ongoing saga is posing significant challenges for creditors. Here's the latest:
🔍 Evaluation at Pre-Crash Prices:
FTX's rescue plan proposes valuing creditors' claims based on November 11, 2022, crypto prices. However, the crypto market has since seen a surge, leaving creditors potentially facing substantial losses.
📊 Impact on Cryptocurrency Values:
Bitcoin, valued at $17,500 on November 11, 2022, has more than doubled since, reaching $40,965. Ethereum followed suit, rising from $1,284 to $2,214. Creditors could face losses of $24,000 per BTC and nearly $1,000 per ETH. Some creditors argue this overlooks FTX's Terms of Service, asserting that digital assets belong to users.
💼 Legal Expenses Mounting:
FTX's bankruptcy proceedings have come at a significant cost. Over the three months leading to October 31, expenses on legal and advisory services amounted to a staggering $53,000 per hour. Key contributors to these costs include Alvarez and Marshall, billing $35.8 million, and Sullivan & Cromwell, invoicing $31.8 million.
💡 Creditor Voting and Uncertain Repayments:
Before finalization, specific creditor classes will have the opportunity to vote on the restructuring plan. One major concern is whether compensation to FTX's victims will be in cash or cryptocurrency, adding another layer of uncertainty to an already complex situation.
💼 Anonymous Creditor Insights:
An anonymous FTX creditor revealed on December 17 that the total legal fees incurred since the start of FTX's bankruptcy case reached approximately $350 million.
🚨 Stay Informed, Stay Prepared: Follow The Blockopedia for Real-time Updates!
#FTX's #FTXTrial #crypto #cryptocurrency #crypto2023
Crypto Weekly Recap: Trump, Ethereum, FTX, SEC & More (January 14–20, 2024)
The launch of spot Bitcoin exchange-traded funds (ETFs) in the United States caused a sell-off in crypto, but the ETF industry saw a successful first week of trading, despite Bitcoin's 6.6% tumble.
Meanwhile, Elon Musk's "everything app" X (formerly known as Twitter) has sparked speculation with the creation of a dedicated account for its upcoming payments feature.
With the ETF hangover over, attention now turns to the upcoming Bitcoin halving, which could be influenced by the recent ETF developments.
At this point, let us direct our attention towards the most significant and compelling crypto stories of the week. There are further developments that may exceed your expectations.
For transparent and decentralized crypto trading and to list your crypto token for free, don’t forget to visit our website and follow Melega Finance (@melegadex) on Twitter for more on all things cryptocurrency.
TOP CRYPTO NEWS RECAP (JANUARY 14–JANUARY 20, 2024)
● Trump Vows to Block Central Bank Digital Currency in Presidential Campaign
● Ethereum's "Dencun" Upgrade Launches on Goerli Testnet, Overcomes Initial Bug
● SEC vs. Terraform Labs Trial Delayed to March as Co-founder's Extradition Continues
● ProShares Seeks Approval for New Bitcoin ETFs Amid Market Shift
● FTX Founder's Parents Seek Dismissal in Lawsuit Over Alleged Exploitation
● Trezor Security Breach Exposes 66,000 Users' Contact Information
Trump Vows to Block Central Bank Digital Currency in Presidential Campaign
Former President Donald Trump, during a campaign speech in New Hampshire, pledged to prevent the Federal Reserve from creating a central bank digital currency (CBDC) in the U.S. Trump emphasized the danger of such a currency, asserting it would grant the government absolute control over citizens' money. The announcement, which, with applause, highlighted Trump's commitment to safeguarding Americans from potential threats to freedom.
This stance echoes a similar pledge by fellow Republican candidate Ron DeSantis, emphasizing the significance of the crypto movement in the 2024 presidential election.
Ethereum's "Dencun" Upgrade Launches on Goerli Testnet, Overcomes Initial Bug
The latest Ethereum network upgrade, "Dencun," has successfully debuted on the Goerli testnet. Despite a four-hour delay caused by a bug, Ethereum developer Parithosh Jayanthi swiftly addressed the issue, emphasizing the team's efficient debugging process.
The Dencun upgrade, once applied to the mainnet, is poised to significantly reduce transaction costs on Ethereum layer 2s and introduce features like limited self-destruct operations, new bridge capabilities, and staking pools. Scheduled for further testing on Jan. 30 and Feb. 7, the mainnet implementation date remains undisclosed.
SEC vs. Terraform Labs Trial Delayed to March as Co-founder's Extradition Continues
A federal judge in the U.S. District Court for the Southern District of New York has postponed the SEC v. Terraform Labs trial to March 25, granting a request from co-founder Do Kwon to assist in his defense in person.
Kwon, arrested in Montenegro for falsifying travel documents, faces charges related to a "multi-billion dollar crypto asset securities fraud." While it remains uncertain if Kwon will be released for the trial, pretrial motions have progressed, including a recent summary judgment in favor of the SEC regarding unregistered securities.
ProShares Seeks Approval for New Bitcoin ETFs Amid Market Shift
ProShares, a leading ETF issuer, aims to introduce leveraged and inverse Bitcoin ETFs in the wake of the recent launch of spot Bitcoin ETFs. The proposal includes five ETFs, such as Plus Bitcoin ETF and Ultra Bitcoin ETF, seeking daily returns linked to a 1.5x and 2x increase in the Bloomberg Galaxy Bitcoin Index.
Notably, ProShares emphasizes these funds won't directly short Bitcoin but aim to benefit from price declines. The move follows the SEC's approval of the first 10 spot Bitcoin ETFs, marking a strategic shift for ProShares from futures-based to spot-based crypto ETFs.
FTX Founder's Parents Seek Dismissal in Lawsuit Over Alleged Exploitation
Joseph Bankman and Barbara Fried, parents of former FTX CEO Sam Bankman-Fried, are pushing for the dismissal of a lawsuit by FTX. They argue the suit attempts to leverage their connection to the ex-CEO rather than proving their knowledge or involvement in FTX's alleged misconduct.
FTX had accused the parents of exploiting their influence for personal gain during the crypto exchange's bankruptcy. The defense contends that claims lack substance and should be dismissed for failure to demonstrate a plausible breach of fiduciary duty or fraudulent transfers.
Trezor Security Breach Exposes 66,000 Users' Contact Information
Cryptocurrency hardware wallet manufacturer Trezor has reported a security breach revealing the contact details of approximately 66,000 users. Unauthorized access to a third-party support portal was detected on January 17, impacting users who have interacted with Trezor's support team since December 2021.
While the company assured that users' funds remained secure, at least 41 users received phishing emails requesting recovery seed information. Trezor emphasized the importance of notifying affected users promptly and reiterated that no recovery seed phrases were disclosed during the incident.
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Meanwhile, Elon Musk's "everything app" X (formerly known as Twitter) has sparked speculation with the creation of a dedicated account for its upcoming payments feature.
With the ETF hangover over, attention now turns to the upcoming Bitcoin halving, which could be influenced by the recent ETF developments.
At this point, let us direct our attention towards the most significant and compelling crypto stories of the week. There are further developments that may exceed your expectations.
For transparent and decentralized crypto trading and to list your crypto token for free, don’t forget to visit our website and follow Melega Finance (@melegadex) on Twitter for more on all things cryptocurrency.
TOP CRYPTO NEWS RECAP (JANUARY 14–JANUARY 20, 2024)
● Trump Vows to Block Central Bank Digital Currency in Presidential Campaign
● Ethereum's "Dencun" Upgrade Launches on Goerli Testnet, Overcomes Initial Bug
● SEC vs. Terraform Labs Trial Delayed to March as Co-founder's Extradition Continues
● ProShares Seeks Approval for New Bitcoin ETFs Amid Market Shift
● FTX Founder's Parents Seek Dismissal in Lawsuit Over Alleged Exploitation
● Trezor Security Breach Exposes 66,000 Users' Contact Information
Trump Vows to Block Central Bank Digital Currency in Presidential Campaign
Former President Donald Trump, during a campaign speech in New Hampshire, pledged to prevent the Federal Reserve from creating a central bank digital currency (CBDC) in the U.S. Trump emphasized the danger of such a currency, asserting it would grant the government absolute control over citizens' money. The announcement, which, with applause, highlighted Trump's commitment to safeguarding Americans from potential threats to freedom.
This stance echoes a similar pledge by fellow Republican candidate Ron DeSantis, emphasizing the significance of the crypto movement in the 2024 presidential election.
Ethereum's "Dencun" Upgrade Launches on Goerli Testnet, Overcomes Initial Bug
The latest Ethereum network upgrade, "Dencun," has successfully debuted on the Goerli testnet. Despite a four-hour delay caused by a bug, Ethereum developer Parithosh Jayanthi swiftly addressed the issue, emphasizing the team's efficient debugging process.
The Dencun upgrade, once applied to the mainnet, is poised to significantly reduce transaction costs on Ethereum layer 2s and introduce features like limited self-destruct operations, new bridge capabilities, and staking pools. Scheduled for further testing on Jan. 30 and Feb. 7, the mainnet implementation date remains undisclosed.
SEC vs. Terraform Labs Trial Delayed to March as Co-founder's Extradition Continues
A federal judge in the U.S. District Court for the Southern District of New York has postponed the SEC v. Terraform Labs trial to March 25, granting a request from co-founder Do Kwon to assist in his defense in person.
Kwon, arrested in Montenegro for falsifying travel documents, faces charges related to a "multi-billion dollar crypto asset securities fraud." While it remains uncertain if Kwon will be released for the trial, pretrial motions have progressed, including a recent summary judgment in favor of the SEC regarding unregistered securities.
ProShares Seeks Approval for New Bitcoin ETFs Amid Market Shift
ProShares, a leading ETF issuer, aims to introduce leveraged and inverse Bitcoin ETFs in the wake of the recent launch of spot Bitcoin ETFs. The proposal includes five ETFs, such as Plus Bitcoin ETF and Ultra Bitcoin ETF, seeking daily returns linked to a 1.5x and 2x increase in the Bloomberg Galaxy Bitcoin Index.
Notably, ProShares emphasizes these funds won't directly short Bitcoin but aim to benefit from price declines. The move follows the SEC's approval of the first 10 spot Bitcoin ETFs, marking a strategic shift for ProShares from futures-based to spot-based crypto ETFs.
FTX Founder's Parents Seek Dismissal in Lawsuit Over Alleged Exploitation
Joseph Bankman and Barbara Fried, parents of former FTX CEO Sam Bankman-Fried, are pushing for the dismissal of a lawsuit by FTX. They argue the suit attempts to leverage their connection to the ex-CEO rather than proving their knowledge or involvement in FTX's alleged misconduct.
FTX had accused the parents of exploiting their influence for personal gain during the crypto exchange's bankruptcy. The defense contends that claims lack substance and should be dismissed for failure to demonstrate a plausible breach of fiduciary duty or fraudulent transfers.
Trezor Security Breach Exposes 66,000 Users' Contact Information
Cryptocurrency hardware wallet manufacturer Trezor has reported a security breach revealing the contact details of approximately 66,000 users. Unauthorized access to a third-party support portal was detected on January 17, impacting users who have interacted with Trezor's support team since December 2021.
While the company assured that users' funds remained secure, at least 41 users received phishing emails requesting recovery seed information. Trezor emphasized the importance of notifying affected users promptly and reiterated that no recovery seed phrases were disclosed during the incident.
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