FTXTrial
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$FTT New Development in FTX Case: Official Statement from the SEC đ°
đą
The U.S. Securities and Exchange Commission (SEC) announced today that Prager Metis has agreed to pay $1.95 million to settle two enforcement actions related to its audits of defunct cryptocurrency platform FTX.
The settlement addresses allegations of mismanagement, including violations of auditor independence requirements and negligence in FTX's audits.
According to the SEC, Prager Metis issued two audit reports for FTX between February 2021 and April 2022, claiming to be in compliance with Generally Accepted Auditing Standards (GAAS). The SEC alleges that the firm failed to properly assess its competence and resources to conduct the audits and failed to recognize the risks associated with FTXâs close relationship with Alameda Research LLC, a hedge fund controlled by FTXâs CEO. According to the SEC, this lack of oversight and failure to comply with GAAS in various aspects of the audit resulted in Pragerâs negligent role in the collapse of FTX.
The SEC charged Prager with negligent fraud, and although the firm did not admit or deny the findings, it agreed to a $745,000 civil penalty, permanent injunctions and to hire an independent consultant to review its auditing procedures. Prager also faces restrictions on taking on new auditing clients while it awaits court approval of the settlement.
âBecause Pragerâs FTX audits were conducted without due diligence, FTX investors were left without important protections when making investment decisions. Ultimately, they were defrauded out of billions of dollars when FTX collapsed,â said Gurbir S. Grewal, Director of the SECâs Division of Enforcement.
In addition to this settlement, the SEC announced that Prager Metis also pleaded guilty to separate charges related to violations of auditor independence rules between 2017 and 2020. As part of this separate settlement, the firm will pay a total of $1.205 million in penalties and disgorgement, pending court approval, and will face a reprimand.
#FTXTrial
đą
The U.S. Securities and Exchange Commission (SEC) announced today that Prager Metis has agreed to pay $1.95 million to settle two enforcement actions related to its audits of defunct cryptocurrency platform FTX.
The settlement addresses allegations of mismanagement, including violations of auditor independence requirements and negligence in FTX's audits.
According to the SEC, Prager Metis issued two audit reports for FTX between February 2021 and April 2022, claiming to be in compliance with Generally Accepted Auditing Standards (GAAS). The SEC alleges that the firm failed to properly assess its competence and resources to conduct the audits and failed to recognize the risks associated with FTXâs close relationship with Alameda Research LLC, a hedge fund controlled by FTXâs CEO. According to the SEC, this lack of oversight and failure to comply with GAAS in various aspects of the audit resulted in Pragerâs negligent role in the collapse of FTX.
The SEC charged Prager with negligent fraud, and although the firm did not admit or deny the findings, it agreed to a $745,000 civil penalty, permanent injunctions and to hire an independent consultant to review its auditing procedures. Prager also faces restrictions on taking on new auditing clients while it awaits court approval of the settlement.
âBecause Pragerâs FTX audits were conducted without due diligence, FTX investors were left without important protections when making investment decisions. Ultimately, they were defrauded out of billions of dollars when FTX collapsed,â said Gurbir S. Grewal, Director of the SECâs Division of Enforcement.
In addition to this settlement, the SEC announced that Prager Metis also pleaded guilty to separate charges related to violations of auditor independence rules between 2017 and 2020. As part of this separate settlement, the firm will pay a total of $1.205 million in penalties and disgorgement, pending court approval, and will face a reprimand.
#FTXTrial
Sam Bankman-Fried Appeals Fraud Conviction, Seeks New Trial
Former FTX CEO Sam Bankman-Fried is fighting back! He's filed an appeal requesting a new trial, citing bias and procedural violations Âč. His legal team argues that the court was more focused on securing headlines than ensuring a fair trial Âč.
Key Points:
- Bias and Procedural Violations: Bankman-Fried's lawyers accuse the court of bias and procedural violations, claiming these issues led to an unfair trial Âč.
- New Trial Requested: The former FTX CEO has requested a new trial, seeking a fresh start with a different court Âč.
- 102-Page Brief: Bankman-Fried's legal team filed a 102-page brief outlining their arguments for a new trial ÂČ.
- Judge's Behavior: The lawyers claim the judge frequently criticized and mocked Bankman-Fried during the trial, further supporting their bias argument Âł.
Stay Tuned for Updates!
This is a developing story, and we'll keep you posted on any new developments. What are your thoughts on this latest twist? Share your comments below!
#FTXTrial #bankmanfried #BankmanFriedTrial #FinancialRegulation
Key Points:
- Bias and Procedural Violations: Bankman-Fried's lawyers accuse the court of bias and procedural violations, claiming these issues led to an unfair trial Âč.
- New Trial Requested: The former FTX CEO has requested a new trial, seeking a fresh start with a different court Âč.
- 102-Page Brief: Bankman-Fried's legal team filed a 102-page brief outlining their arguments for a new trial ÂČ.
- Judge's Behavior: The lawyers claim the judge frequently criticized and mocked Bankman-Fried during the trial, further supporting their bias argument Âł.
Stay Tuned for Updates!
This is a developing story, and we'll keep you posted on any new developments. What are your thoughts on this latest twist? Share your comments below!
#FTXTrial #bankmanfried #BankmanFriedTrial #FinancialRegulation
đ° 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. âïžđ #FTXTrial #CryptocurrencyLegal đđ
đ
Sam Bankman-Fried has now been convicted nearly one year on from the infamous collapse of his FTX empire.
đš #FTX bankruptcy estate aims to start repaying customers by end of 2024, with both US Chapter 11 and Bahamas liquidation processes collaborating.
The portal's been up since Mar 1, and there's talk of extending the May 15 deadline to June.
#FTXTrial #CryptoNewsđđ„ #TrendingTopic
The portal's been up since Mar 1, and there's talk of extending the May 15 deadline to June.
#FTXTrial #CryptoNewsđđ„ #TrendingTopic
FTX Co-Founder Sam Bankman-Fried Appeals 25-Year Conviction And Makes Unusual Request
#cpi #bitcoinhalving #BullorBear #Memecoins #FTXTrial
#cpi #bitcoinhalving #BullorBear #Memecoins #FTXTrial
đš JUST IN: Judge dismisses SBF's claim that investors were fully reimbursed, highlighting losses over $550 million.
#sbf #ftx #FTXTrial #TrendingTopic
#sbf #ftx #FTXTrial #TrendingTopic
LIVEsatoshi_club
--
Bullish
âïž Today's the day
#FTX founder SBF faces sentencing, with prosecutors pushing for up to 50 years over multibillion-dollar fraud.
His team seeks a max of 6.5 years, citing mental health concerns.
#SBF #CryptoNewsđđ„ #TrendingTopic #HotTrends
#FTX founder SBF faces sentencing, with prosecutors pushing for up to 50 years over multibillion-dollar fraud.
His team seeks a max of 6.5 years, citing mental health concerns.
#SBF #CryptoNewsđđ„ #TrendingTopic #HotTrends
FTX Financial Fallout: Bankruptcy Fees Eclipse Debts Owed â A Shocking Twist in the Financial Drama
A recent court filing shows that defunct crypto exchange FTX is more indebted to its bankruptcy lawyers than its creditors. Â
Read more on: https://thecryptobasic.com/2023/12/18/ftx-bankruptcy-fees-surpass-amount-owed-to-creditors/
#FTXCase #FTXTrial #CryptocurrencyNews.
Read more on: https://thecryptobasic.com/2023/12/18/ftx-bankruptcy-fees-surpass-amount-owed-to-creditors/
#FTXCase #FTXTrial #CryptocurrencyNews.
Crypto Exchange FTX gets NOD to sell assets worth $873M to prepay debt to Creditors.
FTX, a crypto exchange that went bankrupt in November 2023, has got court permission to sell some of its $3.4 billion worth of cryptocurrencies to pay back its creditors. The exchange, founded by billionaire Sam Bankman-Fried, was accused of fraud by federal prosecutors, who claimed he illegally transferred funds from customer accounts to his hedge fund. Bankman-Fried is in jail, awaiting trial in October.
FTX's collapse is one of the biggest scandals in the crypto industry, and has shaken the trust of its users and partners. FTX was once a leading and innovative platform, offering various products and services, such as futures, options, leveraged tokens, prediction markets, and decentralized finance. FTX also sponsored many sports teams and celebrities, such as the Miami Heat, Tom Brady, and Kevin O'Leary.
FTX plans to sell, stake, and hedge its crypto holdings with the help of Galaxy Digital, a crypto investment firm. FTX hopes to maximize the value of its assets and minimize the risk of market volatility. The court will supervise and approve the liquidation plan, which may take several months to complete. FTX has also hired a chief restructuring officer and a claims agent to manage the process and communicate with the creditors. FTX has asked its creditors to file their claims by December 31, 2023, and has promised to distribute the proceeds from the asset sales as soon as possible. FTX's official website has more information and updates on the bankruptcy case.
#Cointelegraph
#FTXTrial
#ftxliquidation
#FTXCase
FTX, a crypto exchange that went bankrupt in November 2023, has got court permission to sell some of its $3.4 billion worth of cryptocurrencies to pay back its creditors. The exchange, founded by billionaire Sam Bankman-Fried, was accused of fraud by federal prosecutors, who claimed he illegally transferred funds from customer accounts to his hedge fund. Bankman-Fried is in jail, awaiting trial in October.
FTX's collapse is one of the biggest scandals in the crypto industry, and has shaken the trust of its users and partners. FTX was once a leading and innovative platform, offering various products and services, such as futures, options, leveraged tokens, prediction markets, and decentralized finance. FTX also sponsored many sports teams and celebrities, such as the Miami Heat, Tom Brady, and Kevin O'Leary.
FTX plans to sell, stake, and hedge its crypto holdings with the help of Galaxy Digital, a crypto investment firm. FTX hopes to maximize the value of its assets and minimize the risk of market volatility. The court will supervise and approve the liquidation plan, which may take several months to complete. FTX has also hired a chief restructuring officer and a claims agent to manage the process and communicate with the creditors. FTX has asked its creditors to file their claims by December 31, 2023, and has promised to distribute the proceeds from the asset sales as soon as possible. FTX's official website has more information and updates on the bankruptcy case.
#Cointelegraph
#FTXTrial
#ftxliquidation
#FTXCase
đïž Ryan Salame Gets Dumped For 7.5 Years in Prisonâ
But You Can Keep The PORSCHE Dear đïž
The former co-conspirator to Sam Bankman-Fried has been sentenced to 90 months in prisonâ But he can hold onto his luxury toy.
đ° 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 sentenceâdelivered in a Manhattan courtroom on Tuesdayâfederal prosecutors said Salame can hold onto a luxury car he purchased amid FTXâs meteoric rise before the ruling.
The value of his 2021 Porsche 911 Turbo S "doesn't have sufficient equity to further pursue forfeiture,â the government said in a filing, arguing Salame should be required to pay the vehicleâs 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-Friedâs trial beganâin which the former crypto mogul was found guilty of stealing $10 billion from customers, investors, & lendersâSalame 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.
Salameâs lawyers claim that their client was âdupedâ 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 2022âjust before it declared bankruptcy and shut down.
Though Salame made efforts to cooperate with the government, prosecutors described his interactions as ârelatively minorâ compared to other FTX insiders.
#FIT21 #MtGox #FTXTrial #Megadrop
But You Can Keep The PORSCHE Dear đïž
The former co-conspirator to Sam Bankman-Fried has been sentenced to 90 months in prisonâ But he can hold onto his luxury toy.
đ° 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 sentenceâdelivered in a Manhattan courtroom on Tuesdayâfederal prosecutors said Salame can hold onto a luxury car he purchased amid FTXâs meteoric rise before the ruling.
The value of his 2021 Porsche 911 Turbo S "doesn't have sufficient equity to further pursue forfeiture,â the government said in a filing, arguing Salame should be required to pay the vehicleâs 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-Friedâs trial beganâin which the former crypto mogul was found guilty of stealing $10 billion from customers, investors, & lendersâSalame 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.
Salameâs lawyers claim that their client was âdupedâ 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 2022âjust before it declared bankruptcy and shut down.
Though Salame made efforts to cooperate with the government, prosecutors described his interactions as ârelatively minorâ compared to other FTX insiders.
#FIT21 #MtGox #FTXTrial #Megadrop
FTX founder Sam Bankman-Fried sentenced to 25 years in prison for fraud, perjury, and witness tampering. Defense argued he's a misunderstood genius, but Judge Kaplan highlighted false testimonies and attempts at witness tampering. Losses exceed $11 billion, contrasting defense's claims.
#FTXTrial #HotTrends
#FTXTrial #HotTrends
See original
Sam Bankman-Fried claims that his 50-year prison sentence is that of a âdepraved supervillain.â
Sam Bankman-Fried, former head of FTX, faces a possible sentence of between 40 and 50 years for massive fraud and money laundering, highlighting one of the most dramatic falls in the world of cryptocurrencies.
https://criptokio.com/noticias/sam-bankman-fried-asegura-condena-de-50-anos-carcel-supervillano-depravado/
#SamBankman-Fried #FTXTrial
Sam Bankman-Fried, former head of FTX, faces a possible sentence of between 40 and 50 years for massive fraud and money laundering, highlighting one of the most dramatic falls in the world of cryptocurrencies.
https://criptokio.com/noticias/sam-bankman-fried-asegura-condena-de-50-anos-carcel-supervillano-depravado/
#SamBankman-Fried #FTXTrial
Curly Sam has been found guilty on all charges đš
Many thought SBF would get away with it, but not this time.
He faces up to 115 years in prison for fraud and criminal conspiracy for stealing $8 billion from FTX customers. The best part is that SBF continues to insist on his innocence and vehemently denies the charges.
The court will make a final decision on March 28, 2024, but it is unlikely that Sam will be able to change anything.
But Curly may become famous as the man who committed one of the biggest financial crimes in US history.
follow me for more!
#SBFCriminalTrial #SBFFTX #binance #CZBinance #FTXTrial
Many thought SBF would get away with it, but not this time.
He faces up to 115 years in prison for fraud and criminal conspiracy for stealing $8 billion from FTX customers. The best part is that SBF continues to insist on his innocence and vehemently denies the charges.
The court will make a final decision on March 28, 2024, but it is unlikely that Sam will be able to change anything.
But Curly may become famous as the man who committed one of the biggest financial crimes in US history.
follow me for more!
#SBFCriminalTrial #SBFFTX #binance #CZBinance #FTXTrial
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 #CryptoNewsđđ°đ«
#FTXUpdate #FTXTrial #SBFTrial #SBFVerdict #CryptoNewsđđ°đ«
Crypto Weekly Recap: Trump, Ethereum, FTX, SEC & More (January 14â20, 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.Â
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, donât forget to visit our website and follow Melega Finance (@melegadex) on Twitter for more on all things cryptocurrency.
TOP CRYPTO NEWS RECAP (JANUARY 14âJANUARY 20, 2024)
â      Trump Vows to Block Central Bank Digital Currency in Presidential Campaign
â      Ethereum's "Dencun" Upgrade Launches on Goerli Testnet, Overcomes Initial Bug
â      SEC vs. Terraform Labs Trial Delayed to March as Co-founder's Extradition Continues
â      ProShares Seeks Approval for New Bitcoin ETFs Amid Market Shift
â      FTX Founder's Parents Seek Dismissal in Lawsuit Over Alleged Exploitation
â      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.Â
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.Â
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.Â
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.Â
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.Â
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.Â
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.
NEWS FROM MELEGA ECOSYSTEM
GrokLabs (GrokLabs) Farm & Pool Listed on MelegaSwap
GrokLabs is an innovative cryptocurrency project merging internet memes with crypto legends. Inspired by the iconic meme sensation Grokinu, it brings together humor, online culture, and excellence in a unique coin. Learn more.
âąâąâą
Risk warning:Â Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.
#MelegaSwap #melega #ETH-ETF #FTXTrial #BNBChainâĄïž
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.Â
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, donât forget to visit our website and follow Melega Finance (@melegadex) on Twitter for more on all things cryptocurrency.
TOP CRYPTO NEWS RECAP (JANUARY 14âJANUARY 20, 2024)
â      Trump Vows to Block Central Bank Digital Currency in Presidential Campaign
â      Ethereum's "Dencun" Upgrade Launches on Goerli Testnet, Overcomes Initial Bug
â      SEC vs. Terraform Labs Trial Delayed to March as Co-founder's Extradition Continues
â      ProShares Seeks Approval for New Bitcoin ETFs Amid Market Shift
â      FTX Founder's Parents Seek Dismissal in Lawsuit Over Alleged Exploitation
â      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.Â
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.Â
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.Â
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.Â
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.Â
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.Â
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.
NEWS FROM MELEGA ECOSYSTEM
GrokLabs (GrokLabs) Farm & Pool Listed on MelegaSwap
GrokLabs is an innovative cryptocurrency project merging internet memes with crypto legends. Inspired by the iconic meme sensation Grokinu, it brings together humor, online culture, and excellence in a unique coin. Learn more.
âąâąâą
Risk warning:Â Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.
#MelegaSwap #melega #ETH-ETF #FTXTrial #BNBChainâĄïž
Sam Bankman-Fried, The Golden Boy Of Crypto Has Been Sentenced To 25 Years.
#FTXTrial #FTT/USDT #TrendingTopic." #Write2Erarn #Memecoins
#FTXTrial #FTT/USDT #TrendingTopic." #Write2Erarn #Memecoins
đšđšđšđšđšđšđšđšđšđšđšđšđšđšđšđš
Emergency News about FTX đđđđđ
FTX and Alameda Ordered to Pay $12.7B in CFTC Settlement âïž
A US District Judge has approved a massive $12.7 billion settlement between FTX, Alameda Research, and the Commodity Futures Trading Commission (CFTC). This settlement aims to compensate creditors who were affected by the collapse of FTX and Alameda.
Key Details of the Settlement đ
The settlement requires FTX and Alameda to pay $12.7 billion to creditors, providing much-needed relief to those affected by the collapse. This is a significant development in the ongoing saga of FTX and Alameda's bankruptcy.
Implications of the Settlement đ€
This settlement marks a major milestone in the efforts to recover funds for creditors. However, it also raises questions about the future of FTX and Alameda, as well as the broader implications for the crypto industry.
Justice Served? đź
The approval of this settlement brings a sense of closure to the affected creditors. However, it also highlights the need for increased regulation and oversight in the crypto industry to prevent similar collapses in the future.
#KaleemsCryptoMehfilKCM #Write2Earn! #FTXTrial #FTXRecovery #MarketDownturn
Emergency News about FTX đđđđđ
FTX and Alameda Ordered to Pay $12.7B in CFTC Settlement âïž
A US District Judge has approved a massive $12.7 billion settlement between FTX, Alameda Research, and the Commodity Futures Trading Commission (CFTC). This settlement aims to compensate creditors who were affected by the collapse of FTX and Alameda.
Key Details of the Settlement đ
The settlement requires FTX and Alameda to pay $12.7 billion to creditors, providing much-needed relief to those affected by the collapse. This is a significant development in the ongoing saga of FTX and Alameda's bankruptcy.
Implications of the Settlement đ€
This settlement marks a major milestone in the efforts to recover funds for creditors. However, it also raises questions about the future of FTX and Alameda, as well as the broader implications for the crypto industry.
Justice Served? đź
The approval of this settlement brings a sense of closure to the affected creditors. However, it also highlights the need for increased regulation and oversight in the crypto industry to prevent similar collapses in the future.
#KaleemsCryptoMehfilKCM #Write2Earn! #FTXTrial #FTXRecovery #MarketDownturn