In the courtroom drama surrounding the downfall of the once-mighty FTX cryptocurrency exchange, the trial of Sam Bankman-Fried has entered its final chapter. The prosecution and defense presented closing arguments that couldn’t have been more contrasting.As reported by crypto journalist Laura Shin, assistant U.S. Attorney Nicholas Rooe, leading the prosecution, used evidence, timelines, and the defendant’s own words to portray Sam Bankman-Fried as a liar who stole from customers while maintaining a facade of innocence. Rooe argued that Bankman-Fried knew he was doing something wrong, stressing deception, lies, and greed as central themes.He called attention to Bankman-Fried’s contradictory statements, pointing out his confident public assurances about FTX’s health despite his awareness of the exchange’s dire financial situation. He alleged that Bankman-Fried’s actions betrayed his knowledge of wrongdoing.Rooe stated, “He told a story and he lied to you. This was a pyramid of deceit built by the defendant on a foundation of lies and false promises, all to get money, and eventually it collapsed, leaving countless victims in its wake.”In contrast, Bankman-Fried’s defense, led by Mark Cohen, sought to discredit the government’s portrayal of the defendant as a villain. Cohen argued that the government unfairly painted his client as a criminal mastermind, using evidence about Bankman-Fried’s physical appearance and personal life to cast him as a villain in their narrative.Cohen contended that miscommunications, mistakes, and lapses in judgment occurred in the real world, but they did not constitute criminal acts. He questioned the government’s focus on Bankman-Fried’s motivations and intentions, highlighting the lack of evidence of criminal intent in their case.With both sides having made their closing arguments, the jury is now set to begin deliberations. The outcome of this high-stakes trial, closely watched by the cryptocurrency community and beyond, remains uncertain. Deliberations may continue into the evening, and the trial’s conclusion is eagerly awaited.#ftx #FTX's #IluPredictor #sbf #coinbase

1. Bitfinex and Tether's Transparency Stand: - Bitfinex and Tether decide against opposing a Freedom of Information Law (FOIL) request initiated by news publications, affirming a commitment to transparent information sharing. - The FOIL request stems from a 2021 agreement in New York, addressing allegations of $850 million fund commingling. Both companies paid fines and agreed to quarterly attestation reports.2. Do Kwon's Legal Journey: - Montenegro court approves the extradition of Terraform Labs co-founder Do Kwon to either South Korea or the United States. - Kwon, previously sentenced to four months in Montenegro for using a forged passport, awaits the final extradition decision from Montenegro's minister of justice.3. Unconventional Trading in Prison: SBF's Mackerel Dealings: - Former FTX CEO Sam Bankman-Fried, currently incarcerated, reportedly trades mackerel (a prison commodity) for services. - Mackerel, a popular prison currency, is sold for $1.30 per packet at the Metropolitan Detention Center.4. KyberSwap's Sophisticated Attack: - Decentralized finance expert analyzes the $46 million KyberSwap attack, revealing a complex smart contract exploit. - The attacker exploited an "infinite money glitch" specific to KyberSwap's concentrated liquidity implementation. - Steps involved borrowing 10,000 Wrapped Ether (wETH) from Aave, tricking the contract into believing it had more liquidity than actual.5. KyberSwap's Fallout: - KyberSwap's total value locked (TVL) plunges by 68% after the attack, reaching a low of around $27 million. - Previous TVL highs of $134 million in 2023 highlight the significant impact of the exploit on the platform.In a day marked by legal decisions, transparency pledges, unconventional prison trades, and sophisticated crypto attacks, the intricate steps of each event contribute to the ever-evolving narrative in the crypto space.#BTC #ETH #FTX's #KyberSwap #LUNC $BTC $FTT $LUNA

Following the highly publicized fraud trial, FTX co-founder Sam Bankman-Fried has been found guilty on all charges. Indeed, following deliberation, the juror issued a guilty verdict on seven charges, meaning the one-time crypto mogul is set to face more than 110 years in prison.The case followed the devastating collapse of FTX, which at one time was one of the strongest brands in the industry. Subsequently, Bankman-Fried and his defense attorneys were unable to prove, without a shadow of a doubt, that he defrauded investors through the exchange.Bankman-Fried Found Guilty on Fraud ChargesThe fall of FTX has been described as one of the largest financial crimes in American history. Indeed, it is certainly the greatest controversy to face the digital asset industry in its history. Now, the man who created and ran the exchange is set to face justice.Following a trial that dominated the news cycle, Sam Bankman-Fried has been found guilty on all seven charges issued against him. The jurors deliberated after closing arguments were issued by both sides on November 1st. Subsequently, they concluded that Bankman-Fried maintained culpability for the company’s downfall.Throughout the trial, Bankman-Fried attempted to convince jurors of his innocence. Specifically, he had continued a defense that began with a media tour following the exchange’s collapse. Bankman-Fried has consistently assured the public that the collapse was a result of his ignorance, not malice. Yet, the jurors seemingly did not believe the defense set forth.Many had predicted that Bankman-Fried would face conviction. Yet, there remained the belief that the overarching dysfunction of the platform as a whole would absolve him of sole responsibility. Conversely, jurors have instead agreed with the prosecution, finding Bankman-Fried guilty.Bankman-Fried sat motionless at the defense table in a grey suit. He was made to stand and face the jury for the reading. He showed no emotion.#FTX's #Fraud #CryptoNews🔒📰🚫

#Launchpool Sam Bankman-Fried's #exchange attacker has moved another $12 million worth of BitcoinDisclaimer: 🗣🗣Empower Our Mission: Tips For Dedicated Service. 🗣🗣👉Users are encouraged to support the mission by offering generous tips.🗣This empowers creators to work even harder, ensuring the continued delivery of top-notch investment advice. In a startling update, the #FTX's attacker has once again made headlines as they shifted another $12 million in Bitcoin (#BTC ) in what can be described as a sinister move. FTX attacker’s crypto mixer tactics#blockchain​ analytical platform Arkham Intelligence revealed the latest development on X, raising concerns within the crypto community. According to Arkham, the attacker is expected to deposit the moved funds into crypto mixers, a method that adds a layer of complexity to tracking illicitly obtained assets.Arkham Intelligence noted that during the last Bitcoin transfer on Jan. 6, the attacker had mixed over $600 million worth of BTC. At the time, almost all of the stolen BTC was shifted out of the attacker’s known accounts, leaving only 1.5 BTC behind.The use of crypto mixers adds a layer of anonymity to illicit transactions, making it challenging for authorities and blockchain analysts to trace the origin and destination of the funds. The attacker's utilization of this technique raises concerns about the increasing sophistication of malicious actors within the crypto space.Thorchain and cross-chain swapsIn a previous incident reported last year, the FTX attacker allegedly transferred around $8 million in Ethereum (ETH) to BTC using Thorchain, a decentralized exchange facilitating cross-chain swaps. This method allowed the hacker to convert the ETH holdings into BTC, showcasing a level of sophistication in their tactics.For those unfamiliar with the situation, FTX suffered a major security breach on Nov. 11, resulting in unauthorized withdrawals amounting to approximately $600 million. The attack raised suspicions of being an inside job, as it occurred shortly after the firm filed for bankruptcy protection and founder Sam Bankman-Fried stepped down from his role as CEO.The ongoing drama of the FTX attacker highlights the challenges faced by the crypto community in combating sophisticated threats. The use of crypto mixers and cross-chain swaps adds complexity to tracking illicit transactions, highlighting the need for enhanced security measures and regulatory frameworks within the crypto space.