Sam Bankman-Fried convicted of fraud
Sam Bankman-Fried, founder of FTX, was quickly convicted of
massive frauds, with the jury deliberating in less than a day.
Tried in Manhattan and presided over by Judge Kaplan, he faces up
to 20 years per charge. This legal milestone highlights the
seriousness of his illicit actions and their broad implications for
the cryptocurrency industry. Judge Lewis Kaplan has set the
sentencing date for March. FTX claims prices have risen by 57%,
reflecting the appreciation of AI assets held by the bankrupt
exchange. This increase signals a potential larger recovery for
creditors in the bankruptcy process. The return ratio of FTX claims
exceeds that of other failed crypto companies, increasing
expectations for compensation among investors.
SEC seeks expedited trial against Terraform Labs and Do Kwon
The United States Securities and Exchange Commission (SEC) has
urged the court to swiftly decide on charges of fraud and
unregistered securities offerings against Terraform Labs and Do
Kwon. The regulatory agency claims that Kwon’s involvement in
Terraform’s violations is undeniable, citing catastrophic market
losses for investors, including Americans. In contrast, Terraform
Labs and Kwon’s defense has sought to dismantle the SEC’s claims,
arguing that the agency has failed to prove securities law
violations or fraudulent acts, even after extensive investigation
and evidence discovery. This legal showdown is happening
concurrently with the trial of Terraform co-founder Daniel Shin in
South Korea, where he blames Kwon’s mismanagement for Terra’s
collapse.
US labor market deviations and Bitcoin’s unexpected response
US employment data for October revealed an unexpected slight
increase in the unemployment rate, rising to 3.9%, contrary to
expectations. Additionally, the increase in payrolls was lower than
anticipated, suggesting a slowdown in employment growth.
Interestingly, Bitcoin (COIN:BTCUSD) remained above $34,000 despite
the mixed economic outlook. The expectation now is for a possible
modest increase in interest rates by the Federal Reserve in
December.
Fidelity sees Bitcoin as ‘exponential gold’ and experts anticipate
impact of SEC decision
Jurrien Timmer of Fidelity sees Bitcoin (COIN:BTCUSD) as
“exponential gold,” potentially superior to gold in inflation
resistance. He points out that Bitcoin has a distinct risk-return
dynamic and acts as protection against currency depreciation,
despite its high volatility and potential recovery. Expectations
for a Bitcoin ETF by the SEC are high, but analysts, including
Laurent Kssis and Martin Leinweber, warn of a possible price drop
if the SEC rejects the proposal, although other events like the
Bitcoin halving may mitigate the impact.
Robust growth for Block despite challenging economic climate
Block (NYSE:SQ) reported increased revenue and profits in the
third quarter, driven by the success of its Cash App and Square
platforms, which have outperformed current economic challenges. On
November 2nd, the San Francisco-based company announced a 24% jump
in net revenue, reaching $5.62 billion. Even without Bitcoin
revenue, there was a 16% increase in revenue to $3.19 billion.
Despite a net loss of $29 million, revenue growth from
subscriptions and the popularity of Cash App highlight the
company’s expansion and resilience. Shares are up more than 11%
during Friday’s trading. Bitcoin revenue (COIN:BTCUSD), defined as
“the total value of bitcoin sold to customers,” grew by 37% to
$2.42 billion, with Cash App generating $45 million in gross
Bitcoin profit.
Coinbase exceeds expectations in 3Q despite falling trading volume
In the recent quarter, Coinbase Global Inc (NASDAQ:COIN)
exceeded analysts’ estimates, reporting just one cent loss per
share and revenue of $674 million, contrary to the forecast of a
55-cent loss per share and $651 million in revenue. However, there
was a significant decrease in trading volume. Despite financial
strength, the company’s shares fell 4.5% in pre-market trading,
following a previous 8.7% increase. Coinbase also faces regulatory
challenges and growing competition that could affect the
sustainability of its long-term revenues.
Confiscation of 30 thousand Ether linked to drug trafficking
The US Department of Justice (DOJ) seized 30,000 Ether
(COIN:ETHUSD), valued at $54 million, linked to illegal drug sales
in New Jersey. The funds were traced back to Christopher
Castelluzo, a convicted drug dealer who bought Ether in an ICO in
2014 with illegally obtained Bitcoin (COIN:BTCUSD). Even while
incarcerated, he attempted to launder the Ether but was thwarted
after authorities intercepted his phone calls. The civil action
seeks to recover funds obtained through illicit means,
demonstrating the government’s commitment to combating financial
crime.
Singapore warns that phishing scam on WhatsApp compromises
accounts
Singapore police have warned of a sophisticated scam that
captures WhatsApp accounts through fraudulent QR codes. The scheme
allows hackers to access and manipulate contacts, requesting
financial transfers. Phishing in cryptocurrencies, with its
anonymous nature, exacerbates the risk, making fund recovery nearly
impossible.
Lazarus “KandyKorn” malware targets blockchain engineers on macOS
It has been discovered that the “KandyKorn” malware, linked to
North Korean hackers Lazarus, targets cryptocurrency engineers on
macOS. Elastic Security Labs revealed its stealthy functions: data
collection, file management, and command execution. The infection
starts with corrupted files distributed on Discord, tricking users
into installing harmful ZIP files under the guise of an arbitrage
bot. This scam highlights Lazarus’s sophistication and growing
threat to Apple (NASDAQ:AAPL) systems.
Trademark conflict: Federal Reserve claims rights against Bitcoin
Magazine
The Federal Reserve Bank of Chicago has demanded that Bitcoin
Magazine cease using the ‘FEDNOW’ trademark on its products,
alleging trademark infringement and potential consumer confusion.
Bitcoin Magazine is defending itself, arguing that its use of the
trademark constitutes parody and political criticism, invoking
freedom of speech protection and refusing to give up its
position.
SafeMoon reacts to SEC investigation and reaffirms commitment to
users
SafeMoon, a decentralized finance project under SEC scrutiny for
possible fraud, is assessing the situation and aims to resolve it
swiftly. In a statement via X, the team emphasized its ongoing
dedication to users and project progress, despite the recent
cyberattack that caused a $8.9 million loss in Binance Coin
(COIN:BNBUSD). Analyses suggest that the exploited security breach
may have been a critical point for law enforcement
investigations.
Ripple and National Bank of Georgia launch pilot for digital
currency
The National Bank of Georgia has partnered with Ripple
(COIN:XRPUSD), which was chosen to be the technology provider for
the central bank’s new digital currency, the Digital Lari. Ripple
was highlighted for its proven technical expertise and step-by-step
approach to CBDC development. The project aims to modernize
financial transactions in Georgia and align the country with global
digital initiatives.
BitGo and Copper create strategic alliance in the crypto asset
custody market
Cryptocurrency custody companies BitGo and Copper are unifying
their custody settlement networks, allowing secure trading on
multiple cryptocurrency exchanges directly from cold storage. The
integration of BitGo’s Go Network with Copper’s ClearLoop system
makes it easier for customers to conduct secure operations on
leading platforms, aiming for a robust institutional-level
service.
Cardano rises during Summit
During the CardanoSummit2023, the ADA cryptocurrency
(COIN:ADAUSD) rose by 19%, surpassing the 200DMA mark after a
six-month decline. While developers seek to strengthen the
ecosystem, investors are questioning whether it is still the right
time to enter the market. ADA is trading at $0.3164, with a 2.1%
decrease in the last 24 hours.
Solana reveals positive impact on loyalty and payments sector at
Breakpoint conference
During the Solana Breakpoint event in Amsterdam, renowned brands
reported success with Solana’s Web3 solutions, highlighting
significant advancements in loyalty and payments. Boba Guys,
inspired by Starbucks (NASDAQ:SBUX), shared how their
Solana-powered loyalty app generated valuable data and increased
customer returns. With an 800% ROI, the app encouraged higher
customer frequency and spending. Furthermore, Solana Pay’s
integration with Shopify (NYSE:SHOP) suggests growing acceptance of
Web3 payments among traditional retailers.
Derivio opens its platform on zkSync Era with a focus on DeFi
derivatives
Derivio, a decentralized exchange platform for derivatives, has
been launched on the zkSync Era network, offering high-speed,
low-cost trading of perpetual futures, options, and more.
Co-founder Michael Ho highlights a commitment to a “secure and
efficient on-chain derivatives system,” targeting $1 billion in
daily trading volume within six months. Derivio, which is part of
the Binance Labs incubation program, promises to use its innovative
system to boost funds and improve market liquidity.
Treehouse expands services in Web3 with acquisition of NFT Origins
Singapore-based Treehouse, specializing in Web3 data, has
acquired NFT Origins to enhance its NFT analysis tools. With the
acquisition, Origins’ technology and team join Treehouse, bringing
advanced features such as NFT wallet monitoring and analytical
APIs. Treehouse, which has already raised $18 million in initial
funding, remains open to future acquisitions and mergers, aiming to
strengthen its position in the NFT ecosystem.
Revolution in the insurance market: Blockchain explosion predicted
by 2032
DataHorizzon Research estimates that the application of
blockchain in the insurance sector, valued at $1.8 million in 2022,
will skyrocket to $98.9 million by 2032, growing at a CAGR of
49.7%. The adoption of this technology promises more agile and
secure processes, with transparency and automation of manual
procedures. Major industry players are already beginning to adapt
to this innovation, contributing to technological advancement and
increased security through data decentralization, making them
nearly immune to failures or isolated cyberattacks.
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