Shocking revelations in the Sam Bankman-Fried trial, and threat of
confiscation of luxury jets
In the trial of former CEO of defunct cryptocurrency exchange
FTX, Sam Bankman-Fried, the prosecution plans to call two of the
defendant’s close associates to testify. Among the witnesses
are Adam Yedidia, a close friend of SBF and former employee of FTX
and Alameda Research. Also, Gary Wang, SBF’s former associate
at FTX, will be attending for the first time. Wang is a
co-founder of FTX and a key figure in the prosecution after
pleading guilty to wire fraud and conspiracy to commit fraud before
the SEC and CFTC. Revelations during the investigation
indicate a long relationship between Wang and SBF, who shared a
famous penthouse apartment in the Bahamas. The trial is
scheduled to continue in New York, and confessions from
Bankman-Fried’s associates could complicate his
defense. According to the Wall Street Journal, Some FTX
employees in the US were aware of a vulnerability in the exchange
that allowed Alameda Research to withdraw billions of customer
funds. They alerted the management, including Nishad Singh,
but the problem was not resolved. The team discovered the
issue while evaluating the possibility of using FTX’s code in the
US. Additionally, the United States Department of Justice
(DOJ) announced on October 4 that the two multimillion-dollar
luxury jets belonging to Sam Bankman-Fried are under threat of
confiscation.
Solana records 40% increase in total assets locked on its
blockchain
The Solana blockchain reached an annual record in total assets
locked (TVL) at $335 million on October 2, according to data from
DeFillama. Currently, TVL stands at around $329.59 million,
indicating a recent influx of investors into the network’s
decentralized finance (DeFi) ecosystem. While this is notable
year-over-year growth, Solana’s DeFi TVL is still below the record
high of over $10 billion reached during the 2021 market peak.
Polygon co-founder Jaynti Kanani leaves daily position on the
project after six years of contribution
Jaynti Kanani, co-founder of the Polygon project, announced that
he is leaving his day-to-day position on the project after six
years of contribution. He intends to focus on new adventures
while continuing to support Polygon from the outside. The
Polygon project, a Layer 2 solution for Ethereum, has several
co-founders who are taking on different roles and projects within
the ecosystem. The price of Polygon’s native token
(COIN:MATICUSD) records a drop of -2.26% in the last 24 hours, and
a weekly increase of 8.84%. The project continues to develop,
with a focus on the Polygon 2.0 update.
SIM swap attacks affect Friend.Tech users, with Ether losses
estimated at $385,000
Users of the Friend.Tech app continue to be targeted by SIM
swapping attacks, resulting in estimated losses of $385,000 worth
of Ether (COIN:ETHUSD) since the start of the week. While the
Friend.Tech code itself has not been exploited, the attacks are
targeting influential accounts, including some on social app X.
Developers are introducing measures to mitigate attack vectors by
allowing users to change their login methods. Security experts
suggest implementing two-factor authentication for additional
protection.
Crypto startup funding falling
Seed funding in the crypto industry has plummeted, reaching Q4
2020 levels. According to Messari, crypto startups raised just $2.1
billion across 297 deals in Q3 2023, a 36% drop in compared to the
previous quarter and almost 70% compared to the same period in
2022. Seed funding, which raised US$488 million across 98 deals,
stood out as the largest fundraising category.
Cryptocurrency money laundering reaches $7 billion
Analytics firm Elliptic revealed that $7 billion in “high-risk
or illicit funds” was laundered through cross-chain and cross-asset
services, exceeding its original estimate. Criminals are using
more complex methods, such as derivatives trading and limit orders,
to hide their laundering activities. Elliptic also named North
Korea’s Lazarus Group as the main culprit for laundering more than
$900 million through cross-chain methods.
International regulators require banks to disclose cryptocurrency
holdings
In response to recent bank collapses attributed in part to the
growing popularity of cryptocurrencies, the Basel Committee on Bank
Supervision is implementing plans that require banks to disclose
their exposures to uncollateralized crypto assets such as Bitcoin
(COIN:BTCUSD) and Ether (COIN:ETHUSD). The
Committee, which sets standards for traditional financial
institutions, seeks to reduce systemic risk and increase financial
transparency. The consultation document proposes additional
disclosure requirements and reflects concerns about the influence
of cryptocurrencies on traditional finance.
Crypto firms in Netherlands win legal battle against $2.3M
regulatory fees
Crypto firms in the Netherlands such as Bitvavo and Coinmerce
won a partial victory against Dutch regulators, challenging fees of
$2.3 million that they considered excessive and
discriminatory. A Rotterdam court ruled that the Dutch Central
Bank exceeded its authority by charging fees related to anti-money
laundering requirements in violation of European Union law in 2021.
The Dutch Central Bank insists that taxpayers should not bear
substantial supervisory costs in the crypto sector.
Kraken announces acquisition of Coin Meester BV for European
expansion
US cryptocurrency exchange Kraken has revealed a pending deal to
acquire Dutch exchange Coin Meester BV (BCM) as it seeks to expand
its presence in Europe. While financial details remain
confidential, the acquisition comes after the European Union
implements Markets in Crypto Assets (MiCA) regulations. Kraken
plans to strengthen its base in the Netherlands by taking advantage
of the country’s robust economy, high cryptocurrency adoption and
culture of innovation. The acquisition is subject to
regulatory approval, including that of the Nederlandsche Bank.
CoinDCX expands Okto wallet with Transak platform integration
CoinDCX, India’s leading cryptocurrency exchange, has expanded
its self-custodial wallet, Okto, by integrating the Transak
platform. This integration expanded Okto’s global support from
60 to 155 jurisdictions, allowing users to purchase
cryptocurrencies directly on Okto using multiple fiat
currencies. Transak is the first access solution introduced on
Okto, simplifying fiat-to-crypto conversion and offering support
for over 160 tokens.
Wirex launches W-Pay encrypted debit card service based on
zero-knowledge proof
Wirex has launched W-Pay, a non-custodial crypto debit card
service based on zero-knowledge proof (ZK proof). The solution
uses zero-knowledge technology and is built on Polygon’s Chain
Development Kit (CDK), promising scalability and
security. W-Pay allows non-custodial wallets and decentralized
applications to issue encrypted debit cards, eliminating
third-party risks and maintaining sole control over users’
money. The solution offers Ethereum Virtual Machine (EVM)
compatibility and account abstraction to simplify transaction
processes.
HKEX introduces Synapse to automate stock market operations
Hong Kong Exchanges and Clearing Limited (HKEX) has launched the
Synapse program, an enhanced version of Stock Connect, which uses
smart contracts to optimize post-trade processes and increase
efficiency in the stock market. Synapse will be deployed on
October 9, 2023, allowing investors to access mainland Chinese
stocks listed on HKEX, and will offer additional support to
institutional investors using Stock Connect, enabling them to more
effectively manage their post-trading activities, even when dealing
with different time zones. The Northbound Stock Connect
program recorded a 5% increase in trading volume in the first half
of 2023, highlighting its growing popularity among international
investors.
Marathon Digital increases monthly production and improves finances
Bitcoin mining company Marathon Digital (NASDAQ:MARA) increased
its monthly hash rate by 20%, producing 1,242 Bitcoin (COIN:BTCUSD)
in September, a 16% increase from August and 245% growth in 12
months. The company now holds 13,726 BTC and has demonstrated
global expansion plans, including the Abu Dhabi facility. Its
finances have also improved significantly, with a crypto asset and
cash balance of $471.2 million.
Starbucks celebrates 20 years of Pumpkin Spice Latte with NFTs
Starbucks (NASDAQ:SBUX) announced a special collection of
non-fungible tokens (NFTs) to celebrate 20 years of its famous
Pumpkin Spice Latte drink. Members of Starbucks Odyssey, its
Web3 rewards program, will have exclusive access to “The PSL
Collection: Spiced Stamp” digital stamps, while non-members can
join the waitlist. Each NFT will cost $20 and four different
types will be available, representing different variations of the
drink.
Phaver raises $7 million in seed funding
Phaver, a Web3-based social media platform, has raised $7
million in seed funding, with investors including Polygon Ventures,
Nomad Capital, Symbolic Capital, dao5, Foresight Ventures,
Alphanonce, f.actor, and Superhero Capital. Its mobile app
allows users to enter the crypto world without the need for a
digital wallet, using their email or social media to create a Web3
wallet. The company seeks to connect Web3, allowing users to
build their decentralized identity, find communities, and expand
relationships on blockchain social networks like Lens.
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