Bankman-Fried faces extradition to the United States from the Bahamas. Source
Inside Sam Bankman-Fried's First Bahamas Court Hearing After His Arrest
Day: December 13, 2022
Binance Sees Largest Bitcoin Withdrawal, 40K BTC Out
The largest crypto exchange in the world, Binance has experienced the most significant Bitcoin withdrawal in its history, per recent data. The company might face a bank run as crypto investors’ confidence continues to decline following the collapse of trading venue FTX and a U.S. investigation into major crypto exchanges. At the same time, positive economic data from the U.S. is positively impacting the market. Bitcoin is back above its previous yearly lows. As of this writing, BTC’s price trades at $17,750 with a 4% and 5% profit in the…
Indictment against SBF unsealed, contains 8 counts of financial and elections fraud
The indictment against Sam Bankman-Fried (SBF) was unsealed Dec. 13. The indictment, signed by U.S. Attorney for the Southern District of New York Damian Williams, is 14 pages long and containe eight counts. The charges listed against SBF in the indictment are: Conspiracy to commit wire fraud on customers, wire fraud on customers, conspiracy to commit wire fraud on lenders, wire fraud on lenders, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering anconspiracy to defraud the United States and violate the campaign finance…
Blockchain vs. Crypto: Not What It Seems
There’s also a strong cohort who thinks we should focus on more innovative applications since traditional markets work fine, in spite of settlement risk, gated access and a dangerous lack of transparency. More efficient and lower cost debt markets, for example, open up opportunities for a much broader demographic than big banks, possibly facilitating the development of sophisticated markets in regions currently underserved. They also make new types of products possible, such as intraday repo, enhancing liquidity in tight markets. Could this be done on traditional databases? Some of it,…
Amid Speculation and Rumors Surrounding Binance, Exchange Token BNB Suffers Losses From the Alleged FUD – Market Updates Bitcoin News
Following the FTX collapse, the largest cryptocurrency exchange by trade volume, Binance, has been surrounded by rumors and speculation in recent times. On Dec. 12, 2022, Reuters reported that U.S. Department of Justice prosecutors have been investigating Binance, according to four people familiar with the matter. Moreover, while a number of crypto assets have risen in value this past week, Binance’s exchange token has slid roughly 6.9% against the U.S. dollar over the last seven days. Binance’s BNB Takes a Hit from the Speculation Surrounding the World’s Largest Crypto Exchange…
Binance's CZ Welcomes 'Stress Test' as Exchange Resumes USDC Withdrawals
The world’s largest crypto exchange by trading volume has endured a wave a withdrawals amid concerns about the exchange’s reserves. Withdrawals of the stablecoin USDC were paused for several hours but have now resumed. Source
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Zogi Labs Enters Partnership with Cronos to Launch The Legends of Bezogia – Sponsored Bitcoin News
sponsored Dubai, December 13th – Zogi Labs, a pioneering crypto company & gaming studio famously known for the BEZOGE token and the up-and-coming crypto-based MMORPG, The Legends of Bezogia today announces its partnership with Cronos. Zogi Labs has won a spot amongst batch 6 of the Cronos ecosystem grant, alongside the signing of an MOU between Cronos & Zogi Labs, forming a strategic partnership which will pave the way for the future of Zogi Labs & Cronos products. “With the signing of a strategic partnership, we plan on mutually supporting…
Crypto Firm Binance Refutes Allegations Of Money Laundering
The crypto sector has been a subject of divided opinions since the inception of Bitcoin and its meteoric rise. While the assets have benefits like fast transactions and decentralization, some risks include fraud and criminal activities. More recently, during the crypto winter of 2022, some catastrophic events led to negativity among crypto users. The collapse of FTX – one of the world’s largest exchanges, was a pivot point sending shockwaves throughout the crypto world. Since the event, individuals and bodies have called for crypto regulation. Some individuals now prefer to…
US lawmakers criticize use of Quickbooks, creepy dough, and ‘conscientious stupidity’
Though Sam Bankman-Fried could not attend the congressional hearing virtually due to his recent arrest in the Bahamas, United States lawmakers held no punches criticizing the former FTX CEO and business practices at the firm. As the sole witness before a hearing of the U.S. House Financial Services Committee on Dec. 13, FTX CEO John Ray shed light on many of the crypto exchange’s activities prior to his takeover as company head on Nov. 11 and what subsequent investigations had revealed. According to Ray, Alameda Research had been dependent on…