Day: May 9, 2023

FTX’s Sam Bankman-Fried Moves to Dismiss Most Criminal Charges Against Him

Bankman-Fried, who is set to go to trial this upcoming fall, faces over a dozen different charges ranging from wire, securities and commodities fraud allegations to bribery claims brought across multiple superseding indictments tied to his conduct as the former CEO of the Bahamas-based crypto exchange. FTX collapsed dramatically last November, filing for bankruptcy alongside nearly 100 related firms and subsidiaries. Source

FTX founder Sam Bankman-Fried urges court to dismiss charges

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FTX founder and former CEO Sam Bankman-Fried (SBF) is seeking to have up to 10 criminal charges against him dismissed in court, arguing for several counts that there has been a failure to state an offense.  According to court documents filed in the southern district court of New York on May 8, SBF’s legal team has pushed to dismiss everything apart from three counts of conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to commit money laundering. Sam Bankman-Fried has filed motions to dismiss all but…

Bitcoin Ordinals Inscriptions Double | Blockchain News

The rise of Ordinals inscriptions on the Bitcoin network has sparked new interest and debate around its impact on the ecosystem. Initially used to mint images as non-fungible tokens (NFTs), users have now realized that text-based inscriptions can create fungible tokens similar to ERC-20 token standard on the Ethereum network. As a result, the number of Ordinals inscriptions on the Bitcoin blockchain has almost doubled from 2.5 million to 4.78 million in just the last eight days. Glassnode co-founder and chief technology officer Rafael Schultze-Kraft noted that text-based inscriptions are…

Spotify removes AI-generated music | Blockchain News

The ongoing battle between the music industry and artificial intelligence (AI) continues as Spotify removes AI-generated music. According to a report by the Financial Times (FT), the music streaming platform has removed 7% of songs created by the AI music startup Boomy, amounting to “tens of thousands” of songs. Spotify is also said to be increasing its policing of the platform in response to the situation. This action by Spotify comes after the platform and other streaming services received complaints of fraud and clutter on the platform. The music industry…

Elon Musk Shares ‘Massive Incentive to Move Money out of Bank Accounts’ – Economics Bitcoin News

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Tesla and Twitter CEO Elon Musk has shared a “massive incentive” to move money out of bank accounts, citing a significant interest rate gap created by the U.S. Treasury and the Federal Reserve. “As more people & companies realize this, bank depositor flight will accelerate to extreme levels, even for banks that are ‘too big to fail,’” Musk warned. Massive Incentive to Move Money Out of Bank Accounts Tesla and Twitter CEO Elon Musk shared Monday a “massive incentive” for people to move money out of bank accounts in the…

Canada’s central bank asks citizens what they want in a digital dollar

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Canadians are being asked to submit what features they want to be included in a potential digital Canadian dollar, with the country’s central bank opening a consultation to the public. On May 8, the Bank of Canada (BoC) launched a public consultation that will run until June 19, noting it’s exploring a virtual loonie as “the world becomes increasingly digital.” The BoC’s senior deputy governor Carolyn Rogers said in a statement the bank wants to hear what Canadians “value most in the design of a digital dollar” to help it make…

Worth it? Trader spends $120K on gas buying $155K worth of a memecoin

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A single trader just spent a staggering 64 Ether — equivalent to $118,000 — in gas fees purchasing $155,000 worth of a memecoin called Four (FOUR). According to an update from the popular blockchain tracking service ‘Whale Alert’, the lone trader paid an astonishing $119,157 in Ether (ETH) to complete a Unsiwap trade that swapped 84 Wrapped Ether (WETH) for 13.8 billion FOUR tokens. A fee of 64 #ETH (119,121 USD) has just been paid for a single transaction!https://t.co/3w4UD0AZbw — Whale Alert (@whale_alert) May 8, 2023 It appears as though…

Crypto Exchange Bittrex Enters Chapter 11 Bankruptcy Protection Following SEC Lawsuit – Bitcoin News

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Bittrex Inc., the U.S.-based cryptocurrency exchange, has filed for Chapter 11 bankruptcy protection in Delaware after being sued by the U.S. Securities and Exchange Commission for failing to register with the regulator. The exchange reportedly has over 100,000 creditors and liabilities ranging from $500 million to $1 billion. Bittrex Bankruptcy Filing Reveals Over 100,000 Creditors and $1 Billion in Liabilities Bittrex Inc. filed for Chapter 11 bankruptcy in Delaware on Monday, while its parent company Bittrex Global will continue to operate outside the United States. This development comes after the…