Day: May 9, 2023

FTX Founder Bankman-Fried Seeks Dismissal of Charges Filed After Extradition – Exchanges Bitcoin News

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Former CEO of crypto exchange FTX, Sam Bankman-Fried, has asked a judge in the U.S. to dismiss several charges against him filed after his extradition from the Bahamas. His lawyers insist that prosecutors have not obtained consent from Bahamian authorities for the additional counts. FTX’s Sam Bankman-Fried Urges Court to Drop Post-Extradition Charges Attorneys representing Sam Bankman-Fried (SBF), co-founder and ex-chief executive of the failed cryptocurrency exchange FTX, have filed a series of motions in Manhattan federal court on Monday, requesting the dismissal of a number of criminal charges against…

The Silk Road hacker’s story – Cointelegraph Magazine

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Where would you hide $3.4 billion worth of Bitcoin? For James Zhong, the ideal spot was to store it on a computer — with its circuitry exposed — placed in a used Cheetos popcorn tin hidden in a bathroom closet under a pile of blankets. Zhong, now 32, was sentenced to a year in federal prison last month for a hack that took place almost 11 years ago. His victim? Ross Ulbricht, the proprietor of the Silk Road dark web drug marketplace where Bitcoin found its first significant use case,…

NFT Project Pudgy Penguins Raises $9M

“We are thrilled to be able to continue the strong momentum we’ve built over the last year, even in a bear market,” said Pudgy Penguins head of investor relations Vi Powils in the press release. “Today’s milestone is a testament to the vision of our strategic partners, who recognized that Pudgy Penguins is not only a Web3 brand for crypto-natives, but also an accessible IP for everyday consumers around the world, as well as our incredibly talented team.” Source

Former FTX CEO SBF Files Motion to Dismiss Fraud Charges

Meanwhile, the defunct FTX continues to pursue various options to recover customer funds. Former FTX CEO Sam Bankman-Fried has on Monday filed an ex parte motion before a Federal Court. The motion, as filed through the office, seeks to dismiss 10 out of 13 US charges against the former CEO. The remaining charges include conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to commit money laundering. Interestingly, the former CEO previously pled ‘Not guilty” to all the allegations laid against him. According to Bankman-Fried’s attorneys, the…

Private equity tokens aim to bring greater liquidity, transparency and accessibility

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As the burgeoning blockchain technology paradigm has continued to evolve, a whole host of unique asset classes have started to make their way into the mainstream. Private equity tokens are one such offering, serving as digital representations of ownership in private equity investments powered by a decentralized ledger.  These tokens enable fractional ownership, improved liquidity and simplified management of private equity assets. They are created through a process called tokenization, which involves converting real-world assets into digital tokens that can be bought, sold or traded on various platforms. Recent research…

What does generative AI mean for Web3?

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For decades, artificial intelligence (AI) has been a laymen’s lingo. Current technological breakthroughs and advancements have created a surge of interest in a specific type of AI known as generative AI. With its unprecedented ability to generate new and distinctive content that aids human creativity, generative AI revolves around analysis, automation and generation of content.  It is intriguing to learn how generative AI fits into the vernacular of all pragmatic applications. As per a BCG blog, the generative AI sector will gain an estimated 30% share of the whole AI…

PayPal Q1 2023 Earnings Beats Analysts’ Expectations by 1%

PayPal has been forced to update its 2023 earnings outlook due to its latest financial reports. Multinational digital payment company PayPal (NASDAQ: PYPL) has released the financial report of its earnings in the first quarter of 2023. PayPal benefited from the outbreak of the novel coronavirus in 2020 as more people switched to online transactions. The company’s revenue ascended from $17.8 billion in 2019 to over $25 billion in 2021. Its shares also increased significantly during the global spread of the deadly virus. PayPal accounted for more than 16.4% of…

ICO takes action against Shropshire Council for failing to respond to Freedom of Information requests

The Information Commissioner’s Office (ICO) has issued an enforcement notice to Shropshire Council for its poor handling of requests made under the Freedom of Information Act (FOIA) 2000. Following enquiries made by the ICO, the council confirmed it had a weak FOI request handling system, with individual service areas responsible for recording and collating their own FOI requests. The council said it had plans to clear its backlog of FOI requests by the end of March, but still had 143 unanswered requests towards the end of April. The oldest unanswered request…