Day: October 1, 2023

DOJ readies witnesses in Bankman-Fried trial, spotlight on FTX assets

The Department of Justice (DOJ) has affirmed its plan to summon former FTX clients, investors, and staff as witnesses in the upcoming trial involving Sam Bankman-Fried, the former FTX executive. This will shed light on how these individuals viewed their interactions with Bankman-Fried and his company.  The DOJ submitted a letter motion in limine on Sept. 30, to enable them to get the interpretation of the witnesses on FTX’s treatment of customer assets, which will hold significant importance. Importantly, these testimonies are intended to provide valuable perspectives on the interactions…

Vitalik Buterin voices concerns over DAOs approving ETH staking pool operators

boss

Vitalik Buterin, the co-founder of Ethereum, has expressed worries regarding decentralized autonomous organizations (DAOs) exerting a monopoly over the selection of node operators in liquidity staking pools. In a September 30 blog post, Buterin issues a warning that as staking pools adopt the DAO approach for governance over node operators—who are ultimately responsible for the pool’s funds—it can expose them to potential risks from malicious actors. “With the DAO approach, if a single such staking token dominates, that leads to a single, potentially attackable governance gadget controlling a very large…

13% Rally Driven By Fresh Demand

boss

The price of Bitcoin Cash has experienced significant rise over the course of the last 30 days, resulting in favorable returns for investors. Since July, BCH holders have continuously maintained a positive perspective, which has reduced the frequency of selling activity. This collective sentiment has played a significant role in the upward trajectory of BCH, consequently yielding favorable outcomes for these holders. The price of BCH has increased by about 13% over the previous week, giving it some of the biggest gains in the last seven days for cryptocurrency assets.…

SEC initiates legal action against FTX’s auditor

boss

The United States Securities and Exchange Commission (SEC) has initiated legal proceedings against an accounting firm that had previously provided services to the now-defunct cryptocurrency exchange FTX. According to a September 29 statement, the SEC alleged that Prager Metis provided auditing services to its clients without maintaining the necessary independence, as it allegedly continued to offer accounting services, a practice that is prohibited under the auditor independence framework. The SEC claims that these activities spanned approximately three years: “As alleged in our complaint, over a period of nearly three years,…