Day: October 4, 2023

Opening arguments begin in Sam Bankman-Fried trial

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Prosecutors and defense attorneys in the criminal case of former FTX CEO Sam Bankman-Fried, also known as SBF, painted a very different picture for the jury to consider during the trial. In a New York courtroom on Oct. 4, Assistant United States Attorney Thane Rehn and SBF’s attorney Mark Cohen delivered opening arguments to a jury of 12 people on the events leading up to the collapse of crypto exchange FTX as well as Bankman-Fried’s alleged role. The remarks followed Judge Lewis Kaplan finalizing a selection of 12 members of…

Blockchain Titans OP Labs, Polygon, and Matter Labs Vie for Celo Contracts Amid Crypto Winter Layoffs

BLOCKCHAIN BAKE-OFF! In July, when the smart-contracts blockchain Celo proposed to ditch its independent “layer-1” status in favor of becoming a layer 2 network atop Ethereum, the people behind the project may have had little inkling of just how popular they would become. Now there’s suddenly a burst of competition among veteran layer-2 teams to supply the technology for Celo’s new system. The migration initially was supposed to rely on Optimism’s OP Stack software kit, which served as the template not only for Coinbase’s new Base blockchain but also the…

DAOs can help scientists find funding and community, says Nature science journal

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The Nature science journal recently published an editorial in its Nature Bioscience section lauding the use of decentralized autonomous organizations (DAOs) as a revolutionary new method by which researchers working in underfunded scientific fields can create communities around their work and raise funding which, otherwise, might not be available. In a DAO-based research scheme, a project’s organization, fundraising, feedback, and pipeline from discovery to product/industry can all be handled by the same decentralized governing body. Per the Nature article, the general workflow would also be streamlined compared to the status…

Ripple’s social activity and price hike as bullish news emerge

XRP has gained bullish traction after acquiring a major license in Singapore and the rejection of the U.S. Securities and Exchange Commission’s (SEC) appeal.  XRP is up by 4.9% in the past 24 hours and is trading at $0.53 at the time of writing. The hike comes as the asset’s 24-hour trading volume has risen by 93%, reaching a whopping $1.72 billion.  XRP price, whale activity and social volume – Oct. 4 | Source: Santiment The recent surge comes as the U.S. court rejected the SEC’s appeal against Ripple, which…

Sam Bankman-Fried Shouldn’t Have Cut His Hair

And, so it is with Sam Bankman-Fried. Turning up this week for his long-awaited trial on multiple fraud charges related to the collapse of FTX, the 31-year-old fallen crypto king gave the impression of someone who’d sobered up. He wore a gray suit, white shirt and striped tie. He tied his shoelaces, and his hair was short, like a “boot” on the first day of Army training camp. Source

On-chain Investigator Drags Ethereum Into The Mess

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An on-chain crypto investigator took to social media to expose the supposed black truth behind Justin Sun’s Tron but has thrown Ethereum in the mix, alleging that the cryptocurrency is backed by the CCP and may harbor crypto wallet addresses by Fentanyl traffickers.  On-Chain Detective Unveils Potential Tron Ponzi Scheme An X (formerly Twitter) user going by the username @BoringSleuth has gained the attention of the crypto community after uncovering potential evidence of Tron allegedly being a Ponzi scheme governed by one of the world’s largest crypto criminal drug cartels. …

Polygon co-founder steps down, will contribute ‘from the sidelines’

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Jaynti Kanani, the co-founder of Polygon, announced that he has stepped back “from the day-to-day grind” on the project for the first time in six years. In an Oct. 4 X (formerly Twitter) thread, Kanani said he planned to focus “on new adventures” while contributing to Polygon “from the sidelines.” Along with software engineers including Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic, Kanani helped found the Matic network in 2017, which was later rebranded to Polygon. “Man this makes me emotional,” said Nailwal in response to the announcement. “What a…

Chainlink Creator Predicts Mass Crypto Adoption In Next Decade

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In a recent interview, Chainlink’s co-founder, Sergey Nazarov, said the collapse of the banking industry will drive crypto mass adoption. Chainlink’s Co-Founder Predicts Crypto And Blockchain Prospects Over The Next Decade Sergey Nazarov believes that the collapse of the banking industry will favor crypto adoption and growth in the next decade. Nazarov believes the crypto industry and its technological innovations might maintain the same slow growth pace. However, the industry player cited two possible crypto and blockchain adoption scenarios in the next ten years. First, the Chainlink co-founder proposed a…

3 Common Crypto Investment Myths Broken Down and Debunked

Around a 2% allocation to digital assets is often standard in an investment portfolio. To some, that may seem like an insignificant percentage. But in practice, that often means the downside risk is minimized and the potential upside is tremendous; even a 2% bitcoin allocation in a standard portfolio over the last five years would have driven a significant share of the portfolio’s growth. Source