Day: October 5, 2023

College roommate talked to Sam Bankman-Fried about FTX’s $8B hole on a paddle tennis court: Trial

boss

On the third day of the criminal trial for Sam “SBF” Bankman-Fried, the former CEO’s roommate at MIT and FTX developer Adam Yedidia testified about the $8-billion deficit the crypto exchange reported prior to its bankruptcy. According to reports from Inner City Press from the United States District Court for the Southern District of New York, Yedidia took the stand on Oct. 5 to speak on the connections between the crypto exchange and Alameda Research — one of the key pieces of information at the center of SBF’s alleged fraud.…

Waiting for the Next Crypto Bull Market? It’s Already Here.

First, let them know you understand and can help with an allocation to crypto. Next, do some of your own due diligence, and have a strategy for those that want to allocate to crypto.  Choose the on-ramp, custodian, and services you’ll offer. Then, have the conversations with your clients about their investment theses, risk profile, and allocation. Source

Crypto VC funding falls to 3-year lows as market rout continues

boss

Startup funding in the crypto industry has fallen back to Q4 2020 levels amid the ongoing bear market.  According to an Oct. 5 report by blockchain analytics firm Messari, a total of $2.1 billion was raised by crypto startups across 297 deals in Q3 2023, down 36% from the previous quarter and nearly 70% from Q3 2022. Seed funding accounted for the largest fundraising category, with $488 million raised over 98 deals. “Trends in deal counts show a significant shift away from later-stage projects and into early-stage projects over the…

US Weekly Jobless Claims Increased Moderately to 207,000

Market participants have been particularly attentive to any signals that the Federal Reserve may continue to raise interest rates. A recent report from the Labor Department has revealed that initial filings for jobless claims or unemployment benefits for the week ended September 30th reached a seasonally adjusted 207,000. While this statistic represents a 2000 rise over the previous figure, it fell short of the Dow Jones consensus projection of 210,000, indicating that the job market remains largely stable. Beyond the headline figure of 207,000 initial jobless claims, other key indicators…

VC Firm Co-Founder Warns of Bitcoin Collapse

In a recent post, investor Chris Burniske expressed the belief that a bottom is looming for the top cryptocurrencies. Burniske predicts that Bitcoin and Ethereum could dip as low as $20,000 and $1,000, respectively, with top altcoins, except Solana (SOL), hitting new lows. Notably, BTC retraced from $28,000 to slightly above $27,600, with ETH seeing a similar decline in the past few days.  Crypto Analysts Predicts Market Bottom Ahead Of Bull Run According to the founder of Placeholder Capital, Chris Burniske, a bull market will likely begin soon. However, the analyst…

Hemp and Cannabis Certifications Minted on Avalanche (AVAX)

The minting is done through its Certificate of Analysis (COA) as a non-fungible token (NFT) verification system. The first minting includes hemp, psychedelic mushrooms and kratom for U.S. hemp and cannabis lab, ACS Laboratory. The hemp, cannabis, mushroom and Kratom industry faces supply chain transparency challenges according to the company’s website. ACS tests for potency, assurance of no chemicals or pesticides in the products. Source

Dutch Crypto Firms Secure Legal Victory Against $2.3 Million Regulatory Bill – Blockchain News, Opinion, TV and Jobs

In a significant legal development, Dutch crypto companies, including Bitvavo and Coinmerce, the successor to Binance, have emerged victorious in their battle against a substantial $2.3 million fee levied by Dutch regulators. A Rotterdam court ruled that the Dutch central bank (DNB) overstepped its legal authority by imposing charges on these companies for anti-money laundering registration. The court’s verdict, handed down on Wednesday, declared that the DNB’s assessment of registration requests went beyond the scope of the registration obligation mandated for crypto service providers by European Union anti-money laundering regulations.…

Anthropic’s capital boost may secure full recovery for FTX customers

The recent surge in Anthropic’s valuation, following a new funding round, could spell financial recovery for FTX creditors. As artificial intelligence enterprise Anthropic recently securing additional investment, potentially elevating its worth to $30 billion, FTX customers may find reason to be optimistic. This development comes to light due to FTX founder Sam Bankman-Fried’s prior investment in the AI firm. Anthropic has successfully procured additional investment, with reports indicating that Google and undisclosed parties may be involved. Google, an existing investor with approximately a 10% share in the company as of…