Day: October 9, 2023

Michael Lewis’ new book puts a positive spin on Sam Bankman-Fried

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I haven’t read Michael Lewis’ The Big Short: Inside the Doomsday Machine, but I find it difficult to believe that the author expressed much sympathy for those involved in the United States housing bubble prior to the 2008 financial crisis. By contrast, his account of former FTX CEO Sam Bankman-Fried (SBF) is relatively glowing. In Going Infinite: The Rise and Fall of a New Tycoon, published on Oct. 3, Lewis released many largely unknown details about the fall of FTX. That included SBF’s attempt to pay former President Donald Trump to not…

Ripple’s chief financial officer steps down amid SEC lawsuit

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Kristina Campbell, the chief financial officer of Ripple, has left the crypto payments platform for a comparable position at the virtual healthcare provider Maven Clinic. According to Campbell’s LinkedIn, her employment at Ripple ended in October after more than 2 years without explanation other than a “memorable” time at the crypto firm. She joined Ripple in April 2021 after more than 4 years as CFO at payments platform PayNearMe. “While healthcare is a complex, highly-regulated industry like fintech, it’s new to me,” said Campbell in an Oct. 7 post. Campbell’s announcement…

CoinDesk Digital Asset Recap Q3 2023: Bitcoin and Ether Outperform

Looking within sector quarterly performance with the CoinDesk DACS framework, the trends and preferences towards larger capitalization tokens are less clear. Over Q3 of 2023, Computing (CPU, +3%) and DeFi sectors (DCF, -8%) were relative out-performers, while Smart Contract Platform (SMT, -13%), which contains Ether, and Culture and Entertainment (CNE, -22%) were relative under-performers. See the chart below for a full sector performance breakdown for Q3 of 2023. Source

Sam Altman speaks on Joe Rogan’s Podcast about crypto innovation and regulation

Sam Altman, Worldcoin founder and OpenAI CEO, discusses the potential and challenges of cryptocurrencies, emphasizing the need for a global currency while addressing concerns about regulation and privacy. The rapid rise of cryptocurrencies has elicited varied responses globally, with governments grappling to understand and regulate this burgeoning market. Sam Altman, Worldcoin founder and OpenAI CEO, recently addressed the U.S. government’s perceived aggressive stance on the crypto sector during Joe Rogan’s podcast. Labeling it a “war on crypto,” Altman expressed his disappointment in the government’s attempts to heavily regulate the industry.…

Chinese government-owned newspaper to launch NFT platform

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China Daily, an English-language newspaper owned by the Publicity Department of the Chinese Communist Party, wants to create its very own metaverse and nonfungible tokens (NFTs) platform. According to a recent announcement, China Daily is awarding 2.813 million Yuan ($390,000) to a third-party contractor that can design the NFT platform within its budget specifications. The contractor can be “either a Chinese or foreign” firm specializing in blockchain, China Daily wrote. In addition, the mainnet of the blockchain firm that wins the contract must be capable of handling upwards of 10,000…

Astrology NFT project ‘Lucky Star Currency’ rugged for over $1m

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The astrology-themed NFT project Lucky Star Currency (LSC) has performed an exit scam for over $1 million, according to an October 9 report from blockchain security firm Certik. The project’s deployer account called the ‘withdrawToken’ function on both the NFTMerge and AdwardCenter contracts, removing over $1 million in LSC from them. These tokens were then swapped for Binance USD (BUSD) stablecoin and sent to another account. #CertiKSkynetAlert We can confirm an exit scam on @AstrAstrol75591 LSC token Bsc: 0x2b3559c3DBdB294cbb71f2B30a693F4C6be6132d EOA 0x9Ef withdrew LSC tokens from the AwardCenter contract. Tokens were then…

Crypto Liquidations Total Over $100M as Bitcoin (BTC), Ether (ETH) Prices Drop

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The liquidations happened as crypto prices tumbled as the fight between Israel and Hamas and rising turmoil in the region jolted investors, weighing on risk assets. The largest digital asset, bitcoin (BTC), was down over 2% before climbing back to $27,600. At one point, ether (ETH) slid almost 5% and large-cap cryptocurrencies solana (SOL), Polygon’s native token (MATIC) and Polkadot’s (DOT) endured 6% to 7% declines. They rebounded some later. Original

$29,700 Could Be The Next Big Level To Claim For Bitcoin, Here’s Why

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On-chain data shows the true market mean price of Bitcoin is valued at $29,700 right now, making the level of particular significance for the coin. Bitcoin True Market Mean Price Is At $29,700 Currently In a new post on X, the lead on-chain analyst at the on-chain analytics firm Glassnode, “Checkmate,” pointed out how the BTC price currently trades below the true market cost basis. The “market cost basis” refers to the average price at which the investors in the sector bought their coins. One popular way of calculating this…

What is going on with Sam Bankman-Fried’s defense?

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Former FTX CEO Sam “SBF” Bankman-Fried has been on trial since Oct. 3 in a federal court in New York, accused of seven counts of fraud and conspiracy to commit fraud on FTX investors and customers. As expected, the Department of Justice (DOJ) is employing a forceful legal approach to demonstrate his offenses, while Bankman-Fried’s defense is offering minimal resistance so far.  The defense team representing Bankman-Fried includes two attorneys with experience handling high-profile cases. Mark Cohen and Christian Everdell are two former federal prosecutors who also defended Ghislaine Maxwell,…