Day: October 10, 2023

Ethereum Plunge Drives Liquidation Above $30 Million, More Pain To Come?

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The Ethereum price saw a notable price plunge on Monday when the Ethereum Foundation reportedly started selling coins. This plunge, in turn, triggered a series of liquidation events that have seen ETH traders suffer massive losses in the last day. Ethereum Liquidation Volumes Cross $30 Million. By Tuesday, October 10, the Ethereum liquidation numbers triggered by the price crash ramped up quickly to cross the $32 million market. As expected, long traders suffered the majority of the losses with Coinglass data pointing to 87.61% of all ETH liquidation volumes coming…

Defending the Indefensible? Sam Bankman-Fried’s Lawyers Deserve Better

Last week, during the first days of a trial that could extend six weeks, there was much rejoicing over the fact that SBF’s high-paid lawyers made an embarrassing initial showing. According to some estimates, District Judge Lewis Kaplan, a former prosecutor who is overseeing SBF’s case, rebutted 60% of attorney Christian Everdell’s questions during a cross-examination. At one point, former FTX dev (and longtime friend of SBF), Adam Yedidia, came right out and said he was ride or die for his former boss up until it became obvious SBF had…

FTX co-founder Wang discusses plea deal, knowledge of financial concepts at SBF trial

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Day six of the trial of Sam Bankman-Fried saw the conclusion of former FTX chief technology officer Gary Wang’s testimony and the beginning of former Alameda Research CEO Caroline Ellison’s. Wang testified about his plea deal, among other things. According to Inner City Press on X (formerly Twitter), Assistant United States Attorney Nicolas Roos asked Wang, “At your first meeting with the government, did you admit to committing crimes with the defendant?” Wang replied that he did. “What were you told to do?” Roos asked. “To tell the truth or…

BlockFi’s U.S. Bankruptcy Judge Says He Wants Three Arrows’ $284M Claim Resolved in Mediation

Tensions were apparent between the sides in court, as a lawyer for BlockFi said 3AC has a “runaway” legal counsel who is dragging things out and piling up more than $16 million in legal bills. A lawyer for the hedge fund, Adam Goldberg from the firm Latham & Watkins, said those comments were “completely inappropriate and reckless.” He reminded the court that at 3AC “the founders fled and completely ignored any attempt to engage with them,” and those taking down the firm had to rebuild its records, find its assets…

Trader Joe’s supermarket files lawsuit against namesake crypto exchange

Trader Joe’s supermarket has initiated legal action against a similarly named decentralized cryptocurrency exchange, alleging trademark infringement and brand dilution. U.S. grocery retailer Trader Joe’s has initiated a lawsuit in a California court against a cryptocurrency trading platform that goes by an almost identical name. The legal action targets both the platform, named “Trader Joe,” and its co-founder Cheng Chieh Liu. The supermarket’s legal team contends that the naming of the decentralized cryptocurrency exchange aims deliberately to blur the lines between the two entities. Trader Joe’s lawyers argue that the…

Crypto Exchange Binance To List New Low-Cap Altcoin Project Built on Cosmos (ATOM)

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The world’s largest crypto exchange by trading volume, Binance, is announcing plans to list a new altcoin built within the interoperable blockchain ecosystem Cosmos (ATOM). According to a new announcement, Binance is planning to list Neutron (NTRN), a project that aims to be a  “cross-chain smart-contracting platform.” As stated by Binance, “Neutron allows developers to easily build cross-chain applications over Inter-Blockchain Communication Protocol (IBC) and provides DeFi (decentralized finance) dApps (decentralized applications) with the full economic security of the Cosmos Hub.” Binance will support spot trading pairs for NTRN, including NTRN/USD,…

Sam Bankman-Fried aspired to become US president, says Caroline Ellison

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Former FTX CEO Sam “SBF” Bankman-Fried had ambitions to become president of the United States, according to his former girlfriend and business associate Caroline Ellison. Appearing in court on Oct. 10 to testify against Bankman-Fried, Ellison reportedly said the former FTX CEO wanted to be the U.S. president in the future. The declaration followed the end of their personal relationship, while the two continued to work together in their respective leadership roles at Alameda Research and FTX until November 2022. JUST IN: Live tweets of Ellison’s testimony reveal that @SBF_FTX…

Polygon (MATIC) rally comes to an end as competitors devour market share

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Polygon’s native token (MATIC) experienced a 16.4% rally that coincided with the launch of Polygon 2.0 Goreli testnet on Oct. 4. However, the resistance at $0.60 proved stronger than anticipated, and was followed with a 10.6% decline over the six days leading into Oct. 10. This decline was exacerbated by negative news regarding the departure of a key co-founder and weak activity in Polygon’s zero-knowledge (ZK) rollup subnet. Polygon (MATIC) 12-hour price, USD. Source: TradingView MATIC’s price has wiped out previous gains from the early October rally, erasing the bullish…

XRP Price Gearing Up For Rebound As Whales Make Their Move

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Although the XRP price has witnessed a decline along with the overall crypto market since the beginning of October, recent price action shows XRP is consolidating in the $0.5 support level, suggesting the early stages of a rebound may be brewing. In addition to this, on-chain data has revealed some whales are expanding their holdings in preparation for the rebound.   Large XRP Transactions Hint At Accumulation Various on-chain data has shown large XRP transactions in the past few weeks to and from exchanges, suggesting some whales might be accumulating XRP…

Paul Tudor Jones admits that he can’t love stocks, but loves Bitcoin and gold

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Hedge fund leader Paul Tudor Jones recently shared his perspective on current geopolitical risks, U.S. government debt, and his preference for investments like Bitcoin and gold over stocks on CNBC’s Squawk Box. In a recent appearance on CNBC’s Squawk Box, hedge fund magnate Paul Tudor Jones candidly expressed his concerns about the present geopolitical scene and the escalating U.S. government debt. Terming the geopolitical risks as possibly the “most threatening” he has witnessed, Jones highlighted the grave repercussions of rising interest rates in the U.S., drawing attention to the resultant…