Day: October 12, 2023

Alameda Research Accused Of Bribing Chinese Officials To Recover $1 Billion In Exchange Accounts

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During the trial of Sam Bankman-Fried, the founder of crypto exchange FTX, shocking revelations emerged from the testimony of former Alameda Research CEO Caroline Ellison.  According to a TechCrunch report, Ellison testified that the crypto trading firm paid Chinese officials to unlock their Alameda trading accounts on OKX and Huobi in China. Judge Lewis Kaplan clarified that Bankman-Fried was not charged with bribery in this case. Still, the evidence was presented to demonstrate trust, confidence, and motive between Bankman-Fried and Ellison. Alameda Research Former CEO Exposes Hidden Payments To Chinese…

Lido Finance discloses 20 slashing events due to validator config issues

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Ethereum staking protocol Lido Finance has disclosed its protocol saw 20 slashing events due to a series of infrastructure and signer configuration issues from validators operated by Launchnodes. The incident occurred on Oct. 11 at about 3:30 pm UTC, according to Launchnodes. In an Oct. 11 post on X, Lido said Launchnodes’ validators nodes are now offline, and slashings have ceased while the root cause was being investigated. The slashing took place on the Ethereum blockchain and Lido projected the impact to be around 20 Ether (ETH), worth $31,000, as…

Binance, Snapchat and capital among things SBF was ‘freaking out about’

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Weeks and months before the collapse of crypto exchange FTX, former CEO Sam Bankman-Fried was “freaking out” about Alameda, buying shares in Snapchat, raising capital from Saudi royalty, and getting regulators to crack down on rival crypto exchange Binance.  So was written in former Alameda Research CEO Caroline Ellison’s personal notes about FTX and Alameda, which prosecutors presented on the second day of her testimony in New York.  During the trial, Ellison told jurors that a crash in the Terra ecosystem in May 2022 was significant enough to get Bankman-Fried to consider…

Hong Kong’s regulatory approach criticized as “licensed to be killed”

The Vice-President of HKUST criticizes Hong Kong’s current virtual asset licensing system as “Licensed to Be Killed,” advocating for a new public blockchain for real-world assets. Wang Yang, the Vice-President of The Hong Kong University of Science and Technology, recently criticized Hong Kong’s current approach to regulating virtual assets. Yang argued that the existing licensing system is not only burdensome but also counterproductive, coining the term “Licensed to Be Killed” to describe the plight of licensed exchanges like OSL, which have faced significant losses. Hong Kong needs a robust public…

SSV Network Prices Free Falling After Founder Joins Israeli Army, What’s Next?

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Alon Muroch, the founder of SSV Network, has been drafted into the Israeli Army, according to an X post shared on October 10. Following this news, SSV, the native token of the SSV Network, fell 5%, dropping below the $14 mark. At this pace, SSV is moving closer to its all-time low of around $13.40, registered in September 2023. SSV Founder Getting Drafted In response to the ongoing crisis in the Middle East, Muroch stated that the situation on the ground is “much worse than described.” The founder said that being drafted…

USDR stablecoin depegs to $0.53, but team vows to provide solutions

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Real estate-backed stablecoin USDR lost its peg to the U.S. dollar after a rush of redemptions caused a draining of liquid assets such as Dai (DAI) from its treasury, its project team has revealed.  USDR — backed by a mixture of cryptocurrencies and real-estate holdings — is issued by Tangible protocol, a decentralized finance project that seeks to tokenize housing and other real-world assets. USDR is mostly traded on the Pearl decentralized exchange (DEX), which runs on Polygon. An update on $USDR Over a short period of time, all of the…

Will Ethereum Drop Back To $900? Here’s What This Analyst Thinks

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Following the Terra LUNA network collapse back in 2022, the price of Ethereum followed the general market downtrend. As a result of this, the ETH price had fallen to a new cycle low of $900, before recovering once more. However, now that the altcoin is still deep in the throes of the bear market, questions have arisen once more about the chances of the price returning to its 2022 lows. Crypto Analyst Says Ethereum Could Drop To $900 In an analysis posted on TradingView, crypto analyst FieryTrading presents a scenario…