Day: October 16, 2023

FTX’s founder spent $1.3b on celebrity endorsements

Nishad Singh, former Alameda and FTX chief developer testified to $1.3 billion of customer funds invested in building Sam Bankman-Fried’s social capital and public image.  Federal prosecutors moved to examine the final few government witnesses in United States v Sam Bankman-Fried, commonly known as SBF, on Oct. 16 following testimonies from key individuals like Caroline Ellison and Gary Wang, both of whom were part of SBF’s inner circle. The first two weeks of Bankman-Fried’s criminal trial for alleged fraud have been marked by testimony from former employees who claim that…

Uniswap V4 Expected To Be Huge, But Is This Requirement A Dealbreaker?

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Due to its innovation, Uniswap Labs plans to introduce Hooks in the upcoming Uniswap v4, putting the world’s leading decentralized exchange in the spotlight. According to a critic on social media platform X, the DEX is on the know-your-customer (KYC)-verification route once Hooks on Uniswap v4 are released. Uniswap Hooks and KYC| Source: “yourfriendSOMMI” on X Uniswap v4 Hooks Is The Beginning Of Censorship? Sharing screenshots, the user shared insights and said the exchange brings KYC verifications on the latest iteration. At the same time, the platform plans to use…

FTX founder Sam Bankman-Fried’s trial day 9: Recap 

The third week of FTX founder Sam Bankman-Fried’s historic trial begins as a former FTX customer and former Chief Engineer Nishad Singh takes the stand.  Last week, Sam Bankman-Fried’s ex-girlfriend and former Alameda CEO, Caroline Ellison, testified to the prosecutor, revealing how Bankman-Fried allowed her to retain an unlimited line of credit from the exchange. Ellison also revealed that the FTX founder made several political donations in the U.S., bribed Chinese Officials and tried to attain investment from the Saudi Crown Prince.  As the case resumes today, here are the…

NYC mayor releases plans for responsible AI usage in local government

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The administration of New York City Mayor Eric Adams released a plan for the adoption and regulation of artificial intelligence (AI) within the local government, along with a new integration into city applications.  On Oct. 16, the administration released an update saying it is developing a framework through which city agencies can “carefully” evaluate AI tools and their risks. The framework is also designed to help build government employees’ knowledge and skills of AI technologies and improve life quality for local residents. According to the announcement the plan will include…

Clarification on sharing false spot Bitcoin ETF news

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Dear Cointelegraph readers, We are incredibly grateful for the support and trust you have placed in our publication over the last 10 years. We strive to deliver the most thoughtful, engaging and impactful news affecting the cryptocurrency space. Earlier today, during routine coverage, Cointelegraph’s social media team posted a message on X without prior editorial approval stating that the United States Securities and Exchange Commission had approved BlackRock’s iShares spot Bitcoin exchange-traded fund, or ETF. This was false, the result of misinformation. The news lead originated from an unconfirmed screenshot…

Former FTX engineering director faces up to 75 years in prison following guilty plea

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Nishad Singh, the former engineering director at now-defunct crypto exchange FTX, has reportedly said he “hopes for no jail time” as part of an agreement with prosecutors. According to reports from the criminal trial of Sam “SBF” Bankman-Fried on Oct. 16, Singh revealed details about his deal with the United States Justice Department, which had him plead guilty to fraud charges announced in February. The former FTX engineer director reportedly said he faced up to 75 years in prison for charges related to defrauding users of the crypto exchange. In…

Genesis ordered to comply with subpoena in TerraUSD collapse case

New York district judge orders crypto lender Genesis to produce documents related to the collapse of algorithmic stablecoin TerraUSD. Genesis, a renowned crypto lending firm, has been commanded by a New York district judge to adhere to a subpoena. This decision was taken after the firm allegedly did not provide certain documents linked to the dramatic downfall of the algorithmic stablecoin TerraUSD. The directive issued by Judge Jed Rakoff of the U.S. District Court for the Southern District of New York was clear: Genesis has a window of five days…

Uniswap to charge 0.15% swap fees beginning Oct. 17

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Decentralized exchange Uniswap will begin charging a 0.15% swap fee on certain tokens in its web application and wallet on Oct. 17. According to a post by Uniswap founder Hayden Adams, the affected tokens are Ether (ETH), USD Coin (USDC), Wrapped Ether (wETH), Tether (USDT), Dai (DAI), Wrapped Bitcoin (WBTC), Angle Protocol’s agEUR, Gemini Dollar (GUSD), Liquidity USD (LUSD), Euro Coin (EUROC) and StraitsX Singapore Dollar (XSGD). Shortly after publication, a spokesperson for Uniswap reached out to Cointelegraph, stating that “both the input and output token need to be on…

Chainlink Whales Moved Around $150M In LINK Before Latest Surge: Data

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On-chain data shows the Chainlink whales showed some high activity right before the latest surge in the cryptocurrency took place. Chainlink Whales Made Moves Before LINK’s 3% Surge As pointed out by an analyst in a post on X, whales and institutional investors have shown an increasing amount of activity recently. The relevant indicator is the “large transactions volume” from the market intelligence platform IntoTheBlock, which keeps track of the aggregate volume of Chainlink transactions larger than $100,000. Generally, the whales and institutional entities are the only investors capable of…

The explosive revelations of Caroline Ellison: Law Decoded

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Last week, the FTX court saga had elements of a TV drama, with Sam “SBF” Bankman-Fried’s former business associate and girlfriend, Caroline Ellison, sharing some shocking stories about SBF’s rule over the company. Ellison admitted to fraud during her time as CEO at Alameda under Bankman-Fried’s direction. However, she blamed the misuse of FTX user funds directly on SBF, claiming he “set up the systems” that led to Alameda taking roughly $14 billion from the exchange. Ellison revealed that Alameda’s bad loans created market panic around FTX, causing users to…