Day: October 21, 2023

Sam Bankman-Fried lived lush lifestyle prior to FTX downfall

FTX founder Sam Bankman-Fried Fresh continued to live an extravagant life while his trading firm, Alameda Research, was facing severe financial challenges, court documents reveal. FTX’s intricate web of spending and suspicion Bankman-Fried was living the high life thanks to billions of dollars worth of customer funds from FTX, prosecutors allege in a fresh set of court documents. The disgraced FTX founder and his associates indulged in extravagant spending on investments, donations, and real estate — even in the months leading up to the collapse of the crypto exchange. Among…

Upland blockchain game raises $7m ahead of token launch

Upland, a blockchain-based real estate collecting and trading game, has secured an additional $7 million in its Series A funding round. This investment is led by EOS Network Ventures and marks its first foray into the world of crypto gaming.  Upland expands crypto gaming metaverse The fresh capital injection from EOS, with participation from existing investors C3 Venture Capital and Animoca Brands, is earmarked for expanding the Upland game.  Upland’s standout feature is enabling players to purchase and sell digital versions of real-world properties on a virtual map. The funding…

NY sues crypto firms, FTX’s Nishad faces 75 years in jail, and Grayscale…

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Top Stories This Week Grayscale files for new spot Bitcoin ETF on NYSE Arca Major cryptocurrency investment firm Grayscale Investments has filed a new application with the U.S. Securities and Exchange Commission for a new spot Bitcoin exchange-traded fund (ETF). The new filing aligns with Grayscale’s ongoing effort to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF, according to a statement from the firm. The news comes weeks after Grayscale won an SEC lawsuit for its spot Bitcoin ETF review, with a court of appeals ordering the SEC…

Jameson Lopp doubts Hal Finney, Satoshi Nakamoto connection

CASA co-founder and CTO Jameson Lopp has called into question claims that well-regarded computer scientist and cryptographer Hal Finney was Satoshi Nakamoto. In a speech at the Plan B Forum held in Lugano, Switzerland, Lopp shared his doubts over claims that Finney, who died in 2014, was the man behind the pseudonymous character Satoshi Nakamoto who invented Bitcoin (BTC). Lopp acknowledges Finney’s contributions to Bitcoin. Besides Satoshi, Finney was the first person to download and run the Bitcoin software.  However, the CASA CTO highlighted a race held on April 18,…

BlackRock ETF could push BTC valuation 11x, Scaramucci says

SkyBridge Capital founder Anthony Scaramucci believes that if Balckrock receives approval to launch a spot Bitcoin ETF, it could cause Bitcoin’s value to multiply as much as 11 times. The politically connected entrepreneur — who is also the founder and chairman of SALT, a global conference series that covers finance, economics, and geopolitics — argues that a BlackRock greenlight could cause a massive $100 billion in institutional investments. This would turn Bitcoin (BTC) into a $600 trillion asset. Speaking on the YouTube channel “Altcoin Daily” hosted by the Arnold brothers,…

LBRY Shuts Down After Legal Battle With SEC

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LBRY Inc., a cryptocurrency platform, announced its closure due to a court failure against the Securities and Exchange Commission (SEC). The SEC charged LBRY with making an unregistered securities offering by selling its native LBC tokens. The fallout from this legal fight has prompted worries about unequal access to justice and regulatory overreach in the crypto business, which has disproportionately impacted smaller startups with minimal financial resources. LBRY Inc. reported that the company was compelled to discontinue operations because of obligations owed to the SEC, legal team, and private creditors…

Bitcoin core developer steps back from Lightning Network over “hard dilemma”

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Security researcher and developer Antoine Riard is stepping down from the Lightning Network’s development, citing security issues and fundamental challenges to the Bitcoin ecosystem.  According to a thread on the Linux Foundation’s public mailing list, Riard believes the Bitcoin community faces a “hard dilemma” as a new class of replacement cycling attacks puts Lightning in a “perilous position.” How does a lightning replacement cycling attack work? There’s a lot of discussion about this newly discovered vulnerability on the mailing lists, but the actual mechanism is a bit hard to follow.…

Schwab bank deposits down 30% YoY, Bitcoin up 50%

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The Charles Schwab Corp. is experiencing a decline in customer deposits amid the rising interest rates in the U.S., while Bitcoin (BTC) is up by 50% year-over-year. Schwab’s financial odyssey Charles Schwab, recently spotlighted by Finbold, has experienced a notable decline in bank deposits, even as the price of BTC continues to rise significantly. The firm, known for its Bitcoin skepticism, reported disappointing third-quarter (Q3) results: consumer bank deposits saw a 28% year-on-year. Charles Schwab also recorded a 23.5% drop in net interest revenue. Overall revenue hovered at around $4.61 billion…

Sensei Inu presale sparks hype thanks to gaming, rewards

Sensei Inu’s presale is gaining attention for its unique approach. The project is presenting an opportunity that sets it apart from other meme coins and presales. Sensei Inu vs. the competition Sensei Inu’s presale has come into focus and is gaining attention, prompting a closer examination by market participants. The project seeks to bridge the wealth gap through intellect and talent, offering something beyond digital collectibles. The attention Sensei Inu’s presale is receiving can be attributed to several key factors. Firstly, the introduction of “Proof of Value” represents an attempt…

FBI charges 6 for running $30m crypto ring

The FBI has charged six individuals over allegations of running an unlicensed crypto money-transmitting operation in New York. According to an unsealed affidavit of FBI special agent Lawrence Lonergan, six people, Naineshkumar Patel, Nileshkumar Patel and Raju Patel, Shaileshkumar Goyani, Brijeshkumar Patel, and Hirenkumar Patel, operated an illegal money transmitting business between July 2021 and September 2023.  The Financial Crimes Enforcement Network (FinCEN) requires virtual currency transmitters and exchangers to register with it and have state licenses before being allowed to operate.   Per the affidavit, the six used an anonymizer…