Day: December 12, 2023

Sam Bankman-Fried’s lawyer says FTX fraud trial was “almost impossible” to win: Report

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The lawyer responsible for Sam Bankman-Fried’s criminal trial defense has admitted that the case was “almost impossible” to win from the outset. In a one-on-one interview with Bloomberg, Stanford Law School professor David Mills recounts how Bankman-Fried’s reluctance to follow his recommendations and the damning testimony of his former associates had the FTX founder’s back against the ropes. Related: Caroline Ellison wanted to step down but feared a bank run on FTX “I thought it was almost impossible to win a case when three or four founders are all saying you did…

Helium Token Balloons To 85% For A Yearly High

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After rising sharply from the $2.00 bottom, Helium (HNT) demonstrated a strong upswing that further fueled the market’s positive attitude and increased the momentum of the advance. This week has witnessed bull action for the Solana-based Helium Network’s HNT coin, which has seen a 70% weekly rise to $4.86. Based on the most recent data, HNT, which has a market cap of about $700 million and an amazing $10 billion in trading volume as of press time, quietly touched a yearly high of $5.12 over the weekend after seeing a…

FTX Challenges IRS $24B Tax Claim, Citing Unsubstantiated Figures

FTX’s legal team noted in the filing that paying the $24 billion could impede the repayment of funds to the exchange victims. Lawyers representing the bankrupt cryptocurrency exchange FTX have contested the United States Internal Revenue Service (IRS) claim of $24 billion in unpaid taxes. The attorneys insist that the IRS must substantiate its demands, urging the tax agency to provide evidence supporting its assertion. In a recent filing with a Delaware bankruptcy court on November 10, the company refuted any liability to the IRS. The firm countered the tax…

El Salvador’s Bitcoin-Backed Volcano Bonds Get Regulatory Approval

By securing outside funding support through the pioneering Volcano Bonds, El Salvador can continue progressing with Bitcoin integration across governmental services and society. El Salvador has successfully overcome a significant regulatory hurdle as it pursues the introduction of Bitcoin-backed sovereign debt instruments, referred to as “volcano bonds”. The nation’s Digital Assets Commission has provided the necessary approvals for the bonds to proceed, marking a significant milestone in the path towards their issuance, now slated for 2024. Volcano Bonds The Volcano Bonds intend to help El Salvador decrease existing sovereign financing…

Immutable Integrates Transak for Seamless Transactions Web3 Games

The partnership between Immutable and Transak will grant all games built on the Immutable zkEVM access to Transak’s suite of products, enabling players to make seamless transactions across games and marketplaces. Web3 game development platform Immutable is set to integrate Transak into its gaming development infrastructure. The integration will make Transak the primary payment service provider for Immutable’s zero-knowledge Ethereum Virtual Machine (zkEVM). Transak will directly power fiat and Web3-based payments in gaming environments and will be integrated into Immutable Checkout and Immutable Passport. This is in line with Immutable’s…

FIFA and Modex Collaborate to Launch NFT Collection as 2023 Club World Cup Begins

The collection will include 100 NFTs and provide fans with the possibility to win 2026 World Cup Final tickets. FIFA is partnering with blockchain database provider Modex to launch a limited NFT collection series with real-world utility as the 2023 Club World Cup begins. The Club World Cup will start on 12 December in Jeddah, Saudi Arabia, and end on December 22. It will bring together the seven reigning champions from across the world. These are the champions of FIFA’s six confederations: Al Ahly (Africa), Auckland City (Oceania), Club Leon…

Senator Warren Rally for Stringent Crypto Regulation in New Bill

Senator Elizabeth Warren has been a vocal advocate for crypto regulation, consistently highlighting the risks posed by unchecked illegal activities. United States lawmakers, led by Democratic Senator Elizabeth Warren of Massachusetts, have announced an extended coalition of Senate support for the bipartisan Digital Asset Anti-Money Laundering (AML) Act in a new push for crypto regulation. Senator Warren’s Call to Action As highlighted in a press release, the Senators unveiled a new Bill that comes in response to warnings against crypto from the Treasury Department, Department of Justice (DOJ), and other…

AI guidance for judges in England and Wales warns against risks

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A group of four senior judges in the United Kingdom has issued judicial guidance for artificial intelligence (AI), which deals with the “responsible use” of AI in courts and tribunals.  The guidance, published on Dec. 12, is directed toward magistrates, tribunal panel members and judges in England and Wales, and is intended to inform and warn court officials  The guidance points out potentially useful instances of AI usage, primarily in administrative aspects such as summarizing texts, writing presentations, and composing emails. England’s second most senior judge, Sir Geoffrey Vos, said AI provides…

Blockchain Gaming Primed To Break $600 Billion Barrier By 2030

This year, the emerging sector of gaming within the blockchain, popularly known as GameFi, has faced a significant downturn, primarily attributed to a noticeable dearth of interest and traction among enthusiasts. Reports indicate that the initial enthusiasm surrounding GameFi has waned throughout the year, leading to a less-than-rosy outlook for the industry. Despite these apparent challenges and a somewhat subdued current state, recent findings in a comprehensive report shed light on a more optimistic future for GameFi. Released on December 11, an analysis conducted by Fortune Business Insights predicts a…

Crypto Expert Explains Why The Bitcoin Price Crash To $40,000 Is Not A Bad Thing

A crypto expert has explained why a Bitcoin pullback (possibly to around $40,000) isn’t a bad thing. This comes as there is a growing concern that the flagship cryptocurrency could soon lose all the gains it has achieved in recent times.  A Bitcoin Correction Is Necessary In a post on his X (formerly Twitter) platform, William Clemente, the co-founder of Reflexivity Research, suggested this correction was necessary as it would “shake out “weak hands” and leverage, allowing for a stronger foundation for eventual moves higher.” He further mentioned that Bitcoin’s…