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FTX founder Sam Bankman-Fried (SBF) took to the witness stand yesterday in his trial for fraud and conspiracy but there was no jury as the judge mulled which parts of his testimony could be heard by jurors. Bankman-Fried defended his actions in the unravelling of his crypto empire, arguing that he’d acted in good faith on the advice of his legal team.   A Testimony in the Making The 31-year-old former crypto mogul, who has pleaded not guilty to deceiving investors and misappropriating funds from his now-bankrupt cryptocurrency exchange, began by justifying his decisions, citing the presence of lawyers during key financial moves. He argued that legal counsel led him to believe he was acting within the bounds of the law, despite the prosecution’s claims of extravagant spending on investments, donations, and a lavish lifestyle. Bankman-Fried’s lawyer, Mark Cohen, asked if he felt reassured by the way lawyers structured loans. Bankman-Fried replied that he ...

Crypto investment products recorded in flows for a fourth consecutive week with Bitcoin leading the way amid heightened optimism over the approval of spot Bitcoin exchange-traded funds (ETFs). In flows last week reached $66 million as assets under management rose 15% from their early September lows to reach $33 billion, the highest since mid-August, said CoinShares’ Digital Asset Fund Flows Weekly Report released on Oct. 23. It seems that the anticipation of a spot #Bitcoin ETF has prompted further inflows for the 4th consecutive week. Here is our analysis with @Jbutterfill. 🟢 Week 43 inflows: US$66m 🔎 Inflows are relatively low in comparison to June’s @BlackRock announcements, suggesting more… pic.twitter.com/6AkDGQJVOh — CoinShares (@CoinSharesCo) October 23, 2023 The in flows were still lower than in June, when BlackRock announced its spot Bitcoin ETF application, indicating a more cautious approach from investors this time around...

Two US regulators filed lawsuits against Voyager Digital founder Stephen Ehrlich accusing him of misleading customers about their assets and taking ”excessive risks” that brought the firm down. The US Commodity Futures Trading Commission (CFTC) accuses the trading firm and Ehrlich of fraud, registration failure, and operating an unregistered commodity pool. The Federal Trade Commission (FTC) filed a parallel lawsuit against Ehrlich, accusing him of falsely claiming that Voyager accounts are insured by the Federal Deposit Insurance Corporation (FDIC). It also accuses Ehrlich of allegedly transferring millions of dollars in funds belonging to Voyager CFTC commissioner Kristin Johnson said the bankrupt crypto firm promised a “safe haven” to its customers but instead approved risky loans at the expense of customer assets. Statement of @CFTCjohnson regarding @cftc's charges against Voyager's chief executive officer. Learn more: https://t.co/OiBvOoCuV6 ...

Billionaire hedge fund manager Paul Tudor Jones has revealed that he is extremely bullish on Bitcoin (BTC) and gold. Speaking on CNBC’s Squawk Box on Tuesday, Jones opined that he loves “Bitcoin and gold,” continuing the bullish stance on the two assets that he stated in May 2020. At the time, the billionaire investor reckoned that he had allocated 1-2% of his portfolio to crypto. He went on to say that the geopolitical environment in the United States is currently highly unfavorable, making it a daunting task to own stocks. Describing the present political environment as “the most threatening” amid concerns about Hamas’s attack on Israel, he said the US fiscal policy is in a precarious situation with the need to control inflation and support economic growth apparent. According to Jones, the country’s fiscal position is at its weakest since World War II. “As interest costs go up in the United States,” Jones stated, “you get ...

Forgotten Chain Integrates Chainlink Services, Price Feeds and VRF on BNB Chain Mainnet To Help Power Its MMORPG Game. By integrating the industry-leading oracle network, we now can access a high quality BNB/USD price feed on-chain to power NFT trades and off-chain to display accurate prices in our marketplace. Ultimately this creates a more exciting and transparent user experience, as users can verify that a tamper-proof and provably fair RNG was used to generate their NFTs, helping provide stronger assurances that everyone has equal access to the rarest NFTs. ForgottenChain is a massively multiplayer online role-playing game (MMORPG) set in a mysterious medieval fantasy universe. The project offers players an immersive in-game environment with four playable character classes and countless spells, abilities, and environments. The world of ForgottenChain is divided into three kingdoms: Taria, Drakary, and Xaetha, all of which are constantly at odds with one another as they compete fo...

Bitcoin mining may save the planet from environmental catastrophe, and that means asset managers that fail to consider Bitcoin-related investments in their Environmental, Social, and Governance (ESG) portfolios are committing ”gross negligence,” said climate tech investor Daniel Batten. Batten, the co-founder of CH4 Capital, a fund that specializes in methane mitigation technologies, says in an article in Blockworks that his view is based on two months of research that showed flaws in the way it’s usually assumed Bitcoin mining is terrible for the environment.  “The best way to slow down the impending environmental disaster, according to the United Nations, is to urgently reduce the amount of methane emissions,” he said. “And the best way to urgently reduce methane, funnily enough, just might be Bitcoin mining.” Bitcoin Mining Offers Incentives To Capture Methane From Landfills That’s because Bitcoin mining offers a financial in...

MyEtherwallet partners with Rootstock. MyEtherwallet has come a long way in crypto over the past few years: interfaces are looking better, fees are getting lower on layer 2s and sidechains, and there are lots of wallets and DApps to choose from. Still, crypto can be hard, so it makes sense to take advantage of any trick that will make it safer and easier. Blockchain domain names are a no-brainer for enhancing your crypto experience. They help you — and, even more importantly, the people who are paying you — avoid sending crypto to the wrong address. Plus, they are a cool way to show off your personality on the blockchain. What’s an RNS domain? Blockchain domains assign an email-like name to your wallet address so that people can send money to ‘mycool wallet .rsk’ rather than an error-prone string of numbers and letters. RIF Name Service is a blockchain domain provider that secures domains through the Rootstock network. Rootstock is the smart contract platform for Bitcoin, compatible w...

Stanford University said it will return $5.5 million in ”gifts” it received from crypto exchange FTX that were linked to the influence of founder Sam Bankman-Fried’s father. It’s decision comes after the FTX bankruptcy estate sued Bankman-Fried’s parents – Joseph Bankman and Barbara Fried – to “recover millions of dollars in fraudulently transferred and misappropriated funds.” “We have been in discussions with attorneys for the FTX debtors to recover these gifts, and we will be returning the funds in their entirety,” a spokesperson from Stanford University told Bloomberg News. FTX accused Joseph Bankman and Barbara Fried of using their influence at FTX to ”enrich themselves, directly and indirectly, by millions of dollars,” its lawyers said in a Sept. 18 court filing. Both are  both professors at Stanford Law School. NEWS: Stanford University to return $5.5M in FTX donations, reportedly contribu...

Holograph has successfully integrated LayerZero protocol to facilitate holographic Omnichain for the non-fungible token (NFTs). The joint team will now create a bridge that will allow NFTs to move seamlessly across chains with complete data integrity. In a June 29 announcement, Horograph confirmed the successful partnership with omnichain protocol LayerZero to enable a high level of cross-chain NFT interoperability. The new integration will allow the holder to bridge their addresses and token IDs. While commenting about the new integration, Jeff  Gluck, the CEO of Holograph, said that the new bridge will leverage LayerZero’s lightning protocol to facilitate cross-chain messaging. He explained.   “Holograph’s omnichain NFT infrastructure brings exciting new use cases for creators, developers, and enterprises. We are excited to work with Layer Zero’s incredible team to launch our protocol and deliver a giant leap forward in blockchain interopera...

It would not be an understatement to say that crypto traders have shown a significant amount of interest in Tamadoge’s offerings. Tamadoge has placed a wager that turned out to be successful by adding play2earn elements, which constitute a real-world application, to the Memecoin ecosystem. Tamadoge is inching closer and closer to raising $7 million, and the price of TAMA will rise as soon as it enters the next level of development. Mini-Phase Tamadoge Sales Strategy to Boost Sales The pre-sale for Tamadoge has been an experience like no other. It was completely unexpected. And the only thing it had to offer was a pledge to develop a play-to-earn environment utilizing Dogecoin. The mob was already on the lookout for additional utility tokens to join the fold when Tamadoge arrived, and this caused them to become agitated. As a direct consequence of this, the beta phase of the presale was successfully concluded one month earlier than its intended date, which sped up the ra...

Source: AdobeStock / JorgeEduardo   Michael Saylor’s company MicroStrategy has taken advantage of the currently low bitcoin (BTC) price by adding another BTC 480 to its coffers. The bitcoin purchase , worth around USD 10m, was made at an average price of USD 20,817 per coin, above the market price at the time of writing (12:20 UTC) of around USD 20,100, Saylor said. In total, MicroStrategy – a US-listed enterprise software firm that Saylor has turned into a quasi-Bitcoin exchange-traded fund (ETF) – now holds BTC 129,699 (USD 2.6bn), purchased at an average price of USD 30,664. Commenting on the announcement, members of the Bitcoin community pointed out that MicroStrategy is buying more bitcoin even as some have speculated that the company would face margin calls if the BTC price falls below USD 21,000. Michael Saylor himself has previously attempted to put these speculations to rest by saying that BTC would need to fall to as low as USD 3...

Source: Adobe/Georg Hummer   After receiving criticism from industry players last year for being too conservative, a committee at the Bank for International Settlements (BIS), has proposed a cap on how much exposure traditional banks can have to cryptoassets &ldquo ;where there is no counterparty.” According to a new consultation report from the BIS’ Basel Committee on Banking Supervision , the exposure limit for banks should be set at 1% of “Tier 1 capital,” meaning the capital held in a bank&rsquo ;s main reserves. The proposed cap applies to all cryptoassets that are considered unbacked, or that have “no counterparty,” as the BIS puts it. An example of such an asset is bitcoin (BTC), the BIS report said.  The 1% cap will apply to the total exposure, meaning that a bank that already has 0.5% of its capital in BTC can at most have another 0.5% invested in another unbacked cryptoasset. The proposed 1% cap is an attempt t...

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Join Our Telegram channel to stay up to date on breaking news coverage Binance CEO Changpeng Zhao criticized Tether USDT for a lack of transparency, likened it to ”a block box,” and said his firm aims to introduce smaller algorithmic stablecoins to give investors alternatives. Tether USDT, the largest stablecoin in the digital asset industry by market capitalization, is paired with many cryptocurrencies to enable conversions to dollars. Though it’s backed by reserves held by its parent firm, iFinex, and is pegged 1:1 to the U.S. dollar, Zhao said it has risks. “I personally have not seen any audit reports of USDT,” he said in an Ask Me Anything session on Twitter. “I don’t think most people I spoke to have not seen that either. So it’s kind of a black box because we just don’t know.” In the latest AMA, CZ revealed that: – In addition to FDUSD, Binance will announce the partner of another USD stablecoin. ...

Join Our Telegram channel to stay up to date on breaking news coverage Leading cryptocurrency exchange Binance and its CEO, Changpeng “CZ” Zhao, are taking action to dismiss a lawsuit filed by the United States Commodity Futures Trading Commission (CFTC). The legal representatives of Binance and CZ argue that the CFTC exceeded its regulatory jurisdiction and displayed regulatory overreach in its actions. This legal battle between Binance and the regulatory authority could have far-reaching implications for the cryptocurrency industry. #Binance and its CEO, Changpeng “CZ” Zhao, have officially requested the dismissal of a lawsuit brought by the United States #CFTC. The motion, submitted on July 27, accuses the CFTC of overstepping its regulatory boundaries and engaging in regulatory overreach. — Crypto Winner (@_CryptoWinner) July 28, 2023 Binance’s defense aims to challenge the CFTC’s assertions and establish its position in the ev...