152059
All the news about cryptocurrencies in one place. Round-the-clock, operational and automatic updating. Promo inquiries: @ryder_reilly
No Longer Bulletproof: Former FTX Employee Gives Damning Testimony against Sam Bankman-Fried ‼️
⚠️ Sam Bankman-Fried's response to a trusted colleague about its burgeoning debt pile was, allegedly, "we're not bulletproof this year," in the latest revelations from the FTX court case.
🗣 Adam Yedidia, a former software developer for FTX and prior roommate of the disgraced “King of Crypto,” gave compelling testimony against Sam Bankman-Fried on Thursday, October 5th, at Manhattan Federal Court.
📌 Answering questions from Assistant U.S. Attorney Danielle Sassoon, Yedidia remained calm under pressure.
⚡️ Graduating from MIT alongside Bankman-Fried in 2014, Yedidia had even lived with the now disgraced crypto-exchange founder at one point during their studies.
➡️ In 2017, Yedidia took on a trading internship with Alameda Research, the now infamous sister company of FTX, where Bankman-Fried served as a chief executive officer.
👉 He then began work as a software developer for FTX in January 2021 until his resignation in 2022.
3AC’s Su Zhu Apprehended in Singapore on Flee Attempt 📌
➡️ Su Zhu the founder of bankrupt crypto hedge fund, Three Arrows Capital has been arrested in Singapore while embarking on an attempt to flee according to reports.
➡️ According to a disclosure made by Teneo, the fund's liquidator, Zhu was detained at the Changi airport on Friday after a committal order was issued on him and his business partner, Kyle Davies.
🔔 Zhu and Davies were sentenced to four months in prison through a committal order for contempt of court. The former Three Arrow executives were issued subpoenas to cooperate with the investigations and activities of Teneo in unraveling issues that led to the implosion of the fund.
🔴 Although active on social media in the aftermath of the collapse. Zhu and Davies remain on the run from the firm’s liquidators and authorities.
✅ Teneo disclosed in the statement that while serving the sentence, the firm would engage him to recover all possible assets either previous properties of 3AC or property gotten through the sale of user assets.
💬 “The liquidators will pursue all opportunities to ensure Mr Zhu complies in full with the court order made against him for the provision of information and documents relating to 3AC and its former investment manager during the course of his imprisonment and thereafter, and may make applications for further court orders as required.”
Consensys Announces Sunset of Ganache and Truffle Toolkits, Marking the End of an Era for Ethereum Development 📌
➡️ ConsenSys, a leading Ethereum software company, has announced the sunset of Truffle and Ganache, two widely used toolkits that were instrumental in developing and testing smart contracts on Ethereum. The company is redirecting its focus towards MetaMask toolkits like Snaps and SDK to empower developers.
➡️ To ensure a seamless transition, ConsenSys will be partnering with HardHat to support developers in writing and deploying new software on the Ethereum network.
🔔 Truffle Suite, acquired by ConsenSys in 2020, has been a pivotal development framework since its deployment in 2015. It facilitates the building, testing, and deployment of smart contracts on Ethereum, complemented by Ganache, which aids in creating, evaluating, and deploying smart contracts.
⚠️ In the Ethereum development community, these two toolkits constitute a highly sought-after tech stack. ConsenSys clarified in a post that Truffle and Ganache will remain accessible for the next three months to allow developers to migrate to HardHat and other solutions.
📣 They will also provide support through Zendesk, Truffle GitHub discussions, Ganache GitHub discussions, and the ConsenSys Discord during this transition period.
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Hong Kong Lawmaker Addresses Vitalik Buterin’s Concerns on City's Crypto-Friendliness 🟥
📣 Hong Kong legislator Johnny Ng has extended an invitation to Buterin to gain a firsthand understanding of the region's regulatory environment and crypto-related strategies after the Ethereum co-founder questioned the city's crypto-friendliness.
➡️ Ng asserted that Hong Kong boasts a stable policy framework for cryptocurrencies, emphasizing that its strategies and regulations have garnered broad social consensus and have undergone comprehensive procedures.
➡️ Ng further highlighted the city's willingness to develop policies surrounding virtual assets, welcoming global compliance companies to establish their operations in the region. Buterin had expressed concerns regarding the long-term crypto-friendliness of Hong Kong.
🟢 He noted that while the city currently appears crypto-friendly, it is essential for crypto projects to have confidence in the region's ongoing friendliness, considering potential regulatory, political, and other unforeseen events in the future.
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48% of Asset Managers Hold Crypto For Clients 📣
➡️ A new study reveals nearly half of institutions in the United States, UK, and Europe offer digital asset services to their clients.
➡️ In a recent survey conducted by Coalition Greenwich and Amberdata, 48% of asset management institutions manage crypto for their clients with a general bullish stance amid the bearish market outlook.
🔔 The research titled, “Digital Assets: Managers Fuel Data Infrastructure Needs” was conducted to understand how institutions implement digital assets services to their clients, user interaction and investment needs, products, and affiliated technologies.
➡️ Per the report, 60 companies were surveyed across three jurisdictions with 25% having digital asset managers with related teams. This figure is expected to grow by a third as other firms show interest in expanding their firm’s capacity in the next 12 months.
📌 Shawn Douglass, the CEO of Amberdata noted that an interesting point is the bullish stance of most executives despite the regulatory uncertainty in the market specifically in the United States.
Specialists Depart Market-Making Crypto Firm Jump Crypto to Launch Douro Labs ⚠️
➡️ Jump Trading’s digital asset unit, Jump Crypto, appears to be scaling back after a handful of the company's specialists fled to start building a separate blockchain project.
🔔 Former company employees including Mike Cahill, Jayant Krishnamurthy and Ciaran Cronin have now co-founded Douro Labs, where they and six other former members of Jump’s crypto team are helping develop the Pyth network. As Cahill told Bloomberg in an interview:
💬 “The main goal with starting Douro Labs was that at this stage of Pyth Network’s development, we feel like there’s room for a full-time development firm to focus on some of the scaling problems.”
♾ Pyth Network is a blockchain-based Oracle data service that provides price info related to crypto, equity, and FX across multiple blockchains. This data helps smart contracts on these networks run DeFi applications that depend on up-to-date price information, like peer-to-peer lending services.
⤵️ Many of its data contributors are big names in traditional finance, such as Cboe Global Markets, Hudson River Trading, Virtu Financial, and Jump.
🟢 According to Cahill, Jump Crypto will continue to support Pyth, as the in-house team now with Douro Labs did during its time at the company. Pyth network’s website states that the firm would provide pricing data to Pyth’s oracle in return for a share of fees from the network.
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Blockchain Bettors Favor Vivek Ramaswamy Over Ron DeSantis as Strong Trump Challenger Post-GOP Debate 🟢
➡️ During Wednesday's first debate for the 2024 U.S. Republican presidential nomination, candidates aimed to shift attention away from non-participating former President Donald Trump. Nevertheless, much of the spotlight remained on political newcomer Vivek Ramaswamy.
📌 Former President Donald Trump and Florida Gov. Ron DeSantis have been prominent figures in the Republican presidential nomination race this year. However, their dominance didn't extend to the debate stage on Wednesday night.
➡️ Trump chose to skip the GOP's initial presidential primary debate due to his strong lead in the polls. Instead, he opted for an interview with recently fired Fox News host Tucker Carlson.
🟢 Meanwhile, during much of the event, DeSantis attended the debate but was overshadowed by a Bitcoin-friendly entrepreneur, Vivek Ramaswamy. Florida Governor Ron DeSantis went into the debate with significant potential gains and losses.
➡️ Initially considered the leading GOP contender against a second Trump presidency, DeSantis fell far behind the former president in most polls due to campaign changes and financial difficulties.
Islamic Coin's Grand Launch Set for September 2023 ✔️
🟥 Islamic Coin ($ISLM) is a new crypto project that has designed to create ethical finance. The coin is the native currency of HAQQ Network, a blockchain with a POS algorithm and high transaction processing speed.
🔔 The coin has a potential audience of over 2 billion holders (1.8 billion Muslims + crypto-enthusiasts). And they already have the biggest Twitter account among crypto Muslim community with 1.1 million followers.
➡️ Islamic Coin will officially launch in September on several main CEX and DEX exchanges. But even before the listing they have already secured $400M from private investments and from ABO Digital.
👀 According to rumors, there may be airdrop of tokens for active members of the Islamic Coin community before the listing. You should follow Islamic Coin on Twitter, official Telegram channel and download Haqq Wallet.
North Korean Attackers Have Stolen $200 Million Across 30 Crypto Heists in 2023 📌
➡️ A new report from blockchain analytics firm TRM Labs noted that North Korean hackers have stolen more than $2 billion in cryptocurrencies in the past five years. It estimated around $200 million in crypto heists this year alone.
➡️ According to TRM Labs insights, the stolen amount accounts for 30 hacks so far in 2023, which is less than 2022, but still “10 times larger than attacks by other actors.”
➡️ “Year-to-date, North Korea has stolen USD 200 million in cryptocurrency, accounting for over 20% of all stolen crypto this year.”
🔔 North Korea has previously denied allegations of hacking or other cyberattacks. However, a UN report said that attackers in the country stole more cryptocurrency assets in 2022 than in any other year and targeted the networks of foreign aerospace and defense companies.
💬 “In 2023, although the total amount stolen in cryptocurrency attacks is down from a record-setting 2022, North Korea has maintained its focus on the crypto ecosystem,” the study wrote.
Coinbase's New Base Blockchain Draws $10 Million Inflows Day After Launch 🟥
🟢 Base, a new Ethereum layer 2 blockchain that has been developed by crypto exchange Coinbase, saw inflows worth just over $10 million on its first day after launch. According to data from Dune Analytics, the $10 million were transferred to the network by over the course of 24 hours on Thursday, one day after its launch.
➡️ A little more than 15,000 new users joined Base on Thursday, and the day saw 40% fewer transactions than on Wednesday. The network, which officially went live on Wednesday this week, launched without its own native token, but Coinbase has encouraged others to build projects and launch their own tokens on Base.
📌 Among other things, popular but controversial meme coins such as BALD have launched on Base, attracting large number of traders seeking to profit from the decentralized exchange (DEX) trading frenzy.
🔔 BALD has been accused of being a scam after the deployer of the token suddenly and without warning removed nearly all liquidity from DEX liquidity pools earlier this month in what was described as a rugpull.
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Franklin Templeton CEO Calls Tokenization 'Securitization on Steroids' 🟥
➡️ Tokenization is causing a significant shift in the traditional securitization process, according to Jenny Johnson, the CEO of asset management giant Franklin Templeton. According to Johnson, tokenization can be described as "securitization done on steroids," given its potential for transforming the traditional financial industry.
➡️ The comments were made during CNBC’s Delivering Alpha event on September 28 and first reported on by Cointelegraph on Sunday. Tokenization involves converting ownership rights of traditional assets into digital tokens on a blockchain.
🔔 The assets can be either real assets like a piece of art or financial assets like stocks or bonds.
🔴 According to the Franklin Templeton CEO, this approach offers several advantages, including efficient payment mechanisms, the ability to program smart contracts, and the benefit of having a secure, transparent ledger system.
S Korean Crypto Exchange Exec Jailed for Coin Price Manipulation 🟥
➡️ A South Korean court has jailed a former senior executive of the crypto trading platform Coinone for taking bribes in exchange for listing altcoins. The Seoul Southern District Court sentenced an individual surnamed Jeon (age 41) to four years in prison, Newsis reported.
🔔 Jeon was the former general director of coin listings at Coinone, one of South Korea’s so-called big four crypto exchange platforms. Another individual, surnamed Kim (31), was given a three-year jail term.
🟥 Kim served as the manager of Coinone’s listing team. The court also sentenced two crypto “brokers” for their involvement in the case. One was given a 2 years and 6 months jail term and the other was imprisoned for 1 year and 6 months.
➡️ The quartet was charged with breach of trust-related offenses. Jeon was also handed a $1.4 million fine, with Kim ordered to pay $600,000. The unnamed altcoins were listed in a bid to drive up prices, the court heard. Kim testified that he had “no intention of conspiring” with Jeon, and was unaware that his actions would cause price manipulation.
📣 But the judge claimed that it was “reasonable to assume” that Kim was “fully aware” that listing the coins would lead to “market manipulation” and “mass coin trading.”
70% of South Korean Reported Foreign Assets Are Crypto ⚠️
🟢 South Korea’s crypto adoption grows as authorities disclosed that 70% of the nation’s reported overseas assets are cryptocurrencies. On Sept 20, The country’s National Tax Service (NTS) in an official release stated that 5,419 business and individuals reported their financial accounts with the largest chunk held in digital assets.
➡️ Per the data, the total reported figure of 186.4 trillion won approximately $140 million. This figure represented assets in local and foreign stocks, crypto assets, and cash savings. From this figure, digital assets marked 70% totaling $130.8 trillion approximately $98 million. It was shown that 1,432 institutions and persons own digital assets out of the total number.
🟥 The report also shows that savings were a significant 22.3 trillion won, about $17 million from 2,952 individuals and businesses while companies with stocks were 1,590 firms reporting 22.3 trillion won about $17.6 million. The country announced a mandatory reporting requirement for firms with 500 million won in accounts abroad.
XRP Advocate and Crypto Lawyer John Deaton Joins LBRY Lawsuit 📌
‼️ On September 13, John Deaton, the attorney renowned for representing XRP token holders in their legal battle against the SEC, formally filed a notice to serve as Amicus Curiae in the LBRY court case. This move was followed by an official submission to the United States Court of Appeals for the First Circuit on September 14.
⚠️ An "Amicus Curiae," which translates to "friend of the court" in Latin, refers to an individual or group not directly involved in a lawsuit but offers information, expertise, or a brief to assist the court in making a decision.
➡️ This recent development comes in response to LBRY's filing of an appeal notice to the United States Court of Appeals for the First Circuit just one week ago.
➡️ LBRY's appeal seeks to challenge the final judgment issued on July 11, which mandated LBRY to pay a civil penalty and prohibited its engagement in unregistered offerings of cryptocurrency securities.
🟢 Taking to social media, John, through X (Formerly Twitter), affirmed his participation and dedication, stating that...
💬 "Win, lose, or draw, we will be in the fight!"
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Bankrupt Celsius Founder Alex Mashinsky Asks Court to Dismiss US FTC Case 🟥
⚠️ Former Celsius CEO Alex Mashinsky, who has been embroiled in legal troubles since his company's bankruptcy and his subsequent arrest, is now seeking to have the Federal Trade Commission (FTC) drop its case against him.
➡️ In a recent court filing, Mashinsky's legal team has argued that the FTC's allegations lack the necessary elements to support a claim of fraudulent activity.
➡️ Celsius, a crypto lending platform, filed for bankruptcy amid challenging market conditions, and Mashinsky found himself facing legal action from multiple law enforcement agencies.
➡️ He was arrested in July following a coordinated effort by the FTC, the Department of Justice, and securities and commodities regulators. Among the charges brought against Mashinsky are multiple counts of fraud and manipulating the price of the CEL token.
📣 His defense team has contested these charges, describing them as "baseless." Former Celsius CEO’s team is now calling for the court to dismiss not only the fraud allegations but also the FTC's claims that Mashinsky misled investors.
🟢 Specifically, Mashinsky's lawyers argue that the allegations do not meet the criteria for a claim under the Gramm-Leach-Bliley Act, a 1999 law that requires knowingly false statements to fraudulently obtain customer information from a financial institution.
Coinbase Launches New Crypto Lending Service For Institutional US Clients ♾
➡️ Coinbase (COIN) has unveiled a new crypto-lending service specifically designed for institutional clients in the United States. This move comes as Coinbase aims to fill the void left by the setbacks experienced by firms like Genesis and BlockFi.
🔔 Coinbase's crypto lending program was announced discreetly through a filing with the US Securities and Exchange Commission (SEC) on September 1.
🔴 The filing indicates that Coinbase has sought exemptions for this service under an existing subsidiary, Coinbase Credit, Inc., and names Coinbase's CFO, Alesia Haas, as a related individual.
➡️ In support of this initiative, clients utilizing Coinbase's Prime service have already contributed $57 million to the lending program, as indicated in the SEC filing.
👌 Coinbase Prime, a full-service prime brokerage platform, allows institutional customers to execute trades and securely store their assets. According to a Coinbase spokesperson on September 5,
💬 "Coinbase is launching a digital asset lending program for its institutional Prime clients. With this service, institutions can choose to lend digital assets to Coinbase under standardized terms in a product that qualifies for a Regulation D exemption."
Worldcoin Sets New Sign-Up Record in Argentina Despite Ongoing Investigation Over Data Privacy 📣
🔴 Worldcoin, co-founded by Sam Altman, has reported a single-day record of approximately 9,500 Argentinians successfully verifying their World ID despite ongoing investigations into the project over data privacy concerns.
🟢 Worldcoin sign-ups in Argentina, averaging at one verified individual every 9 seconds, propelled the World App, the project's inaugural wallet, to temporarily claim the number one spot on Argentina's App Store rankings.
🟠 Worldcoin's fundamental concept centers around facilitating online identity verification through the use of iris scans. The project currently collects data from individuals in four major Argentinian cities: Buenos Aires, Mar del Plata, Cordoba, and Mendoza, extending its reach and accessibility.
🟥 The reason for such a large number of sign ups could be the incentive that the project provides as it offers $50-60 worth of crypto in its native coin. Worldcoin, reportedly valued at $3 billion, claims over 2.2 million people worldwide have signed up since its soft launch in late 2021.
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South Korean Crypto Murder Case Takes New Twist – Suspect: ‘My Confession Was False’ 📌
⚠️ A bizarre South Korean crypto-related murder case has taken a new twist, with one of the chief suspects telling a court his initial confession was “false.” The case revolves around a woman who was apparently abducted from a busy street in Seoul’s affluent Gangnam District in March this year.
➡️ The woman was reportedly drugged with an anaesthetic drug stolen from a medical clinic, and the alleged abduction was captured on CCTV. Alleged attackers, police and prosecutors claimed, tried to force the woman to hand over cryptoassets.
➡️ Her body was later found near a dam in the city of Daejeon. Police initially believed three men had carried out the attack, including the alleged “mastermind” Lee Kyung-woo (36).
✔️ But investigators later claimed that a couple, Yoo Sang-won and Hwang Eun-hee, were also involved, and may have paid the men to carry out the attack. Per the media outlet The Fact, Lee had previously made a confession, but in his cross-examination this week, denied the veracity of his previous statements.
🟢 He claimed that he had had “no intent to kill” the victim, and that “a lot of false statements” had been made to “distort” the truth.
SEPA-related Issues Affect Euro Withdrawals for Binance Cryptocurrency Exchange Customers in Europe 📌
➡️ Binance cryptocurrency exchange customers in Europe reportedly encountered problems with fiat withdrawals due to Single Euro Payments Area (SEPA) transfer issues.
♾ In response to a complaint from a European user of Binance who asserted that they had recently purchased "a large sum of EUR" on the platform and expressed frustration over their inability to withdraw the euros to their bank account or execute sales on Binance, a Customer Support message was issued.
⚠️ According to the customer service message, customers utilizing the Binance exchange in Europe have encountered difficulties concerning fiat withdrawals due to complications linked to Single Euro Payments Area (SEPA) transfers.
💬 "Regarding the issue you've mentioned, we regret to inform you that we have temporarily suspended EUR withdrawals and deposits via SEPA."
🔕 Binance's customer support conveyed this information in a message posted on August 20, which has since been removed from X (previously known as Twitter), that the exchange has allegedly suspended euro withdrawals and deposits via SEPA, said it didn't have a specific time frame for restoring SEPA transfers, adding that its payment provider "can no longer support these transactions."
Binance Connect to Cease Operations on August 16 🔔
🟢 As confirmed via email from a Binance spokesperson on August 15, Binance Connect, the regulated buy-and-sell crypto arm of the Binance exchange, will shut down on August 16. The same day, the decentralized BNB Chain exchange known as Biswap posted a tweet announcing that Binance, a major cryptocurrency exchange, had arrived at a challenging decision.
💬 "After a thorough consideration, binance has made a difficult decision to disable Binance_Connect on August 15 due to its provider closing the supporting card payments service." The move was undertaken in line with Binance's strategic initiatives, which prioritize the concentration on its fundamental business activities.
⚡️ The email received by Cointelegraph from a Binance spokesperson highlighted the company's proactive approach to maintaining its operational efficiency and strategic alignment.
💬 The email stated, "At Binance, we periodically review our products and services to ensure that our resources remain focused on core efforts that align with our long-term strategy. In the last six years, Binance has grown from an exchange to a global blockchain ecosystem with multiple business lines. We consistently adapt and modify our business approach to changing market and user needs."
FTX Rebuts Creditor Panel’s Statement on Lack of Consultation ♾
➡️ The lawyers of the bankrupt crypto exchange FTX which filed for a Chapter 11 in November and collapsed thereafter, have filed a response to the creditor panel’s draft reorganization plans, disapproving the committee’s claims on FTX’s lack of engagement.
➡️ FTX administrators filed the response on Wednesday at the US district court of Delaware. The lawyers criticized the Official Committee of Unsecured Creditors’ claims of accusing FTX debtors over lack of engagement while drafting the reorganization plan.
💬 “It is therefore with substantial disappointment that the Debtors are compelled to respond to the inaccurate and unfair statements that riddle the Committee Pleading.”
🟢 The dispute erupts between FTX’s administrators and creditor panel in the wake of the draft reorganization plan filed last month by FTX’s new management team under the leadership of John J. Ray III. The “reboot” plan gave the company’s claimants the option to hold equity securities, tokens, or other interests in a newly established offshore company.
Class-Action Lawsuit Against Tether and Bitfinex Thrown Out 🟥
✏️ In a significant legal victory for Tether and Bitfinex, Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York dismissed a class action lawsuit brought against the stablecoin issuer.
➡️ The lawsuit, filed by Matthew Anderson and Shawn Dolifka in 2021, alleged that Tether's claims of its stablecoin, USDT, being backed one-to-one by the U.S. dollar were false. But the U.S District court has ruled in favor of the USDT issuer, citing a lack of "plausible allegations of injury" in the complaint.
🔔 The heart of Anderson's and Dolifka's complaint rested on their assertion that Tether did not maintain the same amount of reserves as USDT tokens in circulation.
⚠️ The class-action lawsuit further alleged that these reserves were not solely comprised of U.S. dollars, as Tether had implied, but rather included a mix of overcollateralized loans and undisclosed commercial paper.
🟢 The plaintiffs contended that these actions misrepresented the actual value of the stablecoin.
