Cryptocurrency

During jury selection for SBF’s trial on Oct. 3, Assistant U.S. Attorney Danielle Sassoon said former Alameda Research CEO Caroline Ellison, FTX co-founder Gary Wang, former FTX engineering director Nishad Singh and former FTX chief operating officer Constance Wang were among the names of witnesses who may testify against Bankman-Fried. Ellison, Gary Wang and Singh have already pleaded guilty to charges related to their roles in the collapse of FTX, while Ryan Salame — the former co-CEO of FTX Digital Markets and the fifth person directly connected to the criminal case — will not testify.Continue Reading on Coin Telegraph More

Some investors blamed the loss on the “crypto winter” of 2022, during which many legitimate projects went bust from lack of funding in the extended bear market. However, new evidence from Web3 risk-management platform Xerberus suggests there may be more to the Ardana story than just fundraising issues.Continue Reading on Coin Telegraph More

However, following this peak, there has been a noticeable decrease in the activities of these influential investors. The future of Litecoin’s price trajectory could be influenced by the persistence of bullish sentiment following the August 2 Halving event. If this sentiment persists, LTC could maintain a value above $60.On the other hand, bearish traders could potentially force a drop in Litecoin’s value below $60. Highlighting a possible positive turn of events, the piece points out a recent 16% price gain and strategic buy orders of 234,370 LTC at $63. These factors combined could potentially trigger a rally towards the $75 mark for Litecoin.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

This correction in Bitcoin’s price on Oct. 3 marks 47 days since Bitcoin last closed above $28,000 and has led to the liquidation of $22 million worth of long leverage futures contracts. But before discussing the events affecting Bitcoin and the cryptocurrency market, let’s attempt to understand how the traditional finance industry has affected investor confidence.Continue Reading on Coin Telegraph More

The plaintiffs have claimed that Zhao’s ultimate goal was to eliminate competition and monopolize the cryptocurrency market. On November 6, Zhao announced the liquidation of Binance’s remaining FTT holdings, valued at $2.1 billion USD. This announcement led to a precipitous drop in the price of FTX tokens, sparking mass withdrawals and a liquidity crisis.The lawsuit contends that these actions resulted in substantial financial harm exceeding $5 million in total claims. It also points out that FTX was forced to file for Chapter 11 protection following these events.The case leans heavily on established legal precedents such as guidelines from the Securities and Exchange Commission (SEC) and Supreme Court decisions like the Howey and Reves rulings. This comes as both Binance and FTX face scrutiny from the SEC.In addition to this lawsuit, Sam Bankman-Fried, CEO of FTX, is involved in a separate legal dispute. The public Twitter feud between the two CEOs adds another layer to this unfolding saga.The lawsuit against Zhao highlights the potentially severe consequences of social media activity in the rapidly evolving cryptocurrency sector. As this case develops, it is expected to shed further light on the legal boundaries within this industry.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Bitcoin experienced a 24-hour plunge of 1.61%, reaching $27,602.81. Despite the drop in price, its one-day volume saw an increase of 55.77% to $18.69 billion, while its market cap decreased by 1.64% to $538.20 billion.Other altcoins also faced declines. Ethereum’s price fell by 3.55% to settle at $1,665.02, despite a 35.40% increase in its one-day volume to $7.93 billion. Solana’s price dropped by 1.64% to $23.72 coupled with a 12.11% decrease in its 24-hour volume, which reached $628.34 million. XRP followed suit with a decline of 2.12% to $0.5117.In the meme coin sector, Dogecoin recorded a 1.63% slump, trading at $0.06221 with its volume jumping 34.29% to $259.43 million, while Shiba Inu slipped by 3.38% to $0.000007297.As a result of these movements, the global cryptocurrency market experienced a 1.86% loss, amounting to a total valuation of $1.09 trillion on Tuesday. Despite the overall market decline, the total market volume increased by 26.50%, reaching $43.83 billion.While major cryptocurrencies were on a downward trend, some coins managed to buck the trend on Tuesday.Pepe Coin, one of the more popular meme coins recently, saw its price fall by 8.51% to $0.0000007366. Its market cap mirrored this decline and was at $288.73 million, while its 24-hour volume rose 46.22% to $92.79 million.Bitcoin SV, on the other hand, traded at $40.27, marking a gain of 12.05% over the last 24 hours. Its market cap was at $775.66 million and its volume skyrocketed 250.8% to $221.31 million.EOS also recorded gains, with its price up 2.59% to $0.6136, and its market cap at $677.63 million. The crypto’s volume increased by 60% in the last 24 hours to reach $92.28 million.dYdX saw a jump of 1.67%, trading at $2.06. The crypto’s volume increased by 110.77% to $69.65 million in the last 24 hours, and its market cap rose 1.65% to $379.46 million.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Speaking exclusively to Cointelegraph, a representative from blockchain security firm Match Systems outlined how investigations into several major breaches featuring similar methods through the summer months of 2023 have pointed to an individual allegedly selling stolen cryptocurrency tokens via peer-to-peer transfers.Continue Reading on Coin Telegraph More

NEW YORK (Reuters) -Sam Bankman-Fried is set to go on trial on charges of stealing billions of dollars from customers of his FTX cryptocurrency exchange starting on Tuesday, nearly a year after the company’s collapse shocked markets and tattered his reputation.Dozens of New York residents, many holding jury summonses in their hands, began streaming into a federal courthouse in lower Manhattan ahead of jury selection, which is scheduled to start at 9:30 a.m. EDT (1330 GMT).Federal prosecutors say the 31-year-old former billionaire embezzled from FTX customers since its founding in 2019 through its November 2022 bankruptcy in order to prop up his hedge fund Alameda Research, buy luxury properties and donate more than $100 million to U.S. political candidates.Bankman-Fried has pleaded not guilty to seven counts of fraud and conspiracy. He has acknowledged inadequate risk management, but denied stealing funds. His lawyers have signaled in court papers they plan to argue that FTX’s treatment of customer funds were proper, and that others at FTX and Alameda bore the bulk of the blame for their failure.The first step in the trial will be selecting the 12-member jury that will ultimately weigh those competing narratives in deciding whether to convict Bankman-Fried.U.S. District Judge Lewis Kaplan will ask a pool of New York residents questions about their backgrounds and experiences in an effort to weed out any prospective jurors who may be biased.The trial is expected to last up to six weeks. It will feature testimony from three former members of Bankman-Fried’s inner circle who have pleaded guilty to fraud charges themselves and agreed to cooperate with the Manhattan U.S. Attorney’s office.Bankman-Fried’s lawyers have signaled they plan to challenge the credibility of those witnesses – who include former Alameda chief Caroline Ellison and former FTX executives Gary Wang and Nishad Singh – by arguing they are motivated to implicate their client to get a lower sentence, a common strategy in white collar fraud cases.They have also laid the groundwork to argue that Bankman-Fried believed his exchange was allowed to invest customers’ deposits as long as they were ultimately able to take out their funds, and that a series of business failures – not deliberate fraud – left the exchange without enough money to meet withdrawal requests.Bankman-Fried’s is the highest profile case U.S. prosecutors have so far brought against a former cryptocurrency executive.His indictment last December marked a spectacular fall from grace for Bankman-Fried, who had garnered a reputation as a legitimate operator in an industry whose image was pockmarked by scams and purported get-rich-quick schemes.Prosecutors say Bankman-Fried built that reputation on lies and bolstered it with endorsements from celebrities and star athletes.Bankman-Fried has been detained at the Metropolitan Detention Center in Brooklyn since Aug. 11, after the judge found he had likely engaged in witness tampering – including by sharing Ellison’s personal writings with a reporter. Ellison and Bankman-Fried are former romantic partners.He will be brought to court early on most days to allow him to prepare with his lawyers. More