Category Archives: Cryptocurrencies

Sam Bankman-Fried trial: ‘I may have unwittingly contributed to a crime’, FTX developer tells court – as it happened

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This live blog is now closed. You can read our latest on the trial below:

Sam Bankman-Fried’s confidants were along for the ride. At his side was Caroline Ellison, Alameda’s CEO and his on-again, off-again lover.

Ellison, too, projected tech bro-like eccentricities, waxing philosophical about free love and drugs. She wrote in a now-notorious tweet.:

Nothing like regular amphetamine use to make you appreciate how dumb a lot of normal, non-medicated human experience is.

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Sam Bankman-Fried arrives in Manhattan court as fraud trial kicks off

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FTX founder shed his signature T-shirt and shorts look to don on suit with freshly cut hair as day one of fraud trial commenced

The criminal trial of the former cryptocurrency mogul Sam Bankman-Fried began on Tuesday, with jury selection getting under way in a Manhattan federal court.

Bankman-Fried, who founded the cryptocurrency exchange FTX and associated hedge fund Alameda Research, is facing trial on finance crimes stemming from the shocking collapse of FTX. Before its sudden downfall last year, FTX was valued at around $32bn.

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The vast majority of NFTs are now worthless, new report shows

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Two years after tech trend that swept up artists and celebrities, researchers estimate 23 million people hold worthless investments

Tens of thousands of NFTs that were once deemed the newest rage in tech and dragged in celebrities, artists and even Melania Trump have now been declared virtually worthless.

According to a new report by dappGambl that reviewed data from NFT Scan and CoinMarketCap, 69,795 out of 73,257 NFT collections have a market cap of 0 Ether, leaving 95% of those holding NFT collections – or 23 million people – with worthless investments.

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FTX sues Sam Bankman-Fried’s parents, claiming they received millions in gifts

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Lawsuit is the company’s first legal pursuit against Bankman-Fried’s parents for their role in the company

FTX is suing the parents of Sam Bankman-Fried, two longtime Stanford Law School professors, alleging that the couple inappropriately used company funds to enrich themselves through gifts and donations.

The cryptocurrency company, now operating under CEO John Jay Ray III, an expert in helping companies recover after bankruptcy, claims Joseph Bankman and Barbara Fried received funds from their son’s company in the form of gifts and donations to specific causes.

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City watchdog ex-chair says he faced ‘political pressure’ to let in crypto firms

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Charles Randell says some of the exchanges the FCA was pressed to allow to trade in the UK are now being investigated in the US

The UK’s financial watchdog came under “political pressure” to welcome crypto firms into the British market, its former chairman has said.

Charles Randell, who stepped down as chairman of the Financial Conduct Authority (FCA) in the spring, said it was an example of the kind of influence that elected politicians have tried to exert on independent regulators.

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Sam Bankman-Fried living off ‘bread and water’ in prison, lawyer says

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Founder of FTX not being provided with a vegan diet and not being given Adderall needed to manage his ADHD attorney tells judge

While in federal custody, disgraced cryptocurrency entrepreneur Sam Bankman-Fried has been living off “bread and water” because he’s not being provided with the vegan diet he requested, his attorney told a judge Tuesday.

During a hearing, Mark Cohen, lawyer for Bankman-Fried, said that improper diet and the jail’s failure to give Bankman-Fried the Adderall he needs to manage his attention deficit hyperactive disorder, will impact his ability to participate in readying his defense case.

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Judge orders FTX chief Sam Bankman-Fried to jail after bail revoked

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Lewis Kaplan says he has cause to believe defendant ‘had tried to tamper with witnesses at least twice’ since December arrest

Sam Bankman-Fried’s bail has been revoked ahead of his October fraud trial after prosecutors accused the indicted founder of the bankrupt cryptocurrency exchange FTX of tampering with witnesses.

Bankman-Fried is expected to report to jail later on Friday after Judge Lewis Kaplan announced the decision at a hearing over Bankman-Fried’s bail conditions in federal court in Manhattan. Bankman-Fried was taken directly into custody at the conclusion of the hearing. He was led out of the courtroom by members of the US Marshals Service.

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Kenya halts Worldcoin data collection over privacy and security concerns

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Issues raised include use of eye scans to prove ‘humanness’ and financial inducements to sign up

The Kenyan government has barred the eyeball-scanning Worldcoin cryptocurrency project from recruiting new customers as it investigates data privacy and security concerns.

Kenya’s interior ministry said the venture must stop collecting user data after raising a number of issues including: concerns over the secure storage of data that includes scans of a user’s iris; that offering crypto in exchange for data “borders on inducement”; inadequate information on cybersecurity safeguards; and placing large amounts of private data in the hands of a private business.

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New cryptocurrency offers users tokens for scanning their eyeballs

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Worldcoin, launched by CEO of ChatGPT developer OpenAI, says scheme will distinguish between ‘verified humans’ and AI

Members of the public are being invited to have their eyeballs scanned by a silver orb as part of cryptocurrency project that aims to use biometric verification to distinguish humans from AI systems.

People signing up to the Worldcoin scheme via an app this week will receive a “genesis grant” of 25 tokens, equivalent to about £40, after having their iris scanned by one of the bowling ball-sized devices.

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US woman who hired hitman using bitcoin to kill ex-husband gets five years in prison

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Kristy Lynn Felkins of Nevada pleaded guilty in March to murder-for-hire charge as part of a deal to avoid trial

A Nevada woman who admitted to hiring a hitman on the internet for $5,000 in bitcoin to kill her ex-husband “and make it look like an accident” was sentenced to five years in prison.

Kristy Lynn Felkins, 38, of Fallon, Nevada, pleaded guilty in March to a charge of murder-for-hire as part of a deal with federal prosecutors that avoided trial, court records show.

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Betting firm logos shown on TV up to 3,500 times in Premier League matches, study finds

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Average was once every 16 seconds across 10 matches last season, with a total of 3,522 in West Ham v Chelsea

Betting company logos appear as often as 3,500 times during the course of a televised football match, the majority on pitchside hoardings, prompting renewed scepticism about top-flight clubs’ plan to give up front-of-shirt betting ads only.

A study led by psychology experts from four universities measured the volume of gambling adverts during 10 matches that took place last season, featuring every Premier League club.

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Tory peer faces questions over links to cryptocurrency lobbying firm

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Exclusive: James Wharton is helping to forge Westminster connections for the cryptocurrency sector

A former campaign manager to Boris Johnson who was appointed to lead an education quango is facing fresh questions over his role in a cryptocurrency lobbying firm.

James Wharton, a peer and former MP who chairs the Office for Students (OfS), has launched a new public affairs company that pledges to “help clients navigate the complexities of Whitehall and Westminster” and specialises in “disruptive” highly regulated sectors.

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Crypto exchange Binance has Australian financial services licence cancelled by Asic

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Regulator says Binance must cease trading by 21 April after it incorrectly classified hundreds of retail customers as wholesale investors

Australia’s financial regulator has cancelled the local financial services licence of the world’s biggest cryptocurrency exchange, Binance.

Earlier this year, the Australian Securities and Investments Commission (Asic) found Binance had incorrectly classified hundreds of retail customers as wholesale investors.

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FTX founder Sam Bankman-Fried pleads not guilty to bribery charges

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Bankman-Fried, 31, has already pleaded not guilty to eight counts over collapse of cryptocurrency exchange last year

The FTX cryptocurrency exchange founder Sam Bankman-Fried pleaded not guilty on Thursday to new US criminal charges, which include conspiring to violate campaign finance laws and bribe Chinese authorities.

Bankman-Fried, 31, had earlier pleaded not guilty to eight counts of fraud and conspiracy for allegedly stealing billions in FTX customer funds to plug losses at his hedge fund, Alameda Research.

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UK government drops plans for NFT made by Royal Mint

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Labour criticises Rishi Sunak ‘vanity project’ announced weeks before collapse in value of cryptocurrencies

The UK government has dropped its plans to produce a non-fungible token for sale through the Royal Mint, just under a year after it first announced the project.

In response to a question from the Conservative MP Harriett Baldwin, the Treasury’s economic secretary, Andrew Griffith, confirmed the abandonment, saying: “In consultation with HM Treasury, the Royal Mint is not proceeding with the launch of a non-fungible token at this time but will keep this proposal under review.”

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Man suspected of being crypto fugitive Do Kwon arrested in Montenegro

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South Korean CEO of Terraform Labs is accused of multi-billion-dollar fraud involving TerraUSD and Luna currencies

A man suspected of being the fugitive South Korean cryptocurrency entrepreneur Do Kwon, accused of orchestrating a multi-billion-dollar fraud that shook global crypto markets last year, has been arrested in Montenegro.

“Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen, co-founder and CEO of Singapore-based Terraform Labs,” the interior minister, Filip Adžić, tweeted late on Thursday.

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USD Coin value falls after revealing $3.3bn held at Silicon Valley Bank

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The stablecoin fell as low as $0.87 as Circle broke the news that its reserves were at the collapsed lender

The value of the world’s fifth-biggest cryptocurrency, USD Coin (USDC), slumped to an all-time low on Saturday after Circle, the US firm behind the coin, revealed that $3.3bn of the reserves backing it were held at Silicon Valley Bank.

USDC is a stablecoin – cryptocurrencies designed to maintain a stable value – USDC’s value is supposed to mimic the dollar. But the coin broke its 1:1 dollar peg and fell as low as $0.87 on Saturday morning.

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Crypto bank Silvergate announces liquidation amid sector turmoil

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Wind-down and liquidation plan follows mass withdrawal of deposits after collapse of FTX exchange

The cryptocurrency-focused US lender Silvergate is to wind down its operations after it was hit by customer withdrawals following the collapse of crypto exchange FTX.

The California-based bank had warned last week it was “less than well capitalised” after depositors demanding their money back, adding that it was evaluating its ability to operate as a going concern.

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Russian owner of cryptocurrency exchange Bitzlato arrested in Miami

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Prosecutors allege Anatoly Legkodymov’s company became a ‘safe haven’ for proceeds of criminal activity

A Russian national who founded a cryptocurrency exchange that the justice department says became a haven for the proceeds of criminal activity has been arrested, federal officials said on Wednesday.

Anatoly Legkodymov, who lives in China, was arrested on Tuesday night in Miami and was due in court on a charge of conducting an unlicensed money-transmitting business.

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AFL partner Crypto.com accused of ‘misleading’ advertising practices in UK

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UK advertising authority’s ruling that crypto exchange breached standards invites scrutiny of its Australian promotions

The AFL’s crypto exchange partner, Crypto.com, has breached UK advertising standards on multiple occasions and been accused of “misleading” and “irresponsible” behaviour.

The UK Advertising Standards Authority (Asa) rulings may invite further scrutiny of Crypto.com promotions in Australia.

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