Crypto Weekly Roundup: Bankman-Fried Found Guilty And More

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After weeks of trials, testimony, and cross-examination, the FTX courtroom drama has finally wrapped up, with former CEO Sam Bankman-Fried found guilty on all seven charges of fraud and money laundering. Let’s find out more. 

Bitcoin

More than two weeks within its bull pennant, the bitcoin price finally broke out on Wednesday and hit the 0.382 Fibonacci resistance, which is taken from the $69,000 top down to the $15,500 low, a significant resistance.

With banks going through a difficult period, Jamie Dimon, head of the biggest bank in the U.S., has let it be known that he will sell 1 million of his shares in JP Morgan beginning next year, making it the first time that Dimon will sell his bank shares for anything other than exercising options.

Ethereum

On Monday, the Ethereum ecosystem saw a total of 4751 ETH worth around $8,551,772 burned from Ethereum transactions. The day also marked a staggering recovery in its daily chart over the past few weeks and could rally once again. 

Business

Following an already impressive third quarter, Block, the fintech company co-founded by former Twitter CEO Jack Dorsey, continues to outperform market expectations. The company’s shares experienced a 19% surge in value during the after-hours trading on Thursday.

Sam Bankman-Fried, the former CEO and prominent figure in the crypto world, faced a challenging cross-examination during his ongoing criminal fraud trial, where he relied on vague statements and non-committal phrases when confronted with probing questions from the prosecution.

Venture capital giant Andreessen Horowitz is gearing up to raise approximately $3.4 billion for its following early-stage funds, signaling a measured expansion during a challenging crypto market. 

Defunct crypto exchange operator Bittrex has received court approval for its revised bankruptcy plan to wind down its U.S. operations, marking a pivotal moment in the ongoing saga of Bittrex’s Chapter 11 bankruptcy protection filing in May.

NFT

The OpenSea Pro platform has activated cross-chain trading on both Ethereum and Polygon blockchains via the interoperability protocol Socket. This means users can effortlessly switch between multiple chains or even explore both simultaneously. 

In a recent appearance on the “Joe Rogan Experience” podcast, crypto enthusiast and billionaire entrepreneur Elon Musk criticized NFTs for not being properly encoded in the blockchain. The remarks have resonated with supporters of Bitcoin Ordinals, which allows users to “inscribe” artwork and other media directly onto the blockchain.

Web3

Global sportswear giant Adidas and luxury car manufacturer Bugatti have joined forces to auction off a limited collection of soccer “boots,” which will be paired with a digital twin on the Adidas Web3 platform. 

In a significant move to expand metaverse gaming, Animoca Brands has acquired Web3 streaming platform Azarus with the intention to merge gameplay streaming, interaction, and blockchain-based rewards. 

Regulation

The governor of the Reserve Bank of India (RBI), Shaktikanta Das, has made his concerns over crypto very well known over time, and he has not changed his tune on his anti-crypto statements one iota, encouraging countries to impose extra restrictions on crypto.

PayPal has received the crypto license in the United Kingdom, however, with heavy restrictions, despite the government proclaiming that the UK is set to be the next global crypto hub. 

The CFTC has reported that it paid a total of $16 million to whistleblowers who played a pivotal role in uncovering fraudulent activities, primarily in the crypto space.

The SEC has charged crypto company SafeMoon with offering crypto securities and is also going after the executive team for alleged massive fraud.

Former FTX CEO Sam Bankman-Fried has been declared guilty on all seven charges of wire fraud, securities fraud, and money laundering conspiracy in his trial in New York after the jury delivered the verdict after a mere four hours of deliberation.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.