🤔 SBF Trial Witnesses: A Get-Out-of-Jail Card?
In today's edition: 🤥 Gary Wang spills on FTX's fake numbers, 🚫 SBF's Anthropic stake, 📜 Binance, OKX follow UK's new playbook,and more!
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👨⚖️ Sam Bankman Fried’s Trial Coverage
📅 Today, Caroline Ellison, former CEO of Alameda Research, is expected to take the stand. Stay tuned!
The first week of the criminal trial of former FTX CEO Sam Bankman-Fried has come to a close, with his former friends and FTX colleagues Adam Yedidia and Gary Wang delivering powerful testimonies that are forming the foundations for the prosecution’s arguments — arguments that the defense may have a difficult time surmounting. Sam Enzer, partner at Cahill Gordon & Reindel, and Brian Klein, partner at Waymaker, discuss Alameda’s special privileges coded into the FTX software, the reason why a scorched FTX customer may have been chosen as the first witness, and why upcoming key witnesses are going to be a “real problem” for the defense.
Cooperating Witnesses in the SBF Trial May Get Little to No Prison Time
by Juan Aranovich
If Judge Lewis Kaplan acts in line with the common practices of the United States District Court for the Southern District of New York, FTX insiders Gary Wang, Caroline Ellison, and Nishad Singh may be spared prison time.
What’s Poppin’?
by Brandy Betz and Rosie Perper
FTX Used a Fake Number to Beef Up Its Insurance Fund: Gary Wang
In his testimony, FTX cofounder Gary Wang said that the insurance fund number FTX published on the site took the site’s daily volume, multiplied it by a random number, and divided it by a billion.
Government Moves to Bar SBF’s Investment in AI Startup Anthropic From Being Mentioned in Trial
Sam Bankman-Fried’s investment in the AI startup that’s raising $2 billion in funding is irrelevant to his FTX fraud, say prosecutors.
Binance, OKX Adapt to New UK Crypto Marketing Regulations
Paypal and Bybit opted to pause crypto activities in the region ahead of the new rules from the UK Financial Conduct Authority.
Daily Bits…✍️✍️✍️
🛡️ Consultant Kumanan Ramanathan used his personal Ledger Nano wallet to protect between $400 and $500 million of FTX's assets during last year's hack. 🔐Also, lax security measures at FTX might have led to billions in losses during the hack, with a potential loss of over $1 billion.
📑 Sam Bankman-Fried seeks to scrutinize lawyers over alleged dubious company loans, hinting legal advice led to potential oversight.
🤝 In response to the Israel war, crypto firms, including Fireblocks and MarketAcross, launched Crypto Aid Israel to support affected citizens. Moreover, 🚫 Israeli police, collaborating with Binance, froze crypto accounts linked to the Hamas militant group.
👋 Ripple CFO Kristina Campbell departed the company after two and a half years, now serving as CFO at Maven Clinic.
🌐 Solana investment products saw their largest inflows since March 2022, adding $24 million, as per CoinShares' latest report.
🔄 Binance introduced a copy trading feature for futures markets, allowing users to emulate experienced traders' strategies.
🛠 Blocknative scaled down its workforce by over 33% following a halt in its MEV-Boost Relay project related to Ethereum.
💱 Ethereum Foundation reportedly sold $2.7 million in ETH on Uniswap to cover expenses.
What Do You Meme?
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📈 Your Market Update 📉
BTC is up .3%, trading at $27,617
ETH is down .6%, trading at $1,585
BTC dominance: 48.5%
Crypto market cap: $1.11T
*All data as of today, 7:00 am ET
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