Crypto Weekly Roundup: Bankman-Fried Found Guilty And More

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FTX CEO Sam Bankman-Fried Found Guilty on All Charges

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.

The verdict comes as a significant development in the crypto world, as it raises concerns about the reputation of one of the industry’s prominent figures.

bitcoin Breaks Out of Bull Pennant, Faces Resistance

bitcoin has spent more than two weeks within its bull pennant formation. However, on Wednesday, the cryptocurrency finally broke out and reached the 0.382 Fibonacci resistance level, a significant barrier based on the previous price movement.

Moreover, Jamie Dimon, the head of JP Morgan, the largest bank in the U.S., has announced his plan to sell 1 million of his shares in the bank. This decision is noteworthy as it is the first time Dimon is selling his bank shares for a reason other than exercising options.

ethereum Sees Significant Recovery and Potential Rally

The ethereum ecosystem witnessed the burning of 4751 ETH, equivalent to approximately $8,551,772, from ethereum transactions on Monday. This event marked a significant recovery in ethereum‘s daily chart, indicating the potential for further upward movement.

Block Exceeds Market Expectations with 19% Surge in Value

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

Meanwhile, Sam Bankman-Fried, the former CEO who is currently on trial for criminal fraud, faced a challenging cross-examination. He relied on vague statements and non-committal phrases when confronted with probing questions from the prosecution.

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In the venture capital space, Andreessen Horowitz is planning to raise approximately $3.4 billion for its early-stage funds. This move signals a measured expansion during a challenging crypto market.

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

OpenSea Pro Enables Cross-Chain Trading

OpenSea Pro, a prominent NFT marketplace, has activated cross-chain trading on both ethereum and Polygon blockchains using the interoperability protocol Socket. This development allows users to switch between multiple chains effortlessly or even explore both simultaneously.

Furthermore, billionaire entrepreneur Elon Musk criticized NFTs for their lack of proper encoding in the blockchain during a recent appearance on the “Joe Rogan Experience” podcast. This statement has resonated with supporters of bitcoin Ordinals, a platform that enables users to “inscribe” artwork and other media directly onto the blockchain.

Adidas and Bugatti Collaborate on NFT Auction

Sportswear giant Adidas and luxury car manufacturer Bugatti have joined forces in an auction of a limited collection of soccer “boots” coupled with their digital twin on the Adidas Web3 platform.

Additionally, Animoca Brands, a company focused on metaverse gaming, has acquired Web3 streaming platform Azarus. The acquisition aims to merge gameplay streaming, interaction, and blockchain-based rewards, expanding the metaverse gaming ecosystem.

Regulators Express Concerns over Cryptocurrency

The governor of the Reserve Bank of India (RBI), Shaktikanta Das, continues to voice his anti-crypto sentiments, advocating for imposing extra restrictions on cryptocurrencies.

While PayPal has obtained a crypto license in the United Kingdom, the government has imposed heavy restrictions despite proclaiming the UK as the next global crypto hub.

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In other regulatory news, the CFTC has rewarded whistleblowers with a total of $16 million for their role in uncovering fraudulent activities, mainly in the crypto space. Meanwhile, the SEC has charged crypto company SafeMoon with offering crypto securities and is pursuing the executive team for alleged massive fraud.

To conclude, former FTX CEO Sam Bankman-Fried has been declared guilty on all seven charges in his trial in New York. The charges include wire fraud, securities fraud, and money laundering conspiracy.

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