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Shiba Inu Lead Dev Tells Ethereum Founder, ‘It’s Just The Start’, Here’s Why

bitcoinist.com - 50 min 48 sec ago

Shiba Inu (SHIB) lead developer, Shytoshi Kusama, recently told Ethereum’s co-founder Vitalik Buterin that he should expect more improvement from the SHIB ecosystem soon. This comes in response to Vitalik’s comment in which he praised the meme coin. 

More To Come From SHIB

Kusama responded to Vitalik in an X (formerly Twitter) post, in which he shared a GIF that read, “… it’s just the start.” The developer was reacting to Vitalik’s comment that SHIB has “massively outperformed” his expectations. Vitalik had specifically donated SHIB to the Future of Life Institute (FLI) and looked to be impressed with how fast the transaction was processed. 

However, Kusama’s response is a bold statement to the crypto community about how SHIB has yet to reach its full potential and that more growth should be expected from the crypto token and its ecosystem. Meanwhile, Kusama wasn’t the only member of the Shiba Inu team that reacted to Vitalik’s statement. 

Shiba Inu’s Marketing Lead, Lucie, stated that Vitalik’s praise for SHIB is a great reminder not to underestimate the meme coin and its community. She also used the opportunity to urge members of the SHIB community to utilize the layer-2 network Shibarium so that everyone in the crypto space can see how strong the community is. 

Indeed, the SHIB community, commonly referred to as the ‘SHIB Army,’ has played an integral role in helping SHIB experience such exponential growth since it launched in 2020. In his response to Vitalik, Kusama also reaffirmed this fact by using the hashtag ‘#SHIBARMYSTRONG’ in his post. 

What To Expect From The Shiba Inu Ecosystem

Last year, Shiba Inu revealed plans to acquire a Top-Level Domain (TLD). This forms part of the Shiba Inu team’s plan to use the crypto token to bridge the gap between the Web3 and Web2 space. Back then, Shiba Inu’s partner, D3Inc, noted that this move would be a game-changer as the proposed ‘.shib’ TLD would natively support Web2 and Web3 tools. 

Shiba Inu developer Kaal Dhairya added that this was part of their aim to decentralize the internet and make SHIB the “operating system of the future internet.” Interestingly, this move is part of a long list of plans the team had outlined at the beginning of the year, which they planned to accomplish. 

Although ambitious, the community also launched a petition in February for Grayscale to consider offering a Shiba Inu ETF. 

At the time of writing, SHIB is trading at around $0.00003122, up almost 5% in the last 24 hours according to data from CoinMarketCap. 

Canadian Authorities Probe $169M QuadrigaCX Crypto Scam In New Wealth Investigation

bitcoinist.com - Thu, 03/28/2024 - 23:00

In a significant development, the Canadian province of British Columbia seeks to employ an unexplained wealth order (UWO) against Michael Patryn, co-founder of the Quadriga Coin Exchange (QuadrigaCX). 

The UWO is a newly introduced court order that compels individuals to disclose the source of their assets. The Minister of Public Safety and Attorney General of Canada, Mike Farnworth, said that the filing of the UWO demonstrates the government’s commitment to taking decisive action against criminals and organized crime.

Government’s Pursuit Of QuadrigaCX Extends

The Quadriga Coin Exchange, founded in Canada by Gerald Cotten and Michael Patryn and the focus of British Columbia’s UWO, gained international notoriety for its criminal activities that caused substantial financial losses to numerous individuals. 

Farnworth highlights QuadrigaCX’s connection to a high-profile cryptocurrency fraud documentary on Netflix as illustrative of the nature of such crimes. The government emphasizes that “robust” enforcement measures that undermine criminal organizations’ profit motives are essential to effectively combating these crimes.

In addition, the Attorney General notes that the case received further attention when it was featured in an episode of Law and Order Toronto entitled “The Key to the Castle: Criminal Intent” in February 2024. 

According to Farnworth’s statement, if successful, the motion would result in the forfeiture of various assets, including $250,200 in cash, 45 gold bars, four luxury watches, and valuable jewelry. The Attorney General’s statement concluded:

We will continue to take the assets from unlawful activity and redirect the proceeds of crime to much-needed victim services programs and crime prevention initiatives, such as the anti-hate grants to communities announced on Feb. 15, 2024.

Allegations Of Personal Gain From Customer Assets

While a 2020 report from the Ontario Securities Commission did not result in charges, it concluded that only Gerald Cotten had engaged in fraudulent activities. The report stated that Patryn had ceased associating with QuadrigaCX in 2016, and most client funds were deposited after his departure.

However, in the civil forfeiture case filed in British Columbia’s court last year, the province alleged that an investigation revealed Patryn and Cotten had misappropriated customer assets for personal use and financial gain. The province’s claim mentions Patryn’s involvement in purchasing and maintaining a safety deposit box and its contents.

Lovie Horner, Patryn’s common-law spouse, was identified as one of the individuals who deposited money into the bank account between 2014 and 2020, according to the forfeiture case.

In 2005, Michael Patryn, then known as Omar Dhanani, was convicted in the United States for his involvement in a conspiracy to transfer identification documents related to an online money-laundering service.

Meanwhile, in December 2018, Gerald Cotten, the co-founder of QuadrigaCX, embarked on a trip to India with his newlywed wife, Jennifer Robertson. During the trip, Cotten, who suffers from Crohn’s disease, became seriously ill. 

Despite medical attention, his health deteriorated, leading to his untimely death shortly after his hospitalization. About a month later, QuadrigaCX officially announced Cotten’s death in a statement attributed to Jennifer Robertson.

Featured image from Shutterstock, chart from TradingView.com

Top 3 Meme Coins That Can Give A 1,000% Return In The Bull Market

bitcoinist.com - Thu, 03/28/2024 - 22:00

The rave around meme coins and their popularity has proven that they will be a driving force in the upcoming bull market. As such, it is important for investors looking to make money in the market to position in good meme coins before the bull run commences. So, here are the top 3 coins that have the potential for a 1,000% return in the bull market.

Myro (MYRO) Leads Undervalued Meme Coins

The Myro (MYRO) meme coin has been around for a number of months now and has yet to fade from the limelight. It comes as a second chance for investors who missed the run with DogWifHat (WIF), and has followed a similar pattern to WIF as well.

Just like WIF, Myro has been initially listed by Binance on its futures platform but not on its spot platform. Again, similar to WIF, Myro’s price had surged to a new all-time high following this listing before dropping back down. If it continues to follow this trend, then the meme coin’s price could see a rapid surge to $1 billion on its next leg up.

Myro is currently in the cycle that WIF was about a month ago before it rallied. From here, a rally to a $2.5 billion market cap would mean a 1,000% increase for the meme coin, which is a feasible target for Myro.

ArbDoge AI (AIDOGE)

ArbDoge AI (AIDOGE) is one of the leading meme coins on the Arbitrum network, but what sets it apart is the fact that it has lasted this long in the market. Currently, ArbDoge AI (AIDOGE) seems suppressed by the lack of action on the Arbitrum network. However, once adoption picks up on the network, it is expected to spill over to AIDOGE similar to what happened to Solana-based BONK.

AIDOGE is trading at less than half the market of Myro at $100 million, which gives it a lot of room to run. So far, AIDOGE is the only coin that has shown potential to be the first meme coin to cross the $1 billion market cap milestone on the Arbitrum network.

Bone ShibaSwap (BONE) Can Reach $2 Billion

Another meme coin that has the capacity for a 1,000% return is Bone ShibaSwap (BONE), which is part of the Shiba Inu ecosystem. One thing that sets the BONE coin apart from other meme coins is the fact that it is also a utility token.

The Ethereum Layer 2 network, Shibarium, developed by the Shiba Inu team, uses the BONE token as its fee token. This means that demand is created for BONE every time the Shibarium network is used as users need BONE to pay gas fees.

As the adoption of the Shibarium network continues to rise, so will the demand for the BONE token. This sort of demand is the driver for coins like Solana (SOL) and Avalanche (AVAX), and at only a $209 million market cap, BONE still has a long way to go, given its utility.

Glassnode Data Shows Bitcoin at Crossroads: Time to Hold or Take Profit?

bitcoinist.com - Thu, 03/28/2024 - 21:00

According to on-chain data analysis by Glassnode, Bitcoin is at a critical juncture. When BTC soared to $73,800 in March 2024, printing new all-time highs, the Bitcoin market reached a statistically significant level regarding on-chain unrealized profits, according to the Market Value to Realized Value (MVRV) ratio.

Bitcoin MVRV Ratio At Historically Significant Level: Time To Hold Or Take Profit?

The analytics platform notes that, historically, such levels have coincided with periods of market resistance. Therein, some holders often choose to take profits by exiting their positions. 

It remains to be seen whether the same will be replicated, and prices fall as holders make a profit. However, according to MVRV, this will likely happen if past performance guides.

Simply put, the MVRV ratio shows how expensive the coin is relative to historical prices. It is a tool for gauging whether Bitcoin, as it is at spot rates, is under or overvalued. When the ratio is above 1, it suggests that it is overvalued.

When BTC rose to approximately $74,000, the MVRV ratio rose above 3. However, it should be noted that it was way lower than historical levels when Bitcoin registered new all-time highs. When BTC rose to $69,000 in 2021, the MVRV ratio was over 5. At the 2017 peak, this value was over 4.8, which is the highest it has been.

BTC Has Been Under Pressure, Will Prices Recover?

Recently, Bitcoin has struggled to edge higher, looking at price action in the daily chart. The coin remains below all-time highs of $73,800. Even though bulls shook off selling pressure over the weekend, pushing strongly above resistance levels, the follow-through has not been impressive. 

Any breakout above $74,000 from the candlestick arrangement will thrust the coin into new territory. Some analysts speculate the coin might float to as high as $100,000 in 2024, especially after the network halves its miner rewards in April 2024.

Despite the recent sell-off pushing prices to around $62,000, the overall market sentiment remains bullish. The CoinStats Fear and Greed Index, a gauge of investor sentiment, still reads “Extreme Greed” at 80.

Additionally, interest is back after days of outflows from spot Bitcoin exchange-traded funds (ETFs). By March 27, Lookonchain data shows that Fidelity added added 4,001 BTC. In total, and factoring in GBTC’s outflow, all spot Bitcoin ETF issuers added 3,469 BTC.

Bitcoin Stablecoins Ratio At 1-Year Lows: Is This Bullish?

bitcoinist.com - Thu, 03/28/2024 - 20:00

On-chain data shows the Bitcoin Exchange Stablecoins Ratio has plunged to its lowest since March 2023. Here’s what this could mean for BTC.

Bitcoin Exchange Stablecoins Ratio Has Been Heading Down Recently

As explained by an analyst in a CryptoQuant Quicktake post, the Bitcoin Exchange Stablecoins Ratio has been declining recently. The “Exchange Stablecoins Ratio” is an indicator that keeps track of the ratio between the Bitcoin and stablecoins exchange reserve.

The exchange reserve here is the total amount of a given cryptocurrency that all centralized exchanges are holding in their wallets right now. Generally, this part of the supply sitting in these platforms is considered the available trading supply of the asset.

What the trend in this indicator may imply for the market, though, depends on the exact type the cryptocurrency in question is. In the case of volatile assets like Bitcoin, investors may transfer to these platforms when they want to sell.

As such, an increase in the exchange reserve may imply that the available sell supply of the asset has gone up, which could naturally prove to be bearish for the price.

For stablecoins, exchange deposits also imply that investors want to trade from these coins into other assets or fiat. The difference, though, is that a shift of stables into other cryptocurrencies is bullish for their prices, as this swap obviously acts as buying pressure for them.

For this reason, the total exchange reserve of all stablecoins is often considered the available buying supply for the volatile side of the cryptocurrency sector.

Now, here is a chart that shows the trend in the Bitcoin Exchange Stablecoins Ratio over the past few years:

As displayed in the above graph, the Bitcoin Exchange Stablecoins Ratio has been declining for a while now, but the indicator’s downtrend has especially sharpened recently.

When this indicator has a low value, it means that the BTC exchange reserve is low in comparison to that of all stablecoins right now. Since this may correspond to the ‘sell supply’ of the asset being lower than the ‘buy supply’, the indicator assuming such a value can be bullish for BTC.

According to this indicator, the potential selling pressure in the market had risen to its peak in mid-2023, but it has been on its way down since then. So far, the metric has retraced back to levels observed in March 2023.

The latest values of the indicator are still high when compared to those observed during the 2022 bear market lows, but the fact that they are only going down may be an optimistic sign.

That said, in the current post-ETF environment, it’s unclear how relevant the exchange reserves are now (and therefore, the indicator), as the ETFs offer a different avenue into Bitcoin, for which demand has been significant so far.

BTC Price

Since its initial surge beyond the $70,000 mark, Bitcoin has been stuck in consolidation during the last few days, as it’s still trading around this level.

Сэм Бэнкман-Фрид получил 25 лет тюрьмы за кражу миллардов у клиентов FTX

bits.media/ - Thu, 03/28/2024 - 19:52
Нью-йоркский суд в четверг, 28 марта, огласил приговор по делу бывшего генерального директора FTX Group. Экс-криптомиллиардер признан виновным по всем предъявленным прокуратурой статьям обвинения и должен отправиться в тюрьму на 25 лет.

Shiba Inu Team Launches Latest Edition Of The SHIB Magazine

bitcoinist.com - Thu, 03/28/2024 - 19:00

The Shiba Inu team has published the 18th edition of The Shib Magazine, featuring DAMN, the newest meme coin integrated into the Shibarium ecosystem. The publication emphasizes the latest developments and updates on the token, accentuating its impressive achievements and performance in the crypto space.

Shiba Inu Magazine Unveils The Solana Killer, DAMN

On Wednesday, March 27, The SHIB team released the latest edition of its magazine, focusing exclusively on the SOL Killer, DAMN. Highlighting the rapidly growing popularity of the cryptocurrency, The Shib Magazine disclosed that DAMN has become one of the major meme coins of interest to investors in the crypto space. 

Delving deep into the story behind DAMN’s inception, the Magazine revealed that Woof, a pseudonymous developer of WoofSwap, a community-driven Decentralized Exchange (DEX), had been the first to introduce the idea of creating a new meme coin exclusively for the Shibarium network. Taking advantage of the recent hype on meme coins in the market, the developers proceeded to create DAMN, recognizing the market’s interest in meme coins as an opportunity for explosive growth. 

According to the magazine, DAMN was a token created through the general collaboration of the entire Shiba Inu community. After its successful inception, developers relinquished ownership of the meme coin, burning all Liquidity Provider (LP) tokens in order to enhance transparency and improve security by eradicating the potential for rug pulls and scams.  

In an effort to bolster the cryptocurrency’s adoption and elevate its visibility, the Shiba Inu army had united in support of the meme coin, promoting it through social media platforms like X (formerly Twitter) and submitting requests to leading cryptocurrency aggregators such as CoinMarketCap and CoinGecko. 

As a result, DAMN underwent a substantial growth spurt, skyrocketing by more than 500% and reaching a trading volume of over $3 million within five days of its launch. The cryptocurrency has garnered considerable attention and engagement within the crypto community, capitalizing on the heightened demand for new and potentially lucrative meme coins to propel itself to new heights. 

DAMN’s Unique Qualities As A Meme Coin

One of the unique characteristics of DAMN as a meme coin is its inherent ability to bolster the Shibarium ecosystem. As the cryptocurrency gains momentum, it shines the spotlight on Shibarium, boosting the network’s popularity and adoption. 

According to The Shib magazine, DAMN has been one of the key players in Shibarium’s rapid growth lately. The Shiba Inu Layer 2 blockchain solution has witnessed a major increase in its Total Value Locked (TVL), achieving an impressive high of $3.79 million, at the time of writing. 

DAMN has also played a potential role in boosting the network activity within the Shibarium ecosystem. The Layer 2 blockchain recently recorded a series of milestones, attributed to the introduction of its new meme coin and the ecosystem’s resilience and steadily growing user base.

Maximum Sentence: Judge Suggests Sam Bankman-Fried Could Face 110 Years In Prison

bitcoinist.com - Thu, 03/28/2024 - 18:33

In a courtroom drama that has captivated the cryptocurrency world, the sentencing day for Sam Bankman-Fried, co-founder of the now-bankrupt crypto exchange FTX, has arrived. As the hearing unfolded, it became increasingly clear that the fallen crypto mogul could be handed the harshest punishment.

Sam Bankman-Fried Found Guilty Of Obstruction And Perjury

During the live coverage of the sentencing by Inner City Press, Judge Lewis A. Kaplan’s remarks shed light on the severity of Bankman-Fried’s crimes. The judge adopted the pre-sentence report and addressed the substantial disputes surrounding the sentencing guidelines.

Judge Kaplan pointed out that investors, lenders, and customers were all victims of Bankman-Fried’s fraudulent activities. These crimes included misappropriating FTX customer funds for speculative investments by Alameda and engaging in illicit activities. The judge emphasized that any fortuitous gains from the rise in cryptocurrency values did not diminish the gravity of the offenses committed.

Regarding the loss amount, Judge Kaplan stated that the loss exceeded the $550 million threshold, with investors losing $1.7 billion, lenders losing $1.3 billion, and customers suffering losses of $8 billion. 

Additionally, the judge found Bankman-Fried guilty of obstruction of justice, citing his text messages to the former general counsel as attempted witness tampering. Based on the trial testimony, the judge also made three perjury findings, highlighting Bankman-Fried’s false statements regarding his knowledge of Alameda’s use of FTX customer funds.

Tragic Fallout Of FTX Fraud

As Sam Bankman-Fried addressed the courtroom, he expressed remorse for his actions’ impact on FTX customers and colleagues. He acknowledged the losses suffered by customers and their prolonged wait for resolution. Bankman-Fried also mentioned the dangers faced by Alameda and his efforts to salvage the situation, including receiving an “anonymous” message offering advice.

Bankman-Fried acknowledged his understanding of how the prosecutors perceived him, the court, and the media, referencing his earlier attempts to help the general counsel. 

Sam Bankman-Fried expressed regret for not being able to do more to ensure that customers, lenders, and investors were appropriately compensated. Despite his statements, the judge’s remarks earlier indicated that the potential sentence could still be severe.

According to Inner City Press, the judge stated that Bankman-Fried’s guideline in the case is life imprisonment, which may amount to a maximum of 1,320 months (110 years). 

The case has also been marred by tragic outcomes, with victims, such as Sunil, criticizing the liquidator for the handling of creditor’s rights and alleged suicides linked to the FTX fraud.

As this high-profile case reaches its conclusion, the crypto community awaits the final verdict that will determine Sam Bankman-Fried’s fate. His actions have left a significant impact on investors, lenders, and customers alike.

Featured image from Shutterstock, chart from TradingView.com 

Пользователи OKX столкнулись с проблемами в работе криптобиржи

bits.media/ - Thu, 03/28/2024 - 18:18
В четверг, 27 марта, на криптовалютной бирже OKX произошел сбой, вызвавший некорректное отображение баланса у пользователей и отсутствие информации об открытых торговых позициях.

Crypto Crackdown: US, UK Zero In On Hamas Funds In Gaza

bitcoinist.com - Thu, 03/28/2024 - 18:00

In a synchronized move aimed at disrupting the financial infrastructure backing Hamas, the United States and the United Kingdom have taken decisive action by imposing sanctions on Gaza Now, an internet-based media platform allegedly involved in financing the militant group.

The focal point of these sanctions is directed towards Mustafa Ayash, the mastermind behind Gaza Now, alongside various individuals and entities connected to the organization’s fundraising endeavors.

The decision to implement these measures stemmed from an extensive inquiry into Gaza Now’s fundraising initiatives subsequent to the occurrence of an assault in Israel on October 7th.

Cryptocurrency In Terrorism Financing

Following the occurrence of the October 7 incident, the investigation was set into motion as Gaza Now embraced cryptocurrency contributions.

The utilization of digital assets in terrorist financing came under scrutiny when Elliptic, a blockchain analytics company, discovered a donation worth $21,000, showcasing the involvement of cryptocurrencies in such activities.

Does the media & fundraising site ‘Gaza Now’ ring a bell?

It’s being pushed by numerous celebrities and world leaders.

Well guess what? The U.S. Department of Treasury just sanctioned it for providing material support to Hamas! pic.twitter.com/UGNYNtZgA1

— StopAntisemitism (@StopAntisemites) March 27, 2024

To address the challenges posed by the limited use of cryptocurrencies in terrorist financing, there is a growing recognition for a reevaluation of strategies and tools in combatting terrorism financing.

Authorities and regulatory bodies must enhance monitoring capabilities and establish more effective regulatory mechanisms within the digital currency space.

The preference for specific cryptocurrencies, such as Tether on the TRON blockchain, is driven by attributes like low transaction fees and perceived anonymity, highlighting the complexities faced in countering terrorism financing in the digital age.

The sanctions imposed by the US and UK form part of a wider international approach to counter the financing of terrorism. Both countries’ Treasury Departments emphasize the importance of global collaboration in addressing these issues.

In addition to the sanctions, the UK has implemented a comprehensive asset freeze on individuals and entities associated with Gaza Now to reinforce the principle that the financial system should not be exploited for terrorist activities.

The sanctions imposed on Gaza Now and its affiliates demonstrate a firm stance against entities involved in financing terrorism. The US and UK aim to disrupt the financial networks supporting Hamas through these measures, thereby weakening their operations and capabilities. The sanctions serve as a clear message that any attempt to exploit the financial system for illicit activities will face severe consequences.

In countering terrorism financing in the digital age, specific challenges arise, including the anonymity of cryptocurrencies, the lack of regulatory frameworks, the proliferation of cryptocurrency exchanges, the use of privacy-focused cryptocurrencies, sophisticated money laundering techniques, and the need for collaboration and information sharing.

Gaza Groups Raise Over $130 Million In Crypto Since 2021

Since at least 2019, Hamas and Palestinian Islamic Jihad (PIJ) have made an effort to raise money through cryptocurrencies in an effort to obtain funds outside of the most popular means of financial transfers. Restrictions on access to the international banking system result from the groups’ designation as terrorist organizations in Israel, the US, and other Western countries.

According to estimates, since 2021, terrorist organizations in Gaza have raised over $130 million in cryptocurrencies, with $41 million coming from Hamas and $93 million from Palestinian Islamic Jihad.

Defence Minister Yoav Gallant has disclosed that Iran provides the lion’s share of international money to the terror groups operating in Gaza. The country has financed the PIJ with tens of millions of dollars annually and Hamas with about $100 million each year.

Featured image from , chart from TradingView

Сбербанк объяснил порядок разблокировки банковских карт после операций с криптовалютой

bits.media/ - Thu, 03/28/2024 - 17:35
В случае блокировки банковских карт из-за операций с криптовалютой, Сбербанк предлагает клиентам делиться информацией об аккаунте на сайте криптобиржи или обменника. Если служба поддержки главного российского госбанка решит, что операции были легальными, блокировка будет снята.

Проект ЭРА, или Общее дело против глобального бездействия

Проект ЭРА и актуальная социально-экономическая повестка на уровне глобального противостояния внутри единой планетарной системы посткапитализма. Как с наименьшими потерями и с максимальной пользой для...

IntoTheBlock: Количество активных адресов Dogecoin превысило 6 млн

bits.media/ - Thu, 03/28/2024 - 16:18
Согласно цифрам сервиса IntoTheBlock, экосистема Dogecoin достигла размера в 6,27 млн адресов, что указывает на рост доверия к DOGE со стороны криптоэнтузиастов.

FTX’s Sam Bankman-Fried To Be Sentenced Today: Here’s What To Expect

bitcoinist.com - Thu, 03/28/2024 - 15:30

The long-awaited sentencing of Sam Bankman-Fried (SBF), the former CEO of the defunct crypto exchange FTX, is set to take place on March 28. SBF faces the possibility of spending up to 100 years in prison or as little as five years if Judge Lewis Kaplan somehow gives in to the demands of the defendant’s lawyers

What To Expect From The Sam Bankman-Fried Sentencing

Judge Kaplan will determine how many years Bankman-Fried will spend in prison. The FTX founder was found guilty last year of all the seven charges that were leveled against him. However, this will not be easy for the judge, who has received compelling sentencing submissions from both the defendant and the prosecution.

On the one hand, Bankman-Fried’s lawyers have proposed that their client receive a sentence between 63 months (5 years) and 78 months (six and a half years). They believe this is a “just sentence” for the defendant as that is enough time to rehabilitate him and ensure that he returns promptly to society where he serves more use than in prison. 

On the other hand, the prosecution has proposed that Sam Bankman-Fried get a sentence between 40 and 50 years. They argue that such a sentence will be “sufficiently severe” to deter others from committing such crimes. They also believe that this will be enough to ensure that Bankman-Fried doesn’t get the opportunity to defraud anyone again. 

In the build-up to the sentencing, both parties have also tried to appeal to Judge Kaplan’s emotions. On the defendant’s part, SBF’s lawyers have filed letters from various individuals who have clamored for the Judge to temper justice with mercy. Meanwhile, the prosecution has filed victim impact statements, hoping this will again reaffirm the severity of SBF’s crimes. 

FTX’s CEO Calls Bankman-Fried A Liar

FTX’s CEO, John J. Ray III, addressed a letter to the court on behalf of the creditor victims, seeking to correct “material misstatements and omissions” made by Bankman-Fried in his sentencing submission. One such misstatement was when Sam Bankman-Fried asserted that FTX was solvent when it filed for bankruptcy.

John J. Ray III stated that SBF’s claim is “categorically, callously, and demonstrably false.” He also branded claims that customers’ funds were not lost as a lie. According to him, it is through the efforts of the restructuring team that they were able to recover monies belonging to customers. 

Ray’s statement undoubtedly puts a dent in the plea for leniency in Bankman-Fried’s sentencing. Sam Bankman-Fried’s lawyers had argued that their client should be given a sentence as low as five years since the money belonging to FTX’s customers was never really missing, and they didn’t suffer any loss since they would be repaid.

Bankman-Fried’s sentencing will begin at 9:30 am ET in New York. 

Том Нго: «Обновление Dencun станет основой глобального проникновения Эфириума»

bits.media/ - Thu, 03/28/2024 - 15:09
Генеральный директор инвестиционной компании Metis заявил, что последнее обновление сети Эфириума Dencun может оказать пользу для традиционных финансовых компаний, работающих с криптовалютной индустрией.

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Dune Analytics: Рынок токенизированных казначейских облигаций США превысил $1 млрд

bits.media/ - Thu, 03/28/2024 - 14:03
Цифры информационной панели Dune Analytics демонстрируют, что за последние 11 месяцев инвестиционные фонды вложили в токенизированные облигации казначейства США около $1,1 млрд.

Ripple Vs. SEC Saga: Legal Expert Unravels The “Bigger Argument”

bitcoinist.com - Thu, 03/28/2024 - 14:00

Former founder and chairman of Murphy and McGonigle law firm James A. Murphy, also known as MetaLawMan, has delved into the legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC), offering his perspective on the bigger argument in the case.

Bigger Argument Within The Ripple Vs. SEC Case

James Murphy revealed his insights on the legal dispute in an interview with Scott Melker on the Wolf where he examined the SEC’s damages theory in the case. According to Murphy, Ripple recently had a very lucky break, which he perceives as the bigger argument in the court case.

He then drew attention to a previous ruling by the Second Circuit Court of Appeals, which states that the SEC must prove misconduct by naming actual money-losing victims or something identified as pecuniary harm in order for there to be a disgorgement.

He stated:

The Second Circuit Court of Appeals ruled at the end of last year that in order for there to be a disgorgement, there have to be victims of the frauds, victims of the securities law violation. There has to be something called the pecuniary harm that means actual losses.

However, applying this statement to the SEC’s filing on the damages theory, Murphy asserted that a piece of the filing mentioned the presence of pecuniary harm in XRP sales, but they do not correspond to a single purchase of XRP.

Generally, the SEC’s lawsuit is predicated on the notion that certain buyers of XRP were adversely affected financially because they purchased the product at a lower price than others. 

Consequently, it would be difficult for the court to demonstrate that the proposed $850 million punishment is appropriate in the absence of actual harm evidence. Considering the nature of the case, Murphy believes that the aforementioned figure will be significantly lower when punishment is finally established.

Addressing the concept of disgorgement, Murphy emphasized that in the absence of identifiable victims, the disgorgement that seeks to reimburse those harmed for illegitimate profits becomes unsustainable.

Therefore, there is no $200 million interest since interest triggers a disgorgement. Nonetheless, it is still possible to have a penalty in the absence of victims and disgorgement judgment.

$2 Billion Fine Request By The SEC

It is noteworthy that the SEC has filed a motion asking US Judge Torres Analisa to grant its requested fine of about $2 billion from Ripple as its final judgment against the payment firm.

The regulatory watchdog is requesting $1,950,768,364 in total from Ripple. Specifically, the grant would propel Ripple to pay $876,308,712 in disgorgement and demand a civil penalty of $876,308,712 and prejudgment interest of $198,150,940. 

So far, Ripple Chief Executive Officer (CEO) Brad Garlinghouse has criticized the agency regarding the move. Garlinghouse slammed the SEC, saying that this had never been done before and that he and the firm would keep exposing the Commission to what it is when they respond to the motion.

TRM Labs: Стейблкоин USDT стал самым популярным активом преступников

bits.media/ - Thu, 03/28/2024 - 13:19
Эксперты компании TRM Labs сообщили, что стабильная монета компании Tether стала наиболее популярным средством оплаты при противозаконных сделках с виртуальными активами.

Аналитики: После внедрения цифрового рубля его доля в платежах может превысить 41%

bits.media/ - Thu, 03/28/2024 - 13:11
Эксперты Национального исследовательского университета Высшей школы экономики считают, что после полного внедрения доля цифрового рубля в платежах может составить не менее 41 %.

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