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Lawyers for Sam Bankman-Fried are seeking to instruct the jury that no trust or fiduciary relationship existed between the crypto exchange and its customers, a key part of the prosecution’s fraud case. Bankman-Fried’s Attorneys Question Trust Ties In an addendum to earlier requests, Sam Bankman-Fried ‘s attorneys argue that under English law, which governs FTX’s terms of service, no trust relationship arose between FTX and users. “The Terms of Service do not use the words ‘trust,’ ‘trust property,’ or ‘beneficial interest,'” the filing states. It adds that any language about fiduciary duties expressly disclaims such a relationship. The defense aims to counter the government’s claim that Bankman-Fried “engaged in a scheme to defraud customers” by misappropriating deposits. Prosecutors allege FTX customer funds were improperly diverted to Bankman-Fried’s trading firm Alameda Research. However, according to the defense, “subjective intentions are irrelevant” in determining if a

Terraform Labs and Do Kwon Challenge SEC, Seeking Dismissal of Multi-Billion Dollar Fraud Charges

In the latest legal maneuver, Terraform Labs and its former CEO Do Hyeong Kwon (Do Kwon) have submitted a comprehensive Motion for Summary Judgment, seeking an immediate dismissal of the fraud charges levied against them by the U.S. Securities and Exchange Commission (SEC). Terraform Labs and Do Kwon Push Back Against SEC Accusations Lawyers for Terraform Labs and Do Kwon have challenged the SEC’s accusations , which allege that Kwon and his company orchestrated a multi-billion dollar crypto-asset securities fraud, involving unregistered transactions and a suite of interconnected crypto-assets. The U.S. regulatory body insists that Kwon played a central role in an elaborate scheme, and reportedly manipulated the market to the detriment of investors. Terraform Labs and Kwon, however, have vehemently denied these accusations, asserting their innocence and challenging the SEC’s legal standing and interpretation of the facts. The Motion for Summary Judgment filing argues that the com

Benk On Building A Global Financial ‘Super App’

PRESS RELEASE. Today, it’s exciting to announce the birth of Benk , a pivotal development within the decentralized economy. Benk introduces a secure and user-friendly monetary management system, along with investment prospects in various domains, including startups, stocks, cryptocurrencies, and more. This financial solution is made accessible to a global audience, irrespective of their location. The primary objective lies in onboarding in excess of 500 million users into the decentralized economy, thereby expediting the world’s transition towards a decentralized future. In line with this overarching vision, Benk will serve as a platform for both centralized and decentralized products, fostering an inclusive ecosystem that welcomes all individuals interested in participating in the open financial system. The coined slogan, “ Move Beyond Banking ,” encapsulates the ambition to transcend the confines of traditional banking and establish a comprehensive financial ecosystem. Benk transc

Bankman-Fried’s Memory Fails Him in Court as Prosecution Delves Into Alameda’s Preferential Treatment

Ex-FTX chief Sam Bankman-Fried returned to the witness stand Monday, fielding a barrage of inquiries from the federal prosecutor. The interrogation spanned the better part of the day, with Bankman-Fried often struggling to recollect particular remarks he had uttered and specific instructions he allegedly issued to his quantitative trading firm, Alameda Research. FTX Founder Grapples With Prosecution’s Questions During Tuesday’s cross-examination, Sam Bankman-Fried conceded that his hedge fund, Alameda Research, was privileged to withdraw billions from FTX without facing the threat of liquidation. Matthew Russell Lee of Inner City Press disseminated Bankman-Fried’s testimony via the social media channel X. “Do you deny Alameda had some accounts with the Allow Negative flag?” prosecutor Danielle Sassoon asked Bankman-Fried. “No,” he responded. Sassoon also got the FTX founder to admit that Alameda “could withdraw billions without the risk of being liquidated.” Bankman-Fried concur

SEC’s Spot Bitcoin ETF Approval Looking Like ‘a Done Deal’ in January, Says Bernstein

Global asset management firm Alliancebernstein’s research arm expects the U.S. Securities and Exchange Commission (SEC) to approve its first spot bitcoin exchange-traded fund (ETF) in early January 2024. Noting that the regulator “has been actively responding with edits/comments on the ETF applications,” the firm’s analysts said: “The probability of an approval by the Jan. 10 due date looks highly likely.” Spot Bitcoin ETF Approval ‘Highly Likely’ in January Bernstein Research, a subsidiary of global asset management firm Alliancebernstein, expects the U.S. Securities and Exchange Commission (SEC) to approve its first spot bitcoin exchange-traded fund (ETF) in January next year. A memo from Bernstein Research sent to Thestreetcrypto reads: A bitcoin ETF in early Jan is now looking like a ‘done deal.’ The memo explains that the market was waiting to see if the SEC would “ appeal against the Grayscale verdict.” The largest crypto asset manager, Grayscale Investments, is seeking

US Treasury Deputy Secretary: Crypto Not Major Source of Funding for Terrorists

U.S. Treasury Deputy Secretary Wally Adeyemo says crypto is not the vast majority of the ways terrorist groups are funded, noting that these organizations “continued to use the traditional banking system.” His statements followed media reports claiming that Hamas raised a large sum of money in cryptocurrency. Crypto Not Major Funding Source for Terrorist Groups Wally Adeyemo, United States Deputy Secretary of the Treasury, addressed the role of cryptocurrency in financing terrorist organizations during an interview on Friday with the Royal United Services Institute (RUSI)’s Centre for Financial Crime and Security Studies. Several news outlets, including the Wall Street Journal, recently reported that Hamas raised millions of dollars in crypto. However, blockchain data analytics firm Elliptic clarified that these media reports misrepresented its data, and there is actually no evidence that Hamas has received large volumes of crypto funds. Adeyemo said during Friday’s interview:

Bank of Spain Report: Most Spaniards Don’t Want Digital Euro, 65% Would Not Use It

A recent report issued by the Bank of Spain that inquires about how Spaniards use cash for payments has revealed the low degree of confidence they have in a hypothetical digital euro. 65% of the citizens surveyed reported that they would not use the digital euro as they feel comfortable with the payment options available today. Bank of Spain Report Evidences Cash Preference A recent report of the Bank of Spain has revealed the low preference that an upcoming digital euro, the proposed European central bank digital currency (CBDC), would have compared to other payment alternatives. The report , which studied the evolution of the use of cash by Spaniards, took a representative sample of 1,606 citizens of the general population and 1,616 linked to small stores and hospitality services. Cash is still the most used form of payment for Spaniards, according to the report, with 65% of the Spanish population using cash daily. Credit and debit cards follow while payment apps and electronic p

Crypto Exchanges Face Historic Liquidity Crunch Ahead of Bitcoin Halving

About 60,000 bitcoins valued at just over $2 billion were removed from trading platforms in the past 90 days. The number of bitcoins on centralized exchanges is slightly more than 2 million. A recent report from Falconx says swings in the market have been exacerbated by a persistent lack of liquidity. Crypto Exodus: Over $2 Billion in Bitcoins Pulled from Exchanges in 90 Days The count of bitcoins on centralized exchanges has plummeted to a multi-year low, with a mere 36,000 BTC exceeding the 2 million mark. This starkly contrasts the 2.513 million BTC stashed on trading platforms as of November 5, 2022. Within a span of under a year, exchanges saw a reduction of 477,000 BTC . Fast forward to July 31, 2023, and about 2.096 million bitcoins were held on these trading platforms. This implies that, at current BTC exchange rates, a hefty sum of $2 billion in bitcoins, or 60,000 BTC , has been withdrawn from these platforms. The same can be said about the number of ethereum ( ETH

Deutsche Post Launches Crypto Stamp With AI-Generated Images of Historical Sites

Germans can now order a “crypto stamp” that will feature images of historical buildings rendered by artificial intelligence (AI). The stamp, to be released by Deutsche Post in November, is already available for pre-order and will come in both physical form and as a non-fungible token (NFT). Germany’s First NFT Stamp Shows an AI Interpretation of the Brandenburg Gate in Berlin Deutsche Post, part of the DHL Group and successor to the former state German mail authority Deutsche Bundespost, is preparing to issue an official crypto stamp. It will come as a physical stamp and as a blockchain-based digital version, or NFT. Both the original stamp and access information for the tokenized stamp will be included in a booklet that can be ordered since mid-October, BTC Echo reported. “The offer is very well received and exceeds our expectations,” a spokesperson told the German crypto news outlet. A total of 250,000 copies will be issued, the Deutsche Post representative said, noting that t

Hackers Steal $4.4 Million From 25 Users of Lastpass Password Management App

Digital assets worth approximately $4.4 million were reportedly stolen from more than 80 addresses belonging to 25 users of the password management app Lastpass. Crypto theft investigator Zachxbt has urged crypto asset holders using the password manager to consider removing their keys and passphrases from the app. More Than 80 Addresses Compromised According to the online crypto theft investigator Zachxbt, approximately $4.4 million was stolen from more than 25 individuals using the password manager app Lastpass. The theft, which is said to have occurred on Oct.25, is suspected to be the work of a single threat actor. At the time of writing, more than 80 distinct addresses were compromised. An analysis of the breach published on Chainabuse suggests that the theft may be “related to a larger case that dates back to at least December 2022.” As previously reported by Bitcoin.com News, the password management app’s cloud-based storage environment was breached in August 2022 but Lastp

Vaneck Charts the Course of Solana’s Future With 2030 Valuation Study

Vaneck, a leading digital asset manager, has recently unveiled a study on the network Solana, providing a wide spectrum of SOL valuation scenarios for the year 2030. Authored by Patrick Bush, the senior investment analyst, of digital assets, and Matthew Sigel, the head of digital assets research, the report dives deep into Solana’s potential, presenting a balanced view from base-case to bearish to bullish prospects. Vaneck Research Report Offers Solana Valuation Scenarios for 2030 On October 27, 2023, Vaneck published a report on the Solana (SOL) network, exploring various SOL valuation scenarios for the year 2030. The document authored by Bush and Sigel aims to provide a detailed examination of Solana’s potential future, covering a range of possibilities. The Vaneck study outlines different potential futures for Solana, with predictions ranging from $9.81 to $3,211.28 per SOL by 2030. The forecast considers various market share predictions and revenue estimates across several se

From Venezuela’s 360% to Ghana’s 42%, 10 Countries Worldwide Feel the Sting of Inflation

Drawing upon the latest statistics, ten nations are grappling with inflation rates surpassing 40% as of October 2023, while four countries are enduring inflation rates in excess of 100%. A look into the data curated by the International Monetary Fund’s World Economic Outlook reveals that the Venezuelan bolivar is weathering significant inflation at a rate of 360%, closely followed by the Zimbabwean dollar at a rate of 314.5%. 10 Nations Grapple With Soaring Inflation, Surpassing 40% and Shaking Economies Numerous fiat currencies have faced challenges throughout 2023, resulting in a depreciation when measured against others. In essence, this inflation translates to a diminished capacity to purchase goods and services with the same amount of money, directly linked to decreased purchasing power. Inflation significantly influences consumers, and it equally disrupts businesses, leading numerous companies to collapse. Moreover, hyperinflation is typically characterized by monthly inflat

Economist Peter Schiff Says US Dollar Will Tank — Warns of USD Owners Getting Destroyed

Economist Peter Schiff has warned that the U.S. dollar will tank, taking the U.S. economy and the American standard of living down with it. Noting that everyone who owns U.S. dollars could “get destroyed,” he cautioned: “We are getting very close to a crash in Treasuries. That means the party will finally come to an end. The truth will be laid bare as the day of reckoning arrives with a vengeance.” Peter Schiff on Treasuries Crashing, US Dollar Tanking Economist and gold bug Peter Schiff warned about the state of the U.S. economy and the collapse of the U.S. dollar again this week. “We are getting very close to a crash in Treasuries. That means the party will finally come to an end. The truth will be laid bare as the day of reckoning arrives with a vengeance,” he wrote on social media platform X Wednesday. The economist stressed: The dollar will tank, taking the U.S. economy and the American standard of living down with it. “U.S. Treasuries are now the ultimate risk asset, as l

Mark Cuban Explains What Crypto’s Really About — Says It’s Missing Application ‘Grandma Really Wants to Use’

Mark Cuban, a Shark Tank investor and the owner of the NBA team Dallas Mavericks, has shared what he thinks crypto is really about. “Crypto is still waiting for its Instagram moment,” the billionaire said, noting that “What crypto is missing is that one application that grandma really wants to use.” Mark Cuban Shares What Crypto Needs to Go Mainstream Billionaire Mark Cuban, a Shark Tank star and the owner of the NBA team Dallas Mavericks, answered a number of questions from users on social media platform X during an episode of Wired’s “Tech Support,” broadcast on Wednesday. Some questions were about cryptocurrency and non-fungible tokens (NFTs). Replying to a question about whether he thinks crypto is dead, Cuban promptly said: “No. Hell no.” However, the billionaire added: But I do think crypto has some problems. Number one, most people, when they think crypto, they think speculation. That’s not what crypto’s really about. “Number two, crypto is really about creating new appl

Sky-High Surges to Staggering Losses — Unpacking the Crypto Market’s 300-Day Journey

Year-to-date, the dynamic landscape of crypto data reveals a 106% surge in bitcoin ( BTC ) value against the U.S. dollar. However, it’s noteworthy that it does not clinch the title of the top performer in this period. A closer look at the metrics since the dawn of the year illuminates the impressive rise of several cryptocurrencies eclipsing the 700% mark against the greenback. Meanwhile, a selection of these digital assets has experienced a staggering loss, plummeting over 60% in value within the fiscal year’s framework. Outshining Bitcoin: The Altcoins That Soared Beyond 700% in 2023 A journey through the last 300 days since January 1, 2023, unveils the volatile performance of various digital currencies against the U.S. dollar. While bitcoin (BTC) has experienced a commendable 106% increase, other tokens like aptos (APT) and chainlink (LINK) have also basked in the glory of gains surpassing 100%. Nevertheless, it’s crucial to highlight that 26 other cryptocurrencies have outsho

From Airbnb to Bahamas Elite — Bankman-Fried Testifies About FTX’s Operations and Alameda