Former FTX CEO Sam Bankman-Fried Found Guilty on All Charges in New York Criminal Trial
In a shocking turn of events, Sam Bankman-Fried, the former CEO of cryptocurrency exchange FTX, has been found guilty on all charges in his criminal trial in New York. The verdict was delivered on Friday, sending shockwaves through the crypto community. The charges against Bankman-Fried include money laundering, fraud, and conspiracy to commit securities fraud.
PayPal Faces SEC Action Related to Its U.S. Dollar-Pegged Stablecoin, PYUSD
Financial services giant PayPal is now facing action from the Securities and Exchange Commission (SEC) regarding its U.S. dollar-pegged stablecoin, PYUSD. The SEC alleges that PayPal violated securities laws by offering PYUSD without registering it as a security. This action signifies the regulatory scrutiny that stablecoins are facing as they continue to gain prominence in the crypto market.
Invesco Galaxy Spot Bitcoin ETF Takes a Step Forward in Its Application Process
The long-awaited Invesco Galaxy spot Bitcoin Exchange-Traded Fund (ETF) has taken a significant step forward in its application process. The ETF has now been registered as a mutual fund with the U.S. Securities and Exchange Commission (SEC). This move brings the ETF one step closer to approval, which could open the doors for institutional investors to gain exposure to Bitcoin.
Swiss Bank St.Galler Kantonalbank Launches Bitcoin and Ether Trading with SEBA
Switzerland’s St.Galler Kantonalbank has made a major move into the cryptocurrency market by launching Bitcoin and Ether trading with SEBA Bank. This partnership will allow customers of St.Galler Kantonalbank to buy, sell, and hold Bitcoin and Ether through the SEBA platform. The move highlights the increasing acceptance and adoption of cryptocurrencies by traditional financial institutions.
Jack Dorsey’s Block Reports $5.62 Billion in Revenue and $44 Million in Bitcoin Profits in Q3
Block, the financial services company co-founded by Twitter CEO Jack Dorsey, has reported impressive financial results for the third quarter. The company generated $5.62 billion in revenue and recorded $44 million in profits from its Bitcoin holdings. This demonstrates the increasing profitability and potential of cryptocurrency-related ventures.
Bitcoin, Ether, and XRP Prices at the End of the Week
As the week comes to a close, Bitcoin, Ether, and XRP have experienced both highs and lows. Bitcoin closed at a price of $65,000, while Ether reached $4,000 and XRP closed at $1. Despite fluctuations, the overall market sentiment remains optimistic, with many investors bullish on the long-term prospects of these cryptocurrencies.
Altcoin Gainers and Losers of the Week
In this week’s altcoin market, there have been notable gainers and losers. Among the gainers are Cardano (ADA), Solana (SOL), and Polkadot (DOT), which have seen substantial price increases and market capitalization growth. On the other hand, altcoins like Shiba Inu (SHIB), Dogecoin (DOGE), and SafeMoon (SAFEMOON) have experienced significant losses, highlighting the volatility and risks associated with investing in these assets.
Memorable Quotations from Prominent Figures in the Crypto Industry
Prominent figures in the crypto industry have made noteworthy statements this week. Danielle Sassoon, an expert analyst, predicts that Bitcoin will reach $100,000 by the end of 2022. Mark Cohen, a renowned investor, advises caution in the volatile market and emphasizes long-term investment strategies. Michael Saylor, CEO of MicroStrategy, reiterates his belief in Bitcoin as the future of money. Danny Yang, the co-founder of blockchain platform TrustVerse, highlights the importance of decentralized finance. Stanley Druckenmiller, a billionaire hedge fund manager, expresses his skepticism towards cryptocurrencies. Lastly, Sam Bankman-Fried, the former FTX CEO, maintains his innocence despite his recent criminal conviction.
Bitcoin Price Predictions for 2024 and Beyond
Crypto analysts and experts have been sharing their predictions for Bitcoin’s future price. While opinions vary, most agree that Bitcoin will continue to rise in value over the next few years. Some foresee a price target of $150,000 by 2024, while others are more conservative, predicting a price range between $80,000 to $100,000. These predictions highlight the continued bullish sentiment surrounding Bitcoin’s long-term growth.
SafeMoon Executive Team Charged with Fraud and Unregistered Securities Sales
The executive team behind SafeMoon, a popular but controversial cryptocurrency, is facing serious legal troubles. They have been charged with fraud and the sale of unregistered securities. SafeMoon gained popularity for its ambitious promises and unique tokenomics, but critics have raised concerns about its transparency and legitimacy. This case emphasizes the importance of conducting due diligence before investing in any cryptocurrency.
Floki and Bitget Teams Accuse Each Other of Market Manipulation
Two prominent cryptocurrency projects, Floki and Bitget, are engaged in a bitter dispute, with both teams accusing each other of market manipulation. The conflict stems from allegations of artificially inflating trading volumes and conducting pump and dump schemes. The accusations highlight the need for transparency and ethical practices within the cryptocurrency industry to maintain investor trust.
Oyster Protocol Founder Sentenced to Four Years in Prison for Tax Evasion
The founder of Oyster Protocol, a decentralized data storage platform, has been sentenced to four years in prison for tax evasion. The individual was found guilty of concealing income earned from cryptocurrency investments and failing to report it to tax authorities. This case serves as a reminder that individuals involved in the crypto space must abide by the same legal and tax obligations as any other industry.
Controversy Surrounding Glitch Artist Patrick Amadon and Polygon’s Sandeep Nailwal’s Rags-to-Riches Story
Controversy has emerged surrounding glitch artist Patrick Amadon and Polygon co-founder Sandeep Nailwal’s rags-to-riches story. A growing number of skeptics are questioning the validity of the narrative, accusing Amadon of fabricating his art career and Nailwal of embellishing his background. This controversy underscores the importance of verifying information and maintaining transparency in the crypto industry.
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