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SBF risks 115 years in jail, Binance’s FUD, and auditors quit crypto: Hodler’s Digest Dec. 11-17
Top Stories This Week FTX founder Sam Bankman-Fried arrested, set to be extradited to US Sam Bankman-Fried was taken into custody by the Royal Bahamas Police Force and is likely to stay there until February, after his application for bail was denied in Bahamian court. A second application for bail has been reportedly filed by SBF in the Supreme Court of the Bahamas. His arrest came after the United States government officially filed criminal charges against him — including eight counts of fraud. If convicted, Bankman-Fried could face 115 years in jail, but legal commentators have told Cointelegraph there is a “lot to play out” in the case. The domino effect resulting from FTX’s meltdown has also impacted the professional lives of Bankman-Fried’s parents, resulting in their courses a...
Sam Bankman-Fried seeks to reverse decision on contesting extradition: Report
Sam Bankman-Fried, former FTX CEO, has reportedly reconsidered his earlier decision to contest extradition and is expected to appear in court in the Bahamas on Dec. 19 to seek a reversal, Reuters reported on Dec. 17 citing a person familiar with the matter. By consenting to extradition, Bankman-Fried would be able to appear in a United States court. He faces charges of conspiracy to commit wire fraud on customers and lenders, securities fraud, commodities fraud, money laundering and conspiracy to defraud the United States and violate the campaign finance law. The move follows the Bankman-Fried’s bail denial on Dec. 13 due to the “risk of flight”. The former CEO’s lawyers argued that SBF does not possess a criminal record and was suffering from depression and i...
Bitvavo to prefund locked DCG assets worth $296.7M amid liquidity crisis
The Digital Currency Group and its affiliates (DCG), which manages $296.7 million (280 million euros) in deposits and digital assets of crypto exchange Bitvavo for off-chain staking services, suspended repayments citing liquidity problems amid the bear market. However, Bitvavo announced to prefund the locked assets, preventing DCG-induced service disruption for users. With users proactively exploring self-custody options as a means to safeguard their funds, an acute liquidity crisis is expected to loom over exchanges. DCG cited liquidity problems as it suspended repayments, temporarily halting users from withdrawing their funds. Bitvavo, on the other hand, decided to prefund the locked assets to ensure that none of its users are exposed to DCG liquidity issues. “The current situation at DC...
Bitcoin still lacks this on-chain signal for BTC bull market — David Puell
Bitcoin (BTC) only needs one more key on-chain signal for a classic bull market to begin, analyst David Puell says. In a tweet on Dec. 17, the Puell Multiple creator argued that the stage is almost set for the end of the BTC price bear market. Puell: Bitcoin network activity “underwhelming” Despite many calling for new BTC/USD lows of $12,000 or less this cycle, not everyone is wholly bearish on the outlook for Bitcoin. For Puell, two essential on-chain phenomena necessary for BTC price recovery are already in evidence. Long-term holders (LTHs) are resisting the urge to sell despite Bitcoin being down over 70% from its last all-time high. At the same time, short-term “speculators” are feeling acute pain from recent price action. As Cointelegraph reported, these “tourists”...
Central Banks to set standards on banks’ crypto exposure – BIS
A global standard for banks’ exposure to crypto assets has been endorsed by the Group of Central Bank Governors and Heads of Supervision (GHOS) of the Bank for International Settlements (BIS). The standard, which sets a limit of 2% on crypto reserves among banks, must be implemented on January 1, 2025, according to an official announcement on Dec. 16. The report, dubbed “Prudential treatment of cryptoasset exposures”, introduces the final standard structure for banks regarding exposure to digital assets, including tonenized traditional assets, stablecoins and unbacked cryptocurrencies, as well as feedback from stakeholders collected in a consultation launched in June. The Basel Committee on Banking Supervision noted the report will soon be incorporated as a new chap...
How to add unlockable content to your NFT collection
After a spectacular run in 2021, almost everyone at least superficially knows what nonfungible tokens (NFTs) are. Although not many people are aware that NFTs constantly get new entrancing functionality and use cases. This article will highlight the role of an exciting feature: unlockable content in NFTs. We will break down for you its advantages and use cases and show how to add unlockables to your NFT collection. What is an NFT? Traditionally, NFTs are described as unique cryptographic digital assets on a blockchain that can be bought and sold online. They could be nearly anything, including digital pictures, songs, videos, in-game items, real estate or even personal genomes. Most notably, NFTs provide advantages for artists, such as decentralization, verification and management of owner...
Corporate America has finally taken notice of Web3 — US trademark lawyer
This year saw an influx of trademark applications filed by various companies looking to get in on the Web3 action. By November, a total of 4,999 trademark applications had been filed in the United States for cryptocurrencies and digital-related goods and services — according to United States Patent and Trademark Office-licensed trademark attorney Mike Kondoudis. Kondoudis believes the future of the Web3 ecosystem looks “bright” and “mainstream adoption is inevitable.” To learn more about the impact of Web3 trademark applications filed on the future of the Web3 ecosystem, Cointelegraph interviewed Kondoudis. Cointelegraph has covered a wide range of trademark application stories in 2022, ranging from luxury brands such as Hermès to car brands like Ford, all making a bid for ...
Kadena CEO Stuart Popejoy on blockchain design: proof of work is a feature, not a flaw
When taking its blockchain public, “there was an adjustment period where we had to learn to love crypto,” Kadena founder and CEO Stuart Popejoy said. The admission sounded more like a technical adjustment than a surge of emotion on his lips, but he added, “The people who participate in your ecosystem really are your network and that is obviously not a very enterprise-y thing, that’s very grassroots.” The merits of private blockchains remain a matter of debate, but Kadena transitioned from a private JPMorgan blockchain in 2016 to a public spinoff in 2020, taking Popejoy, formerly a JPMorgan executive, with it. “There was some innovation in private blockchain for a second, and that kind of represents us.” However, “there was this idea that we needed something […] that could serve busin...
Democrats to reportedly return over $1M of SBF’s funding to FTX victims
Following the arrest of former FTX CEO Sam Bankman-Fried (SBF), three prominent Democratic groups have reportedly decided to return over $1 million to investors that lost their funds due to misappropriation. On Dec. 16, the Democratic National Committee (DNC), the Democratic Senatorial Campaign Committee (DSCC) and the Democratic Congressional Campaign Committee (DCCC) pledged to return SBF’s political donations after the entrepreneur was charged with eight counts of financial crimes. A DNC spokesperson reportedly confirmed this decision when speaking to a media outlet, the Verge: “Given the allegations around potential campaign finance violations by Bankman-Fried, we are setting aside funds in order to return the $815,000 in contributions since 2020. We will return as soon as we receive p...
Metaverse experience to sway real-world travel choices in 2023: Survey
As borders open up following prolonged COVID-induced travel restrictions, the Metaverse, one of the latest sub-crypto ecosystems, is set to help travelers decide on the destinations they want to experience in person, reveals a new survey conducted by Booking.com personally. Popular online travel agency Booking.com surveyed 24,179 respondents across 32 countries, which revealed travelers’ strong interest in virtually exploring destinations as they decide on their itinerary. Out of the lot, people most likely to try out travel experiences in the metaverse were Gen Z (45%) and Millennials (43%). Nearly half, or 43% of the respondents, confirmed their will to use virtual reality to inspire their choices. Among this group, around 4574 participants believe in traveling to new places only after e...
Crypto Stories: Dr. Adam Back shares his life of hacks
It’s been a life of hacks for Dr. Adam Back, the CEO and co-founder of Blockstream. One of the few people quoted on the Bitcoin Whitepaper, hacking highlights of Back’s life are brought to life in the latest animated Crypto Story from Cointelegraph’s video team. [embedded content] Over a game of Jenga in a park, Back told Cointelegraph that he’s always had a “kind of security mindset.” From his days as a student, he tinkered with door codes, pin pads and locks, testing out code and gaining access to places he “wasn’t supposed to have access to.” Back talks through the creation of Hash Cash, one of the early attempts at digital money. He uses the “Birthday collision” as an allegory for hash functions, demonstrating his aptitude to breaking down complex functions into intelligible lang...
Argentina’s province to issue US dollar-pegged stablecoin
The province of San Luis in Argentina approved a legislation allowing the issuance of its own stablecoin pegged to the United States dollar. The token, dubbed the “Activo Digital San Luis de Ahorro”, will be available to all citizens of the province over the age of 18 and 100% collateralized in liquid financial assets of the province. The bill authorizes the province to issue the stablecoin up to 2% of its annual budget. It also stipulates that assets can be transferred between parties, but it does not specify which chain will be used for the transactions. The province of San Luis is home to over 430,000 people. The stablecoin issuance is only one of the initiatives described in the bill called “Financial Innovation for Investment and Social Economic Development”, which a...
