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The U.S. Southern District Court of New York unsealed an indictment related to the case against the founder of crypto exchange FTX, Sam Bankman Fried (SBF). The document revealed four new charges presented against the former crypto executive.
These charges include illegal political donations, bank fraud, conspiracy to commit bank fraud, and more. The new charges add to the eight allegations previously presented by the state and the potential for a life in prison sentence if SBF is found guilty.
Charles Hoskinson, co-founder of the blockchain network Cardano, is interested in purchasing CoinDesk, DCG’s media arm, despite the company’s current difficulties.
According to Yahoo! Finance, Hoskinson’s reasoning as to why he has shown strong interest in buying up DCG’s media unit is that he believes journalism integrity should be restored. The Cardano co-founder’s interest was made known after CoinDesk announced its exploration of a possible sale.
Hoskinson disclosed in a video livestream in the U.S., last week:
“My interest on the media side is more broad… I would like to figure out how to get to journalistic integrity again.”
Digital Currency Group (DCG), the parent firm of struggling cryptocurrency lender Genesis, is liquidating some of its holdings. Tron founder and Chinese crypto entrepreneur Justin Sun is prepared to invest $ 1 billion to acquire the network.
In a recent interview with Reuters, Sun – the founder of Tron – said, “Depending on DCG’s assessment of the situation,” he would be willing to spend up to $ 1 billion on the Digital Currency Group’s holdings.
Genesis is a part of DCG, and its clients are owed about $ 3 billion. The company’s lending arm stopped withdrawals on November 16, citing “extreme market dislocation.” This happened after the cryptocurrency exchange FTX filed for bankruptcy.
The DCG and Genesis debacle continue to wax strong and Grayscale Bitcoin Trust has taken some of the heat from this. The majority of the concerns have been raised around the ability of Digital Currency Group to be able to repay its debt to Genesis, which owes creditors a significant amount of money. Now, co-founder of bankrupt crypto hedge fund 3AC Su Zhu has joined the conversation and his predictions could adversely impact Grayscale.
Cameron Winklevoss, a co-founder at crypto exchange Gemini, released an open letter for Barry Silbert, founder, and CEO of Digital Currency Group (DCG). The parent company of Grayscale and crypto lender Genesis, Winklevoss, called out his partner on the situation that is putting thousands of customers in financial distress.
Bitcoinist reported that Gemini’s Earn product halted operations following Genesis’ liquidity crunch. The company was impacted by FTX and had been attempting to raise capital to resume its operations. In the meantime, customers’ funds are stuck in both Genesis and Gemini’s Earn.
FTX founder and former CEO Sam Bankman Fried (SBF) had his first appearance in court following his extradition from the Bahamas. According to several reports, SBF was granted bail and will be able to live with his parents, the two U.S. Ivy League compliance lawyers, in Palo Alto, California.
The former FTX CEO was presented in front of a Manhattan court. Here, a federal judge allowed his release where SBF met highly restrictive conditions, such as a $ 250 million bail and mandatory residency with his parents, Joseph Bankman and Barbara Fried, both law teachers at Stanford.
The accelerator helps connect founders with potential investors.
CoinDesk
With the crypto market suffering massive losses this week, there has been more concern about the future of the space. This is not just limited to the price of the digital assets in the market, but rather the collapse of multiple big players in crypto such as Terra in May and now the FTX crypto exchange. However, not everyone is frazzled by recent events and one of those is Cardano founder Charles Hoskinson.
The Bitcoin Magazine Art Gallery will serve as the Bitcoin world’s preeminent exhibition space for established and emerging artists.
Nashville, TN. — Bitcoin Magazine has unveiled the Bitcoin Magazine Art Gallery (BMAG), a display space and storefront featuring a jail cell exhibit dedicated to Bitcoin pioneer Ross Ulbricht, who faces a double life sentence plus 40 years for his role in founding the darknet marketplace Silk Road. The location will serve as an outlet for Bitcoin-related clothing, hardware and the print edition of Bitcoin Magazine, while the art gallery will feature exclusive visuals from the leading creatives in the Bitcoin space as well as new artists to showcase their work.
Meme coins have fallen into a certain level of obscurity since the bear market began. It is an effect of the market-wide decline in interest in all things cryptocurrencies since prices of digital assets are down more than 70% from their all-time highs. However, it seems that meme coins are not yet completely out of the game. A tweet from Ethereum founder Vitalik Buterin has triggered the creation of a meme coin that is finding much success in the market.
THE Protocol Steps Up
Terra founder Do Kwon has been under fire from authorities since the network crashed earlier in 2022. Kwon who has now been asked to turn in his passport or have it rendered invalid has said he is not on the run. The founder has also denied all allegations that he has been trying to cash out bitcoin from the LUNA Foundation Guard treasury. While that might be true, more information has emerged that the Terra founder might be indeed cashing out funds, just not with bitcoin.
Not Cashing Out With Bitcoin
The Cardano network has always been a fierce competitor for the Ethereum network. Naturally, this has translated into a prolonged rivalry between the communities of the two blockchains. This time around, though, Cardano founder Charles Hoskinson has also joined in on the banter between the two communities, coming directly from the Ethereum community and the developers who work on the blockchain.
Cardano Founder Addressing The Ethereum Community
The last week has been one filled with activity for the founders of the now-defunct Terra network. From arrest warrants to accusations of evasion, Do Kwon and others have been in the thick of it recently. In the most recent development, the South Korean authorities have come for the founder once more over his most recent statements.
Do Kwon Is On The Run
According to a report from a local news media, law enforcement agencies in South Korea issued an arrest warrant against LUNA Founder and Terraform Labs CEO Kwon Do-Hyeong also known as Do Kwon. The founder has been under authorities’ radar since the collapse of the Terra ecosystem in May 2022.
The arrest warrant was issued by the Seoul Southern District Prosecutor’s Office’s Financial and Securities Crime Unit, which is under the direction of Dan Seong-Han, the report claims. This institution has been investigating the LUNA Founder with its Financial Investigation Division and five prosecutors.
Tornado Cash is a crypto mixer that recently came under sanction from the United States government. The reasoning given for this was the fact that it was a protocol used by criminals to hide the origins of their funds. Most notably used by South Korean hackers who have stolen millions of dollars in hacks over the last few years.
It was recently made public that the Dutch authorities had apprehended a man who was believed to be one of the developers of Tornado Cash. As the case carries on, some have spoken out in defense of the developers, and one of those is Cardano founder Charles Hoskinson.
The crypto market has shed more than $ 2 trillion of its value since November last year. As a safeguard against the market’s heightened volatility, a number of investors and traders opted to remain in the backseat.
However, the industry is being led by the founder of a Hong Kong-headquartered game software company and venture capital firm.
Yat Sui, the executive chairman of Animoca Brands, has revealed that the company is building a portfolio of 340 firms in the social media, gaming, and finance industries in order to grant consumers full control of their digital assets.
The latest price moves in bitcoin (BTC) and crypto markets in context for August 12, 2022.
CoinDesk
The Cardano Vasil hard fork has now experienced its second delay in the last two months. This upgrade is important to the network’s growth, and as always, Cardano developers continue to stay true to form by only shipping out safe products. The second delay was announced at the end of July, and founder Charles Hoskinson has made a video explaining what was behind the delay and what is expected for Vasil hard fork going forward.
Delay Was Caused By Bugs
OneCoin founder Ruja Ignatova has earned a spot on the Federal Bureau of Investigation’s Ten Most Wanted Fugitives list for her role in allegedly defrauding investors of more than $ 4 billion.
CoinDesk
