London, United Kingdom, October 27th, 2023, Chainwire
Roobet, the pioneering entertainment company and next-generation crypto brand, is thrilled to announce its official launch in the Japanese market.
This exciting expansion coincides with the highly anticipated season opening of the Nippon Professional Baseball League (NPB) on October 28. As the season kicks off, Roobet is ready to bring a fresh wave of innovation and excitement to Japanese sports and esports enthusiasts.
To celebrate, Roobet is hosting a $1,000,000 Pick’em contest on Roobet Picks, the company’s free-to-play platform. Baseball and esports fans can participate to test their sports knowledge, make predictions, and compete for life-changing prizes – at no cost, other than perhaps a bruised ego.
The Roobet brand has a proven commitment to fostering crypto and web3 innovations, curating a strong sense of community empowered by competitive connections, and leveraging cutting-edge technologies to make experiences seamless and fun. Roobet.fun, as a pillar brand, exemplifies this mission by providing a player-centric, free-to-play experience on an immersive and secure platform.
A Roobet spokesperson stated: “We couldn’t be more excited to bring Roobet to Japan! Japan has a rich gaming and esports culture, and we’re here to pioneer completely new ways for Japanese fans to engage with their favorite sports and esports. Our $1,000,000 Pick’em contest is just the beginning of what we have in store for our friends all across the world – get ready!”
The million-dollar Pick’em contest is set to become a highlight in the Japanese gaming calendar, but Roobet Picks has more to offer – with a wide array of predictor quizzes covering various competitive sports globally, including the Nippon Professional Baseball League (NPB), the US’ National Football League (NFL), Ultimate Fighting Championship (UFC), boxing, the English Premier League (EPL), and esports such as the Roobet Cup and a Daily Game, with more leagues and competitions to be added soon.
With Roobet.fun catering to those trying out crypto or simply enjoying free-to-play games, and Roobet.com continuing its industry-leading innovation in the crypto gaming space, the Roobet brand is redefining the entertainment landscape and leading the way in inclusive and creator-led gaming.
ABOUT ROOBET
Roobet is creating a space for every type of gamer. What started as a haven for crypto enthusiasts has hit the mainstream: with over 300M views on TikTok, the drumbeat from Gen Z and Millennials is building – Roobet is a brand “for the internet, by the internet.”
Roobet.fun catering to those trying out crypto or simply enjoying free-to-play games, and Roobet.com continuing its industry-leading innovation in the crypto casino space, the Roobet brand is redefining the entertainment landscape and leading the way in inclusive and creator-led gaming.
*Roobet.fun is available in Japan and worldwide except the United Kingdom, Australia, North Korea, Ukraine, Romania, Serbia, India, Philippines, Malta, and Iran, and in all US states and territories except Kentucky, Florida, New York, Washington and Nevada.
Contact
Roobet
[email protected]
London, United Kingdom, October 26th, 2023, Chainwire
XETA Genesis is a DeFi platform that has been delivering monthly returns of up to 20% to investors in a year.
XETA Genesis was launched as XETA Capital in July 2022, under the leadership of Gavin Minty and the X user known as @Shotime2kX. The project has built a community of around 15,000 followers on X and 2,000 members on Discord since its inception.
The consistent performance of XETA Genesis can be attributed to high-frequency trading algorithms. The project applies it across a diverse spectrum of financial markets – forex, gold futures, gold ETFs, and other precious metals.
Using DeFi, XETA Genesis makes the fertile opportunities in TradFi accessible to the masses. It enables them to leverage the technical expertise and resources of the project for affordable investments.
According to the team, the company has generated over $44 million for investors using its nuanced technical expertise. The average monthly return rate is much higher than the industry standard at 20%. There is a wide range of investment options, beginning with an accessible entry point of $250 to $250,000+.
Users can withdraw their returns on the platform every 28 days (XETA cycle). The XETA Genesis dashboard allows real-time monitoring of investments and returns.
Genesis Accounts vs. Genesis Pools
Users can join the ecosystem via Genesis accounts or Genesis pools on Avalanche or Ethereum. Since conventional cryptocurrencies are susceptible to market volatility, XETA Genesis uses the stablecoin USDC as the mode of deposits and withdrawals.
XETA Genesis Accounts
Genesis accounts are designed for small-scale investors. It offers various membership tiers with costs ranging from $250, $500, and $1,000 in USDC.
The potential returns from XETA Genesis account holders can range up to 20% within each 28-day cycle. Investors can make withdrawals at the conclusion of each XETA cycle. All XETA Genesis accounts will expire after a one-year duration.
If investors would like to continue earning returns, they must renew their membership by making a new deposit. All Genesis accounts entail a $25 monthly maintenance fee and a 2.5% withdrawal fee. It is important to note that principal amounts from Genesis accounts cannot be withdrawn.
The company announced it will close users account and forfeit their balance if the monthly membership fees go unpaid.
For example, a XETA Genesis Account with a $1,000 USDC deposit has the potential to yield a 100% return on investment within a year (at a 20% monthly ROI), even after accounting for withdrawal and maintenance fees.
XETA Genesis Pools
XETA Genesis pools provide an alternative way to earn returns through the platform and are part of the XETA Fund (XF). Better suited for medium to large-scale investors, they offer different tiers of investment.
$10,000 – Offers up to 5% monthly returns.
$50,000 – Provides up to 10% monthly returns.
$100,000 – Yields up to 15% monthly returns.
$250,000 – Promises up to 20% monthly returns.
Genesis pools charge a monthly management fee (2.5% of the principal balance) and withdrawal fees. Users have the flexibility to withdraw their principal with Genesis pools.
If a user deposits $10,000 into a XETA Genesis pool and let their 5% returns compound over a year without any withdrawals for the next 12 months, the balance would be approximately $16,000 at the end of that period.
Wrapping Up
Both Genesis accounts and Genesis pools offer various opportunities this year. The choice between the two ultimately comes down to user’s financial situation and risk tolerance.
If users wish to delve deeper into the project, there’s also the option to schedule a consultation with a member of the XETA team.
About Xeta Genesis
XETA Genesis is a project from XETA Ltd, which is headquartered in Belize. Leaders Gavin Minty and @Shotime2kX frequently show up on YouTube videos and address any doubts and questions the community may have. Additionally, users can engage with Discord coordinators around the clock. XETA Genesis has positive testimonials on its official Discord group.
As one of the most lucrative platforms that make high-frequency trading accessible to retail investors, XETA offers a compelling investment opportunity this year. Integrating USDC stablecoin as its currency, the platform provides a degree of insulation against broader market fluctuations.
Users are welcomed to Visit Xeta Genesis Website
Disclaimer:
Like all investments, XETA Genesis comes with risks. So it is important to not allocate more funds than you can afford to lose.
Contact
Xeta Genesis
[email protected]
Nym Technologies, a leading blockchain privacy firm, is taking a bold step forward in bolstering the security-focused infrastructure of the decentralized internet.
The company recently unveiled the Nym Innovation Fund, a substantial $300 million funding initiative with the primary goal of providing financial backing to projects dedicated to enhancing privacy within the Web3 ecosystem.
This ambitious endeavor has attracted investment from prominent venture capitalists like Polychain, KR1, Huobi Incubator, and Eden Block.
Their collaboration with Nym Technologies underscores the industry’s recognition of the critical importance of privacy in preserving the integrity of a decentralized internet and avoiding the pitfalls associated with the previous Web2 generation.
Harry Halpin, co-founder, and CEO of Nym Technologies, emphasized the central role of privacy in safeguarding the decentralized internet against censorship and other threats.
He expressed his optimism, stating, “This program will ensure the health of the privacy ecosystem but it will also advance the Web3 industry as a whole, providing mentorship and funding during this difficult macroeconomic climate.”
Halpin further revealed that prospective projects seeking funding would be considered both by Nym’s fund and its venture capital partners.
The selection process will involve Nym reviewing the applications and then presenting suitable candidates to the investors, who will decide the amount of funding to allocate.
READ MORE: Ripple’s Legal Victory: Slim Odds for SEC’s Appeal in Ongoing Lawsuit
The Nym Innovation Fund is slated to kick off in November 2023, with an initial focus on projects related to Web3 wallets and applications designed to store private keys and manage access to decentralized applications (DApps).
Additionally, the fund aims to support remote procedure call (RPC) protocols capable of interacting with blockchain networks and facilitating transactions for DApps.
Furthermore, it will provide backing to public good services, including essential resources, tools, infrastructure, and open-source projects.
Complementing the Innovation Fund is the launch of the Nym Grants program.
This initiative will extend additional funding opportunities to developers, offering mentorship, marketing support, community engagement, and operational guidance.
Lior Messika, managing partner at Eden Block, emphasized their commitment to supporting builders and entrepreneurs within the Nym ecosystem.
He highlighted the significance of Nym’s core technology in enabling various applications and privacy use cases, reaffirming Eden Block’s dedication to supporting the fund’s mission.
The Nym Innovation Fund and Nym Grants program share a common mission: prioritizing projects and services that enhance user privacy, promote open-source collaboration, and engage the community in shaping the future of a more secure and private Web3 ecosystem.
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The market for FTX creditor claims is experiencing a surge in activity, with some claims now fetching prices exceeding 50 cents on the dollar.
Thomas Braziel, a partner at 117 Partners, a firm specializing in crypto bankruptcy claims, revealed this development.
He disclosed that a recent claim worth over $20 million was sold for between 52 and 53 cents at an auction held on October 20th.
However, Braziel pointed out that only the highest-quality claims command such prices.
Smaller claims in the range of $500,000 to $800,000 and above have also seen an uptick in value, trading between 30 and 40 cents.
Again, Braziel emphasized that these prices are reserved for the most pristine claims with the right buyer.
The increase in the value of creditor claims appears to be tied to recent clawback efforts by the bankrupt crypto exchange and capital-raising activities of a company in which it had invested.
In April 2022, Anthropic secured $580 million in a Series B funding round led by Sam Bankman-Fried, the former CEO of the now-defunct FTX.
Subsequently, Amazon announced a $4 billion investment in Anthropic on September 25th, potentially valuing the company at $30 billion.
This development could have a positive impact on FTX creditors, potentially making them whole.
READ MORE:Bitcoin Rockets to $30,000 Amidst Strong Market Sentiment
Despite the growing enthusiasm for FTX claims, Braziel cautioned that certain concerns, particularly related to KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance, still needed to be addressed.
However, the overall trend of increasing claim valuations bodes well for creditors.
Braziel highlighted the significance of a settlement and plan support announced by the ad hoc committee of non-U.S. FTX customers on October 18th.
A key component of this amended support plan is the “shortfall claim,” which estimates that customers of FTX.com and FTX US would collectively receive 90% of distributable assets, with an estimated value of approximately $8.9 billion for FTX.com and $166 million for FTX US.
This development is particularly beneficial for trading firms seeking to sell their claims.
Since filing for Chapter 11 bankruptcy protection on November 11, 2022, the FTX Debtors’ estate, led by new CEO John Ray III, has undertaken various measures to recover lost assets.
These measures include selling FTX holdings and initiating significant clawbacks from other crypto firms and former-FTX seigniorage.
The market for FTX creditor claims is evolving rapidly, offering both challenges and opportunities for stakeholders in the crypto landscape.
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A recent report by blockchain research firm Chainalysis suggests that the United States government’s regulatory oversight over the stablecoin market may be slipping away.
In their latest North America cryptocurrency report released on October 23, Chainalysis highlights a growing trend of stablecoin activity taking place outside the purview of U.S. regulatory authorities.
According to Chainalysis’ findings, there has been a significant shift in stablecoin inflows away from U.S.-licensed entities towards non-U.S.-licensed ones since the spring of 2023.
Specifically, as of June 2023, approximately 55% of stablecoin inflows into the top 50 cryptocurrency services were directed to non-U.S.-licensed exchanges.
This shift in stablecoin activity raises concerns about the diminishing ability of the U.S. government to effectively regulate the stablecoin market.
Concurrently, it means that U.S. consumers may be missing out on opportunities to engage with regulated stablecoins that offer greater protection and oversight.
Chainalysis notes that while U.S. entities played a pivotal role in legitimizing and nurturing the stablecoin market, an increasing number of cryptocurrency users are now conducting stablecoin-related activities through trading platforms and issuers headquartered abroad.
READ MORE:Cryptocurrency Lawyer John Deaton Questions Lightning Network’s Security Amidst Growing Concerns
This shift comes as U.S. lawmakers grapple with the complexities of regulating stablecoins.
Congress is still considering various bills, such as the Clarity for Payment Stablecoins Act and the Responsible Financial Innovation Act, without clear and finalized regulatory frameworks in place.
Despite the decline in licensed stablecoin activity within the United States, North America has become the largest cryptocurrency market.
Between July 2022 and June 2023, the region attracted an estimated $1.2 trillion in cryptocurrency transactions, representing 24.4% of the global transaction volume during this period.
This surge in North American cryptocurrency activity has surpassed the transaction volumes of Central, Northern, and Western Europe, which collectively received approximately $1 trillion.
In conclusion, the Chainalysis report highlights the shifting landscape of the stablecoin market, with regulatory oversight in the United States facing challenges as activity increasingly moves abroad.
It underscores the need for clear and effective regulations to ensure both consumer protection and the continued growth of the cryptocurrency industry in the United States.
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Worldcoin, the cryptocurrency project known for its innovative use of eye-scanning technology, is making significant changes to its payment system for Orb Operators.
These operators, responsible for scanning people’s irises in exchange for Worldcoin (WLD) tokens, will no longer be compensated in USD Coin (USDC) starting next month, according to an announcement made on October 22.
This shift will impact most regions where the project operates.
Worldcoin views this transition as a crucial phase in its development, following its official launch on July 24.
A pilot program initiated by the Worldcoin Foundation on October 10 already began granting selected operators payment in WLD tokens, and it aims to complete this transition process by November 2023.
Notably, Worldcoin tokens are currently unavailable to individuals and companies residing in the United States and certain other restricted territories.
Data from Worldcoin’s official Dune Analytics dashboard reveals that the supply of WLD tokens has increased from approximately 100 million at launch to around 134 million at the time of this announcement.
READ MORE: Bitcoin Rockets to $30,000 Amidst Strong Market Sentiment
Out of the 134 million WLD tokens issued, 100 million were allocated as loans to market makers, while the remaining 34 million were distributed to Orb operators and new users through free user grants.
Five market-making entities received the initial 100 million WLD loans, originally set to expire on October 24, 2023.
However, Worldcoin has decided to extend the loan expiration date to December 15, reducing the amount to 75 million WLD.
The announcement states that market makers will either return or purchase the remaining 25 million WLD tokens as part of the agreement.
Worldcoin’s native WLD token experienced a rollercoaster ride in its price since its launch.
After reaching an all-time high of $2.65 on July 27, it witnessed a 63% drop, hitting as low as $0.97 on September 13.
As of now, the token is trading at $1.64, marking a slight recovery in recent weeks, as per TradingView data.
These developments mark a significant evolution in Worldcoin’s strategy as it continues to develop its cryptocurrency ecosystem.
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Hong Kong, Hong Kong, October 24th, 2023, Chainwire
Fulcrom Finance, the largest perpetual trading protocol on the Cronos blockchain, incubated by Cronos Labs, announced a major multi-chain upgrade, expanding its platform to the zkSync Era layer-2 protocol. In less than a week following the launch, Fulcrom Finance grew to become one of the top decentralized applications on zkSync Era in terms of total value locked.
Fulcrom Finance has emerged as the leading perpetual exchange on Cronos for pro traders since its initial launch in Feb. 2023, with its focus on low slippage, minimal fees and 75x leverage. It has been hugely successful, accruing a total trading volume of more than $500 million.
To accelerate its growth and support its existing community of stakers, Fulcrom announced its expansion to zkSync Era on Oct. 5. Rather than launch a separate protocol, Fulcrom bridged 2.4 billion $FUL tokens from Cronos to zkSync Era to support its presence there – a move that will benefit users on both chains. zkSync Era is a layer-2 protocol that scales Ethereum with cutting-edge zero-knowledge technology to preserve its foundational values of freedom, self-sovereignty, and decentralization. It aims to achieve hyper-scalability, security, UX, and community ownership, and has been backed by more than 200 projects.
Fulcrom’s decision to collaborate with zkSync Era is the vision of a multi-chain future which is shared by Cronos and Fulcrom. The move will help to reshape the derivatives trading landscape by creating unprecedented opportunities for traders. By launching on zkSync Era, Fulcrom will accelerate value accrual for $FUL token holders. As it grows its user base beyond Cronos, $FUL stakers on both blockchains will benefit from the influx of trading activity.
The integration with zkSync Era has hit the ground running, as Fulcrom rose rapidly to become one of the top dApps on the platform in TVL (with more than $750K assets under management) within just five days of its launch. The launch has increased Fulcrom’s trading volume on both platforms to over $500 million, while there has been a 36% increase in the number of unique active wallets interacting with the protocol in the last 30 days. One of the key reasons for Fulcrom’s flying start is its partnership with Syncswap, the top DEX on zkSync Era, enabling it to access the liquidity of that platform.
To celebrate its launch on zkSync Era, Fulcrom has announced the creation of a $100k rewards pool that will be distributed to traders between now and Jan. 5 2024, based on their trading volume.
“Fulcrom Finance shares the same foundational values of freedom, self-sovereignty and decentralization with zkSync Era, and is committed to leveraging ZK-proofs to increase user privacy and enhance speed and scalability. By bridging a significant portion of $FUL tokens, Fulcrom will grow its trading volume and significantly increase the rewards generated by token holders on both Cronos and zkSync Era,” said Martin Alastair, Product Lead at Fulcrom Finance.
In recent weeks, Fulcrom’s platform has matured to attain parity with the industry’s leading DeFi protocols. Today’s announcement comes hot on the heels of last month’s launch of TradeSquare, a new social trading feature that allows users to discover the top traders on its platform and follow their trades.
About Fulcrom Finance
Fulcrom Finance is a decentralized perpetual exchange on Cronos and zkSync Era that allows users to trade leveraged positions with up to 75x leverage, low fees, and zero price impact, whilst having the peace of mind that all trades and collateral are stored transparently on-chain.
Fulcrom Finance is incubated by Cronos Labs – the Web3 startup accelerator that helps builders to create user-friendly applications on the Cronos blockchain and to drive mainstream adoption of Web3.
About Cronos
Cronos (cronos.org) is the leading Ethereum-compatible layer 1 blockchain network built on the Cosmos SDK, supported by Crypto.com and more than 500 app developers and partners. Today, the #CROfam ecosystem represents an addressable user base of more than 80 million people worldwide. Our mission is to make it easy and safe for the next billion crypto users to adopt Web3, with a focus on decentralized applications in the DeFi, NFTs and GameFi verticals.
Shortly after launch in 2021, Cronos achieved a top 10 position amongst all chains by TVL. It is home to more than 1 million users and 500+ dApps.
Transaction fees are paid in Cronos ($CRO), a blue chip cryptocurrency.
The Cronos ecosystem is supported by Cronos Labs, the start-up accelerator of Cronos chain.
Contact
Avishay Litani
MarketAcross
[email protected]
Birkirkara, Malta, October 24th, 2023, Chainwire
UTIX, the blockchain-based e-ticketing platform that provides event organizers across the globe with the ability to sell online tickets, has announced its native $UTIX cryptocurrency reward token will be available to buy and sell on the BitMart exchange from October 31.
The UTIX platform is a software-as-a-service offering that provides comprehensive and highly customizable e-ticketing solutions to event organizers. It’s built atop of the Ethereum blockchain network, which enables it to utilize smart contracts to monitor and control the sale of tickets via its e-ticketing ecosystem. UTIX generates revenue by charging small fees on each ticket sold, meaning its platform is completely free for event organizers to use.
The main purpose of the $UTX ERC-20 loyalty token is to reward consumers for their continuous use of the UTIX platform and encourage them to come back again and again. By earning $UTX every time they purchase e-tickets via UTIX, users can obtain discounts on future events listed on the platform. In this way, $UTX loyalty rewards give event organizers a compelling incentive that entices users to purchase tickets for their events. UTIX has also registered its Whitepaper with the MFSA (Malta Financial Services Authority) and became one of only 3 digital assets in the world with this level of regulation.
With the UTIX platform, event organizers have a seamless way to implement smart contracts that control numerous variables pertaining to each ticket sold. In addition to its ease of use, the UTIX platform allows sellers to control the secondary market price for e-ticket sales, preventing touts from buying up multiple tickets and passing them on at a huge markup. And because it leverages blockchain’s immutability, UTIX helps to combat fraud by minimizing the possibility of counterfeit tickets being sold.
Most importantly, the capabilities of UTIX are wrapped around a simple user interface, meaning that neither the event organizers nor end users will be aware they’re interacting with a blockchain platform. In this way, it provides all of the benefits of a blockchain-based ticketing platform, without any of the complexity.
The listing of $UTX on BitMart is a big milestone that increases the token’s utility, enabling users to cash in on their loyalty rewards, in addition to using them for discounted tickets. The event is also expected to garner more publicity for the UTIX platform.
“We’re thrilled to announce the first listing of our $UTX token, which holds the distinction of being the world’s first MFSA-regulated digital asset. As we scale UTIX to become the dominant platform in the broken e-ticketing market, the listing will increase exposure to the project and $UTIX’s novel utility. BitMart’s massive user base will bring more liquidity to the market and greater value to our community,” said Max Mayhew, Managing Director of UTIX.
BitMart is a leading global digital asset trading platform that counts more than 2 million users worldwide. Ranked as one of the world’s top cryptocurrency exchanges in both user count and trading volume, it will add support for $UTX/$USDT and $UTX/$BTC trading pairs on Oct. 31, providing greater exposure to the UTIX ecosystem.
“BitMart is proud to become the first major global cryptocurrency exchange to list the $UTX loyalty rewards token. UTIX’s mission to bring new efficiencies to the online ticketing industry is a transformative one that showcases yet another promising use case for blockchain. With $UTIX now available to trade on our platform, it’s a project that’s rapidly approaching maturity,” said a BitMart representative in a statement.
About UTIX
UTIX is a blockchain-based online e-ticketing platform that enables event organizers across the world to sell online tickets with minimal hassle and greater control. Powered by Ethereum, UTIX aims to eliminate the efficiencies associated with legacy e-ticketing platforms through the use of smart contracts.
Users and event organizers will be unaware they are using the blockchain, yet by harnessing its unique capabilities, UTIX allows full control of event-specific variables that would otherwise be impossible. In addition to eliminating the threat of counterfeits, UTIX provides a way to set the secondary market price for e-tickets, permanently solving the problem of ticket touts who routinely try to sell tickets at a massive markup.
Contact
Avishay Litani
[email protected]
FTX users have fallen victim to a withdrawal scam that has raised concerns within the community.
Sunil, a prominent advocate for FTX creditors, sounded the alarm on Twitter, cautioning FTX account holders to be wary of a phishing scam and advising them against clicking on suspicious links.
This incident sheds light on the ever-evolving tactics employed by online scammers to exploit unsuspecting victims.
Reports from FTX users have revealed that they received deceptive emails supposedly originating from FTX Trading, West Realm Shires Services, and FTX EU.
These fraudulent emails falsely promise FTX creditors an exclusive opportunity for immediate asset withdrawals, circumventing waiting periods and legal proceedings. One such email read:
“We are excited to offer the valued priority clients of FTX Trading Ltd., West Realm Shires Services Inc., and FTX EU Ltd., a special opportunity starting today, Oct. 20, 2023.
As a priority client, you can now undergo the withdrawal process for your assets on the FTX platform and deposit them directly into your wallet, eliminating any waiting period and court outcomes.”
These deceptive emails specifically target users who are eager to withdraw their assets amidst the ongoing legal disputes involving Sam Bankman-Fried, the former CEO of the exchange.
]This timing plays into the hands of scammers looking to capitalize on the uncertainty and impatience of FTX users involved in these disputes.
Notably, this scam emerged shortly after FTX creditors achieved a significant milestone by announcing the resolution of customer property disputes.
Pending approval from a bankruptcy court, the revised plan holds the promise of substantial relief for FTX’s global customer base.
According to the proposed plan, customers would be entitled to receive over 90% of the distributable value, potentially offering a much-needed reprieve for those affected by the exchange’s troubles.
In conclusion, FTX users are currently facing a withdrawal scam that preys on their eagerness to access their assets amidst ongoing legal complications.
It is essential for FTX account holders to exercise caution, avoid clicking on suspicious links, and verify the authenticity of any communication they receive from the exchange to protect themselves from falling victim to these malicious schemes.
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In a recent court testimony on October 19, former FTX CEO Sam Bankman-Fried was alleged to have instructed his former general counsel, Can Sun, to find a legal explanation for the glaring $8 billion discrepancy in Alameda Research’s financial records.
Sun, who had flown from Japan as part of a non-prosecution agreement with the United States Department of Justice, disclosed this startling information during the ongoing trial.
Sun revealed that he became aware of the substantial financial hole between the two companies on November 7, when he received a spreadsheet detailing the debt.
He expressed his astonishment to the jurors, saying, “I was shocked.” The spreadsheet was initially intended for asset manager Apollo Capital, as FTX was seeking new funding during the tumultuous financial period of early November.
When Apollo Capital inquired about the $8 billion discrepancy, Bankman-Fried reportedly urged Sun to “come up with a legal justification.”
During his testimony, Sun admitted that he had explored various legal options, such as dormancy fees and collateral liquidations during the market downturn.
However, the missing funds were too substantial to be easily explained away. Moreover, FTX’s terms of service explicitly stated that users’ funds were not the property of FTX Trading.
This further complicated efforts to justify the discrepancy.
READ MORE: Ripple Fuels Speculation of Potential IPO Amidst Legal Battles
Sun claimed that Bankman-Fried appeared unfazed by the situation, while former engineering director Nishad Singh seemed deeply troubled by it.
On the same day, Sun learned from Singh about Alameda’s $65 billion line of credit with FTX. Following this revelation, Sun resigned from his position at the exchange, more than a year after joining.
During his tenure at FTX, Sun had relied on Bankman-Fried’s assurances that user funds were segregated, and he had produced legal documents for FTX while responding to inquiries from regulators.
Sun emphasized that he would never have approved such discrepancies.
The trial of Sam Bankman-Fried has been marked by a series of testimonies from witnesses, including Can Sun. Prosecutors are expected to conclude their case on October 26 after hearing from two more witnesses. It remains uncertain whether Bankman-Fried’s defense will present its case.
Bankman-Fried is facing seven counts of fraud and conspiracy to commit fraud in connection with FTX customers and investors.
If found guilty, he could potentially face a maximum sentence of 115 years in prison. The trial continues to unfold, and the legal community is closely following the developments.
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