U.S. prosecutors have urged the court overseeing Sam Bankman-Fried’s trial to prevent his defense from raising arguments about the possible recovery of FTX customer funds invested in Anthropic.
Bankman-Fried directed $500 million into the AI startup, Anthropic, in April 2022. The U.S. government, however, intends to demonstrate that these funds were siphoned from FTX customer deposits.
Anthropic has recently been in the spotlight, aiming to secure new investment, with major companies like Amazon and Google showing interest.
This could boost the firm’s valuation to between $20-$30 billion.
Prosecutors stress that this surge in valuation could also amplify the worth of Bankman-Fried’s stake, which might facilitate the recovery of assets for those impacted by FTX’s bankruptcy.
A letter presented to Judge Lewis Kaplan reveals that the U.S. government and Bankman-Fried’s attorneys have debated issues likely to emerge during witness cross-examination.
The defense is prepping to introduce evidence about the present value of Bankman-Fried’s 2022 investment in Anthropic.
READ MORE: Crypto Exchange HTX Recovers Stolen Funds; Rising Cyberattacks Concern Industry in 2023
Prosecutors argue that such evidence could be utilized to claim that FTX customers and other affected parties might be fully compensated.
This notion has been previously termed by the court as an “impermissible purpose”.
They further state, “Such evidence would… be wholly irrelevant, and present a substantial danger of unfair prejudice.”
The crux of the case against Bankman-Fried lies in accusations of wire fraud, involving the use of FTX customer deposits for various investments.
The prosecution holds that any successful investments Bankman-Fried made are ultimately inconsequential to the charges being examined.
While the government aims to present evidence of Bankman-Fried’s alleged misuse of customer funds leading to significant deficits for FTX, they do not plan to provide details on the final losses post the FTX bankruptcy completion.
The Bankman-Fried trial, reported by Cointelegraph’s Ana Paula Pereira from New York, commenced by exploring the disappearance of around $8 billion of FTX customer assets from the defunct crypto exchange.
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The European Union (EU) is in advanced discussions to enact further regulations on major artificial intelligence (AI) systems.
These talks involve the European Commission, European Parliament, and the member states of the EU.
Their primary focus is the potential impacts of extensive language models like Meta’s Llama 2 and OpenAI’s ChatGPT-4. The objective is to include additional constraints on these models within the forthcoming AI Act.
Bloomberg’s sources suggest that the EU’s aim is to ensure that startups are not excessively restricted while maintaining adequate control over larger AI systems. The agreements made thus far remain preliminary.
The approach being considered for the AI systems mirrors the strategy used for the EU’s Digital Services Act (DSA).
The DSA was recently executed by the EU to ensure that platforms and websites maintain specific standards, particularly around the protection of user data and monitoring for unlawful activities.
Moreover, massive web platforms face even more stringent regulations under the DSA.
READ MORE: Bitcoin Hovers Near $28,000 Amid Geopolitical Tensions and Trader Speculations.
For instance, major companies like Alphabet and Meta were given a deadline of August 28 to align their service practices with these newly introduced EU standards.
The AI Act by the EU is set to become among the initial mandatory AI-specific regulations established by a Western government.
By contrast, China had already put into effect its own AI regulations by August 2023.
Within the stipulations of the EU’s proposed AI Act, companies involved in the development and rollout of AI systems would be required to conduct risk evaluations.
Furthermore, AI-produced content would need clear labeling, and the use of biometric surveillance would be entirely prohibited, among other provisions.
It’s important to note, however, that the legislation is still in its proposal stage, granting member states the discretion to challenge any of the suggestions made by the parliament.
Since China introduced its AI regulations, over 70 new AI models have been launched, indicating a vibrant AI landscape despite the regulatory environment.
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Major global cryptocurrency exchanges, Binance and OKX, are adjusting their operations to adhere to the U.K.’s new Financial Promotions (FinProm) Regime.
Introduced by the U.K. Financial Conduct Authority (FCA) on October 8, the regime aims to ensure transparency in crypto promotions.
In anticipation of these regulations, Binance, on October 6, introduced a new domain exclusively for U.K. retail users and joined hands with the local peer-to-peer lending platform, Rebuildingsociety.
Starting October 8, U.K. retail users will be directed to this domain which will only display Binance offerings in line with U.K. regulations.
This means services like spot and margin trading, Binance Pay, the NFT marketplace, loans, etc., will be accessible.
However, offerings like gift cards, referral bonuses, and research will no longer be available to U.K. retail users due to the FinProm compliance.
Notably, this will not affect users exempted under FinProm, like specific institutional and professional investors.
Similarly, OKX made its own compliance announcements on October 6.
The platform has limited its token offerings to about 40 assets and now sports striking risk warnings on its platform.
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One such cautionary message on the OKX homepage advises investors about the volatile nature of crypto investments, underlining the importance of investing only what they’re prepared to lose.
Furthermore, OKX has initiated a dedicated U.K. social media account (on a platform formerly known as Twitter) to keep users updated about compliant services and products.
Another entity, the crypto payment service MoonPay, is working to accommodate the FinProm rules.
MoonPay’s deputy general counsel, Matt Sullivan, highlighted the global challenge of meeting these U.K.-specific standards.
Sullivan emphasized that adhering to the FinProm rules means tailoring products, incorporating new processes, and initiating company-wide education.
He hinted at a possible adjustment phase as interpretations of certain rules might evolve.
However, some crypto firms seem to be grappling with these new promotional regulations.
As per an FCA announcement on October 8, significant crypto exchanges, KuCoin and HTX, possibly marketed their services without requisite permissions.
These firms were among 143 “non-authorized firms” cautioned against by the FCA, advising the public to avoid interactions with them.
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Amsterdam, The Netherlands, October 9th, 2023, Chainwire
The token presale for upcoming crypto casino TG.Casino has now raced past $500,000 and is approaching the $1 million soft cap mark.
TG.Casino Token ($TGC) is currently available to purchase for $0.125 – holding the token allows users to generate staking rewards and earn a share of casino profits through a token buyback once it is launched.
At the time of writing the presale has raised almost $700,000 with the staking annual percentage yield (APY) set at 737%.
Stake $TGC to Earn Rewards and Share Casino Profits
TG.Casino is a fully decentralized and licensed crypto casino – powered by Telegram – that will offer instant and anonymous play, anonymous crypto transfers, thousands of slots, classic casino games, and a competitive sportsbook.
However, unlike many other casinos in the crypto space TG.Casino, which has not yet launched, is offering native token $TGC for holders to earn further rewards beyond gambling and wagering.
Staking
The first is through its staking mechanism, with presale buyers able to add purchased $TGC tokens immediately to the staking pool and generate an APY.
As outlined above, the current APY is over 737% meaning those who have purchased early will continue to accrue tokens as the presale continues. The APY will reduce as more tokens are locked into the pool meaning.
Profit Sharing/Token Buyback/Burn Mechanism
Staking will also play an integral role in the profit-sharing system.
Users who have tokens staked once the casino is up and running will earn a share of daily profits through a planned token buyback system.
$RLB, the native token of Rollbit, surged 60% and reached a peak market cap of $700 million after it announced a buyback scheme in August.
The TG.Casino buyback will see the casino use a share of daily profits, once live, to purchase $TGC tokens and distribute them to those who are staking.
This will allow token buyers to earn more tokens. However, the buyback goes a step further by also adding a burn mechanism as a feature.
From the buyback, 60% of purchased tokens will be distributed to stakers as rewards, with 40% sent to a burn address meaning they are permanently taken out of supply.
As has been shown with the likes of Maker ($MKR) and Verasity ($VRA), token burns can have a positive effect on price, as the supply is reduced and the value of an individual token increases.
Presale Info and Tokenomics
The presale launched in late September and is offering tokens at a fixed price of $0.125 through one round.
There is a max supply of 100 million tokens with 40 million allocated to the presale (40%) with a soft cap of $1 million – which is now 67% sold out – and a hard cap of $5 million.
There is a minimum purchase of 100 tokens ($12.50), with $TGC an Ethereum-based ERC-20 token that can be purchased with ETH, BNB or USDT.
The remaining supply will be allocated to decentralized exchange liquidity (20%), the staking pool (20%), the rewards system (10%), marketing (5%), and affiliates (5%).
Its token smart contract has been audited by Coinsult with no major security issues found.
Telegram-Powered Casino
TG.Casino will utilize powerful Telegram bots to offer users an enhanced customer experience, with players able to enjoy anonymous and instant crypto gambling.
The crypto casino is fully licensed by the government of Curacao, and follows anti-money-laundering and responsible gambling policies. Some players will only be able to access the site via a VPN, however.
Players use the messaging app, which has almost 800 million active global users, to access the casino via command-based prompts.
That means that sign-up is instantaneous and anonymous, with no KYC verification steps to complete, and the casino and Telegram recognizing a phone number as a unique reference for individual players.
Telegram also allows players to deposit and withdraw crypto instantly and anonymously, via trusted crypto wallets such as MetaMask, Coinbase and Trust Wallet.
Players can transfer around a dozen cryptocurrencies, including BTC, ETH and USDT, without fees and with a minimum amount of just $1 (or equivalent).
Once live, the casino will offer thousands of leading and provably fair slots games – such as Aviator and Plinko – from leading and trusted developers like Spribe, Hacksaw, and Evolution.
TG.Casino will have casino classics such as Poker, Blackjack, and Roulette, with both live and virtual dealers and dozens of different tables that are suitable for both novice players and high rollers.
There will also be a sportsbook with competitive odds from leading providers, such as BetRadar, with pre-game and in-play markets on competitions such as the Premier League, NFL, NBA, and many more, including eSports.
New players at TG.casino can earn a 150% matched first deposit bonus, up to $30,000, and get 300 free spins – there is a 40x wagering requirement to receive the full bonus.
For more information on the casino – as well as the presale, staking and buyback mechanism – users can read through the TG.Casino whitepaper or join the Telegram community group
Disclaimer:
TG.Casino is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.
Contact
TGCASINO
TG Casino
[email protected]
On October 5, the European Securities and Markets Authority (ESMA), the EU’s primary markets regulator, unveiled its second consultative paper focused on the Markets in Crypto-Assets (MiCA) mandates.
This comprehensive 307-page report is an invitation for stakeholders to share their perspectives on five specific MiCA areas.
At the core of the discussion is the proposal for sustainability indicators for distributed ledgers.
These indicators emphasize both quantitative metrics, such as energy consumption, greenhouse gas emissions, and waste production, and qualitative insights on the environmental consequences of using equipment by blockchain nodes.
Another pivotal aspect revolves around the disclosure of inside information, ensuring that relevant data stays transparent and accessible.
The ESMA has also pinpointed the necessity for technical prerequisites for white papers, which would guide the foundational design of crypto projects and their respective public presentations.
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Further, in a move to bolster trading transparency, the ESMA has recommended that Crypto-Asset Service Providers (CASPs) disclose crucial trading details.
This encompasses data like trading date and time, the specific crypto-asset involved, pricing details, transaction volume, execution location, and the unique transaction ID.
Notably, while CASPs would have flexibility in how they store transactional data, the ESMA mandates that they must be capable of converting this data into a predetermined format upon request by authorities.
As the ESMA continues to refine its approach towards regulating the burgeoning crypto market, stakeholders can anticipate another consultative paper in Q1 2024.
The culmination of these consultations will be a final report, which will serve as a foundation for the draft technical standards expected to be presented to the European Commission by June 30, 2024.
It’s worth noting that the ESMA had previously issued a consultation paper in July, where they highlighted the need for crypto companies registering under MiCA to furnish additional details to the national authorities of their registration country.
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Huobi Global’s cryptocurrency exchange, HTX, has successfully recovered funds stolen by a hacker in September and subsequently issued a bounty of 250 Ether as a part of the resolution.
On September 25th, a hot wallet belonging to HTX was compromised, resulting in a loss of 5,000 ETH, which was approximately valued at $8 million. However, the firm swiftly engaged the hacker, asserting they knew the perpetrator’s identity.
In an attempt to recuperate the stolen assets, HTX proposed a deal: the hacker would receive a 5% bounty, equivalent to roughly $400,000, in exchange for returning 95% of the stolen funds by October 2nd.
This offer came with the added incentive that HTX would abstain from pursuing any legal action against the hacker.
By October 7th, the situation was resolved. Justin Sun, an investor in Huobi Global and adviser to HTX, conveyed his gratitude via an X (previously known as Twitter) post, thanking the broader industry for its assistance.
He emphasized, “Strengthening blockchain security and safeguarding user assets is an immense challenge.
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Our constant endeavor is to ensure complete security for user assets, and we’re grateful for the unwavering support from our users and the community.”
2023 has seen a significant uptick in cyberattacks on crypto platforms.
A study by blockchain security company Immunefi revealed that there were 76 breaches on cryptocurrency and Web3 platforms in Q3 2023, a sharp rise from 30 hacks in Q3 2022.
In a similar incident during the same week, the decentralized protocol, Mixin Network, suffered a massive $200 million hack due to a vulnerability in a third-party cloud service.
In response, Mixin Network has announced a $20 million bug bounty for the return of the stolen assets, but recovery seems uncertain.
Adding to the complexity of these hacks, on October 6th, Anne Neuberger, the US deputy national security adviser for cyber and emerging technology, suggested to Bloomberg that North Korean hackers might be responsible for the Mixin Network breach.
Neuberger commented on the familiarity of the techniques employed, noting they were reminiscent of previous attacks attributed to North Korea.
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On October 6th, two senior Republicans from the U.S. House of Representatives called on the Biden administration to enhance export control measures concerning advanced semiconductors to China.
The plea came in the form of a letter to National Security Adviser Jake Sullivan, penned by Representative Michael McCaul, the chairman of the House Foreign Affairs Committee, and Representative Mike Gallagher, who chairs the House Select Committee on China.
The duo’s concerns stem from recent technological strides made by China’s premier semiconductor manufacturer, emphasizing that the regulations introduced in 2022 require an overhaul.
They pinpoint certain deficiencies or “loopholes” in the current system.
Their concerns were accentuated by the recent launch of Huawei Technologies’ Mate 60 Pro smartphone.
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This device features cutting-edge chips produced by China’s Semiconductor Manufacturing International Corporation (SMIC), a move seemingly sidestepping U.S. sanctions.
In their correspondence, McCaul and Gallagher commented on the system’s lack of responsiveness.
They noted, “The rules set out in 2022 and SMIC’s growing capabilities indicate a bureaucratic system that’s out of touch with China’s industrial ambitions and military goals.
There seems to be a shortfall in technological understanding and a hesitancy to act decisively.”
In light of these concerns, the legislators are pushing for the Biden administration to revamp the regulations quickly, specifically in response to Huawei and SMIC.
Their recommendations extend to curbing Chinese companies’ access to powerful AI chips available through cloud computing.
Furthermore, McCaul and Gallagher underlined the criticality of adhering to existing regulations, especially those that limit Chinese corporations and restrict U.S. officials from ensuring adherence to American export rules.
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Elon Musk, previously associated with Twitter and currently executive chair and CTO of X, has come under scrutiny for the suspension of an XRP-focused account.
The account, named Digital Asset Investor.XRP, was notably active in promoting discussions related to XRP, a cryptocurrency embroiled in controversies, including a lawsuit by the SEC labeling it as an unregistered security.
Crypto Eri, a prominent figure in the cryptocurrency realm, took to X to ask Musk if the account’s suspension was accidental.
The Digital Asset Investor.XRP account was not only a hub for XRP advocates but also a platform where enthusiasts could share insights and engage in crypto discussions.
While some argue that the account suspension might be a proactive step against potential scammers, the silence from X’s end has fueled further speculation.
Reacting to a suggestion that the move was anti-scam, Crypto Eri expressed her dismay, stating, “I consistently stick to the facts, even if labeled as the ‘crypto police’ or part of ‘cancel culture’. It’s heartbreaking, especially when he’s built his entire channel on the X platform.”
Prominent personalities, including pro-XRP lawyer John Deaton, are now questioning if this suspension is an isolated event or indicative of a broader censorship trend within the X platform.
In another development, recent findings revealed that the SEC is probing Musk over potential violations of federal securities rules.
This investigation delves into Musk’s actions related to stock purchases and subsequent declarations about X’s acquisition.
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Bitcoin witnessed reduced volatility on October 6th, with market participants preparing for a potential price drop.
Over the last 24 hours, the BTC/USD price stabilized after a failed attempt to breach the $28,000 mark.
Although the cryptocurrency approached this price level again prior to Wall Street’s opening, there were concerns about potential forthcoming losses.
Prominent trader, Daan Crypto Trades, observed a conflict between two major daily moving averages. He predicted that the outcome of this struggle would dictate Bitcoin’s trend for the rest of October.
He highlighted the ongoing contest between the $27,000 and $28,000 price points.
Additionally, he noted the increasing open interest across exchanges, indicating a potential sequence of short squeezes followed by long squeezes. Daan emphasized the importance of monitoring this price range.
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CoinGlass data indicated minor liquidations in both long and short Bitcoin positions on October 6th. Meanwhile, Material Indicators analyzed the trading patterns of “whales,” or large-volume traders.
The study segmented these traders and found that while some were actively buying and selling, leading to a net increase of $13.8 million in market orders on Binance over a week, others sold assets worth nearly $60 million during the same period.
Material Indicators speculated on the possibility of these sales being linked to the potential liquidation of assets from the now-defunct FTX exchange.
The major takeaway was the surprise not in the price’s failure to increase, but its resilience in not dipping further.
Another trading analyst, Exitpump, postulated a potential liquidity trap below the $27,400 mark, suggesting that Bitcoin’s price often retests resistance levels multiple times before establishing a peak.
In essence, as Bitcoin approached the $28,000 mark, market indicators and expert opinions seemed mixed, with some seeing potential for growth and others predicting setbacks.
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Bitcoin Holds Steady at $27,500 Amidst US Yield Surges and Dollar Volatility
On October 4th, Bitcoin (BTC) remained relatively stable at the $27,500 mark, with investors closely monitoring the soaring yields in the United States.
Despite the calmness in BTC price action, the U.S. dollar exhibited considerable volatility, seizing the attention of market participants.
After a week of turbulent trading, Bitcoin was once again searching for direction, prompting market analysts to identify critical price levels.
Skew, a prominent trader, pointed out that market participants were selling towards the $27,600 level, emphasizing the significance of reclaiming this price level.
He suggested that a substantial upward movement could follow once this level is regained.
Another trader known as Crypto Tony identified $27,000 as a crucial support level. Mark Cullen, in line with this sentiment, stressed the importance of Bitcoin holding the $27,000 area, particularly given the challenging conditions in traditional financial markets.
He observed that Bitcoin had exhibited a reaction at his designated zone and the breakout trendline. Cullen underscored the significance of BTC maintaining the $27,000 level, especially until other markets stabilized.
In contrast to Bitcoin’s relative stability, legacy markets on October 4th were notably less secure, primarily due to a surge in U.S. 30-year bond yields, reaching levels not seen in 16 years.
This development raised concerns among commentators about a potential market meltdown.
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Skew suggested that the unease surrounding the macroeconomic forces at play was a contributing factor to the lack of substantial BTC trading volume.
The market appeared to be cautiously testing the waters, with most participants being perpetual contract buyers.
Many investors were opting to hold cash amid market distress, reflecting the uncertainty surrounding risk parameters and exposure.
Before the Wall Street open, the U.S. dollar itself experienced significant fluctuations, with the U.S. Dollar Index (DXY) rapidly falling from levels not observed since the fourth quarter of the previous year.
Despite these shifts, BTC/USD continued to demonstrate resilience against abrupt movements in the DXY.
Sven Henrich, the founder of NorthmanTrader, noted that the long-term performance of the DXY chart was following expected trends.
He emphasized the importance of the U.S. dollar’s behavior, particularly in the context of the broader market, as it was likely to be a key driver for the remainder of the year.
Amidst the chaos and volatility, the DXY adhered to channel trendlines, signaling potential market dynamics that could unfold in the coming months.
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