A judge involved in the Sam Bankman-Fried criminal case has ordered the disgraced former executive not to contact employees, reports revealed on Wednesday.
Federal Judge Lewis Kaplan from New York’s Southern District demanded that the ex-CEO of bankrupt cryptocurrency exchange FTX cease all contact as part of his bail conditions.
He stated Bankman-Fried was prohibited from communicating with FTX and Alameda Research employees, current and former, on encrypted platforms like Signal to avoid violating his bail terms.
Judge’s Orders for SBF
According to prosecutors, the former exec contacted FTX US general counsel Ryne Miller. In a statement, Kaplan told the courts,
โThe undisputed information available to the Court regarding the โnature and seriousness of the danger [posed] by [the defendantโs] releaseโ on the existing conditions has changed substantially since he was released, and there appears to be a material threat of inappropriate contact with prospective witnesses.”
He added that such as risk was “clearly and convincingly sufficient” to indicate imposing further conditions “pending the full argument of the cross-application.”
Bankman-Fried previously supported the automatic deletion of Slack and Signal messages in 2021. He told Caroline Ellison, Alameda Research’s former chief executive, to delete the apps to avoid leaving evidence for potential legal cases.
Additionally, Judge Kaplan has not ruled whether to bar access to funds from the now-defunct companies to comply with bail conditions. The defendant’s trial is set to take place in October in a New York court. He faces eight counts of wire fraud, defrauding investors, misappropriating funds, and other offences.
Courts have ordered his family members to comply with ongoing investigations, reports found.
The measures come after Bahamian authorities arrested him, Ellison, and others involved in the 11 November collapse of FTX, Alameda, and 130 affiliates. After his extradition to the United States, SBF remains under house arrest while awaiting trial for his offences.
HM Treasury has published its white paper outlining a framework for regulating cryptocurrencies, it was reported this week.
The 80-page report discusses numerous topics on digital assets, including stablecoins, initial coin offerings (ICOs), non-fungible tokens (NFTs), and others.
The published document comes amid Britian’s bid to leverage its financial capabilities to become a major hub for fintech and emerging technologies.
The regulations will join those of the UK Financial Services and Markets Act 2000 (FSMA) and will not feature a secondary scheme. This will allow the UK’s Financial Conduct Authority (FCA) to amend existing regulations to accommodate digital assets across the sector.
This will require duplicate processes, both under FCA licencing protocols and the new measures, creating more bureaucracy for investors. Despite this, regulators will not require cryptocurrency companies to report market data at regular intervals but instead ready the data at all times when needed.
Additional Rules and Regulations
The Government did not ban algorithmic stablecoins, countering measures from other nations. Rather than labelling them as stablecoins, they will qualify the assets as “unbacked crypto assets.”
A stipulation is that crypto lenders should monitor collateral valuation and contingencies for potential failures in the market.
Consultations close on 30 April, where the UK Government will seek advice from cryptocurrency firms, trade associations, financial institutions, and others for guidance.
The news comes after the Treasury launched a LinkedIn job posting for a Head of Digital Currency on Tuesday. This signalled the UK’s readiness to launch plans to position as a major crypto hub.
Non-fungible platform Blur is set to launch its native token BLUR along with a governance protocol.
Blur initially aimed to launch its native token in early January but pushed back the date to 14 February, Valentine’s Day, to prepare for the big reveal.
The NFT marketplace is set to release the new digital asset in a bid to keep community control over the platform. NFTs sold on Blur are based on the Ethereum blockchain.
A Blur spokesperson said in a tweet: “We know this is past our initial estimate of January and weโre sorry for the delay. Weโre trying new things and the extra two weeks will allow us to deliver a launch that hasnโt been done before. Airdrop 3 will continue until then.”
The digital coin drop comes a month after Bitcoin (BTC) began to surge across cryptocurrency markets, surpassing $23,000 at its peak. To date, it has climbed to over $23,000 amid a strong rally.
Additional news surfaced that Twitter chief executive Elon Musk would launch payment systems for his social media platform, with future cryptocurrency integrations planned. This caused Dogecoin, his long-supported altcoin, to skyrocket to nearly $0.10 this week.
The United States Securities and Exchange Commission (SEC) recently revealed that it did not designate a sale of LBRY Credits (LBC) in secondary markets as a security.
In a recent hearing on Monday, courts ruled in favour of direct sales in a case many see as a victory against the SEC’s regulatory crackdown on cryptocurrencies. Attorney John Deaton attended discussions in the appeal hearing, scoring the major win for digital assets.
He aimed to receive clarity in LBC secondary market transactions due to alleged ambiguities in the injunction launched in November last year.
At the time, courts awarded the SEC a summary judgment and labelled LBC token sales over six years’ time as investment contracts while failing to specify details about the transactions. The SEC hoped to receive backing from New Hamshire district courts in the case.
In the case, Deaton represented technology journalist Naomi Brockwell, an animus curiae of the hearing, to challenge the injunction as ambiguous and broad.
Prior cases found that courts did not acknowledge any security issues of digital assets in the United States a paper from Lewis Cohen, a commercial contractor.
Judges in the case stated told Deaton: “I’m going to make it clear that my order does not apply to secondary market sales.”
SEC-Ripple Labs Legal Row
The news comes amid further litigation against Ripple Labs in an ongoing case, sparking criticisms from the Washington, DC-based Blockchain Association.
The organisation said it would become an amicus brief for the embattled cryptocurrency firm after the latter was hit with an SEC lawsuit over alleged Ripple (XRP)-linked unregistered securities.
The Association tweeted at the time: โThis case, which is just one in a long line of SEC efforts to regulate by enforcement, highlights the SECโs efforts to cement and legitimize its overly broad interpretation of the Howey test.โ
It concluded a negative ruling could have “devastating effects” on crypto markets and create laws that “significantly restrict” cryptocurrency networks.
Core Scientific (CORZ), one of the world’s biggest Bitcoin (BTC) mining firms, has struck a deal on a $70 million loan from investment bank B Riley.
The company said in its filing it would request the loan from bankruptcy courts in Houston, Texas as part of its financing plan outlined in December.
Receiving the funds will allow the troubled firm to pay off its debtor-in-possession (DIP) offices, providing the firm up to 15 months of additional time.
It will also use the funds to replace its current facility and maintain its operations amid a massive bankruptcy, reports showed on Tuesday.
According to Core Scientific, the new loan conditions were “reasonable and generally superior” to its DIP facility terms. A hearing is set to take place on 1 February, the document revealed.
“The Replacement DIP Facility lays the foundation on which the debtors will seek to negotiate a consensual Chapter 11 plan with all of their key constituents and maximize value for all stakeholders,” it added.
Crypto Crisis Contagion Spreads
The news comes after last year’s cryptocurrency bear market sent markets reeling due to the collapse of disgraced crypto exchange FTX. The crisis triggered further issues with Core Scientific’s operations due to plummeting cryptocurrency prices and rising gas and electricity fees.
Prior to the collapse, the company held 10 percent of computing shares on Bitcoin’s network. To date, it owes up to 5,000 creditors and faces liabilities from $1 billion USD to $10 billion USD.
Core Scientific continued its operations despite filing for Chapter 11 bankruptcy, financing its operations by selling over 6,900 BTC. Additional firms such as Genesis, Voyager, and Three Arrows Capital (3AC) also failed due to ongoing crises in the crypto market.
In a marketplace, it is not abnormal to notice rivalry from different market stakeholders, especially those who have commodities or services up for sale or patronage. That sense of competition is quite healthy for the industry, especially when the competition is a devoid of bitterness and animosity.
As the cryptocurrency market continues to recover from the downturn it witnessed in mid-2022, crypto currencies have been going shoulder-to-shoulder in ensuring they secure enough investor base necessary to stay afloat. It is a matter of fact that cryptocurrency strives in the strength of its community, therefore, the larger the community of a currency, the bigger it gets.
As we look at one of the fiercest rivalries in cryptocurrency – Dogecoin vs Cardano – we will also examine one of the most promising tokens which have gotten people talking and generating buzz around the marketplace. We will also explore the presale meme coin Big Eyes Coin (BIG) and how it is disrupting the crypto scene.
Cardano โCartingโ Home Numbers
Cardano (ADA) has seen a bull trend from the start of the year, gaining by 65% and reaching a high of USD 0.39. Additionally, throughout that time, the coin’s market cap increased by about $5 million, staying above the Elon Musk-backed Dogecoin, both in market value and market capitalization.
ADA has resisted moving over USD 0.40, but if it does, there is a significant probability that it will continue to rise and perhaps double in value over the course of the following month. ADA is also supported by fundamentals that could help the coin grow back up to $1.
The recently released Djed stablecoin may potentially enhance the value of ADA because it is expected to raise the token’s worth by enhancing the network’s Total Value Locked measure.
Dogecoin Aims To Topple Cardano With Twitter Payment
The Financial Times reported on Tuesday that Elon Musk is considering adding a payment system to Twitter, which fueled rumors that the business would integrate the alternative currency into his social media platform and send Dogecoin to new heights. Since the news, Dogecoin has been on an upward trajectory.
According to the article, Twitter has begun creating the software required to implement payments on the system and asking for regulatory licenses as part of its effort to develop a new revenue stream for the site.
According to insiders who spoke to the FT, a team at Twitter is also building a vault for securely keeping user data that a payment system would gather.
Big Eyes Coin Within Touching Distance Of USD 22 Million
The community meme token, Big Eyes Coin (BIG) focuses on NFTs. NFTs play a critical role in Big Eyes’ long-term goals. Furthermore, it promises to increase global decentralization and safety. Big Eyes assumes the appearance of an attractive cat. The cat’s behavior has been influenced by its mixed American and Japanese upbringing. By making gifts to charities, this cat hopes to contribute to a safe and healthy ocean.
Building a solid community and making a positive impact on society are both goals of Big Eyes, as it aims to build a strong investor base that will make a significant positive impact in the digital currency industry. Big Eyes Coin has, in the space of time in which it has operated, earned the trust and confidence of investors, due to having a formidable team and a clear set path for market growth and sustainability.
Still, in presale, Big Eyes Coin has generated almost USD 22 million and is set to go live in no distant time. Big Eyesโ achievements are, however, not unconnected to the 200% launch bonus offer which investors have been cashing in on. As a result, investors now earn 3 times their investment when they buy Big Eyesโ tokens. Get your own 200% launch bonus by using the promo code: โLAUNCHBIGEYES200โ.
Find out more about Big Eyes Coin (BIG):
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
Dritan Abazoviฤ, Montenegro’s Prime Minister, tweeted this month that his country aimed to create a digital currency in a joint effort with the cryptocurrency platform Ripple.
The official held talks with Brad Garlinghouse, Ripple’s chief executive, and company vice-president James Wallis on the sidelines of the World Economic Forum in Davos, Switzerland.
Wallis is also tasked with engaging with central banks and their digital currencies (CBDCs), which Abazoviฤ stated would lead to “the first digital currency or stablecoin” for the Balkan nation.
He said in his tweet: โIn cooperation with @Ripple and the Central Bank, we launched a pilot project to build the first digital currency or stablecoin for Montenegro.โ
Currently, Montenegro uses the Euro after adopting it in 2002, but remains outside of the Eurozone and European Union following its application to join the bloc in 2008.
Despite this, the nation hopes to become a key crypto hub in the near future and has adopted a crypto-friendly position on digital assets.
Crypto Gains Global Acceptance
The news comes as several nations pivot to developing CBDCs in a bid to expand payment method options to citizens.
The British Government began hiring on LinkedIn for a head of digital currency for HM Treasury. The move aims to allow the United Kingdom to compete with the European Union amid growing interest in stablecoins and sovereign tokens.
Other nations, including El Salvador, China, Fiji, and Tonga, among others, have positioned their economies and natural resources to become a major global crypto hub. China has long proposed a digital yuan, or hongbao, to conduct financial transactions across the nation at major shopping centres. The People’s Bank of China manages the sovereign token, along with support from AliPay and WeChat Pay.
England and Wales’ charity regulator announced on Monday it had launched investigations against Effective Ventures Foundations over links to now-defunct cryptocurrency platform FTX.
The Charity Commission said in its press statement the inquiry aimed to probe FTX’s role as a “significant funder” of the charity, stating it was a “serious incident.”
The Commission added the funds could affect other assets could create knock-on effects, prompting further actions to investigate trustees of the charity.
The Commission said in a statement,
โThere is no indication of wrongdoing by the trustees at this time. However, there are indications of potential risks to the charityโs assets, and the inquiry has been opened to establish facts and help ensure the trustees protect the charityโs assets and are running the charity in line with their duties and responsibilities.โ
The regulator aims to investigate “the extent of any risk to the charity’s assets” and how much “the trustees are complying with their legal duties.”
It will also probe “the governance and administration of the charity by the trustees and its funders” while identifying and managing conflicts of interest.
Trustees were also “cooperating fully” in the investigation, which launched on 19 December last year following FTX’s Chapter 11 bankruptcy on 11 November. The Commission added it plans to report on its findings in due course.
The news comes after reports found that FTX had splurged roughly $40 million USD on luxury goods, hotels, shipping, travels, and donations to charity. Disgraced former CEO Sam Bankman-Fried also used nearly $400 million USD in investor money to fund obscure venture capital firm Modulo Capital.
The case is widely seen as one of the most disruptive financial fraud cases in history.
Souel, Korea, 1st February, 2023, Chainwire
- NFT auction on playNomm for a pre-drop event of NFT Korea Festival
- Artwork was sold out at its highest buyout of US$16,000 in 4 minutes
On January 31st, on NFT marketplace playNomm (CEO, Sung-Uk Moon), Equinozโs, one of Superchief Gallery NFT artists, artwork recorded a sold-out 4 minutes into the auction, through the artistโs all-time high buyout price.
As a second pre-drop edition of the upcoming โNFT Korea Festivalโ in March, Equinozโs โCyberneticsโ was revealed and started a 7-day auction on January 31st. The auction was supposed to be carried out until February 8th. However, just 4 minutes into the auction, this artwork was bought out by a collector for 40,120 LM, equivalent to US$ 16,937, ending the auction. 
(Equinoz)
Equinoz is a 3D artist who creates delicate and intertwined images between virtual and reality, under the theme of โVisible Futureโ. He is an active artist selling on many other NFT platform such as Open Sea and Super Rare, and also works in various fields such as games, commercial videos, music, clothing brands, etc
As a pre-event of the NFT Korea Festival, three NFT auction is held on playNomm NFT marketplace. The 1st drop was Shavonne Wongโs โLight in the Shadowโ which was sold for 65,800LM, the equivalent of US$26,776. As the 2nd drop, Equinozโs โCyberneticsโ, has achieved an early sold-out with a high buy-out price, expectations are growing for the 3rd auction starting on February 16th with the artwork of Davey Perkins. 
(‘Cybernetics’)
The NFT Korea Festival is to be held on March 7th and 8th 2023, at DDP, Seoul. A collaboration with Superchief Gallery NFT, this will be one of the largest gathering of NFT industry and Web 3.0 leaders in Asia. There will be over 120 pieces of NFT artwork from 120 Global and Korean NFT artists on display, renowned Web 3.0 leaders sharing their thoughts and views, and many more exciting events at this NFT festival.
The NFT marketplace 2.0 playNomm is the first service platform of LeisureMetaverse project. It is evaluated as having unique tokenomics, based on an Act To Earn (A2E) reward model, and combining the utilities that can be used in real life.
โWe have experienced a lot of interest and sold out for our 1st and 2nd limited pre-drop, even in this crypto winter. We could tell that users are still very interested in NFTs. So, starting with the NFT Korea Festival at DDP in March, playNomm will make a step in expanding the NFT ecosystem and becoming the global NFT Hub.โ, said Moon Seong-eok, CEO of Playnom.
For more information, visit:
Contact
Media team
playNomm Inc.
[email protected]
Social media platform Twitter has started its application process for regulatory licences in the United States along with payment system software, reports revealed on Monday.
The Financial Times revealed that Tesla chief executive Elon Musk kicked off the revenue search for a crypto payment system along with Esther Crawford, director of product management at Twitter.
Citing two sources familiar with the matter, FT reported that the measures aimed to shore up funds for the company after the billionaire bought it for $44 billion USD in October last year.
The report added that Musk aimed to offer new fintech services, including “peer-to-peer transactions, savings accounts and debit cards.”
Additionally, the new payment system will accommodate fiat currencies but will later add cryptocurrencies. News of the integrations caused Dogecoin (DOGE) to spike to $0.09128 at 17:25 GMT on Monday.
What Musk He Do First?
Musk is leveraging his fintech experience from his 1999 venture to co-found X.com, leading to the creation of PayPal. Crawford aims to create a user data storage vault, the sources told FT.
Twitter also aimed to create regulatory checks for opening the payment service after registering payment processing technologies with the US Treasury in November.
Musk filed for several state licences and expects to submit more shortly after with a target completion time of one year. The sources added the company aims to push for licences globally.
The news comes after Musk bought out Twitter in October last year, leading to mass redundancies at the tech giant. The newly-appointed owner later hinted at using Dogecoin for Twitter Blue payment subscriptions and other fintech-related purchases.
The move spiked Dogecoin to $0.17 in April, but later plummeted to $0.05 in June due to a row with executives in the company. Musk was later appointed as “Chief of Twit” at the firm in October.
Twitter later expanded its crypto price listings with 30 additional tokens for its $Cashtags platform, which lists Bitcoin, Ether, and others.