Sam Bankman-Fried convicted, PayPal faces SEC subpoena, and other news: Hodler’s Digest, Oct. 19 – Nov. 4

Top Stories This Week

Sam Bankman-Fried recovered guilty, what’s adjacent for the ‘crypto king’?

Former FTX CEO Sam Bankman-Fried was recovered blameworthy of each 7 charges by a assemblage successful his transgression proceedings successful New York aft astir 4 hours of deliberation. He was convicted of 2 counts of ligament fraud, 2 counts of ligament fraud conspiracy, 1 number of securities fraud, 1 number of commodities fraud conspiracy and 1 number of wealth laundering conspiracy. He volition instrumentality to tribunal for sentencing by New York District Judge Lewis Kaplan connected March 28, 2024. Government prosecutors will urge a sentence, but Judge Kaplan volition person the last say. Bankman-Fried’s crimes each transportation a maximum condemnation of betwixt 5 and 20 years successful situation with the ligament fraud, ligament fraud conspiracy and wealth laundering conspiracy carrying a maximum 20-year sentence. His lawyers, however, accidental the combat isn’t implicit yet.

Payment elephantine PayPal has received a subpoena from the United States Securities and Exchange Commission (SEC) regarding its U.S. dollar-pegged stablecoin. The subpoena requested that PayPal nutrient definite documents, the steadfast said. “We are cooperating with the SEC regarding this request,” PayPal noted successful a fiscal report. The SEC has sued respective of the largest section companies successful the crypto industry, including its ongoing suit against Coinbase. In October 2023, the regulator moved to disregard its suit against Ripple, the institution down the XRP token, 1 of the largest cryptocurrencies by marketplace cap.

Invesco Galaxy spot Bitcoin ETF joins BlackRock connected DTCC site

The ticker for Invesco and Galaxy’s spot Bitcoin exchange-traded money (ETF) — BTCO — has appeared connected the Depository Trust and Clearing Corporation’s (DTCC) website, marking a measurement guardant successful the exertion process for the 2 plus managers. A ticker added to the database of “ETF Products” connected the DTCC’s tract is not a warrant of aboriginal support for that product. However, according to a DTCC spokesperson, it is modular signifier to adhd securities to the NSCC information eligibility record “in mentation for the motorboat of a caller ETF to the market.” Recently, BlackRock and 21Shares’ exertion for a akin merchandise were added to the DTCC website arsenic well.

Top Swiss slope launches Bitcoin and Ether trading with SEBA

Switzerland’s St.Galler Kantonalbank (SGKB), 1 of the largest banks successful the country, is moving into cryptocurrency by introducing Bitcoin and Ether trading to its customers. The slope has partnered with the SEBA Bank to connection its clients integer plus custody and brokerage services. SGKB plans to grow its offerings to further cryptocurrencies based connected lawsuit demand. Founded backmost successful 1868, St.Galler Kantonalbank is reportedly the 5th largest slope successful Switzerland, having had a full of 53.6 cardinal Swiss francs ($58.9 billion) successful assets nether absorption astatine the extremity of 2022.

Jack Dorsey’s Block had $5.62B successful revenue, $44M successful Bitcoin profits successful Q3

Jack Dorsey-led Block published its third-quarter earnings study connected Nov. 2, revealing a profitable 4th and surpassing expert expectations. The steadfast had $5.62 cardinal successful gross successful the 3rd 4th of 2023, boosted by coagulated gross maturation successful Cash App and Square, with $44 cardinal successful nett connected its Bitcoin holdings acknowledgment to a terms surge successful caller months. Block generated a gross nett of $1.90 billion, up 21% year-over-year.

Winners and Losers

At the extremity of the week, Bitcoin (BTC) is astatine $34,634, Ether (ETH) astatine $1,829 and XRP astatine $0.61. The full marketplace headdress is astatine $1.29 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the apical 3 altcoin gainers of the week are THORChain (RUNE) at 39.73%, Arweave (AR) at 32.15%, and Oasis Network (ROSE) at 24.88%.  

Most Memorable Quotations

“He [Sam Bankman-Fried] lied to get customers’ trust.”

Danielle Sassoon, ​​U.S. adjunct attorney 

“We respect the jury’s decision. But we are precise disappointed with the result. Mr. Bankman Fried maintains his innocence and volition proceed to vigorously combat the charges against him.”

Mark Cohen, lawyer of Sam Bankman-Fried

“[Bitcoin] request is going to increase, and proviso is going to declaration and this is reasonably unprecedented successful the past of Wall Street.”

Michael Saylor, CEO of MicroStrategy

“The Bitcoin Ordinal protocol is amended designed for decentralization and information than the Ethereum NFT protocol. High-value NFTs volition triumph connected Bitcoin.”

Danny Yang, CEO of Metagood

“I don’t ain immoderate Bitcoin, to beryllium frank, but I should.”

Stanley Druckenmiller, billionaire investor

“Fuck regulators.”

Sam Bankman-Fried, erstwhile CEO of FTX

Prediction of the Week 

Bitcoin to the moon! Top 5 BTC terms predictions for 2024 and beyond

A batch tin hap successful Bitcoin wrong a abbreviated abstraction of time, and with 2024 little than 2 months away, determination is plentifulness of clip for caller BTC terms volatility to instrumentality hold. Before the yearly candle close, immoderate accidental BTC/USD volition beryllium higher than astatine contiguous — to the tune of different 30%.

In a blog station successful precocious October, Matrixport doubled down connected a $45,000 year-end terms target, which it initially revealed successful January. It was based connected a fistful of in-house models, with Matrixport besides successfully predicting Bitcoin’s October gains. “Bitcoin is breaking supra the July $31,500 absorption level, showing that $45,000 is achievable by year-end,” it summarized.

For many, the halving is simply a watershed infinitesimal successful each Bitcoin terms cycle. In September, BitQuant stated that BTC/USD would surpass its existent $69,000 highest earlier April 2024.

FUD of the Week 

SafeMoon enforcement squad charged with aggregate fraud counts, arrests made

The United States Securities and Exchange Commission announced connected Nov. 1 that it was charging SafeMoon and 3 of its executives with fraud and unregistered securities income successful transportation with its SafeMoon Token. According to the SEC, SafeMoon executives Kyle Nagy, John Karony and Thomas Smith withdrew assets worthy $200 cardinal from the task and misappropriated capitalist funds. The Justice Department is charging the 3 with conspiracy to perpetrate securities fraud, conspiracy to perpetrate ligament fraud and wealth laundering conspiracy.

Bitget, Floki teams impeach each different of manipulation aft token listing

The teams down the Floki protocol and Bitget crypto speech have accused each different of marketplace manipulation aft the protocol’s token, TokenFi, was listed and delisted by Bitget. According to a societal media station from the Floki team, Bitget listed the token earlier it was launched, referring to the Bitget listing arsenic a “fake token.” In a blog post, Bitget claimed that the Floki squad was “suspected of marketplace manipulation by maliciously controlling the archetypal liquidity.”

Oyster Protocol laminitis gets 4 years jailhouse for $5.5M taxation evasion

Amir Elmaani, laminitis of the now-defunct Oyster Protocol, has been handed the maximum condemnation of 4 years successful situation for taxation evasion. The United States Attorney’s Office said connected Oct. 31 that Elmaani — besides known by the alias “Bruno Block” — was sentenced to situation pursuing his blameworthy plea wherever helium admitted to secretly minting and selling Pearl tokens portion not paying income taxation connected a swath of profits from the project. In summation to his four-year situation sentence, Elmaani was sentenced to 1 twelvemonth of supervised merchandise and was ordered to wage $5.5 cardinal successful restitution.

Crypto’s ‘pro-rioter’ glitch creator stirs contention — Patrick Amadon, NFT Creator

Digital disobedience is successful each of us, says provocative glitch creator Patrick Amadon.

Slumdog billionaire: Incredible rags-to-riches communicative of Polygon’s Sandeep Nailwal

Sandeep Nailwal’s beingness story is an unthinkable rags-to-riches communicative that goes 1 amended than Oscar-winning movie “Slumdog Millionaire.”

Slumdog billionaire 2: ‘Top 10… brings nary satisfaction’ says Polygon’s Sandeep Nailwal

Part 2 of our Sandeep Nailwal special tells however Polygon astir died successful 2020 but went connected to beryllium 1 of the biggest projects successful the space.