Welcome again to Chain Response.
Should you’re studying this, I’m keen to wager you most likely weren’t arrested this week and at the moment are sitting in a Bahamian jail. However, you recognize who was arrested and is sitting in a Bahamian jail proper now? Yep, FTX’s former CEO, Sam Bankman-Fried.
Looks like nearly all of the headlines have been on SBF and FTX recently — and for good cause. This week’s chatter was surrounded by his anticipated testimony on the U.S. Home Monetary Companies Committee’s listening to on FTX’s collapse, which he by no means spoke at as a result of he was arrested the night time earlier than.
After being denied bail, SBF is being held within the Bahamas Division of Correctional Companies within the jail’s max safety infirmary with 5 different inmates in a “dorm-style setting,” in response to The Nassau Guardian. And don’t fear, Bahamas’ appearing commissioner of corrections Doan Cleare stated SBF is in “good spirits” and that the jail is not infested with rodents.
Now we will all sleep soundly tonight.
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this week in web3
Listed below are a number of the greatest crypto tales TechCrunch has coated this week.
SEC, CFTC and SDNY attorney’s office charge FTX’s Sam Bankman-Fried with defrauding investors
The U.S. Securities and Alternate Fee (SEC) has formally charged disgraced FTX founder Sam Bankman-Fried (aka SBF) with defrauding traders, it revealed on Tuesday morning following his arrest within the Bahamas. The SEC stated in a press launch that along with being charged with fraud concerning fairness traders in FTX, he’s additionally being investigated concerning different securities regulation violations — and famous that there are ongoing investigations pending in opposition to others concerned as effectively. The SEC isn’t the one one getting a hand on this ball, nevertheless: Each the Southern District of New York’s legal professional’s workplace and the Commodity Futures Buying and selling Fee (CFTC) additionally filed expenses in opposition to SBF in “parallel actions.”
US attorney says ‘we are not done’ charging individuals for FTX collapse
A number of U.S. authorities companies held a press convention Tuesday afternoon concerning the indictment of FTX’s former CEO, Sam Bankman-Fried. When requested whether or not the entities will carry expenses in opposition to different people allegedly concerned within the FTX collapse, Damian Williams, the U.S. legal professional for the Southern District of New York, stated through the occasion, “I can solely say this: Clearly, we’re not performed.”
FTX’s new CEO, John Ray, details crypto exchange’s downfall in US House testimony (TC+)
As talked about above, the U.S. Home Monetary Companies Committee held a listening to Tuesday morning centered on FTX’s collapse. John J. Ray III, FTX’s CEO of 4 weeks, sat as the one witness for the listening to as SBF made an look in a Bahamian court docket for his arraignment. The four-hour listening to coated loads of floor and left many questions unanswered, however a number of components stood out from Ray’s testimony. On condition that we presume you couldn’t catch your complete session dwell, be happy to crib off of our notes.
PayPal and MetaMask team up to make it easier to buy crypto
PayPal is primarily often known as a web based cost methodology. However the firm desires to turn into a simple technique to get began with cryptocurrencies. In that regard, ConsenSys, the corporate behind MetaMask, introduced that it might add an integration in its crypto pockets in order that customers can purchase cryptocurrencies utilizing their PayPal account.
Coinbase launches asset recovery tool for unsupported Ethereum-based tokens
Coinbase, the second-largest crypto alternate globally, has launched a brand new instrument to assist its prospects get well greater than 4,000 unsupported ERC-20 tokens despatched to its ledger, the corporate completely advised TechCrunch. “ERC-20 token” is technical terminology for any cryptocurrency created utilizing the Ethereum blockchain. Whereas Coinbase helps a whole bunch of cryptocurrencies, there are hundreds that it doesn’t. The ERC-20 self-service asset restoration instrument permits prospects to get well totally different sorts of tokens despatched to a Coinbase handle.
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observe the cash
- Aztec Community raised $100 million in a spherical led by a16z to construct an encrypted blockchain
- Nillion raised over $20 million to construct a non-blockchain decentralized community
- Crypto insurance coverage agency Evertas raised $14 million in a Collection A
- Forum3 raised $10 million to assist corporations construct web3-enabled loyalty rewards applications
- Web3 licensing protocol Spaceport raised $3.6 million in a pre-seed spherical
This listing was compiled with data from Messari in addition to TechCrunch’s personal reporting.