FTX and Alameda Research founder, Sam Bankman-Fried, pleaded not guilty to a long list of crimes while his lawyers argued for the return of his $460m of Robin Hood shares. He claims innocence and tries to keep his shares to fund his legal case during a hearing in October. Meanwhile, US regulators continue to scrutinise cryptocurrency exchanges, turning up the heat on Binance and investigating digital currency group DCG for liquidity issues. Coinbase settles a $100m case with authorities, while Silvergate crypto bank loses billions, cuts its team in half and sees its debt downgraded. Finally, open AI and SpaceX reveal funding rounds, and GPT integrates with Microsoft’s Bing browser.
Foreign Bureau Weekly Crypto Review: This Week’s Top Headlines in Crypto News
Introduction: Welcome to this week’s Foreign Bureau weekly crypto review. Below are the top stories making headlines in the crypto world this week.
1. Totally Not Guilty – Sam Bankman Freed’s First Day in Court
Sam Bankman Freed, the disgraced founder of FTX and Alameda Research, recently pleaded not guilty to the long list of crimes that U.S authorities allege he has committed. Despite the fact that former executives of FTX and Alameda have reportedly ratted him out, including ex-girlfriend Caroline Ellison, Sam claims he is innocent. Sam’s lawyers also asked the court to conceal the identity of the entities which put up the collateral required to secure his record $250 million dollar bond.
2. Everything You Need to Know – Exchanges Under Scrutiny
In recent weeks, U.S regulators have turned up the heat on Binance, Huobi and Coinbase. Huobi experienced a bank run and Coinbase recently settled a pivotal case with U.S regulators for $100 million dollars. Meanwhile, DCG is working to resolve liquidity issues with its subsidiaries while U.S regulators investigate the company’s activities.
3. Silvergate Gets Slashed – The Crypto Bank Loses Billions
Silvergate, the crypto bank, lost billions, cut its staff in half and saw its debt downgraded as Microstrategy and Marathon digital stocks crashed. The question now is whether Silvergate is the next domino to fall.
4. Elon Strikes Back – Open AI and SpaceX Reveal Funding Rounds
Elon Musk strikes back as Open AI and SpaceX reveal funding rounds that result in multi-billion dollar valuations. Meanwhile, Chat GPT integrates with Microsoft’s Bing browser, and it’s important to pay attention to this development.
5. The Thoughts of the One and Only Benjamin Karen
No Foreign Bureau weekly crypto review is complete without the thoughts of the one and only Benjamin Karen. Tune in to hear his insights into the latest developments in the crypto world.
Conclusion: Stay informed about the latest developments in the crypto world by tuning in to the Foreign Bureau weekly crypto review. With the crypto industry evolving rapidly, it’s essential to keep up with the latest news and events to make informed decisions about your crypto investments.