– Opening arguments begin in Sam Bankman-Fried trial: The trial of former FTX CEO Sam Bankman-Fried has started in New York, with prosecutors alleging that he used customer funds for personal gain. Bankman-Fried’s defense argues that other individuals, including his girlfriend and the CEO of Binance, share responsibility for the downfall of FTX.
– Alex Mashinsky’s jury trial scheduled for September 2024: Former Celsius CEO Alex Mashinsky will face charges of fraud and market manipulation in September 2024. Mashinsky is currently out on bail and is accused of defrauding investors out of billions of dollars.
– Binance spot market share drops for 7th consecutive month: Binance continues to lose market share, with other exchanges like HTX, Bybit, and DigiFinex benefiting from its decline. Ongoing regulatory issues in the US and the end of zero-fee trading promotions are cited as reasons for Binance’s market share drop.
– Alameda sent $4.1B of FTT tokens to FTX before crash: A report reveals that FTX transferred $4.1 billion worth of its native FTT tokens to Alameda Research before filing for bankruptcy. The report suggests that FTX and Alameda were propping up each other’s balance sheets.
– Valkyrie backtracks on Ether futures contract purchases until ETF launch: Asset management firm Valkyrie announces that it will not purchase Ether futures contracts until it receives approval for its ETF. This decision comes amid delays in the SEC’s approval process for ETH futures ETFs.
– Bitcoin analysts still predict a BTC price crash to $20K: Technical analysts warn that Bitcoin may experience a price crash to $20,000 based on a “head and shoulders” pattern in the current chart. Some analysts even suggest that Bitcoin could fall below $20,000 based on a fractal pattern from previous market cycles.
– US Treasury sanctions crypto wallets as authorities crack down on fentanyl: The US Treasury announces sanctions on multiple crypto wallets connected to manufacturers and dealers of the illicit drug fentanyl. The sanctions are part of a larger effort to target individuals involved in Fentanyl-related criminal activities.
– Crypto suffered 153% YoY increase in hacks and scams in Q3: A report reveals that the number of crypto hacks and scams increased by over 153% compared to the same period last year. Over $680 million worth of crypto was lost in scams and hacks during Q3.
– Winners and Losers: Bitcoin is at $27,880, Ether at $1,640, and XRP at $0.52. The top three altcoin gainers of the week are Trust Wallet Token, Avalanche, and Render, while the top three losers are ApeCoin, THORChain, and Curve DAO Token.