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

Leading Stories This Week

Sam Bankman-Fried found guilty, whats next for the crypto king?

The subpoena asked for that PayPal produce particular files, the company said. In October 2023, the regulator moved to dismiss its lawsuit against Ripple, the company behind the XRP token, one of the biggest cryptocurrencies by market cap.

He was convicted of 2 counts of wire fraud, two counts of wire scams conspiracy, one count of securities fraud, one count of products scams conspiracy and one count of money laundering conspiracy. Government district attorneys will advise a sentence, however Judge Kaplan will have the final say. Bankman-Frieds criminal offenses each carry an optimal sentence of in between five and 20 years in jail with the wire fraud, wire fraud conspiracy and cash laundering conspiracy bring an optimum 20-year sentence.

Invesco Galaxy area Bitcoin ETF signs up with BlackRock on DTCC website

The ticker for Invesco and Galaxys spot Bitcoin exchange-traded fund (ETF)– BTCO– has actually appeared on the Depository Trust and Clearing Corporations (DTCC) site, marking a step forward in the application process for the two possession supervisors. A ticker added to the list of “ETF Products” on the DTCCs website is not a warranty of future approval for that product.

Leading Swiss bank launches Bitcoin and Ether trading with SEBA

Jack Dorseys Block had $5.62 B in revenue, $44M in Bitcoin revenues in Q3

Jack Dorsey-led Block published its third-quarter profits report on Nov. 2, surpassing and revealing a rewarding quarter analyst expectations. The company had $5.62 billion in income in the 3rd quarter of 2023, enhanced by solid income growth in Cash App and Square, with $44 million in earnings on its Bitcoin holdings thanks to a rate surge in current months. Block produced a gross profit of $1.90 billion, up 21% year-over-year.

Switzerlands St.Galler Kantonalbank (SGKB), one of the largest banks in the country, is moving into cryptocurrency by presenting Bitcoin and Ether trading to its clients. The bank has partnered with the SEBA Bank to offer its customers digital property custody and brokerage services. SGKB strategies to broaden its offerings to extra cryptocurrencies based on client need. Founded back in 1868, St.Galler Kantonalbank is apparently the 5th largest bank in Switzerland, having had a total of 53.6 billion Swiss francs ($ 58.9 billion) in properties under management at the end of 2022.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $34,634, Ether (ETH) at $1,829 and XRP at $0.61. The total market cap is at $1.29 trillion, according to CoinMarketCap.

Danielle Sassoon, U.S. assistant lawyer.

Read.

Oyster Protocol founder gets 4 years prison for $5.5 M tax evasion.

The ticker for Invesco and Galaxys area Bitcoin exchange-traded fund (ETF)– BTCO– has actually appeared on the Depository Trust and Clearing Corporations (DTCC) website, marking a step forward in the application procedure for the 2 property managers. Switzerlands St.Galler Kantonalbank (SGKB), one of the largest banks in the country, is moving into cryptocurrency by presenting Bitcoin and Ether trading to its customers. The firm had $5.62 billion in profits in the third quarter of 2023, improved by strong profits development in Cash App and Square, with $44 million in earnings on its Bitcoin holdings thanks to a price rise in current months. It was based on a handful of internal models, with Matrixport likewise successfully anticipating Bitcoins October gains. “Bitcoin is breaking above the July $31,500 resistance level, revealing that $45,000 is attainable by year-end,” it summed up.

Mark Cohen, attorney of Sam Bankman-Fried.

The top 3 altcoin losers of the week are Quant (QNT) at -7.34%, Pepe (PEPE) at -6.49%, and Mina (MINA) at -4.13%. For more details on crypto prices, make sure to check out Cointelegraphs market analysis.

Slumdog billionaire 2: Top 10 … brings no satisfaction states Polygons Sandeep Nailwal.

The teams behind the Floki protocol and Bitget crypto exchange have actually implicated each other of market manipulation after the procedures token, TokenFi, was listed and delisted by Bitget. According to a social media post from the Floki group, Bitget listed the token before it was released, referring to the Bitget listing as a “phony token.” In a blog post, Bitget declared that the Floki group was “believed of market manipulation by maliciously controlling the initial liquidity.”.

Sam Bankman-Fried, previous CEO of FTX.

Part 2 of our Sandeep Nailwal unique informs how Polygon nearly died in 2020 however went on to be one of the greatest jobs in the space.

Functions.
Saving the planet could be blockchains killer app.

Sandeep Nailwals life story is an incredible rags-to-riches tale that goes one better than Oscar-winning movie “Slumdog Millionaire.”.

Digital disobedience is in everybody, says intriguing glitch artist Patrick Amadon.

The United States Securities and Exchange Commission revealed on Nov. 1 that it was charging SafeMoon and three of its executives with scams and unregistered securities sales in connection with its SafeMoon Token. According to the SEC, SafeMoon executives Kyle Nagy, John Karony and Thomas Smith withdrew properties worth $200 million from the task and misused financier funds. The Justice Department is charging the three with conspiracy to dedicate securities fraud, conspiracy to commit wire fraud and money laundering conspiracy.

FUD of the Week.

SafeMoon executive group charged with numerous fraud counts, arrests made.

” We appreciate the jurys choice. But we are extremely dissatisfied with the outcome. Mr. Bankman Fried keeps his innocence and will continue to intensely fight the charges versus him.”.

” Fuck regulators.”.

” He [Sam Bankman-Fried] lied to get clients trust.”.

Functions.
Area intruders: Launching crypto into orbit.

Prediction of the Week.

” I dont own any Bitcoin, to be frank, however I should.”.

Amir Elmaani, creator of the now-defunct Oyster Protocol, has been handed the maximum sentence of four years in prison for tax evasion. The United States Attorneys Office said on Oct. 31 that Elmaani– also known by the alias “Bruno Block”– was sentenced to prison following his guilty plea where he confessed to secretly minting and selling Pearl tokens while not paying earnings tax on a swath of revenues from the project. In addition to his four-year jail sentence, Elmaani was sentenced to one year of supervised release and was ordered to pay $5.5 million in restitution.

Editorial Staff.
Cointelegraph Magazine reporters and authors contributed to this article.

The Majority Of Memorable Quotations.

” [Bitcoin] need is going to increase, and supply is going to contract and this is relatively unmatched in the history of Wall Street.”. Michael Saylor, CEO of MicroStrategy.

For lots of, the halving is a watershed moment in every Bitcoin price cycle. In September, BitQuant stated that BTC/USD would exceed its present $69,000 peak before April 2024.

Danny Yang, CEO of Metagood.

” The Bitcoin Ordinal protocol is much better created for decentralization and security than the Ethereum NFT protocol. High-value NFTs will win on Bitcoin.”.

Bitget, Floki teams accuse each other of adjustment after token listing.

Cryptos pro-rioter problem artist stirs controversy– Patrick Amadon, NFT Creator.

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In an article in late October, Matrixport doubled down on a $45,000 year-end price target, which it at first revealed in January. It was based upon a handful of internal models, with Matrixport also effectively forecasting Bitcoins October gains. “Bitcoin is breaking above the July $31,500 resistance level, revealing that $45,000 is attainable by year-end,” it summarized.

Slumdog billionaire: Incredible rags-to-riches tale of Polygons Sandeep Nailwal.

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

A lot can happen in Bitcoin within a short area of time, and with 2024 less than two months away, there is plenty of time for fresh BTC rate volatility to take hold. Before the yearly candle light close, some say BTC/USD will be greater than at present– to the tune of another 30%.

Amongst the most significant 100 cryptocurrencies, the top 3 altcoin gainers of the week are THORChain (RUNE) at 39.73%, Arweave (AR) at 32.15%, and Oasis Network (ROSE) at 24.88%..

Stanley Druckenmiller, billionaire financier.

Other Questions People Ask

What were the charges against Sam Bankman-Fried following his conviction?

Sam Bankman-Fried was convicted on multiple counts, including two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of products scams conspiracy, and one count of money laundering conspiracy. Each of these charges carries significant potential prison sentences, with the most severe charges allowing for up to 20 years in jail. The final sentencing will be determined by Judge Kaplan, with recommendations from government district attorneys.

What does the SEC subpoena to PayPal entail?

The SEC subpoena issued to PayPal requested the company to produce specific files related to its operations and compliance with securities regulations. This move indicates the SEC's ongoing scrutiny of financial technology companies and their adherence to regulatory standards. PayPal has acknowledged the subpoena but has not disclosed further details about the requested documents or the implications for its business practices.

How did the cryptocurrency market react to recent events involving Sam Bankman-Fried and PayPal?

The cryptocurrency market has shown resilience despite the turmoil surrounding Sam Bankman-Fried's conviction and the SEC's actions against PayPal. Bitcoin is currently priced at $34,634, while Ether and XRP are at $1,829 and $0.61, respectively. Market analysts are closely monitoring these developments, as they could influence investor sentiment and market trends in the coming weeks.

What impact did Sam Bankman-Fried's conviction have on the crypto community?

Sam Bankman-Fried's conviction has sent shockwaves through the crypto community, raising concerns about regulatory scrutiny and investor trust in cryptocurrency exchanges. Many industry leaders are calling for clearer regulations to prevent similar situations in the future. The case serves as a reminder of the importance of transparency and compliance within the rapidly evolving crypto landscape.

What are the implications of the SEC's lawsuit dismissal against Ripple in relation to PayPal's subpoena?

The SEC's decision to dismiss its lawsuit against Ripple may create a precedent that could influence how other cryptocurrency companies, including PayPal, navigate regulatory challenges. While Ripple's case was seen as a significant victory for the crypto industry, PayPal's subpoena highlights ongoing regulatory concerns that could affect its operations. The outcome of these cases will likely shape future interactions between cryptocurrency firms and regulatory bodies.