FTX

Why is Solana (SOL) price up this week?

The recovery in SOL price appears to be driven by SPL tokens and a surge in DeFi and NFT activity.

Solana’s native token, SOL (SOL), gained 5.5% on Dec. 13, reclaiming the $72 support level. Over the past four days, it experienced a 16.7% correction, dropping from a high of $77.80 on Dec. 9 to a low of $63.75. The question is whether the factors driving this recovery will continue to support recent gains.

The rally in SOL was fueled by three factors, in addition to the U.S. Federal Reserve’s announcement on Dec. 13 of three interest rate cuts throughout 2024. Reduced returns on fixed-income investments are typically seen as bullish for risk-on assets like cryptocurrencies.

During a Dec. 12 interview on CNBC, Commodities Futures Trading Commission (CFTC) Chair Rostin Behnam mentioned that the “turf war” among various regulatory agencies is hindering the establishment of clear guidelines for the sector. Behnam believes most tokens are commodities under existing laws and expects the crypto market to persist.

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Sam Bankman-Fried’s lawyer says FTX fraud trial was “almost impossible” to win: Report

The head of Sam Bankman-Fried’s legal defense admitted the odds of winning the FTX fraud trial were stacked against the former CEO.

The lawyer responsible for Sam Bankman-Fried’s criminal trial defense has admitted that the case was “almost impossible” to win from the outset.

In a one-on-one interview with Bloomberg, Stanford Law School professor David Mills recounts how Bankman-Fried’s reluctance to follow his recommendations and the damning testimony of his former associates had the FTX founder’s back against the ropes.

Related: Caroline Ellison wanted to step down but feared a bank run on FTX

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FTX and Alameda move $23.59M in assets to Binance, Coinbase, OKX

The latest transfer of $23.59 million was spread across 19 tokens, including ETH, ALEPH, CRV, AVAX, LINK, DOGE, MATIC, UNI and SOL.

Over four days, wallets linked to defunct crypto trading firms FTX and Alameda Research moved $23.59 million worth of digital assets to top cryptocurrency exchanges.

Blockchain analytics firm Spot On Chain identified the movement, estimating that the defunct entities have transferred $591 million since Oct. 24 using 59 different cryptocurrency tokens.

The wallets linked to FTX spread the latest transfer of $23.59 million across 19 tokens: 3,150 Ether (ETH) worth $6.8 million, 59.6 million Aleph.im (ALEPH) worth $6.41 million, $2.48 million of Curve DAO (CRV) tokens, $990,000 of Avalanche (AVAX) and $848,000 of Chainlink’s (LINK).

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FTX to submit revised reorganization plan in mid-December

Bankrupt crypto exchange FTX is preparing to present an updated reorganization plan to the court in mid-December.

The Official Committee of Unsecured Creditors has written a reply to the FTX 2.0 Customer Ad Hoc Committee, providing insights into the details of its proposed amended reorganization plan. Scheduled for mid-December, the plan is expected to reshape the fate of unsecured creditors.

In the letter, recognizing differing perspectives on asset valuation and distribution, the Committee of Unsecured Creditors highlighted the proposed plan’s capacity to maintain a balance among stakeholders’ interests.

However, ongoing activities, including a potential acquisition by financial services firm Perella Weinberg that may unfold during the bankruptcy proceedings, will be formally submitted via a court motion for approval. Concepts like recovery rights tokens — referenced in the FTX 2.0 Customer Ad Hoc Committee’s letter — are presently under evaluation by both the Official Committee and potential transaction participants.

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US crypto firms spent more on lobbying in 2023 than before FTX collapse: Report

Government transparency group Open Secrets reported U.S. crypto firms spent roughly $19 million on lobbying from January to September 2023.

Companies connected to the crypto and blockchain industry in the United States reportedly spent roughly $3 million more on lobbying in the first three quarters of 2023 than over the same period in 2022.

According to a Dec. 5 Reuters report citing data from U.S. government transparency group Open Secrets, crypto firms spent roughly $19 million on lobbying from January to September 2023, roughly 19% more than they did over the same period in 2022. Coinbase reportedly led the spending on lobbying at more than $2 million, followed by Crypto.com, Blockchain Association and Binance.

Before its collapse in November 2022, FTX had been one of the biggest spenders in the crypto space on donations to U.S. lawmakers’ campaigns and marketing efforts. Former FTX CEO Sam Bankman-Fried, who was found guilty of seven felony charges related to fraud at the exchange, used customer deposits to donate millions to political campaigns.

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FTX and Alameda transfers another $22M worth of crypto asset

Following their most recent move, FTX and Alameda Research have transferred another significant amount of digital assets, amounting to an impressive $22 million.

Blockchain analysis firm Lookonchain reported that cryptocurrency powerhouses FTX and Alameda Research are actively engaged in a substantial transfer of digital assets, amounting to an impressive $22 million.

Following their bankruptcy declaration, FTX and Alameda Research have actively maneuvered in cryptocurrency, another bouquet of digital assets, transferring significant amounts to prominent exchanges.

In their most recent move, a transfer of $10.8 million transpired on platforms such as Wintermute, Binance, and Coinbase. The latest transfer of $10.8 million was spread across eight tokens: $2.58 million in StepN’s GMT, $2.41 million in Uniswap’s UNI, $2.25 million in Synapse’s SYN, $1.64 million in Klaytn’s KLAY, $1.18 million in Fantom’s FTM, $644,000 in Shiba Inu’s SHIB and small amounts of Arbitrum’s ARB and Optimism’s OP.

On Oct. 24, the FTX and Alameda wallets transferred $10 million to a single wallet address, which was later redistributed to Binance and Coinbase accounts.

Report: Ex-FTX execs team up to build new crypto exchange 12 months after FTX collapse: Report

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Sam Bankman-Fried will not file any post-trial motions, say lawyers

The former FTX CEO was found guilty of seven felony charges on Nov. 2, for which he could face up to 115 years in prison.

Following his conviction on federal fraud charges on Nov. 2, former FTX CEO Sam “SBF” Bankman-Fried will not pursue any post-trial motions.

In a Dec. 1 letter to Judge Lewis Kaplan in United States District Court for the Southern District of New York, lawyers representing Bankman-Fried said they had “decided not to file any post-trial motions” but reserved their rights to pursue claims on appeal. The filing was the latest following SBF’s conviction on Nov. 2 as he awaits sentencing on March 28.

Source: Courtlistener

It’s unclear whether prosecutors plan to move forward with Bankman-Fried’s second trial in March.

Related: What’s next for the ‘crypto king’ Sam Bankman-Fried?

After the jury verdict was handed down, Bankman-Fried returned to the Brooklyn Metropolitan Detention Center, where he is expected to remain until sentencing. 30, crypto blogger Tiffany Fong interviewed a former mob enforcer, Gene Borrello, who reported on some of SBF’s experiences in jail.

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SBF was almost extorted for ‘protection' in Brooklyn jail, recalls ex-inmate

Gene Borrello, a former prisoner at MDC, told crypto blogger Tiffany Fong that Sam Bankman-Fried was targeted for his timid nature and having “the body of the 80-year-old.”

Sam Bankman-Fried was reportedly worried for his safety during his pre-trial detention time at the Brooklyn Metropolitan Detention Center and even considered paying another inmate for “protection,” according to a former inmate. 

New York mob enforcer-turned-informant Gene Borrello told crypto blogger Tiffany Fong in a Nov. 30 interview that he spent time with Bankman-Fried in the lead-up to his criminal trial.

Borrello said during his time there, other prisoners saw the former crypto mogul as timid, having “the body of the 80-year-old,” and was presumed to have access to money.

“He has the body of the 80-year-old. He has, like, no shape to him, you know what I mean?”

A prisoner reportedly attempted to make Bankman-Fried fearful to extort him for protection money, according to Borello.

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SBF was almost extorted for ‘protection’ in Brooklyn jail, recalls ex-inmate

Gene Borrello, a former prisoner at MDC, told crypto blogger Tiffany Fong that Sam Bankman-Fried was targeted for his timid nature and having “the body of the 80-year-old.”

Former FTX CEO Sam “SBF” Bankman-Fried was reportedly worried for his safety during his pretrial detention time at the Brooklyn Metropolitan Detention Center and even considered paying another inmate for “protection,” according to a former inmate. 

New York mob enforcer-turned-informant Gene Borrello told crypto blogger Tiffany Fong in a Nov.

Borrello said that during his time there, other prisoners saw the former crypto mogul as timid, having “the body of the 80-year-old,” and he was presumed to have access to money.

“He has the body of the 80-year-old. He has, like, no shape to him, you know what I mean?”

A prisoner reportedly attempted to make Bankman-Fried fearful to extort him for protection money, according to Borello.

“[The other prisoner] wanted Sam Bankman to feel like ‘this is dangerous in here, you need protection,’” he recalled.

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Former US Secret Service asst. director: Keep personal info of FTX users private

Jeremy Sheridan claimed FTX users could become the targets of physical harm as well as attacks through online scams if their information was disclosed.

Jeremy Sheridan, former assistant director of the United States Secret Service Office of Investigations, has warned that certain FTX customers could become targets if their personal information were to be made public.

In an April 20 declaration filed with the U.S. Bankruptcy Court for the District of Delaware, Sheridan supported a motion from the debtors that would withhold “certain confidential information” of FTX users. According to Sheridan, who is currently a managing director for FTI Consulting, releasing the names of customers associated with the failed crypto exchange imposes “a severe and unusual risk of identity theft, asset theft, personal attack, and further online victimization.”

“If Individual Customer Names are made public in these Chapter 11 Cases, such information will provide potential malefactors an itemized list of vulnerable targets,” said Sheridan. “In particular, it will provide malefactors with a menu of potential targets via disclosure of the Debtors’ schedules of assets and liabilities list. […] And each of the Debtors’ customers’ respective cryptocurrency holdings.”

FTX users holding large amounts of crypto, according to Sheridan, would effectively have “a target on their back” and could be victims of fraud by scammers looking at their wallets. He cited examples of common online scams conducted through email and social media, including building fake business and romantic relationships, SIM swaps and phishing attacks:

“Perpetrators of frauds and online attacks are emboldened by, motivated from and attracted to high profile cases like the Chapter 11 Cases. Adding to this environment is the fact that cryptocurrency is already an attractive target for malefactors because it is easy to liquidate, instantaneous, global and pseudo anonymous.”

The legal team representing FTX debtors released a list of creditors owed money by the exchange in January. However, the roughly 10 million users’ names and personal information had been redacted. A group of media outlets, including Bloomberg and The New York Times, has objected to the redaction, claiming that the press and public had a “right of access” to the information.

Related: FTX CEO says he is exploring rebooting the exchange: Report

Judge John Dorsey extended the time that customer information could be redacted until April 20, also expressing concern that users could be put “at risk” with their names going public. FTX debtors and the committee of unsecured creditors filed a motion when the extension was set to expire requesting the bankruptcy court revisit the redaction order. The matter is scheduled for a May 17 hearing, depending on objections filed.

Magazine: Can you trust crypto exchanges after the collapse of FTX?