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

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Sam Bankman-Fried is found guilty of fraud, other crimes; PayPal receives subpoena from the U.S. SEC, and Invesco Galaxy’s spot Bitcoin ETF joins DTCC website.

Top Stories This Week

Sam Bankman-Fried found guilty, what’s next for the crypto king?

Former FTX CEO Sam Bankman-Fried was found guilty of all seven charges by a jury in his criminal trial in New York after about four hours of deliberation. He was convicted of two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy and one count of money laundering conspiracy. He will return to court for sentencing by New York District Judge Lewis Kaplan on March 28, 2024. Government prosecutors will recommend a sentence, but Judge Kaplan will have the final say. Bankman-Frieds crimes each carry a maximum sentence of between five and 20 years in prison with the wire fraud, wire fraud conspiracy and money laundering conspiracy carrying a maximum 20-year sentence. His lawyers, however, say the fight isnt over yet.

PayPal faces SEC action related to PYUSD stablecoin: Official

Payment giant PayPal has received a subpoena from the United States Securities and Exchange Commission (SEC) regarding its U.S. dollar-pegged stablecoin. The subpoena requested that PayPal produce certain documents, the firm said. We are cooperating with the SEC regarding this request, PayPal noted in a financial report. The SEC has sued several of the largest local companies in the crypto industry, including its ongoing lawsuit against Coinbase. In October 2023, the regulator moved to dismiss its lawsuit against Ripple, the company behind the XRP token, one of the largest cryptocurrencies by market cap.

Invesco Galaxy spot Bitcoin ETF joins BlackRock on DTCC site

The ticker for Invesco and Galaxys spot Bitcoin exchange-traded fund (ETF) BTCO has appeared on the Depository Trust and Clearing Corporations (DTCC) website, marking a step forward in the application process for the two asset managers. A ticker added to the list of ETF Products on the DTCCs site is not a guarantee of future approval for that product. However, according to a DTCC spokesperson, it is standard practice to add securities to the NSCC security eligibility file in preparation for the launch of a new ETF to the market. Recently, BlackRock and 21Shares’ application for a similar product were added to the DTCC website as well.

Top Swiss bank launches Bitcoin and Ether trading with SEBA

Switzerlands St.Galler Kantonalbank (SGKB), one of the largest banks in the country, is moving into cryptocurrency by introducing Bitcoin and Ether trading to its customers. The bank has partnered with the SEBA Bank to offer its clients digital asset custody and brokerage services. SGKB plans to expand its offerings to additional cryptocurrencies based on client demand. Founded back in 1868, St.Galler Kantonalbank is reportedly the fifth largest bank in Switzerland, having had a total of 53.6 billion Swiss francs ($58.9 billion) in assets under management at the end of 2022.

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

Jack Dorsey-led Block published its third-quarter earnings report on Nov. 2, revealing a profitable quarter and surpassing analyst expectations. The firm had $5.62 billion in revenue in the third quarter of 2023, boosted by solid revenue growth in Cash App and Square, with $44 million in profit on its Bitcoin holdings thanks to a price surge in recent months. Block generated a gross profit of $1.90 billion, up 21% year-over-year.

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.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are THORChain (RUNE) at 39.73%, Arweave (AR) at 32.15%, and Oasis Network (ROSE) at 24.88%.

The top three altcoin losers of the week are Quant (QNT) at -7.34%, Pepe (PEPE) at -6.49%, and Mina (MINA) at -4.13%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

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

Danielle Sassoon, U.S. assistant attorney

We respect the jurys decision. But we are very disappointed with the result. Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him.

Mark Cohen, attorney of Sam Bankman-Fried

[Bitcoin] demand is going to increase, and supply is going to contract and this is fairly unprecedented in the history of Wall Street.

Michael Saylor, CEO of MicroStrategy

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

Danny Yang, CEO of Metagood

I dont own any Bitcoin, to be frank, but I should.

Stanley Druckenmiller, billionaire investor

Fuck regulators.

Sam Bankman-Fried, former CEO of FTX

Prediction of the Week

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

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

In a blog post in late October, Matrixport doubled down on a $45,000 year-end price target, which it initially revealed in January. It was based on a handful of in-house models, with Matrixport also successfully predicting Bitcoins October gains. Bitcoin is breaking above the July $31,500 resistance level, showing that $45,000 is achievable by year-end, it summarized.

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

FUD of the Week

SafeMoon executive team charged with multiple fraud counts, arrests made

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

Bitget, Floki teams accuse each other of manipulation after token listing

The teams behind the Floki protocol and Bitget crypto exchange have accused each other of market manipulation after the protocols token, TokenFi, was listed and delisted by Bitget. According to a social media post from the Floki team, Bitget listed the token before it was launched, referring to the Bitget listing as a fake token. In a blog post, Bitget claimed that the Floki team was suspected of market manipulation by maliciously controlling the initial liquidity.

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

Amir Elmaani, founder 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 admitted to secretly minting and selling Pearl tokens while not paying income tax on a swath of profits from the project. In addition to his four-year prison sentence, Elmaani was sentenced to one year of supervised release and was ordered to pay $5.5 million in restitution.

Cryptos pro-rioter glitch artist stirs controversy Patrick Amadon, NFT Creator

Digital disobedience is in all of us, says provocative glitch artist Patrick Amadon.

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

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

Slumdog billionaire 2: Top 10 brings no satisfaction says Polygons Sandeep Nailwal

Part 2 of our Sandeep Nailwal special tells how Polygon nearly died in 2020 but went on to be one of the biggest projects in the space.

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  • 07.09.23 16:24 CherryTeam

    Cherry Team atlyginimų skaičiavimo programa yra labai naudingas įrankis įmonėms, kai reikia efektyviai valdyti ir skaičiuoti darbuotojų atlyginimus. Ši programinė įranga, turinti išsamias funkcijas ir patogią naudotojo sąsają, suteikia daug privalumų, kurie padeda supaprastinti darbo užmokesčio skaičiavimo procesus ir pagerinti finansų valdymą. Štai keletas pagrindinių priežasčių, kodėl Cherry Team atlyginimų skaičiavimo programa yra naudinga įmonėms: Automatizuoti ir tikslūs skaičiavimai: Atlyginimų skaičiavimai rankiniu būdu gali būti klaidingi ir reikalauti daug laiko. Programinė įranga Cherry Team automatizuoja visą atlyginimų skaičiavimo procesą, todėl nebereikia atlikti skaičiavimų rankiniu būdu ir sumažėja klaidų rizika. Tiksliai apskaičiuodama atlyginimus, įskaitant tokius veiksnius, kaip pagrindinis atlyginimas, viršvalandžiai, premijos, išskaitos ir mokesčiai, programa užtikrina tikslius ir be klaidų darbo užmokesčio skaičiavimo rezultatus. Sutaupoma laiko ir išlaidų: Darbo užmokesčio valdymas gali būti daug darbo jėgos reikalaujanti užduotis, reikalaujanti daug laiko ir išteklių. Programa Cherry Team supaprastina ir pagreitina darbo užmokesčio skaičiavimo procesą, nes automatizuoja skaičiavimus, generuoja darbo užmokesčio žiniaraščius ir tvarko išskaičiuojamus mokesčius. Šis automatizavimas padeda įmonėms sutaupyti daug laiko ir pastangų, todėl žmogiškųjų išteklių ir finansų komandos gali sutelkti dėmesį į strategiškai svarbesnę veiklą. Be to, racionalizuodamos darbo užmokesčio operacijas, įmonės gali sumažinti administracines išlaidas, susijusias su rankiniu darbo užmokesčio tvarkymu. Mokesčių ir darbo teisės aktų laikymasis: Įmonėms labai svarbu laikytis mokesčių ir darbo teisės aktų, kad išvengtų baudų ir teisinių problemų. Programinė įranga Cherry Team seka besikeičiančius mokesčių įstatymus ir darbo reglamentus, užtikrindama tikslius skaičiavimus ir teisinių reikalavimų laikymąsi. Programa gali dirbti su sudėtingais mokesčių scenarijais, pavyzdžiui, keliomis mokesčių grupėmis ir įvairių rūšių atskaitymais, todėl užtikrina atitiktį reikalavimams ir kartu sumažina klaidų riziką. Ataskaitų rengimas ir analizė: Programa Cherry Team siūlo patikimas ataskaitų teikimo ir analizės galimybes, suteikiančias įmonėms vertingų įžvalgų apie darbo užmokesčio duomenis. Ji gali generuoti ataskaitas apie įvairius aspektus, pavyzdžiui, darbo užmokesčio paskirstymą, išskaičiuojamus mokesčius ir darbo sąnaudas. Šios ataskaitos leidžia įmonėms analizuoti darbo užmokesčio tendencijas, nustatyti tobulintinas sritis ir priimti pagrįstus finansinius sprendimus. Pasinaudodamos duomenimis pagrįstomis įžvalgomis, įmonės gali optimizuoti savo darbo užmokesčio strategijas ir veiksmingai kontroliuoti išlaidas. Integracija su kitomis sistemomis: Cherry Team programinė įranga dažnai sklandžiai integruojama su kitomis personalo ir apskaitos sistemomis. Tokia integracija leidžia automatiškai perkelti atitinkamus duomenis, pavyzdžiui, informaciją apie darbuotojus ir finansinius įrašus, todėl nebereikia dubliuoti duomenų. Supaprastintas duomenų srautas tarp sistemų padidina bendrą efektyvumą ir sumažina duomenų klaidų ar neatitikimų riziką. Cherry Team atlyginimų apskaičiavimo programa įmonėms teikia didelę naudą - automatiniai ir tikslūs skaičiavimai, laiko ir sąnaudų taupymas, atitiktis mokesčių ir darbo teisės aktų reikalavimams, ataskaitų teikimo ir analizės galimybės bei integracija su kitomis sistemomis. Naudodamos šią programinę įrangą įmonės gali supaprastinti darbo užmokesčio skaičiavimo procesus, užtikrinti tikslumą ir atitiktį reikalavimams, padidinti darbuotojų pasitenkinimą ir gauti vertingų įžvalgų apie savo finansinius duomenis. Programa Cherry Team pasirodo esanti nepakeičiamas įrankis įmonėms, siekiančioms efektyviai ir veiksmingai valdyti darbo užmokestį. https://cherryteam.lt/lt/

  • 08.10.23 01:30 davec8080

    The "Shibarium for this confirmed rug pull is a BEP-20 project not related at all to Shibarium, SHIB, BONE or LEASH. The Plot Thickens. Someone posted the actual transactions!!!! https://bscscan.com/tx/0xa846ea0367c89c3f0bbfcc221cceea4c90d8f56ead2eb479d4cee41c75e02c97 It seems the article is true!!!! And it's also FUD. Let me explain. Check this link: https://bscscan.com/token/0x5a752c9fe3520522ea88f37a41c3ddd97c022c2f So there really is a "Shibarium" token. And somebody did a rug pull with it. CONFIRMED. But the "Shibarium" token for this confirmed rug pull is a BEP-20 project not related at all to Shibarium, SHIB, BONE or LEASH.

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  • 16.09.24 00:10 marcusaustin

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  • 23.09.24 18:56 matthewshimself

    At first, I was admittedly skeptical about Worldcoin (ref: https://worldcoin.org/blog/worldcoin/this-is-worldcoin-video-explainer-series), particularly around the use of biometric data and the WLD token as a reward mechanism for it. However, after following the project closer, I’ve come to appreciate the broader vision and see the value in the underlying tech behind it. The concept of Proof of Personhood (ref: https://worldcoin.org/blog/worldcoin/proof-of-personhood-what-it-is-why-its-needed) has definitely caught my attention, and does seem like a crucial step towards tackling growing issues like bots, deepfakes, and identity fraud. Sam Altman’s vision is nothing short of ambitious, but I do think he & Alex Blania have the chops to realize it as mainstay in the global economy.

  • 01.10.24 14:54 Sinewclaudia

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  • 02.10.24 22:27 Emily Hunter

    Can those who have fallen victim to fraud get their money back? Yes, you might be able to get back what was taken from you if you fell prey to a fraud from an unregulated investing platform or any other scam, but only if you report it to the relevant authorities. With the right plan and supporting documentation, you can get back what you've lost. Most likely, the individuals in control of these unregulated platforms would attempt to convince you that what happened to your money was a sad accident when, in fact, it was a highly skilled heist. You should be aware that there are resources out there to help you if you or someone you know has experienced one of these circumstances. Do a search using (deftrecoup (.) c o m). Do not let the perpetrators of this hoaxes get away with ruining you mentally and financially.

  • 18.10.24 09:34 freidatollerud

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  • 31.10.24 00:13 ytre89

    Can those who have fallen victim to fraud get their money back? Yes, you might be able to get back what was taken from you if you fell prey to a fraud from an unregulated investing platform or any other scam, but only if you report it to the relevant authorities. With the right plan and supporting documentation, you can get back what you've lost. Most likely, the individuals in control of these unregulated platforms would attempt to convince you that what happened to your money was a sad accident when, in fact, it was a highly skilled heist. You should be aware that there are resources out there to help you if you or someone you know has experienced one of these circumstances. Do a search using (deftrecoup (.) c o m). Do not let the perpetrators of this hoaxes get away with ruining you mentally and financially.

  • 02.11.24 14:44 diannamendoza732

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  • 12.11.24 00:50 TERESA

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  • 17.11.24 09:31 Vivianlocke223

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  • 03:06 [email protected]

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  • 03:07 [email protected]

    My entire existence fell apart when a malevolent hacker recently gained access to my online accounts. I felt violated and extremely uneasy after discovering that the digital platforms I depended on for communication, employment, and finances had been compromised. Regaining control and restoring my digital security was an overwhelming task in the immediate aftermath. To help me navigate the difficult process of recovering my accounts and getting my peace of mind back, TRUST GEEKS HACK EXPERT came into my life as a ray of hope. They immediately put their highly skilled professionals to work, thoroughly examining the vulnerability and methodically preventing unwanted access. They guided me through each stage soothingly, explaining what was occurring and why, so I never felt lost or alone. They communicated with service providers to restore my legitimate access while skillfully navigating the complex labyrinth of account recovery procedures. My digital footprint was cleaned and strengthened against future attacks thanks to their equally amazing ability to remove any remaining evidence of the hacker's presence. However, TRUST GEEKS HACK EXPERT actual worth went beyond its technical aspects. They offered constant emotional support during the ordeal, understanding my fragility and sense of violation. My tense nerves were calmed by their comforting presence and kind comments, which served as a reminder that I wasn't alone in this struggle. With their help, I was able to reestablish my sense of security and control, which enabled me to return my attention to the significant areas of my life that had been upended. Ultimately, TRUST GEEKS HACK EXPERT all-encompassing strategy not only recovered my online accounts but also my general peace of mind, which is a priceless result for which I am incredibly appreciative of their knowledge and kindness. Make the approach and send a message to TRUST GEEKS HACK EXPERT Via Web site <> www://trustgeekshackexpert.com/-- E>mail: Trustgeekshackexpert(At)fastservice..com -- TeleGram,<> Trustgeekshackexpert

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