Former FTX CEO Sam Bankman-Fried has denied stashing away billions of dollars.
In a new post, Bankman-Fried also believes the U.S. of the business remains solvent, and can be used to repay customers.
“I didn’t steal funds, and I certainly didn’t stash billions away,” Bankman-Fried wrote. “Alameda lost money due to a market crash it was not adequately hedged for.”
Bankman-Fried faces numerous federal charges including conspiracy to commit fraud and is now free on bail at his parents’ home in California.
He has pleaded not guilty to the charges.
He also did not address the $65 billion dollar line of credit he opened from the exchange to the trading arm, as revealed in court documents. #Crypto #FTX
Who killed the crypto boom?
It has been a shocking year for crypto investors, the year that crypto came crashing down to earth.
What began as a trickle became a turning point for crypto, losing their luster and exposed as a fringe product that most sensitive, experienced investors approached with skepticism.
So how did crypto climb so high under the cover of the pandemic?
By 2022, the ads were everywhere. Crypto was taking over the superbowl, and global sport.
Hollywood’s biggest names were jumping on board, and suddenly the big banking firms were taking notice.
The tokens might have been virtual, but crypto was become a real threat, and of real interest to next gen investors. #crypto #ftx #bitcoin
Kazakhstan to limit energy use for crypto mining
Kazakhstan President Kassym-Jomart Tokayev has signed a law to limit the energy consumption of domestic cryptocurrency miners
The country has seen an influx of bitcoin miners, putting a strain on the energy grid.
The new law restricts miners from consuming energy from the national grid unless there is a surplus, which will be distributed among licensed operators.
Those using renewable energy, imported electricity, or their own energy generation capacity not connected to the grid, are exempt from this cap.
The legislation requires miners to be licensed and establishes a minor adjustment to the tax regime for the industry.
Kazakhstan is also looking to regulate digital assets exchanges in the wake of the FTX fiasco.
Miners must sell half of their crypto to registered exchanges in the Astana International Finance Centre by 2024, and 75% by 2025.
Kazakhstan is also planning to regulate digital asset exchanges.
Binance temporarily suspends U.S. Dollar bank transfers
Crypto exchange Binance is set to temporarily suspending U.S. dollar bank transfers later this week
No reason has been given by the exchange for such a move.
The company says it will affect a very small percentage of monthly active users.
In the interim, all other methods of buying and selling crypto on the platform remain unaffected.
Subsequently, there has been no firm timetable as to when the suspension of USD activity would be lifted for the platform.
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