Crypto community baffled by SBF dictating terms over congressional hearing.
Many in the crypto community pointed towards Bankman-Fried’s political donations and good Democratic connections via his parents, being one of the key reasons for him to evade arrest.
Sam Bankman-Fried, the former CEO of now-bankrupt cryptocurrency exchange FTX has declined to testify before the United States Congress until he’s “finished learning and reviewing what happened.”
Bankman Fried’s unwillingness to testify before the Congress slated for Dec. 13, despite a barrage of media appearances, didn’t go down well with the crypto community. After a spiral collapse of FTX and its sister companies in the second week of November, Bankman-Fried made his first live public appearance on Nov. 30 during the New York Times’ DealBook Summit. A day later, he appeared in a Good Morning America interview and a Twitter space hosted by IBC Group founder and CEO Mario Nawfal.
Alex Berenson, an author by profession, took a quip at Bankman-Fried’s refusal to testify despite his media frenzy and said that the former CEO is “happy to talk to anyone and everyone… just as long as he’s not under oath.”
Zerohedge, a popular libertarian financial blog, mocked the whole debacle and how Bankman Fried has managed to dictate terms with the lawmakers.
Another user pointed toward the hefty donations made by the former CEO to the democratic party, implying that his donations have given him leverage to get away with stealing people’s money while telling Congress when he will testify.
A popular crypto influencer that goes by the Twitter name Crypto Bull called Bankman Fried, a “Democrat rat” who stole $8 billion in people’s money without facing any consequences while there are people in jail for smoking marijuana.
Another Twitter user called it a disgrace that a man who stole money from customers has the leisure to dictate terms with Congress. The user wrote:
“He shouldn’t have the option of “at his leisure” - they need to subpoena him to show up and get the handcuffs ready. Learning what happened is a complete lie.”
DeFi Protocol Ankr Suffers Infinity Minting Exploit – Here’s What Happened.
Decentralized finance (DeFi) infrastructure provider Ankr has been exploited to the tune of over $5 million due to a bug that allowed for unlimited minting of its token.
In a tweet today, the team said that their aBNBc token had been exploited. They also asked exchanges to halt trading and asked liquidity providers to remove liquidity from decentralized exchanges (DEXs).
The team did not provide specific details of the exploit, but crypto security firm PeckShield said they found out that the project's smart contract had an unlimited minting bug. This allowed the attacker to mint six quadrillion aBNBc tokens, tanking the token price as the supply hit the market.
After minting quadrillions of aBNBc token, the attacker used the decentralized exchange PancakeSwap to swap them for BNB before moving them to crypto mixer Tornado Cash. The attacker then swapped the BNB tokens for 5 million USDC.
Since the hacker has almost drained the aBNBc liquidity pools on PancakeSwap and ApeSwap, the token has plunged by more than 99%. As of now, aBNBc token is trading at $1.52, down by 99.5% over the past day. The coin recorded an all-time high of over $380 in May this year.
Crypto security firm Lookonchain also reported that one opportunistic trader managed to turn 10 BNB ($2,885) into 15.5 million BUSD by using the BNB to buy aBNBc and used them as collateral against a 15.5 million BUSD loan on DeFi lending protocol Helio, which did not have up-to-date pricing on aBNBc post-crash.
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UAE regulator revokes FTX license amid the exchange collapse.
Dubai regulators noted that no clients were exposed as FTX MENA was still in the preparation phase before getting fully approved to operate.
As the FTX debacle still creates waves in the crypto industry and beyond, the Dubai Virtual Assets Regulatory Authority (VARA) has suspended the license which allows FTX to make preparations to service the local market.
In an announcement posted on its official website, VARA mentioned that it has revoked the approval of FTX MENA's Minimum Viable Product (MVP) license. Citing the bankruptcy filing of FTX-related entities including FTX exchange and Alameda Research, VARA confirmed that FTX MENA’s license was suspended before any clients were exposed.
According to the regulator, FTX MENA was still in the preparatory phase. The authority clarified that the firm had not yet received the approval required to start its operations and onboard clients. In addition, the regulator highlighted that the firm had not yet secured a domestic bank account, which is a requirement for virtual asset service providers to start operations in the United Arab Emirates.
The regulator has also asked VASPs that engaged with VARA to participate in the local virtual asset ecosystem to provide disclosures. This will allow the regulator to assess the domestic market exposure and the scale of the contagion within the UAE.
In March, former FTX CEO Sam Bankman-Fried announced that FTX received the first digital asset license in Dubai. In July, the FTX exchange was given the approval to operate under the MVP program and proceed with testing and preparations.
On Mar. 9, a new law that created a legal framework for crypto in Dubai was issued, resulting in the creation of VARA. The regulator is tasked with protecting investors and creating standards for industry governance.
Meanwhile, despite the onslaught that the former FTX exchange has brought to the crypto community, Bankman-Fried is still speaking at a conference hosted by The New York Times. This triggered negative responses among crypto community members criticizing law enforcement, with some even comparing Bankman-Fried with Alexey Pertsev, the currently-detained developer of Tornado Cash.
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First official DAO in the US to fight SEC without attorneys.
American CryptoFed DAO begins a litigation battle with the SEC over 2021 token registrations and opts not to have attorneys in its fight for registration.
The first legally recognized decentralized autonomous organization (DAO) in the United States is taking on the Securities and Exchange Commission (SEC) over its 2021 token registrations.
American CryptoFed DAO told Cointelegraph it will represent itself without an attorney in respon SEC allegations that it omitted and misstated information in a securities registration last year.
The DAO registered its native, interdependent tokens — the stablecoin Ducat and governance token Locke — in its 2021 filing with the SEC, but the regulator has begun proceedings to issue a stop order citing a raft of problems with the registration.
In correspondence with Cointelegraph, American CryptoFed chief operating officer and organizer Xiaomeng Zhou confirmed that the DAO will argue its case against the SEC without legal representation:
“We just filed the Notice of Appearance according to the SEC’s rules. This letter means that we told the SEC that we will represent ourselves without attorneys in this case.American CryptoFed also indicated that it will file a motion to extend the deadline for its answer to the SEC’s Order Instituting Administrative Proceedings. This will open up a 20-day period in which it c build its argument against the SEC’s move to stop American CryptoFed’s registration.
The DAO’s September 2021 filing outlines the details of the interdependent Locke and Ducat tok, which serve as tools for its proposed Wyoming-based monetary system.
As Cointelegraph previously reported, Ducat is an inflation- and deflation-resistant stablecoin that will be used for daily transactions and as a store of value. Locke is the governance token of the DAO, which is intended to stabilize tDucat and facilitate the administration of its ecosystem.
These tokens are intended to be used by municipalities, merchants, banks, crypto exchanges and other participants in the DAO.
By registering with the SEC, American CryptoFed would become a reporting company and would have to carry out periodic reporting obligations to the regulatory body.
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Whales Say These 4 Coins Can 20x by 2023 – Here’s Why.
Dash 2 Trade (D2T)The second stage of the D2T presale has already sold out, raising $5.16 million in just over two weeks. Dash 2 Trade is a concept created by Learn 2 Trade, a hugely popular trading signal company set to launch in the first quarter of 2023. The platform's goal is to provide market-driven insights to investors in order to help them make informed decisions.
To improve the trading experience, D2T provides trading signals, social analytics, and even market sentiment analysis.
Dash 2 Trade aspires to be the Bloomberg trading terminal for cryptocurrencies, according to the development team. For automating trading processes and optimizing all trading methods, the platform also includes automation and backtesting capabilities.
Calvaria (RIA)Calvaria is a brand-new cryptocurrency gaming project with the potential to dominate the play-to-earn market. Calvaria developers identified two major barriers to widespread Web3 gaming adoption.
IMPTIMPT's team is making the world of carbon credits much more efficient than ever before by putting carbon credits on the chain. Previously, the carbon credit system was extremely opaque; it was only applicable to businesses, and trading with them was inefficient and out of date. Carbon credits can be traded as NFTs on the blockchain 24 hours a day, seven days a week.
According to Broadridge Financial Solutions, the carbon credit market will likely exceed $50 billion by 2030, while the environmental, social, and governance (ESG) industry will likely exceed $30 trillion.
RobotEra (TARO)For investors who enjoy the metaverse, TARO is one digital asset to keep an eye on. The asset is the native token for RobotEra, a world-building metaverse platform that allows players to access its system as avatars.
FTX Launches Asset Review; Here’s How Remaining Holdings StandsThe collapsed cryptocurrency exchange FTX and about 100 affiliated companies on Saturday launched a strategic review of global assets.
It is a part of the FTX Launches Asset Review; Here’s How Remaining Holdings Stands Chapter 11 bankruptcy process.
Australian firm raises $28M to expand Bitcoin mining capabilities.
The Sydney-based Arkon Energy secured $28 million in a recent funding round to expand its renewable energy Bitcoin mining operations despite the volatile market.
The turbulent climate of the crypto industry is not putting a full stop to builders in the space. Arkon Energy, an Australian renewable data center infrastructure company, recently raised millions to expand its Bitcoin mining operations and acquired another European-based data center.
The funding round was completed with $28 million raised by the data center infrastructure company, which uses 100% renewable electricity to mine BTC. Arkon extracts renewable power trapped in electricity markets to sustainably lowers its costs.
Arkon CEO Josh Payne said this type of market creates the perfect storm for growth due to many factors:
“The current market climate, with low prices for Bitcoin and mining equipment, offers a compelling opportunity to take advantage of our unique profitability and access to growth capital.”
In addition, Arkon acquired one of Norway’s leading renewable energy-based data centers Hydrokraft AS, as a part of a larger plan to create a “vertically integrated green Bitcoin mining platform.”
However, on Oct. 6, the Norwegian government recently proposed to eliminate the reduced electricity tax which is available for BTC miners in the country. The country’s finance minister said the power market is in a completely different situation now compared to when it first initiated the tax break in 2016.
Similarly, in the Canadian province of Quebec, the energy manager for the region asked the local government to cut power from crypto miners due to high energy demands.
The current market downturn and industry turmoil has created a rough environment for many companies in the space to thrive.
One recent example is that the BTC miner Iris Energy, is now facing a default claim worth $103 million from creditors in the United States. A filing with the U.S. Securities and Exchange Commission on Nov. 7 alleged that the company failed in restructuring to meet payment deadlines.