Conspiracy Charges Ryan Salame, a former high-ranking official at Alameda Research and co-CEO of FTX, has been sentenced to 90 months in prison. He pleaded guilty to conspiracy to defraud the Federal Election Commission and operate an unlicensed money-transmitting business. Illegal Political Contributions Salame conspired with Sam Bankman-Fried and Nishad Singh to make campaign contributions…
How Stablecoins Are Changing Trade Finance Russian commodity firms are using cryptocurrency, especially Tether (USDT), to bypass sanctions that have disrupted traditional banking channels. This allows them to make “fast and seamless” international transactions with Chinese companies. The Appeal of Stablecoins Stablecoins like USDT are popular because they offer: Quick and cheap transactions (5-15 seconds,…
Major Upgrade for Terra Blockchain Terra Classic developer group Genuine Labs has proposed a major upgrade for the Terra blockchain. This upgrade, if approved, could have a positive impact on the Terra ecosystem, including the price of Terra Classic (LUNC). What’s Included in the Upgrade The upgrade includes: Implementing the latest version of the Cosmos…
AI-Generated Concept Turbo (TURBO), a memecoin created using OpenAI’s ChatGPT, has exploded onto the crypto scene, reaching a market cap of $607 million. Digital artist Rhett Mankind used ChatGPT to generate the concept, tokenomics, and even the smart contract for Turbo. Community-Driven Success Mankind emphasized the community’s role in Turbo’s success, stating that his goal…
Crypto analyst Jason Pizzino has identified four altcoins showing signs of strength: Solana (SOL), Pepe (PEPE), Pendle (PENDLE), and Render (RNDR). Solana (SOL) Pizzino notes that Solana’s performance against the US dollar remains strong, holding above the 50% retracement level of $154. Pendle (PENDLE) PENDLE is seen as a potential strong performer in the next…
A US regulator has announced a $1.5 million settlement with a bank accused of deceiving and overcharging hundreds of veterans. Deceptive Practices The Federal Deposit Insurance Corporation (FDIC) claims that Bank of England in Arkansas misled veterans by: Falsely promising they could skip loan payments when refinancing VA mortgages Misrepresenting the bank’s relationship with the…
The Uniswap Foundation, which oversees the popular cryptocurrency exchange Uniswap, has released its financial summary for the first quarter of 2024. Financial Snapshot As of March 31, 2024, the foundation had: $41.41 million in cash and stablecoins 0.73 million UNI tokens The funds are allocated as follows: $25.77 million for grants and incentives $2.94 million…
US authorities have arrested the alleged mastermind behind a major dark web marketplace that facilitated the anonymous sale of illegal drugs. Arrest Details Rui-siang Lin, 23, from Taiwan, was arrested at John F. Kennedy Airport on May 18th. He is accused of owning and operating Incognito Market under the alias “Pharoah” or “Faro.” Incognito Market’s…
Bankman-Fried’s Penthouse and Bahamas Properties Following the collapse of FTX, the company’s lavish real estate holdings are being sold off. The centerpiece is the $30 million Orchid building penthouse in the Bahamas, where Sam Bankman-Fried and his team lived and worked. Overpaid Properties? Experts believe FTX may have overpaid for these properties, making it difficult…
New York Attorney General Letitia James has issued a stern warning to crypto companies operating in the state. She emphasized that they must comply with the same regulations as any other business. Settlement with Genesis Recently, the NYAG’s office reached a $2 billion settlement with bankrupt platform Genesis Global Capital. This settlement was the largest…
