DD
MM
YYYY

CATEGORIES

PAGES

DD
MM
YYYY

spot_img

CATEGORIES

PAGES

Home Blog Page 4599

FTX Saga Takes A New Twist, Bankman-Fried Likely to Face Extradition to The U.S

By
Ojukwu Emmanuel
-
0

The FTX saga has taken a new twist as the CEO of collapsed crypto exchange platform FTX Sam Bankman-Fried has been arrested in the Bahamas by the royal Bahamas police force, with a possible extradition to the U.S.

His arrest comes following a series of investigations and interviews after prosecutors in the United States filed criminal charges against him.

Following his arrest, the Bahamas Prime Minister Philip Davis said in a statement, “The Bahamas and the United States have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law.

“While the United States is pursuing criminal charges against SBF individually, The Bahamas will continue its own regulatory and criminal investigations into the collapse of FTX, with the continued cooperation of its law enforcement and regulatory partners in the United States and elsewhere.”

Also, the Securities and Exchange Commission (SEC) disclosed in a statement that it had authorized charges relating to Bankman-Fried’s violations of its securities laws.

The criminal charges against him included wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering, said a person with knowledge of the matter.

The Attorney General of the Bahamas via a statement disclosed that Bankman-Fried would remain in their custody until a federal request for his extradition is made.

His arrest has given several U.S. lawmakers a feeling of ecstasy who expressed satisfaction, applauding both the Justice Department and Bahamian law enforcement for holding the FTX CEO accountable.

The FTX saga is visibly not ending anytime soon, as FTX industry peers have also filed for a lawsuit against the CEO.

Also, investors who have lost their funds in the company have gone ahead to file a lawsuit against FTX endorsers, the likes of Basketball players Steph Curry, Shaquille O’Neal, comedian Larry David, and Japanese Tennis star Naomi Osaka amongst others.

Lawyers involved in the case, however, expressed dissatisfaction at the suddenness of his arrest due to the fact that he was slated to testify remotely about the FTX collapse in a hearing in front of the House Financial Services Committee on Tuesday.

The chair of the Financial Services Committee Maxine Waters said “The American public deserves to hear directly from Mr. Bankman-Fried about the actions that have harmed over one million people.

“The public has been waiting eagerly to get these answers under oath before Congress, and the timing of this arrest denies the public this opportunity.”

The FTX CEO  Sam Bankman-fried on November 11, 2022, filed for bankruptcy after the company was faced with a liquidity crisis.

Following the FTX collapse, more than $1.3 trillion of value has been reportedly wiped off the crypto market this year, according to analysts.

The crypto exchange native utility token FTT has since collapsed alongside the centralized cryptocurrency exchange, as it plunged by 90%, wiping out over $2.6 billion.

The collapse has no doubt affected investors’ confidence in the crypto industry as there are fears of a ripple effect that might befall other crypto exchange platforms, due to reports that some are contemplating filing for bankruptcy.

The Liberation of Cryptos Is Coming As SEC Draws the first Sword

By
Ndubuisi Ekekwe
-
0

The real government did something yesterday – and the Bitcoin and crypto world rejoiced. Forget the illusion that Bitcoin is decentralized. If indeed it was that decentralized, the FTX collapse would not have triggered the massive value destruction. Being decentralized technically but centralized at exchanges should not confuse – a bird that flew from the ground only to perch on an ant hill is still very much on the ground.

Yes, the movement now is well correlated on how the US government handles what happens at the trading exchanges. Why? If the hodlers see actions, they will continue to believe. And the government drew the first sword yesterday, and that could be great for this sector!

Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, was arrested in the Bahamas on Monday, according to a press release from the Royal Bahamas Police Force. The note states that the arrest came after US authorities filed criminal charges against Bankman-Fried. Now it is expected that the businessman will soon be extradited to the US, his home country.

The arrest of the founder of FTX took place at the request of the US authorities; the expectation is that SBF will return to the US to be tried for the possible crimes he committed.

Bahamian Attorney, General Ryan Pinder said the United States has filed unspecified criminal charges against Bankman-Fried and “will likely seek his extradition.” This was made available via a Post on Twitter by SDNYNews. The full note on SBF’s arrest can be read below:

(As I have disclosed, I do not believe in hodling Bitcoin and cryptos. But I believe in using them as a means of payment, especially in places the normal payment system does not work seamlessly.)

Comment on Feed

Comment 1: Where did some people get the notion that humans will always act in good faith, without laws and enforcement? Even with those constraints, people still misbehave, yet some expect them to behave better without ordinances! The moral quotient of most creatures roaming the face of the earth is nowhere near such level.

You can build a fortress, well fortified all round to prevent criminals from invading or plundering, but how about the criminals already living within the fortress? Internal threat is the most difficult to deal with, if humans don’t fail you, nothing else can.

Just few months ago, the man SBF was a mega billionaire, doling out money to politicians and charities, now he’s in detention, with more or less zero networth. Bonkers!

Time to redefine what it means to be wealthy or rich, these poor souls cannot continue to lay claim to being billionaires; they are too fickle to qualify as one.

Comment 2: I believe in crypto as a store of value. Just like any other asset, garri for example. 1 cup of garri is always equal to 1 cup of garri any day, anytime. That is to say, 1 BTC is always equal to 1 BTC anyday, anytime.

Volatility is present in the market price of any asset and how volatile depends on the risk and other prevailing factors.

What you are concerned about is the dollar price pair. Which isn’t what trully defines whether something is centralized or not.

NOBODY determines the price of Bitcoin. Its purely driven by the forces of demand and supply. You will agree with me that both internal and external factors influence the choice of demand/supply for any asset. That doesn’t mean centralization as participating traders or market makers are stimulated by the prevailing PESTEL factors surrounding their environment.

Technologically per say? BTC is decentralised

Fundamentally? BTC is decentralised

Commercially? Its arguable. But boils down to the distributed account and who controls the x% supply. BTC circulating supply is technically controlled by the miners/CEX custodial vaults.. not like they are killing the price as US govt is killing dollar with their stimulus and reliefs packages. No one prints BTC for free or whenever they like.

It’s an open market.. you can buy as much BTC as you want and push the price to a new ATH i.e if you have the adequate purchasing power to overcome the selling pressure. You don’t complain when others sell because they similarly bought from the market as well.

My Response: “NOBODY determines the price of Bitcoin. Its purely driven by the forces of demand and supply. ” The SEC determined it today by making it clear that it will enforce its laws on exchanges. Over the last 4 months, the FED determined the price when it pushed the interest rate high. If FED begins to reverse course, borrowing becomes cheaper and people will have funds to hodl. 

Everything which happens in Bitcoin is affected by the ease people get money or spend it (legally, commercially, technically, etc). If you regulate that process, people with $2 billion may be interested. Today, many of those pension funds, PEs, etc cannot trade on BTC because in their prospectus, they have “we only invest in regulated assets”. So with regulation, someone will determine the price of Bitcoin because it will bring big rainmakers into it. My point is this:  you use real money (Naira, USD, Euro, etc) to buy BTC and what happens to that real money will affect BTC.

VPN: What Can It Do For You?

By
TI Partners
-
0

Exactly what is a virtual private network? You’ve probably heard about it before, but do you know what it means? The acronym “VPN” refers to the virtual private network that allows users to connect securely across a public network.

Virtual private networks encrypt data transmissions and mask users’ information. A safe and reliable VPN provider will make it harder for hackers to keep tabs on your online movements and steal your information.

To safely connect your device to the Internet, you can use a virtual private network. You may use this encrypted link to access remote servers for business or play without worrying about prying eyes.

A VPN is an excellent option that can be used in conjunction with other security measures to boost online security and privacy. Read on for more information on virtual private networks and how they might help you!

1.  VPNs encrypt your traffic.

Virtual private networks (VPNs) primarily function by encrypting data in transit. Connecting to a virtual private network encrypts all your traffic and makes it far more difficult for anyone to snoop on your online activity.

A decryption key is required to decipher the information. Without it, a machine attempting a brute-force assault would need millions of years to crack the code. A virtual private network allows you to remain anonymous when using public Wi-Fi.

2.  VPNs can mask your IP address.

Another way that VPNs function is by hiding your IP address. Your IP address is a unique identifier issued to your computer when you connect to the internet. Virtual private networks give you a new IP address and redirect your traffic through their servers. You’ll be much harder to keep tabs on in the virtual world.

3.  VPNs can help you access blocked websites.

Virtual private networks can allow you to bypass regional restrictions on the use of certain websites. As an illustration, a VPN may be used to bypass censorship by connecting to a server in a nation where your target website is accessible. This would be useful, for instance, if you were attempting to access a website from China but were barred from doing so. Content on the internet that is exclusive to a region is not necessarily available worldwide. Sometimes, some regions of the world are restricted from accessing particular services and websites. When you use a regular connection, your location is determined by servers located within your country. This implies you will be unable to see stuff from your home country while abroad, and vice versa. Through the use of a virtual private network, you may shift your online presence to another nation.

4.  VPNs can improve your privacy.

Virtual private networks (VPNs) can shield your internet activity from spying eyes. Whenever you connect to a website, your browser normally communicates some information to the server you are visiting. However, while using a VPN to access the web, all this data is transmitted to the VPN service’s servers. This makes it more difficult for non-trusted entities to keep tabs on your web browsing habits.

5.  VPNs can increase your security.

A strong VPN verifies each user’s identity using multiple authentication factors. A code might be delivered to your phone once you enter a password, for instance. This makes it more challenging for anyone who isn’t authorized to do so to gain access to your private network.

Lastly, virtual private networks (VPNs) improve safety by shielding users from online threats. Someone else on a public Wi-Fi network could be spying on your traffic or injecting harmful malware into the websites you visit. But with a virtual private network, you may avoid this problem since your data travels over an encrypted tunnel.

A VPN can create an encrypted tunnel between your device and the VPN server. With a virtual private network, your data transmissions are encrypted before reaching their destination. When you utilize the internet, your IP address will be hidden, and your location will be concealed.

A virtual private network connection is safe from outside interference. Because only you have the key to decrypt the encrypted tunnel, no one else can read the information contained.

Sam Bankman-Fried Arrested by the Bahamian Authorities on US Government’s Request

By
Paul Ugbede Godwin
-
0

Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, was arrested in the Bahamas on Monday, according to a press release from the Royal Bahamas Police Force. The note states that the arrest came after US authorities filed criminal charges against Bankman-Fried. Now it is expected that the businessman will soon be extradited to the US, his home country.

The arrest of the founder of FTX took place at the request of the US authorities; the expectation is that SBF will return to the US to be tried for the possible crimes he committed.

Bahamian Attorney, General Ryan Pinder said the United States has filed unspecified criminal charges against Bankman-Fried and “will likely seek his extradition.” This was made available via a Post on Twitter by SDNYNews. The full note on SBF’s arrest can be read below:

In an excerpt from the note, Bahamian Prime Minister Philip Davis says that “The Bahamas and the United States have a common interest in holding to account all individuals associated with FTX who may have betrayed the public trust and violated the law.” “While the United States is pursuing criminal charges against the SBF individually, The Bahamas will continue its own regulatory and criminal investigations into the FTX collapse, with the continued cooperation of its regulatory and law enforcement partners in the United States and elsewhere,” he added.

In addition to the statement from the Bahamian authorities, SBF’s arrest was also confirmed Monday evening via an official Twitter profile by Damian Williams, the United States Attorney for the Southern District of New York: “Earlier Monday evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the US government, based on a sealed indictment filed by the SDNY. We expect to act to open the indictment in the morning and will have more to say at that time.”

SBF’s arrest comes a few hours before the businessman testifies before the US Congress, at a Financial Services Committee hearing scheduled for Tuesday (13), where SBF would be questioned by lawmakers about the collapse of FTX. Before being arrested today, Bankman-Fried said he would not attend tomorrow’s Washington DC hearing in person because of the “paparazzi effect” his presence would cause.

“It’s very difficult for me to move and travel right now because the paparazzi effect is so great,” he said Monday in an interview with the Twitter account Unusual Whales.

Until then, SBF was in the Bahamas, where FTX’s headquarters are located. FTX was once one of the world’s largest cryptocurrency exchanges, but it fell into disrepair in what experts called “one of the most abrupt and difficult collapses in the history of corporate America”. FTX went bankrupt in early November after using customer money to place risky bets through Alameda Research, a second company owned by Sam Bankman-Fried.

After fears of the companies’ illiquidity caused a “bank run” by investors, FTX was forced to admit that it did not hold asset reserves from one-to-one clients. This caused withdrawals to freeze and FTX’s subsequent US bankruptcy filing. The US Department of Justice, SEC and CFTC are investigating the FTX collapse — but to date, no criminal charges have been filed.

Statement from Maxine Waters regarding SBF

Now that SBF is in prison, the expectation is that he will return to the United States, where the complaint to the American authorities must be presented so that the businessman can be judged for the possible crimes he committed.

Among the crimes the FTX founder is expected to be charged with are wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering, a person with knowledge of the matter told The New York Times.

Experts recommend shifting Solana (SOL) and Tron (TRX) for Orbeon Protocol (ORBN)

By
TI Partners
-
0

Orbeon Protocol (ORBN) is revolutionizing venture capital and crowdfunding, allowing everyone to participate in these early-stage opportunities. This has led to a significant increase in ORBN’s popularity and value, as its price has rallied by 655%, as ORBN is currently in the third phase of the presale. Experts advise shifting your investment focus from Solana (SOL) and Tron (TRX) to Orbeon Protocol (ORBN) due to its strong technology, dedicated team, and clear future vision.

>>BUY ORBEON TOKENS HERE<<

Solana (SOL) can’t keep up with its competition

As the world of cryptocurrency continues to evolve and grow, it can be difficult to keep up with the latest developments and trends.

Solana, a blockchain platform, has been criticized for its slow transaction speeds and high fees, making Solana less attractive to users and undermining Solana’s position as a leading platform. The team behind Solana has attempted to address these issues, but many remain skeptical of their ability to compete with other, more agile platforms.

The frequent network outages have also caused investors to Question Solana’s long term reliability, an Ecosystem as big as Solana (SOL) should not experience issues this frequently.

While once promising, Solana (SOL) and Tron (TRX) have recently come under fire for lack of innovation and unclear long-term strategies.

Tron (TRX) keeps struggling

TRON, founded in 2014 by Justin Sun, is a blockchain-based platform for digital entertainment. TRON was designed to create a decentralized platform where developers and content creators have total control over their intellectual property, in contrast to centralized entertainment platforms such as YouTube.

TRON token, the native token of the TRON network, powers the platform to incentivize creators and provide users with equitable income opportunities. The token soared to $0.225, a roughly 10,000% increase in just three months following its launch in 2018, but has since plummeted.

Tron (TRX) has struggled to recover for several months since the market crash in May 2022. There have been allegations of plagiarism and dubious partnerships against Tron. Coupled with a history of contentious relationships with other industry participants, some question the integrity of the team and technology.

>>BUY ORBEON TOKENS HERE<<

Orbeon Protocol (ORBN) expected to skyrocket

Orbeon Protocol is a new DeFi launchpad designed to assist investment-seeking startups. It allows ordinary investors to invest fractionally in startups (a market usually only available to venture capitalists). Investors can support a startup with as little as $1 instead of large sums of money needed if someone wants to invest without Orbeon Protocol.

Using Orbeon Protocol, startups can mint NFTs representing their company’s equity. They can then sell these NFTs to raise capital, which helps startups diversify their funding sources and opens the door for new investors who would otherwise be excluded from the startup investment market.

Orbeon Protocol protects investors with a “Fill or Kill” security mechanism. The smart contract ensures that funds are automatically refunded if a startup fails to meet its funding goal.

In addition to governance and voting rights, holders of ORBN, the project’s native utility token, receive discounts on all trades, staking bonuses, early access to funding rounds, and membership in exclusive investor groups.

Orbeon Protocol has the potential to disrupt the massive crowdfunding market, and investors are rushing to buy more and more ORBN tokens. According to market experts, the value of Orbeon Protocol could increase by over 6,000% by the end of its presale.

 

Find Out More About The Orbeon Protocol Presale

Website: https://orbeonprotocol.com/

Presale: https://presale.orbeonprotocol.com/register

Telegram: https://t.me/OrbeonProtocol

1...4,5984,5994,600...7,959Page 4,599 of 7,959

© Tekedia. All rights reserved.

Term & Privacy

© Tekedia. All rights reserved.

Term & Privacy