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It’s week three of the Sam Bankman-Fried trial…how are you holding up?
On Thursday, Can Solar, former FTX basic counsel, took the stand to testify on behalf of the prosecution’s case in opposition to Bankman-Fried. Solar dove into the corporate’s phrases of service, how he documented loans from Alameda to FTX executives and the rationale he finally resigned, which you’ll be able to examine right here.
Nishad Singh, a former FTX government and head of engineering, testified earlier this week that he, Bankman-Fried and different executives on the change and its sister firm Alameda Analysis spent $8 billion price of buyer funds. The cash went to actual property, enterprise capital investments, marketing campaign donations, endorsement offers and even branding rights to a sports activities stadium, he added.
Singh was the third FTX government to take the stand after Gary Wang, co-founder and CTO of FTX; and Caroline Ellison, CEO of Alameda. All three pleaded responsible for crimes concerning FTX and Alameda’s collapse and will withstand 75 years, 50 years and 110 years in jail, respectively.
Extra particulars on the place the cash went could be discovered right here.
In an analogous tune, on day 11 of Bankman-Fried’s trial, Peter Easton, an accounting professor at College of Notre Dame, testified concerning whether or not or not the FTX collapse was predicated on fraud.
When prosecutors requested Easton if FTX ever spent consumer funds, he bluntly stated, “oh, sure.”
Learn extra on Easton’s findings after compiling hundreds of pages of financial institution statements and inner paperwork right here.
This week in web3
If you happen to’re getting SBF trial fatigue, listed below are some articles on what else is occurring within the wild world of web3.
- NY legal professional basic sues Gemini, Genesis and DCG for allegedly defrauding crypto buyers of over $1B
- Meet Alliance DAO’s newest accelerator cohort of startups constructing in crypto winter (TC+)
- Reddit is killing blockchain-based Neighborhood Factors
- Asia emerges as a promising haven amid the crypto winter
- Trezor launches two new units to assist onboard crypto newbies
- FTC sues bankrupt crypto firm Voyager’s CEO over false FDIC insurance coverage claims
The newest pod
Bitwise is a crypto asset supervisor that’s recognized for creating the world’s largest crypto index fund. The agency additionally filed for a bitcoin spot ETF within the U.S., making it one among quite a few corporations whose functions are pending after the U.S. Securities and Change Fee (SEC) delayed its selections.
Katherine beforehand has labored in compliance at True Capital Administration and Luminate Capital Companions. Earlier than that, she spent a decade as assistant U.S. legal professional, most not too long ago within the financial crimes unit of the U.S. legal professional’s workplace for the Northern District of California.
We talked concerning the standing of Bitwise’s bitcoin spot ETF software and the way current developments with different corporations’ related functions could deliver on the momentum wanted for the monetary automobile to be accepted.
We additionally talked about:
- How regulatory authorized procedures have an effect on laws
- Best locations to start out for crypto regulation
- Key elements for crypto corporations’ compliance
- FTX trial being “baked in” for regulators
Additionally take a look at the newest episode on Fairness, TechCrunch’s podcast concerning the enterprise of startups, which dove into funding of web3 gaming corporations this week. (Spoiler: Web3 gaming capital inflows declined in Q3, but it surely’s not all that dangerous.)
Comply with the cash
- DeFi protocol Elixir raised $7.5 million at a $100 million valuation
- Decentralized software Fileverse raised $1.5 million to assist enhance collaboration and productiveness
- Animoca Manufacturers subsidiary Darewise Leisure raised $3.5 million in token presale
- Solana-focused Squads Labs raised $5.7 million to develop a mobile-focused sensible pockets
- MyShell raised $5.6 million to create AI-focused apps and creator ecosystems on the blockchain
This record was compiled with info from Messari in addition to TechCrunch’s personal reporting.
What else we’re writing
Need to department out from the world of web3? Listed here are some articles on TechCrunch that caught our consideration this week.
- Ray-Ban Meta sun shades have ‘influencer’ written throughout them
- One 12 months post-acquisition, X visitors and month-to-month energetic customers are in decline, report claims
- Tesla Q3 revenue falls 44% on EV worth cuts
- Hacker leaks tens of millions extra 23andMe consumer information on cybercrime discussion board
- Was Loom’s $975M exit a good worth? (TC+)
Comply with me on Twitter @Jacqmelinek for breaking crypto information, memes and extra.