Erik Weijers, 2 months ago
We recently wondered why former CEO of bankrupt exchange FTX hadn't been arrested yet and enjoyed a press tour instead. Well, the long arm of the law has been slow but not idle. Sam Bankman-Fried (SBF) has been arrested in the Bahamas, based on criminal charges filed in the U.S.
It's been a month since FTX's catastrophic implosion. Creditors who lost their savings had to painfully witness former CEO SBF showing up in both prestigious conferences and on various Twitter spaces, fumbling through vague answers and apologizing repeatedly. The CEO that was hired to clean up the mess, stated: 'Never in my career have I seen such a complete failure of corporate controls.'
In interviews he gave after leaving the sunken ship, SBF turned out to be quite good at circumventing questions about what exactly had gone wrong. Even though fraud hunter Coffeezilla at one point had SBF in a tough spot, and he may have committed to fraud.
Now, finally, the proper legal process is about to start, with the judge presented with the task of figuring out SBF's shenanigans. The charges are not known yet but could include securities fraud and money laundering. SBF was to testify online today before the House Financial Services Committee.
The nation of the Bahamas expects the U.S. to request it to extradite Bankman-Fried in short order.
Another former crypto hero facing charges is Do Kwon, the inventor of crashed stablecoin UST that made tens of billions of dollars evaporate. Serbia is mentioned as his likely current location, after flying through Dubai. In Kwon's case it is less clear if there is fraud being charged. After all, the nature of the stablecoin design was transparent and risks were known.
Kwon's native country South Korea wants him on charges of violating the country’s capital markets act. South Korea is in the process of requesting cooperation from Serbia. Interpol has approved South Korean prosecutor’s request to issue a so-called red notice for him.
Feb 02, 2023
China has taken a small step towards cryptocurrency regulation with the implementation of a 20% tax on crypto transactions. This signals that the country is slowly reevaluating its hostile stance towards crypto.
Feb 02, 2023
Charles Munger is the wingman of Warren Buffett and both are well known for being against Bitcoin and crypto. Both have stated their opinions on this topic several times in the last few years and every time the crypto community was quick to react to their statements. Of course, it is a good idea to defend crypto against its foes, but it is even better to hold on for a minute and listen to what the critics are saying and take their arguments into account.
Jan 26, 2023
El Salvador set an example when making Bitcoin a legal tender in 2021. With only the US-Dollar and no national currency available, it seems to be a good idea to emancipate and start looking for alternatives. Other countries are not in the same situation and already have a national currency that is trusted, at least in most cases. Interestingly enough, a representative of Arizona is not happy with the world's reserve currency and is trying to make Bitcoin legal tender.
Jan 20, 2023
Ripple’s CEO Brad Garlinghouse made a couple of remarks while he visited Davos and shed some light on the ongoing lawsuit between the SEC and Ripple. The ongoing feud had a devastating impact on both Ripple and XRP. Needless to say, investors and the XRP community are eager for a resolution of the case.