The Financial Conduct Authority (FCA), the UK’s top financial regulator, has approved physically backed bitcoin and ethereum exchange-traded products (ETPs) for listing on the London Stock Exchange for the first time. “FCA approval in this respect could result in greater institutional adoption of the asset class,” Wisdomtree stated. First Bitcoin and Ethereum ETP Listings on […]
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Former FTX CEO Sam Bankman-Fried Allegedly Being ‘Extorted and Physically Harmed’ in Jail
Jeremy Lorenzo, aka “Poops,” has given more insights on the difficulties that former FTX CEO Sam Bankman-Fried is allegedly facing during his stay at Brooklyn Metropolitan Detention Center (MDC). Lorenzo shared that Bankman-Fried had computer code confiscated and that he might have been moved due to being “extorted and physically harmed daily.”
Sam Bankman-Fried Allegedly Facing Difficulties in Jail
More details about the particulars of Sam Bankman-Fried’s (SBF) stay in the Brooklyn Metropolitan Detention Center (MDC) have recently been shared by Jeremy Lorenzo, aka “Poops.” Lorenzo reported last week that Bankman-Fried’s difficulties continue, with the former FTX boss constantly being harassed by his fellow inmates and even having problems with correctional officers (CO).
On September 6, Lorenzo reported that Bankman-Fried’s cell was searched by his CO and had some items confiscated. Alonzo declared:
They found a number of letters with what appeared to be computer code on it. The papers were confiscated because they believe SBF is coding on paper or making drafts of code.
He further explained that it was not allowed to conduct business from prison and that this likely prompted the seizure of these supposed code letters.
‘Extorted and Physically Harmed’
Lorenzo, who came into the spotlight after being in a Twitter space where he and Martin Shkreli, aka “Pharma Bro,” shared information about how Bankman-Fried’s life had been going in prison, also stated that Bankman-Fried might have been moved from Brooklyn MDC due to several complications.
On the subject, Lorenzo stated:
SBF may have been moved from MDC Brooklyn due to being extorted and physically harmed daily. According to my source he wasn’t allowed to sleep on his own bunk but was forced to sleep on the floor.
The reports are consistent with what he said previously when he stated that, at first, Bankman-Fried was not even able to enter his own cell because he was considered a “chomo” (prison slang for child molester), meaning that any inmates sharing a cell with him would have their reputations affected.
There has been no official acknowledgment of this situation from Bankman-Fried’s defense. However, Bankman-Fried’s attorneys are seeking his release from jail, albeit due to other motives linked to his inability to review discovery documents on the provided laptop in Brooklyn MDC due to the poor internet connection available at the center.
What do you think about the reports of former FTX CEO Sam Bankman-Fried being “extorted and physically harmed” at Brooklyn MDC? Tell us in the comments section below.
WisdomTree Launches Physically Backed Bitcoin ETP on SIX Swiss Exchange
A new bitcoin exchange traded product has just listed on the Swiss stock exchange SIX, and it’s physically backed by the underlying crypto.
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CME Exec No Plans for Physically Settled BTC Contracts
n A senior executive says CME Group has no current plans to launch physically settled BTC contractsn
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
CME Exec No Plans for Physically Settled BTC Contracts Currently
n A senior executive says CME Group has no current plans to launch physically settled BTC contractsn
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Bakkt Physically Settled Bitcoin Futures Product to Launch in September
After a long wait, the highly anticipated Bakkt physically settled Bitcoin (BTC) futures product is almost a reality, as the company announced today that they are cleared to launch their platform and product in the coming weeks.
This news has since spread like wildfire across the crypto industry and even led Bitcoin to spike nearly 4% from roughly ,000 to highs of ,450.
Bakkt to Launch Long-Awaited Bitcoin Futures Product in September
In a Medium post from today, Kelly Loefler, the CEO of Bakkt, she noted that the company’s “ambitious vision” of bringing institutional infrastructure to the crypto markets will finally be realized on September 23rd, which is just over one month away.
This news came about after the platform gained approval from all necessary regulatory entities, including the Commodities and Futures Trading Commission (CFTC) and the New York State Department of Financial Services, which have greenlighted the company to be a qualified custodian for the Bitcoin that backs the physically settled futures products.
“Regulated exchanges differ from trading platforms, such as crypto spot markets in many respects, including risk management, compliance and market surveillance,” Loeffler noted while emphasizing the benefits that a fully regulated platform brings to the crypto industry.
Importantly, Loeffler also explained that all the futures products will be covered by the ICE Clear US guaranty, which will ensure that all the products are protected by a hefty insurance fund.
“The Bakkt futures contracts will also be covered by the existing guaranty fund at ICE Clear US, which has an established risk waterfall across multiple commodities markets… Importantly, we’ve designed the Bakkt Warehouse to provide regulated, secure custody of bitcoin that is protected by 5 million in insurance,” she noted.
BTC Surges Amidst News Regarding Bakkt Launch
Immediately after news broke regarding the launch of Bakkt’s platform, Bitcoin’s price surged over 3% from lows of ,000 to highs of over ,400, before settling to its current price of ,370.
Although it remains unclear as to whether or not this news will be enough to continue propelling BTC higher in the near-future, it is likely that this will bolster the upwards momentum that the crypto first incurred yesterday when it posted a strong recovery after dipping to lows of ,500.
As the platform nears its official launch next month, it is highly probable that the hype surrounding its launch will reinvigorate the crypto markets and could provide a much needed boost investor’s sentiment.
Featured image from Shutterstock.
The post Bakkt Physically Settled Bitcoin Futures Product to Launch in September appeared first on NewsBTC.
Coinfloor to Launch World’s First Physically Settled Bitcoin Futures
UK based cryptocurrency exchange operator Coinfloor is about to become the first exchange for digital assets to include physically delivered Bitcoin futures contracts.
First Physically Delivered Bitcoin Futures
Mark Lamb CEO of Coinfloor speaking from Boca Raton Florida introduced the new London based trading platform known as CoinfloorEX. The platform is aimed at commercial traders generally; hedge funds, proprietary trading firms and also a select group of retail investors as well as cryptocurrency miners.
During an interview at the Futures Industry Association’s annual conference about the launch of CoinfloorEX CEO Lamb said;
“When you talk to the liquidity providers, they all say the same thing, which is they want a physically delivered futures contract so they can hedge their exposure across exchanges,”
Though a few traditional futures exchanges already offer Bitcoin futures they are cash settled so that the actual cryptocurrency does not change hands.
Lamb detailed the problems that many proprietary trading firms and large investors have with the cash settled process. Saying that it can be too easily manipulated by moving the prices of the indexes or auctions on spot exchanges in order to set prices more favorably for their moves.
Coinfloor Made Buying Bitcoin Simple
Coinfloor, which is London’s biggest Bitcoin exchange, also established the first exchange-backed Bitcoin Marketplace Coinfloor Market in July 2015.
Coinfloor Market established a secure environment for retail investors in the United Kingdom to trade in Bitcoin. Buyers are provided with a direct interface to a vetted Coinfloor Market Broker who can directly stream Bitcoin to Sterling and vice versa from the Coinfloor Exchange.
Mark Lamb compared the model of Coinfloor Market to the start of the NYSE as “committed to a decentralized network of brokers backed by a centralized exchange, Coinfloor is the first institution in the Bitcoin industry to mirror this proven model.”
Storage and security of customers’ Bitcoin is provided by Coinfloor which is 100% cold storage encrypted with multiple layers of security keys in underground vaults. Coinfloor was started in 2013 and includes Chicago based proprietary trading firm DRW among its investors. It runs the largest UK-based cryptocurrency spot exchange and another in Gibraltar. CoinfloorEX expects their first physically delivered contracts to launch in April.
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