According to the Los Angeles Police Department (LAPD), a 26-year-old man was arrested and charged with stealing 9,000 worth of application-specific integrated circuit (ASIC) bitcoin miners. Local reports confirmed that the man has been released from jail, and the LAPD stated that the investigation is ongoing. Canyon Country Resident Accused of Stealing 9K Worth of […]
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Samourai Wallet Co-Founder Keonne Rodriguez Pleads Not Guilty, Released on $1M Bail
On Monday, April 29, Keonne Rodriguez, co-founder of the non-custodial bitcoin wallet Samourai, entered a plea of not guilty to accusations of operating a money transmitter and engaging in money laundering. Rodriguez secured his release by posting a million bail and will be confined to his residence in Harmony, Pennsylvania, with his movements monitored […]
Bitcoin News
FTX Co-Founder Sam Bankman-Fried’s Civil Liability Released In Settlement With Investors
According to a recent Bloomberg report, a group of investors and customers of cryptocurrency exchange FTX have agreed to drop their claims against co-founder Sam Bankman-Fried.
In exchange, Bankman-Fried has agreed to cooperate with the plaintiffs in the ongoing lawsuits against other defendants related to the collapse of FTX.
Sam Bankman-Fried And Insiders Settle
Per the report, if approved by a judge, this agreement would release Bankman-Fried from civil liability just weeks after being sentenced to 25 years in prison for fraud stemming from allegations of stealing billions of dollars from FTX.
The settlement, filed in federal court in Miami, stipulates that the plaintiffs in the multi-district litigation will resolve all current and future claims against Bankman-Fried.
Other FTX insiders, including former executives Gary Wang, Caroline Ellison, and Nishad Singh, who testified against Bankman-Fried, were also sued by investors. However, they have agreed to settle and have already started providing information to support the plaintiff’s case, as stated in the court filing.
Notably, this leaves the high-profile celebrities, sports stars, and social media influencers who promoted FTX to investors and customers as the remaining defendants.
As part of the settlement agreement, Bankman-Fried has committed to assisting the plaintiffs’ lawyers in pursuing the remaining FTX endorsers. Additionally, he will provide all nonprivileged documents related to his assets and his investment in artificial intelligence start-up Anthropic.
Bankman-Fried will also submit an affidavit certifying his net worth as negative and share documents about other defendants involved in the expansive civil litigation.
The list of defendants in the consolidated FTX lawsuits is extensive, with financiers and celebrity endorsers such as Tom Brady, Shaquille O’Neal, and Gisele Bundchen accused of promoting “unregistered securities” and luring investors into a Ponzi scheme.
Bankman-Fried’s agreement includes providing any relevant information about venture capital firms that invested in FTX and accountants and lawyers who worked with the exchange.
If successful, the plaintiffs could potentially win substantial amounts in damages. According to court filings, the settlements with the promoters involved in the agreement are estimated to be valued at around .3 million.
FTX Scandal Update
Bankman-Fried’s spokesperson, Mark Botnick, stated that his client is determined to make amends. Botnick emphasized that since the collapse of FTX, Bankman-Fried has focused solely on returning the estate’s assets to customers and ensuring they are made whole at current prices.
Botnick expressed Bankman-Fried’s commitment to continue working with Adam Moskowitz and his team, representing the plaintiffs, to achieve this goal.
In their request for the judge’s approval of the settlement, the plaintiffs’ attorneys acknowledged the uncertainty and litigation risks associated with pursuing Bankman-Fried. They concluded that Bankman-Fried’s cooperation would be “valuable” in the remaining legal proceedings.
Bankman-Fried, who was found guilty at trial late last year and sentenced in late March, is currently in custody at the Metropolitan Detention Center in Brooklyn, New York, before being transferred to the prison where he will serve his term. He intends to appeal both his sentence and conviction.
Featured image from Reuters, chart from TradingView.com
Binance: Detained Executive Lacks Decision-Making Authority, Must Be Released
Tigran Gambaryan, the Binance employee detained by Nigerian authorities, is a stringent law enforcement professional with no decision-making authority, according to the crypto exchange. Through his Financial Crime Compliance (FCC) team, Gambaryan has responded to more than 600 information requests from Nigerian authorities. Gambaryan Hired to Assist Binance with Past Compliance Issues Tigran Gambaryan, an […]
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Crypto Platform Which Predicted Bitcoin To Reach $50,000 Has Released A New Target
Crypto financial services platform Matrixport has made another bullish prediction for the Bitcoin price. This time, they predicted that Bitcoin would rise to ,000, including when the flagship crypto token hits this target. Matrixport had previously predicted that BTC would rise to ,000 by the end of January, although that didn’t happen.
Bitcoin Will Rise to ,000 By March!
Matrixport mentioned in their latest report that BTC will rise to ,000 by March this year. Although this price level seems ambitious, the crypto platform noted that it is achievable with certain factors in mind. One includes the Spot Bitcoin ETFs, which were approved over a month ago.
These Bitcoin ETFs have so far contributed largely to BTC’s resurgence (even before they were approved). They have continued to record an impressive demand, which has led to a significant accumulation of BTC by the fund issuers. Interestingly, Bitcoin maximalist Samson Mow recently argued that BTC would have been down as much as 20% if not for these ETFs.
Meanwhile, Trading firm QCP Capital shares similar sentiments with Matrixport as they noted in a previous report how Bitcoin could rise to as high as ,000 thanks to these Spot Bitcoin ETFs. Then, they stated that BTC revisiting its all-time high (ATH) will depend on the “genuine flow the actual ETF will bring in the first few weeks of trading.”
The Spot Bitcoin ETFs have not disappointed, recording .8 billion in net inflows during the first 21 trading days. Bitcoinist also reported how these funds saw .2 billion in inflows last week.
Other Catalysts That Will Contribute To Bitcoin’s Rise To ,000
Matrixport also mentioned the Bitcoin Halving, interest rate decisions, and the US presidential election as factors that could make BTC rise to ,000. The Bitcoin Halving, expected to take place in April, continues to be projected as an event that could cause Bitcoin’s price to increase exponentially.
In Matrixport’s case, they expect that the hopium around the event will cause BTC to rise to ,000 even before it occurs. It is not uncommon for the flagship crypto token to get priced in ahead of a much-anticipated event like the Bitcoin Halving. Moreover, Bitcoin historically makes significant gains pre-halving.
Furthermore, the Federal Reserve is expected to cut interest rates as inflation cools. However, it is uncertain how much this could impact Bitcoin’s rise to ,000, considering that the Fed’s minutes showed they are still cautious about cutting rates too quickly (at least not as soon as March).
Matrixport also stated that the US presidential election could influence Bitcoin’s price. Just like the interest rate decision, it is unlikely that the election, slated for November 2024, will impact Bitcoin’s trajectory in the short term.
Ethereum Whistleblower Reveals When Proof Of ETH Founders’ Fraud Will Be Released
Amid the ongoing Ethereum scandal, former Ethereum advisor and attorney Steven Nerayoff has recently revealed how he plans on sharing proof of Ethereum founders’ fraud activities in the early days of the cryptocurrency asset.
Ethereum Founders’ Fraudulent Acts To Be In Lawsuit
Following an X (formerly Twitter) post by a user Heidi from Crytotips, the crypto enthusiast was seen trying to underscore the lack of authenticity from Nerayoff’s claims. According to her, his accusations were a no-brainer due to the disclosure lacking proof of his accusations.
However, Nerayoff in response to the video, asserted that he never claimed his accusations were going to be in the disclosure highlighting the crypto enthusiast’s lack of proper research. He further added that he is going to reveal the fraudulent acts of the founders in his lawsuit.
Nerayoff had always noted that his recording was not actually linked to his accusations but rather his involvement with Vitalik Buterin. “The recording isn’t directly related to the fraud but will illuminate a lot of what was happening & show my involvement. The fraud will be in the lawsuit,” Nerayoff stated.
Furthermore, the crypto expert also pointed out Nerayoff’s accusations towards federal agencies. According to her, the former advisor was a little paranoid with his accusations.
During an X space, Nerayoff accused some high federal agencies of fabricating evidence against him in order to take him out. These include the SEC, FBI, and the DOJ.
Nonetheless, in response to that, Nerayoff has asserted that this was actually proven and publicly filed. “The paranoia about the agencies? Well, that’s actually proven & publicly filed,” Nerayoff stated.
Crypto Asset Is Not Decentralized From The Onset
It appears Nerayoff’s claims about ETH not being decentralized from the early days are authentic.
The post also saw the crypto enthusiast pointing out Nerayoff’s claims of ETH not being decentralized from the beginning. According to her, cryptocurrencies are not expected to be decentralized from the start and only the core team members know about a crypto asset from the start.
If the expert is right then this basically means Will Hinman’s speech in 2017, about the asset being decentralized from the start was inaccurate.
During the early days of the asset, Hinman asserted the decentralized nature of ETH, when it was considered as a security by the SEC. According to him, ETH was too decentralized to be considered a security.
So far, both founders still have not responded to Nerayoff’s accusations. Nerayoff believes that their silence is due to the evidence he has against them.
“Vitalik & Lubin are vicious if they have leverage. Lubin said to me in July 2018 about a network “It’s a centralized piece of sh*t” right after the Hinman speech! They stay silent because I’ll drop more receipts,” Nerayoff stated.
Featured image from Pixabay
Tornado Cash Co-Founder Roman Storm Released on Bail
One of the founders of the Tornado Cash crypto mixer, Roman Storm, has been released on bail, his lawyer announced on social media. Storm, who was arrested in the United States, has been charged with money laundering and sanctions violations through the unlicensed platform.
Storm Out on Bail After Indictment for His Role in Running Tornado Cash
Roman Storm, a co-founder of the cryptocurrency mixing service Tornado Cash, has been released on bail, his lawyer Brian Klein revealed Thursday in a post on X, formerly Twitter. The news came a day after Storm and another co-founder, Roman Semenov, were indicted on charges of conspiracy to launder money and violate sanctions laws while operating an unlicensed money-transmitting business.
Pleased to share that my client Roman Storm is already out on bail, although I remain very disappointed that the prosecutors charged him because he helped develop software – their novel legal theory has dangerous implications for all software developers.https://t.co/elmU8VqpYq
— Brian Klein (@brianeklein) August 24, 2023
U.S. authorities believe that the mixer has laundered more than billion in digital currency. According to the indictment, unsealed on Wednesday, the total includes hundreds of millions of dollars that allegedly went to the Lazarus Group, a hacking organization working for North Korea.
Prosecutors accuse Storm and Semenov of creating Tornado Cash to allow cybercriminals to anonymize such transfers of crypto funds. While Storm, 34, had been arrested in Washington state, Semenov, a 35-year-old Russian national, remains at large.
In his tweet, Klein said he was pleased with Storm’s release, but at the same time expressed his disappointment that his client had been charged for helping develop software. He warned that the prosecutors’ move will have “dangerous implications for all software developers.”
Storm has been cooperating with the government’s investigation and denies any criminal conduct, his lawyer pointed out in another statement.
The U.S. sanctioned the Lazarus Group in 2019 and Tornado Cash in 2022. The Treasury Department sanctioned Semenov on Wednesday for “providing material support” to both.
What are your thoughts on the Tornado Cash case? Share them in the comments section below.
Do Kwon to Be Released on €400,000 Bail, Pleads Not Guilty in Montenegro
Terraform founder Do Kwon will be released from jail but placed under police surveillance at a local residence, a Montenegrin court has decided. The trial against him and another Korean, on charges of travelling on false documents, opened on Thursday with both pleading not guilty.
Court Grants Bail Request for Do Kwon, Puts Him Under House Detention
A first instance court in Podgorica has agreed to release the founder and former chief executive of failed blockchain firm Terraform Labs, Do Kwon, and another South Korean citizen on bail, local and foreign media reported. They are charged with attempting to use forged personal documents in the small Balkan nation.
Do Kwon, or Kwon Do-Hyung as is his full name, was arrested by Montenegrin authorities on March 23 while trying to board a flight for Dubai on a Costa Rican passport. He was detained together with a companion identified by his surname, Han. Previous reports have suggested that is the company’s Chief Financial Officer, Han Chang-joon.
On Friday, the court accepted 400,000 euros (5,000) in bail for each of the two suspects, pending the outcome of their trial which started a day earlier, the Associated Press and the Vijesti news portal informed. However, they will not be allowed to leave their apartment which will be guarded by the Montenegrin police.
“They promised … they will not hide until the end of the criminal procedures, that they will regularly answer court summons and that they will be available at the address submitted by their attorney,” the court said. “If the defendants run away or violate the surveillance measure, the bail will fall through,” the statement added.
South Koreans Plead Not Guilty of Charges in Montenegro
The accused South Korean natives have pleaded not guilty to the charges pressed against them by Montenegrin prosecutors. Authorities in both Seoul and the U.S. are seeking the extradition of Do Kwon in connection with the billion crash of the Terraform ecosystem’s cryptocurrency luna and stablecoin terrausd. It has been estimated that around 200,000 people bought the coins and suffered heavy losses when their value evaporated.
Kwon disappeared after departing for Singapore in April 2022, right before the collapse of the two digital currencies, and was wanted on a red notice from Interpol for alleged fraud and financial crimes. He then fled to Serbia, where he reportedly registered a new firm, before eventually ending up in neighboring Montenegro, where he can be sentenced to up to five years in prison.
In late March, Do Kwon’s Montenegrin lawyer was quoted as saying that the crypto entrepreneur would have to first stand trial in the country for traveling on fake documents before he is extradited. The fugitive may also have to serve prison time there before he is handed over to any other jurisdiction, Montenegro’s justice minister indicated.
Earlier on Friday, South Korean media reported that Kwon has refused to declare his assets, when he was asked how he planned to pay the bail during the hearing in Podgorica. According to the public broadcaster KBS, he told the court that his wife will make the payment, explaining that the two of them own a -million apartment in South Korea. Kwon is widely suspected of having stashed large amounts of money from the alleged crypto fraud, the report noted.
Do you think Do Kwon will attempt to escape justice in Montenegro and avoid extradition? Share your thoughts on the case in the comments section below.
Top 5 Crypto To Watch As CPI Data Is Released This Week
The crypto market has been very bullish in the past week as the turn of the year sparked positive investor sentiment for the industry, especially to our top 5 crypto to watch this week.
Since January 1st, the total market cap of crypto rose by 8.25% which shows a complete reversal of investor sentiment on the market.
As market optimism grows for an economic soft landing, crypto is poised for a recovery after a year of complete disaster.
The market was devastated after multiple high-profile collapses, leaving investors as the biggest losers and driving fear, uncertainty, and doubt higher.
The broader financial market is eyeing the release of the Consumer Price Index (CPI) data for December.
These Are The Top 5 Crypto To Watch This Week:
Litecoin (LTC)
The ol’ reliable token of the crypto world, this altcoin recently recorded its 140 millionth transaction. Litecoin accomplished that with nearly a 100% uptime, which is a rare occurrence in an era of smart contract providers.
The altcoin is also growing in adoption with LTC gaining traction as a means for payment. With this in mind, LTC would definitely have a strong and significant role once the bear market cycle starts.
At the current price of .92, the token will have a significant part in the next bull market. However, if macroeconomic data trends down or stagnate, LTC will definitely have a tough time climbing back up.
Shiba Inu (SHIB)
The original rival to Dogecoin (DOGE), this memecoin has grown in popularity and utility and makes it to our top 5 crypto list. The Shiba Inu community is also trying to distance itself from its memecoin origins which is more apparent as one reads the details of the Shibarium upgrade.
At the current market market price of .00000887, SHIB has some wiggle room for growth as Shibarium’s launch nears. But investors and traders should pay attention to macroeconomic trends because of the token’s high correlation with Bitcon and Ethereum.
Polygon (MATIC)
Polygon’s native token MATIC has been pumping in price since Mastercard announced its partnership with the ecosystem for its Web3 Artist Acceleration Program. Recent migrations of y00ts and DeGods would also contribute to this bullish action.
With MATIC trading at .865, any good development macro-wise would mean big gains for the token’s investors and traders.
Bitcoin (BTC)
Of course, Bitcoin will always be in the top 5 crypto roster. As Bitcoin stands at ,252, the king crypto leads the charge for recovery against the bear market. BTC holders are especially bullish on the 4-year cycle that the top cryptocurrency followed during past bear markets.
Although the token lost its status as an alternative to gold, the coin breaking the k resistance is a significantly bullish signal for investors and traders to watch for.
With Bitcoin being correlated with almost the entire crypto market, any movements by BTC would mean gains or losses for the entire market.
Solana (SOL)
SOL has been hit hard by the bear market of 2022. With the token down 88% year-to-date, the ecosystem might seem dead to some people. However, with the release of Bonk, SOL has been going up in the past week and rounds up the top 5 crypto list for today.
Bonk is the new memecoin that created buzz around it as it pumped by 1,600% in the past week. This led to a spike in network activity, thus pushing the price of Solana upwards as well. But with Bonk’s big pump, a correction might also hurt SOL.
As of writing, SOL’s price of .43 would definitely experience pain if macro trends stagnate or remain bearish.
-Featured image: Built In
First 3nm ASIC Miners Released by Bitramo
Bitramo, a crypto technology startup, has emerged as the industry’s most talked about the name since its recent launch. The company has surpassed many renowned technology heavyweights to release the first ever batch of 3nm ASIC miners. Bitramo’s ultra-powerful Ramo1, Ramo 2, and Ramo X mining rigs are more profitable compared to any other product, offering 100% return on investment within just one month.
ASIC or Application Specific Integrated Circuit miners are more efficient compared to GPU miners because their internal circuits are designed to carry out the specific task of crypto mining. The mining efficiency of Bitramo miners is boosted further by their extraordinary hash rates. Interestingly, so far, no other company has been able to match the hash rates offered by Bitramo.
Hash Rates of Bitramo Miners
Bitcoin Litecoin Ethereum Monero
Ramo 1: 360 TH/s 30 GH/s 2 GH/s 2MH/s
Ramo 2: 750 TH/s 70 GH/s 5 GH/s 5 MH/s
Ramo X: 2250 TH/s 210 GH/s 15 GH/s 15 MH/s
As a result of these hash rates, Bitramo miners are capable of processing a considerably higher amount of data in any given time. By using higher computational power while processing transactions in a proof-of-work (PoW) cryptocurrency network, miners are able to earn higher profits compared to other miners. High power consumption is often an obstacle for profitable crypto mining. Bitramo miners solve this problem with their nominal power consumption. The amount of profits you can make using these mining rigs are simply mind-boggling.
Monthly Profits
Bitcoin Litecoin Ethereum Monero
Ramo 1: 00 00 00 00
Ramo 2: 00 00 00 00
Ramo X: ,300 ,500 ,000 ,000
In general, crypto mining is considered to be complicated in nature and most of the products in the market are too complex for common mining enthusiasts. Bitramo is in the process of changing this trend by creating an opportunity for all to earn profits from crypto mining regardless of their knowledge and experience.
To make crypto mining simple for beginners, Bitramo delivers all its mining rigs pre-configured with Linux based system equipped with Bitramo software. Even if you are completely new to crypto mining, you can start mining just by connecting the unit to a power socket and accessing it through Wi-Fi or cable. The miners have user-friendly interfaces and nominal system requirements. If you are a newbie, you can also use Bitramo’s own mining pool completely free of charge.
To find out more about the market’s most profitable crypto mining opportunity, please visit https://bitramo.com/