A former security engineer, who stole digital assets valued at more than million from two decentralized exchanges, has received a three-year prison sentence. In what has been characterized as the “first-ever” conviction for a smart contract hack, the U.S. Judge also ordered the ex-engineer to forfeit roughly .3 million. Ex-Engineer Sentenced to Three Years […]
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Russian Central Bank Chief: Mass Adoption of Digital Ruble Expected in 5 to 7 Years
Elvira Nabiullina, head of the Russian central bank, has stated that the mass launch of the digital ruble will take five to seven years. This appears to contradict recent suggestions by the chairman of the State Duma Committee on the Financial Market that the launch will begin next year. No Decision Before 2025 Elvira Nabiullina, […]
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US Court Sentences Onecoin’s Head of Legal and Compliance to 4 Years in Prison
A U.S. court has sentenced Onecoin’s purported head of legal and compliance to four years in prison. She “facilitated and committed money laundering, aiding in the exploitation of millions of victims,” said U.S. Attorney Damian Williams. The Onecoin legal chief was also ordered to forfeit 1,440,000. Onecoin’s Irina Dilkinska Sentenced The U.S. Attorney’s Office for […]
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Ripple’s Legal Chief Urges SEC to Own up to Its Mistakes After Years of ‘Misguided War on Crypto’
Ripple’s chief legal officer has urged the U.S. Securities and Exchange Commission (SEC) to own up to its multiple missteps in enforcement actions against the crypto industry. He referenced court rulings that criticized the SEC for “gross abuse of power,” lack of “faithful allegiance to the law,” and being “arbitrary and capricious.” Ripple’s Legal Chief […]
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Vintage Bitcoin Vaults Awaken — Over $41M in BTC Moves After 11.7 Years of Slumber
On Friday, March 29, 2024, an early bitcoin enthusiast who acquired their holdings in 2012 transferred 100 bitcoins, valued at approximately .98 million, at block height 836,813. Roughly 42 blocks later, at block height 836,855, another individual, or possibly the same entity, relocated 500 bitcoins from a wallet established on July 13, 2012, now estimated […]
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Bitcoin Ready To Rip? Indicator Prints Bullish Signal After 9 Years
One analyst on X thinks Bitcoin bulls may be in for a treat in the coming months after one key indicator printed a buy signal for the first time in nearly a decade. While pointing to a bullish crossover on the 2-month chart’s Golden Moment Indicator, the analyst said the signal is again flashing green in almost nine years.
Further cementing this outlook, this is forming as yet the Supertrend indicator, which has historically preceded every major Bitcoin uptrend, is also bullish.
Bitcoin On A Bullish Path?
Though the analyst might be bullish on the world’s most valuable coin, the asset remains consolidated. Technically, reading from the formation in the daily chart, the coin is slowly losing the uptrend momentum. This week, Bitcoin failed to build on to late last week’s spike to push above ,000 in a buy trend continuation.
In the daily chart, Bitcoin is trading above the 20-day moving average. However, prices have been moving horizontally below ,000. Despite this, traders are hopeful.
Whether bulls will flow back and thrust the coin to fresh highs above ,000 will depend on many other factors.
Inflows Into Spot BTC ETFs Pick Up Momentum
A key influencer on price and sentiment remains spot Bitcoin exchange-traded funds (ETFs) and their flow trend. Since launching, nine out of the ten spot Bitcoin ETFs have accumulated over 500,000 BTC, or roughly 2.5% of the total supply.
When Grayscale’s BTC holding is factored in, all spot Bitcoin ETF issuers in the United States control 830,000 BTC. Cumulatively, this figure translates to roughly 4% of the total supply.
Of note, after last week’s slowdown, inflows continued throughout this week, pushing their holdings even higher—a net positive for the price and, most importantly, investor confidence. By March 28, Lookonchain data shows that 21Shares led the charge, adding 2,924 BTC.
Despite the general lull in Bitcoin prices, the uptick in demand for these derivative products indicates growing interest among institutional and retail investors.
It remains to be seen how prices react going into April, an important month. In less than four weeks, the network will halve miner rewards from 6.25 BTC to 3.125 BTC, making the coin scarce. If the current level of demand remains, BTC prices will likely rise as market forces automatically adjust prices.
SWIFT Plans to Launch CBDC Interconnection System in Next Two Years
SWIFT, the network that provides the messaging system for cross-border banking settlements, has announced plans to launch a CBDC equivalent of its current network in the next two years. The organization recently completed a 6-month test to assess the viability of such a development, which included the participation of 38 institutions, including central banks and […]
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BREAKING: Sam Bankman-Fried Sentenced To 25 Years In Prison
In a highly anticipated courtroom verdict, Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, has been sentenced to 25 years in prison for defrauding users. US District Judge Lewis Kaplan delivered the judgment during a Lower Manhattan federal courtroom hearing.
FTX Founder Sam Bankman-Fried Sentenced
Judge Kaplan sternly criticized the defense’s argument, labeling it as “misleading, logically flawed, and speculative.” As reported by our sister site, Bitcoinist, Kaplan highlighted Bankman-Fried’s obstruction of justice and witness tampering during his defense, which were significant factors considered in the sentencing decision.
Bankman-Fried expressed remorse in a statement, acknowledging that his series of “selfish” decisions as the leader of FTX had led to the exchange’s downfall. He admitted to having “thrown it all away” and expressed regret that continues to haunt him daily.
Prosecutors had initially sought a maximum sentence of 50 years, while Bankman-Fried’s legal team argued for a maximum of 6 years. In November, Bankman-Fried was found guilty on seven criminal counts, and he has since been held at the Metropolitan Detention Center in Brooklyn.
Life Plans Shattered
Late Tuesday, prosecutors submitted documents containing testimonies from victims, shedding light on the impact of Bankman-Fried’s actions. One victim, whose name was redacted, wrote a letter dated March 15, describing the destruction of their entire life and the emotional toll it had taken on their family.
They emphasized that they had entrusted their funds to FTX as a custodian, not consenting to the risks Bankman-Fried had taken with their money. The victim shared the suffering that had led to depression and even thoughts of suicide.
During the trial, prosecutors revealed that Bankman-Fried had diverted funds from FTX customers, amounting to as much as billion. These funds were allegedly used to finance a wide range of external interests, including political initiatives, speculative investments, and funding the lifestyles of FTX executives.
Featured image from Shutterstock, chart from TradingView.com
Former FTX Boss Sam Bankman-Fried Sentenced to 25 Years in Prison
On Thursday, March 28, 2024, the former head of FTX, Sam Bankman-Fried, received his sentence during a federal court proceeding in Manhattan. U.S. Marshals escorted Bankman-Fried into the courtroom at precisely 9:39 a.m. Eastern Time, as reported by Matthew Russell Lee of Inner City Press. Judge Lewis Kaplan said, ” I know the Probation Department […]
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Gambling Takes Center Stage in This Year’s March Madness
In a year where legal wagering on sports shattered previous records, the NCAA men’s and women’s basketball tournaments are the pinnacle of sports betting, with an estimated .7 billion expected to be wagered through legal channels. Crypto gambling offers fans the ability to pick their winners with crypto. March Madness Betting Increases, With .7 Billion […]
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