🚓 SBF blame his ex

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Good Morning!

Bitcoin closed last week at highs not seen in 550 days, and you guessed it, ETFs remain to be the catalyst. AXS is also pumping, up over 16% in the past 24 hours.

And the moment we’ve all been waiting for. SBF finally testified last week, and boy did he not disappoint. Sam decided to throw his ex-lover, Caroline, under the bus. Good old Sam.

Let’s dive in! 👇️ 

Markets

Bitcoin Price Reaches Highest Weekly Close in 550 Days – Can It Move to $40,000 Next? (3 minute read)
Last week, Bitcoin finished the week at $34,525, marking its highest weekly close in 550 days. This milestone was accompanied by Bitcoin's breakout above a significant long-term horizontal resistance level at $30,500, which had held since May 2022. To put this achievement in perspective, the last time Bitcoin closed at such a level was in April 2022 when it stood at $38,468, during a period marked by a substantial downward trend in BTC's price. Will Bitcoin move to $40,000 next?

Axie Infinity gains 16% amid increased whale transactions (3 minute read)
Axie Infinity is pumping, up an impressive 16% in the last 24 hours, attributed to a surge in whale transactions and development activity. While Bitcoin and other digital assets have experienced a decline in their bullish momentum, AXS has maintained its upward trajectory, reaching a two-month high of $6 on October 30. Several positive indicators have contributed to this surge, with data from Santiment pointing to significant increases in development activity, whale transactions, and social volume for AXS. Development activity has seen a substantial rise since October 25.

Sam Bankman-Fried Throws Caroline Ellison Under Bus in Testimony (5 minute read)
On Friday, Sam Bankman-Fried took the stand in his criminal fraud and conspiracy trial and, in response to questions from his defense attorney, attempted to shift responsibility onto his subordinates. The former FTX CEO acknowledged his own mistakes at the crypto exchange, including the lack of a risk manager, and acknowledged that "a lot of people got hurt." Bankman-Fried reiterated the narrative that the issues at FTX were primarily the result of mistakes rather than deliberate wrongdoing.

Tech

LastPass Hacker Steals $4.4 Million From Crypto Wallets (2 minute read)
LastPass, a widely used password manager application, has once again become the center of a controversy due to a recent security breach. Last week, a hacker exploited compromised seed phrases, resulting in the theft of approximately $4.4 million worth of cryptocurrency from 80 different addresses, affecting 25 individuals. Notably, many of the victims were long-time LastPass users who had stored their cryptographic keys and seed phrases within the application. This incident is thought to be a consequence of a security breach initially detected in December 2022 when LastPass informed its users that an unauthorized party had gained access to a third-party cloud-based storage service where the company stored archived backups of data.

Solana adds incubator to spur growth and woo founders away from rival chains (3 minute read)
Solana Labs is set to introduce an incubator program designed to encourage startup founders to consider Solana as their preferred blockchain platform. Emon Motamedi, Product Manager at Solana Labs, emphasized the significance of such incubator initiatives for the success of Web3 startups, noting the unique challenges faced by blockchain startups in a still-evolving industry. This move from Solana Labs, which secured $314 million in a private token sale, aligns with other recent endeavors aimed at fostering network growth.

Arbitrum Orbit prepped for mainnet launch (3 minute read)
The Ethereum scaling solution known as Arbitrum Orbit has reached mainnet readiness, announced by its developer, Offchain Labs. This milestone enables developers to establish their own chains, which can then connect and settle on one of Arbitrum's layer-2 chains, including Arbitrum One, Arbitrum Nova, and their respective testnets, Arbitrum Goerli and Arbitrum Sepolia. Arbitrum stands as one of Ethereum's prominent scaling solutions, boasting approximately 470 deployed applications on its network and a Total Value Locked (TVL) of $2.73 billion.

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Misc

Ripple CEO Blasts Former SEC Chairman, Here’s Why (2 minute read)
Ripple's CEO, Brad Garlinghouse, expressed his strong criticism of former SEC Chair Jay Clayton following Clayton's recent interview discussing the regulatory landscape and implying the SEC's misuse of power. In response to a resurfaced interview of Clayton on social media, Garlinghouse took to X (formerly Twitter) to accuse the former SEC Chair of hypocrisy, deeming it "shocking." Garlinghouse's frustration stems from his surprise that someone like Clayton, who presided over the SEC during the initiation of the SEC's case against Ripple and its executives, could openly discuss the abuse of power. As the Ripple CEO pointed out, the ongoing case against Ripple's executives, which he and Chris Larsen consider baseless and frivolous, raises questions about Clayton's use of power during his tenure at the SEC.

Thai banking giant KBank acquires Satang exchange to grow crypto business (3 minute read)
Kasikornbank, Thailand's second-largest bank in terms of assets, has announced the acquisition of a local cryptocurrency exchange through one of its subsidiaries. In a letter submitted to the Stock Exchange of Thailand, Kasikornbank, also known as KBank, revealed its purchase of 97% of the shares of Satang Corporation Co. Ltd, the operator of a digital asset exchange, on October 27. KBank intends to rebrand Satang as Orbix Trade Co. Ltd., according to the filing. This acquisition was executed via Unita Capital, a wholly-owned subsidiary of KBank with a registered capital of 3.7 billion Baht ($102.8 million), as indicated in the filing.

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