SBF pleads not guilty

Plus: Vitalik pumps Solana

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Markets & News

Former FTX CEO SBF pleads not guilty to US criminal charges (3 minute read)FTX founder and former CEO Sam Bankman-Fried plead not guilty to all eight counts of U.S. criminal charges on Tuesday. Bankman-Fried appeared before a judge in the U.S. District Court in New York City on Tuesday with his lawyers, Mark Cohen and Christian Everdell. Criminal charges against the 30-year-old former billionaire include wire fraud, conspiracy to commit money laundering and conspiracy to misuse customer funds, among others. The former FTX CEO is also facing suits by the SEC and CFTC over similar charges.

Gemini co-founder says Genesis ‘engaging in bad faith stall tactics’ (5 minute read)Gemini cryptocurrency exchange co-founder Cameron Winklevoss is pressing crypto lender Digital Currency Group (DCG), to return $900 million in customer funds that Gemini claims it lent to DCG. In an open letter on Twitter to DGC's CEO Barry Silbert, Winklevoss stated Gemini has been waiting for the money for 47 days. Gemini has a crypto lending product called Earn in partnership with DCG's crypto firm Genesis.

Ethereum Founder Suddenly Powers A Shock FTX Crypto Price Rally As Bitcoin Struggles (3 minute read)Bitcoin, Ethereum and most other major cryptocurrencies have seen their prices fall sharply over the last month of 2022 after the FTX collapse wiped out confidence and pushed other crypto companies to the edge. Now, ethereum cofounder Vitalik Buterin has spurred a rally for the ethereum rival solana, causing it to surge over 10% by predicting it has a "bright future" despite FTX's demise.

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Web3: DeFi & NFTs

Nike’s RTFKT COO Loses His NFTs in Massive Hack (3 minute read)RTFKT COO Nikhil Gopalani is starting the New Year with an empty crypto wallet. RTFKT is the massively profitable next-gen crypto brand acquired by Nike in December 2021 that’s making waves in the digital wearable space and created content with artist Takashi Murakami. Gopalani lost his massive treasure trove of NFTs to a scammer in an apparent phishing attack Monday.

Misc

Indonesia to launch national crypto exchange in 2023 (2 minute read)As a part of its reform of crypto regulation, Indonesia will create a crypto exchange in 2023, according to reports. The platform is planned to be launched prior to a shift of regulatory power from commodities to securities authority. On Jan. 4, the head of the Commodity Futures Trading Regulatory Agency of Indonesia (Bappebti), Didid Noordiatmoko, stated that a crypto exchange should be set up this year. The move comes as a part of broader financial reform launched in December 2022.

US prosecutors have launched an FTX Task Force to track down and recover missing crypto customer funds totalling at least $3 billion (2 minute read)US prosecutors in New York have put together an FTX Task Force to nail down and recover billions of dollars of missing funds belonging to the collapsed crypto exchange's customers. More than 1 million customers could be affected by what the US government has described as an epic fraud at FTX. Its former CEO, Sam Bankman-Fried, faces criminal charges that allege he funneled customer funds from the crypto trading platform to FTX's sister trading arm Alameda Research.

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