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Rather than attempting to disrupt banks and other traditional payments systems, these high-profile blockchain developers are looking to court their business.

The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 4, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.

Sam Bankman-Fried had a grin on his face as he entered court on Tuesday morning – clad in a black suit and an uncharacteristically tame (read: closely trimmed) mop of hair. After nine long months, the disgraced crypto founder will finally have the chance to defend himself against a wide array of federal fraud and conspiracy charges tied to the collapse of FTX, his crypto and futures exchange, and Alameda Research, the crypto trading firm he founded and – according to prosecutors – used to illegally re-invest FTX user funds.

At its peak in April 2022, Yield Protocol had over $22 million in total value locked, but this figure has since dwindled to around $2 million.

Low volatility returned to crypto markets after a sudden move higher earlier this week following ETF decisions.

Broader crypto markets dropped 0.7% in the past 24 hours, the CoinDesk Market Index (CMI) shows.

The tides finally changed after Gary Wang and Nishad Singh (both FTX directors who have since pled guilty to fraud in the ongoing trial) joined the firm.

The new data source, which also maps off-chain flows, could underpin future crypto regulations, according to the German-Dutch central bank project.

The FTX founder’s fraud trial began selecting a jury Tuesday as lawyers spar about what evidence its members can see.

Luno, Bybit and PayPal have recently withdrawn certain services from the U.K. – just ahead of tough new promotions rules for crypto firms coming into effect.