FreeCryptoCurrency.Me

Free stocks and money too!

Category Archive : Crypto News

FTX didn’t have to fail, says Sam Bankman-Fried book author

Episode 45 of Season 5 of The Scoop was recorded with The Block’s Frank Chaparro and Nathan Crooks, and Axios reporter Brady Dale.

Listen below, and subscribe to The Scoop on AppleSpotifyGoogle PodcastsStitcher, or wherever you listen to podcasts. Please send feedback and revision requests to podcast@theblock.co.


In this episode, veteran crypto journalist Brady Dale unpacks his new book, SBF: How The FTX Bankruptcy Unwound Crypto’s Very Bad Good Guy.

The book explores Bankman-Fried’s worldview and his quest to make FTX the number one crypto exchange in the world, no matter the cost.

Despite FTX’s bankruptcy last year, Dale believes the exchange was not necessarily doomed to fail and that Bankman-Fried’s need for absolute control was a critical factor.


This episode is brought to you by our sponsor CleanSpark.

About CleanSpark

CleanSpark (NASDAQ: CLSK) is America’s Bitcoin Miner™. Visit cleanspark.com/theblock to learn more about the CleanSpark way.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Go to Source
Author: Frank Chaparro

Bitcoin Cash Rises 11% but Gains Could Be Short-Lived

The token was up 11% on the day, but analysts think the cryptocurrency will not be able to sustain its gains.

Go to Source
Author: Lyllah Ledesma

SBF ‘flew too close to the sun,’ says author of new book about FTX bankruptcy

Sam Bankman-Fried unsurprisingly emerges as the sole protagonist (and possible antihero) in a new book on the collapse the FTX exchange that rocked the crypto world late last year.

“My book’s thesis is that there’s only one character, and that’s Sam,” Brady Dale, a crypto reporter at Axios, says in an upcoming episode of The Scoop. “It’s the story of Sam. And then a bunch of people who got sucked into his vision.”

Released today, the book, “SBF: How The FTX Bankruptcy Unwound Crypto’s Very Bad Good Guy,” was written in real time, with Dale saying that he didn’t take time off from his day job for the project and felt at times like he was “drowning in Sam.” The author says he used Greek and mythical images throughout the book to bring life to the story and comment on Bankman-Friend’s worldview.

“Do I think it was a Greek tragedy?” Dale says. “I certainly think Sam was someone who flew too close to the sun. And I also think he thought he knew how to fly places that other people knew not to fly to.”

It’s among the first books being released about the spectacular implosion of FTX. “Big Short” writer Michael Lewis had spent months with Bankman-Fried ahead of the collapse and is also working on a book.

SBF’s surprise revelation

He said the biggest surprise of the project came on the day when he was supposed to turn in the final manuscript, when he finally landed an interview with Bankman-Fried and asked him for the reason that the FTT tokens at the center of the exchange’s problems seemed to be directed through a wallet controlled by sister trading fund Alameda Research after an unlock event.

“And so I asked Sam why that was and he said, ‘oh, well, that’s because FTT always belonged to Alameda. That was the deal from the start, like all of the locked up, set aside FTT was Alameda’s. That was our payment to Alameda for letting our executives come work for this new exchange, FTX. That was sort of FTX’s payment to Alameda,'” Dale recounts. “And I mean, that was a big revelation.”

While Dale says he had viewed Bankman-Fried to be a “super smart guy” and “unique in the space,” he found the former billionaire to be “surprisingly unemotional.” He also believes that FTX had not necessarily been doomed to fail and that it had been fine through the end of the bull market in 2021. 

‘Sam needed to be at the top of the heap’

“My guess is Sam believed that when the bear market came, he either had to win then and make FTX the number one cryptocurrency exchange in the world, or he was always going to be number two to Binance,” Dale says. “I believe he thinks that that was his opportunity. And so they took a few last big swings in late 2021 and early 2022. This is my guess. And that’s what went wrong for them, because they thought they were the smartest guys in the room.”

“Sam needed to be at the top of the heap,” Dale continues. “It wasn’t just enough to be successful.”

The book, published by John Wiley & Sons, is available at booksellers around the world. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Go to Source
Author: Nathan Crooks and Frank Chaparro

Ethereum’s staking rewards rate hits post-Merge record high, fueled by memecoin frenzy

Ethereum’s staking rewards rate climbed to a post-Merge record 8.6% this week, fueled by a surge in on-chain gas fees driven by the recent memecoin frenzy. 

The jump in the staking rewards rate, which is a metric for the annualized yield of validators, has translated into $46 million in total income for validators in the first week of May. In all, validators earned 24,997 ETH on the week, according to data by ETH Store on the beaconcha.in website. That’s a 40% increase over the $33 million in income for the final week of April, when 18,339 ETH were distributed as rewards. 

Validators can thank the current memecoin trading trend. Ethereum’s average fees consistently surpassed 100 gwei in the last week, the highest since May 2022. Thats’ resulted in costs of over $30 per swap for end users. As gas fees rise, validators benefit from higher fee income from processing transactions, in addition to their regular validator rewards.

According to beaconcha.in, the current staking rate rate represents how much annualized return validators can expect. To participate in the network’s consensus process, Ethereum validators are required to stake a minimum of 32 ETH, which is approximately $58,000.

ETH Store, a firm that measures reward rates, identifies two types of rewards: consensus rewards for proposing and attesting blocks, and transaction fees for processing transactions on the Ethereum network.

ETH staking has become increasingly important for institutions since the Ethereum network switched to a proof-of-stake (PoS) consensus mechanism with The Merge last year, and with the recent Shapella upgrade that enabled validator withdrawals for the first time. Currently, there are over 19 million ether staked on the network by 560,000 validator entities, which valued at $34 billion.

The price of ETH is down 1% on the day, changing hands at $1840 at the time of writing. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Go to Source
Author: Vishal Chawla

PayPal customers’ crypto holdings near $1 billion, mainly bitcoin and ether

Electronic payments giant PayPal has disclosed it’s “safeguarding” nearly $1 billion in crypto assets despite being a relatively new player in the digital assets market.

A filing with the U.S. Securities and Exchange Commission PayPay revealed it is safeguarding $943 million in cryptocurrency. The bulk of the crypto being safeguarded is made up of $499 million in bitcoin and $362 million in ether, the statement said.

The reported amount, dated for the period ending March 31, was an increase of $339 million when compared to the previous period which ended at the end of 2022. The increase is likely partly attributed to the price of bitcoin and ether rising in recent months.

It appears the payments company, which owns Venmo, does not actually hold the crypto assets, but instead relies on outside custodial service providers.

PayPal said it engages “third parties … to provide certain custodial services” including “securing” its “customers’ crypto assets.” It also added, in its statement that, PayPal’s “third-party custodian holds the crypto assets in a custodial account in PayPal’s name for the benefit of PayPal’s customers.”

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Go to Source
Author: RT Watson

Heavyweight Hedge Fund Arca Joins Activist Fight Against DAO Builder Aragon

The crypto investment fund sent a letter demanding Aragon conduct buybacks of its ANT token.

Go to Source
Author: Danny Nelson

Shaq cries foul: FTX court papers ‘tossed’ at car mean he was never served, calls for dismissal

Shaquille O’Neal was so difficult to serve that class action attorney Adam Moskowitz celebrated in April when he finally gave the NBA star official notice that he was a target of a lawsuit against FTX promoters — or so he thought. 

Weeks later, O’Neal now claims he was never actually served. Process servers tossed papers at O’Neal’s moving car, he said in a court filing, but never succeeded in actually serving him. The basketball legend is asking a court to dismiss the lawsuit.

“This purported ‘service’ is inadequate,” O’Neal’s lawyers said in a court filing. “It should be quashed, and the claims against Mr. O’Neal dismissed.”

O’Neal is one of more than a dozen celebrities and sports figures being sued for promoting FTX, the now-bankrupt crypto exchange. Targets of the lawsuit, which was filed by an Oklahoma man who says he is an FTX customer include promoters like Tom Brady and Steph Curry.

Although O’Neal appears regularly on television, hosts a podcast and is a touring DJ, lawyers struggled to serve him with official notice that he was the target of a lawsuit. 

Shaq challenges drive-by serving 

According to Moskowitz, process servers “personally” gave O’Neal notice of the FTX class action lawsuit outside of his Atlanta home in April. But O’Neal’s lawyers, who did not immediately respond to a request for comment, said in court documents that the papers never made it into his hands. 

“Two process servers — neither of whom is registered in Georgia — saw Mr. O’Neal driving his car out of his residence. They crowded the road outside the double residential gate to his property, making it so he had to drive by both of them to leave his home, and then stepped outside their cars,” O’Neal’s lawyers said in court documents. “Mr. O’Neal — who never exited his car — drove past the strangers lurking outside his home, one of the process servers ‘tossed the legal documents at the front of’ his car.”

O’Neal’s lawyers said in a court filing that he was never properly served.

Moskowitz, the class action lawyer, disputed O’Neal’s account. He said the exchange was captured on video and went as far as to suggest O’Neal tried to “possibly injure” the process server in an email to The Block on Tuesday.

Caught on video?

“It is really disappointing and surreal. The video will show Mr. O’Neal finally being served, after many months of hiding, as he attempts to possibly injure the process server. We expected better from an officer of the law,” Moskowitz said, referencing O’Neal’s role as an auxillary deputy sheriff. “Mr. O’Neal and his lawyers need to stop running and finally deal with these serious allegations.”

It’s not clear whether O’Neal has video footage of the incident, as Moskowitz claims, or if he plans to release it.

This latest wrinkle in the FTX class action suit comes after a dramatic, months long effort to serve O’Neal. At one point, a process server apparently gave up on trying to serve O’Neal after receiving a threatening text message. It is not clear who sent the message.

In O’Neal’s view, process servers did not give him official notice of the lawsuit before an April deadline and the case against him should be dismissed. The lawsuit was filed in the U.S. District Court for the Southern District of Florida.

“Plaintiffs have had months and multiple tries. Mr. O’Neal has not evaded service by failing to be at the residences where plaintiffs belatedly attempted service or by driving past strangers who approached his car,” O’Neal’s lawyers told the court.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Go to Source
Author: Stephanie Murray

There’s no Such Thing as High Fees on Bitcoin

Bitcoin’s BRC-20 debate is a re-run of the 2015-17 blocksize wars, except this time some of the combatants have changed sides, says Nic Carter.

Go to Source
Author: Nic Carter

Ex-Coinbase product manager handed two-year prison term for insider trading: Reuters

A U.S. federal judge sentenced Ishan Wahi, a former product manager for Coinbase, to a two-year prison term in an insider trading case.

Wahi pleaded guilty to wire fraud charges in February, as previously reported. Wahi, along with his brother and a friend, pleased guilty to perpetrating a scheme to front-run digital assets listed on the Coinbase exchange. The alleged scheme netted those involved some $1.5 million.

Reuters reported Tuesday that prosecutors had sought a three-year term for Ishan Wahi. His brother, Nikhil, received a 10-month prison term in January for his role in the insider trading scheme. 

The Department of Justice indicted the three involved in the scheme in July of last year. It was the first case of its kind to be brought in the United States, prosecutors said at the time. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Go to Source
Author: Michael McSweeney

Ex-Coinbase Product Manager Sentenced to 2 Years in Prison for Insider Trading

A former Coinbase employee was sentenced to two years in prison on Tuesday weeks after pleading guilty to insider trading charges, according to a report from Reuters.

Go to Source
Author: Cheyenne Ligon


Follow by Email
Facebook20
Pinterest20
fb-share-icon
LinkedIn20
Share