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Despite a 11.3% correction in just two days, SOL maintains a robust position with healthy derivatives markets and on-chain metrics. Solana's native token (SOL) experienced a remarkable 58.6% surge in just five days, reaching an $64 high on Nov. 11. However, the subsequent two-day retracement of 11.3% to $54 has prompted investors to question whether this signals a fading bullish momentum or merely a temporary price adjustment. To put Solana's performance into context, let's compare it to other leading altcoins. Since its peak on Nov. 11, Avalanche (AVAX) has rallied by 17%, Ether (ETH) gained 1%, while BNB Token (BNB) traded down 2%. This comparison underscores the fact that SOL has underperformed in the broader altcoin market. Therefore, the 5.5% daily decline on Nov. 13 is unlikely to be tied to macroeconomic or sector drivers, such as the potential approval of a spot BTC exchange-traded fund (ETF). Solana remains a top contender in terms of performance and on-chain act...

FTX is accused of using customer deposits to repurchase Binance stake. An accounting professor hired by the US Department of Justice reveals over a billion dollars came from customer funds for the share buyback. FTX’s proposed recovery plan offers hope, aiming for a 90% asset return to customers affected by the exchange’s bankruptcy. In a shocking revelation, the ongoing legal proceedings surrounding the defunct cryptocurrency exchange FTX have unveiled that the exchange allegedly used customer funds to buy back its stake held by Binance. This development has raised serious concerns about the handling of customer deposits within the crypto industry. Customer funds diverted for Binance share repurchase During a court hearing, it was disclosed that FTX, a crypto exchange that filed for bankruptcy in November 2022, employed customer deposits to repurchase its shares from competitor Binance. Binance CEO Changpeng Zhao in November 2022 acknowledged t...

At a glance Now in its second week, Thursday’s court session in the criminal fraud trial of Sam Bankman-Fried was mostly taken up with the cross-examination of Caroline Ellison by Bankman-Fried’s defense team. After being previously barred from discussing his venture capital investment in AI startup Anthropic, Bankman-Fried’s defense team appeared aimless in its questioning of Ellison. Defense lawyer Mark Cohen gestured at Ellison’s trading decisions and threats to her leadership of Alameda Research, but didn’t drive home any straightforward reason for the jury to disbelieve her testimony. The cross-examination of Caroline Ellison concluded around 3pm on Thursday, October 12, after hours of questioning by Sam Bankman-Fried ’s defense team. It fell surprisingly short — Bankman-Fried’s lead lawyer Mark Cohen once again lapsed into a rote repetition of points already made by the prosecution, with only a few vague lines of attack emerging. Ellison more than kept her co...

FTX management has sued protocol developers LayerZero Labs to cancel trades of former executives of the bankrupt firm. The lawsuit is filed against the deal of the former head of Alameda Research, Caroline Ellison, with LayerZero Labs on Nov. 7, 2022. The deal came just four days before FTX filed for bankruptcy. As part of the agreement, Alameda wanted to sell back its 5% stake in LayerZero for $150 million. In return, LayerZero would forgive Alameda’s $45 million loan. FTX’s new management filed a lawsuit saying the Sam Bankman-Fried empire was already insolvent at the time of the deal. The transaction has thus become a fraud and must be canceled. Moreover, Alameda has agreed to sell 100 million of its Stargate tokens (STG) to LayerZero for $10 million. The trading company previously paid $25 million for its tokens. However, the deal never took place. The document also indicates that FTX and LayerZero once had close ties. In particular, SBF arranged accommodation in t...

FTX has filed a lawsuit claiming that a former executive engaged in unethical practices using “hush money” to silence employees who could expose potential wrongdoing. According to the complaint, the former compliance officer alleged ly offered whistleblowers bribes to prevent them from disclosing what FTX called the exchange’s “true fraudulent nature.” The legal action targets Daniel Friedberg, the chief regulatory officer and compliance officer for FTX and its U.S. division. Friedberg also served as the general counsel for Alameda Research. FTX alleges that Friedberg acted as a “fixer” for the family of Sam Bankman-Fried, one of the exchange’s co-founders. Bankman-Fried’s father, Joe Bankman, advocated for Friedberg to be placed in a prominent position and requested that he be informed about company affairs. According to the lawsuit, two potential whistleblowers claimed that Friedberg paid them “hush money” to rem...

The Texas State Securities Board has filed for an emergency cease and desist order against cryptocurrency lender Abra, alleging that it has been insolvent since at least March 31, that it has sold unregistered securities, and that it has misrepresented the extent of it and its partner organization’s licensure. Specifically, Texas regulators allege that the ‘Earn’ product, which involves Abra lending out c US tomer Crypto currency to earn yield, is a security. Abra has supposedly directed ‘investors’ in Texas to open accounts at Prime Trust and represented Prime Trust as a regulated company, despite Prime Trust lacking a money transmission license in Texas. Furthermore, Abra has allegedly misrepresented its exposure to FTX. It previously claimed that it had no exposure to FTX or Alameda Research but apparently had more than $12 million still on FTX . Abra also apparently has an extensive portfolio of bad loans including: Approximately $30 million to ...

Also Read: Binance Alleged Of Evading Russian Sanctions; CZ Yet To Reply advertisement Did court rush In To Charge SBF? As per reports, SBF’s lawyers claimed that the FTX was very far from the crypto linked firms to collapse during the horrible market crash in 2022. He added that prosecutors have hastily charged SBF in a rush to judgment. SBF’s lawyers stated that the government jumped in with both feet improperly seeking to turn civil and regulatory issues into federal crimes However, the authority should have waited for traditional civil and other regulatory processes to look into the matter. (THIS IS A DEVELOPING STORY) Trending Stories Dogecoin Price Analysis : DOGE Price Poised for 5% Drop this Week But there’s a Catch 24/7 Cryptocurrency News Stacks Price Analysis : STX Price will Face 22% Downside Risk if Sellers Break this Key Support 24/7 Cryptocurrency News Solana Price Analysis : SOL...

Per a published statement by Temasek,  advertisement “We have seen news articles and a tweet from Array about Temasek’s investment in it. This news is incorrect. Temasek has not invested in Array and we have no relationship with them.”  Markedly, Array listed other top-tier entities that joined Temasek in the investment. Binance Labs, the venture capital arm of a leading cryptocurrency exchange made it to the list although a Binance spokesperson claims that no investment has been made in this regard. In its announcement on Monday, May 1st, Array explained that the fund had raised the project’s valuation to about $100 million. A similar episode had transpired between top venture capital firms DRW and Nascent, and OPNX , a cryptocurrency exchange founded by Su Zhu and Kyle Davies after 3AC collapsed. After announcing a long list of investors which included DRW and Nascent, many of them denied having any involvement with the ne...

Members of Crypto Twitter are speculating whether Bankman-Fried and FTX will source the reported $530 million invested in Anthropic to pay off FTX creditors. Google Cloud has reportedly invested $300 million into artificial intelligence (AI) startup firm Anthropic, which also happened to receive over $500 million in funds from former FTX CEO Sam Bankman-Fried about six months before FTX catastrophically collapsed. While the $300 million figure was reported by Financial Times on Feb. 4, Anthropic confirmed the investment partnership with Google Cloud on the same day despite not disclosing any figures: We're excited to use Google Cloud to train our AI systems, including Claude! https://t.co/IaqQ5lpJrP https://t.co/vOn5Cj4sPt — Anthropic (@AnthropicAI) February 3, 2023 In the same announcement, Anthropic also confirmed that they previously raised capital from Bankman-Fried and former Alameda Research CEO Caroline Ellison, among others, in its Series B fundraising round: The Se...

The FTX bankruptcy proceedings have once again been held up by the potential appointment of an independent investigator. A motion from December called for a third-party investigator to ensure the transparency of an examination into the platform’s dealings. Subsequently, FTX objected to the motion in a hearing taking place this week. Specifically, noting there would be no benefit to the appointed examiner. Moreover, a 116-page document showing the platform’s creditors was released today. Source: Top Class Actions FTX Independent Investigator Latest Roadblock FTX ’s bankruptcy court proceedings have seen yet another stumbling block. This time, they have surrounded the court’s request of a third party to be involved in examining the platform’s state. FTX has objected to an independent investigator, stating its uselessness in ultimately resolving the Chapter 11 bankruptcy. According to Cointelegraph, the implementation of a new investigator would...