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Balaji Srinivasan, one-time Coinbase CTO and former partner at Crypto cheerleading VC firm a16z, has decided that it’s time to start investing on behalf of others again and announced a new fund. It’s imaginatively called The Balaji Fund. The fund will, according to Srinivasan, focus on “ Crypto /web3, deep learning, augmented reality and virtual reality, genomics, quantified self, autonomous robotics, network states, and frontier technologies.” The minimum investment is $100,000 over two and a half years. However, the desire to manage other people’s money is a 180-degree turn from where Srinivasan stood not only on his own career but America as a whole less than a year ago. The worst bet ever In March of 2023, Srinivasan took one of the most absurd bets in recent financial memory when he predicted that not only would hyperinflation occur in the US but that within 90 days, bitcoin would trade at over a million dollars per coin. He bet two individuals one million dollars each...

DeFi platform Yearn has lost a large portion of its treasury by swapping all of its lp-yCRVv2 tokens for yvDAI and has asked those who profited from the mistake to return it. In Yearn’s post-mortem published on Tuesday, it said the problem arose from inadvertently transferring the entire reserve of lp-yCRVv2 to the trading multi-signature wallet, and the script there attempted to swap the entire quantity, experiencing “significant slippage” in the process. “This amount comprised a large portion of the Curve pool, and therefore incurred significant slippage which arbed back to the normal price by the market shortly after,” Yearn said. The DeFi platform further described the losses, pointing out “ the total loss experienced by Yearn’s treasury comes out to about 63% .” Yearn highlighted that “the script used by the trading multisig to swap tokens lacked sufficient output checks and contained a logical error that would have capp...

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...

From moon predictions to market madness, we revisit the most memorable tweets in crypto ’s history. We’ve all encountered those tweets — from the audacious moon-landing promises and “I-should’ve-just-HODLed” moments to the euphoria of bull markets. Each has left its mark (and occasionally, a dent) on the crypto sphere. So, whether you’ve dabbled in a bit of Bitcoin (BTC) or you’re here for some entertainment, let’s dive into these byte-sized texts and see how they have fared over time. From power-hungry to green-hungry In September 2022, Ethereum (ETH) underwent a landmark transition. And who better to herald its triumphant march from proof-of-work (PoW) to proof-of-stake (PoS) than the platform’s co-founder, Vitalik Buterin? And we finalized! Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today. — vitalik.eth (@VitalikButerin) September 15, 2...

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...

Once Terra founder Do Kwon’s trial in Montenegro comes to a close, he’s expected to be extradited to either South Korea or the US, where he’s wanted for charges of fraud as a result of the collapse of the Terra/Luna ecosystem last year. Both countries are keen to bring the former fugitive to justice. According to Dan Sunghan, director of the financial crime investigation bureau at Seoul’s Southern District Prosecutor’s Office and the lead investigator in Kwon’s case, Kwon is expected to receive a record sentence for fraud in South Korea — over 40 years behind bars . “This is the largest financial fraud or financial securities fraud case that has ever happened in South Korea,” Dan told Bloomberg. Local prosecutors have seized 247 billion won ($190 million) tied to the case so far and are about to get hold of an extra 32 billion won ($25 million).  But before extradition can begin, Kwon still has a few months in Montenegro fighting charges of document fraud, which he denies. “It’s ou...

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...

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...