From landmark anniversaries to resounding legal verdicts, the week has presented lots of drama in the ever-evolving crypto landscape. Dive in for the details.
Sam Bankman-Fried Convicted of Financial Fraud
Sam Bankman-Fried, the co-founder of FTX and Alameda Research, has been convicted on multiple charges, including wire fraud and conspiracy, with a potential sentence of up to 115 years.
His sentencing is pending within the next three to six months, with the possibility of appeals and additional charges pending in 2024.
Bitcoin Celebrates 15th Anniversary of Whitepaper Release as SEC Chair Gary Gensler Hails Satoshi Nakamoto
Yesterday 31st October, the Crypto community Celebrated 15 years since Satoshi Nakamoto unveiled the groundbreaking Bitcoin whitepaper, introducing the decentralized, peer-to-peer electronic cash solution system.
Gary Gensler, the head of the SEC, united with cryptocurrency enthusiasts in celebrating the 15th anniversary of the release of the Bitcoin Whitepaper by Satoshi Nakamoto.
Biden Unveils U.S. Government’s First-Ever AI Executive Order
U.S. President Joe Biden has introduced a groundbreaking executive order on artificial intelligence (AI), marking the government’s first significant move in this domain.
The order mandates new safety assessments, equity, and civil rights guidance, as well as research into AI’s impact on the labor market. It builds upon voluntary commitments previously obtained from leading AI companies and represents a crucial step in the government’s involvement in shaping AI technology
Authorities Seize $54 Million in Crypto From Drug Lord
U.S. Attorney Philip R. Sellinger declared the confiscation of $54 million in cryptocurrency from drug ring leader Christopher Castelluzzo, showcasing the law’s extendibility into digital assets.
Initially a $9,000 investment in Ethereum, these funds grew exponentially, and was used by Castelluzo and his team of drug lords to engage in varying illicit acts.
US SEC Charges Safemoon and its Executives for Fraud
The U.S. SEC has charged DeFi platform SafeMoon and some executives for a massive fraud scheme in the Eastern District of New York.
Safemoon executives including its creator Kyle Nagy, the company's’ Chief Executive Officer (CEO) John Karony, the Chief Technology Officer Thomas Smith, and SafeMoon US LLC were all named as defendants in the lawsuit.
PayPal Secures FCA Approval for Crypto Services in UK
PayPal UK Limited has secured registration from the UK’s Financial Conduct Authority (FCA) as an accredited cryptocurrency service provider.
This green light from the FCA means that the financial juggernaut can now offer a curated set of cryptocurrency services and actively promote them to the UK market.
Scarlett Johansson Takes on AI Company Over Unauthorized Use
Scarlett Johansson’s legal team have declared intent to sue an AI firm for unauthorized ad usage of her likeness.
This adds the actress to an increasing list of celebrities voicing concerns over AI-generated impersonations.