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SBF Deported and Released on $250M Bail; Brazil Signs Crypto Regulations Into Law | Cointime Weekly Dec.18 – Dec.24

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Developments Surrounding the FTX Fiasco

SBF Deported and Released on $250M Bail

After extradition from Bahamas, Sam Bankman-Fried was released on a bond of $250 million and returned to the Palo Alto home which he shares with his parents.

One thing around the $250m bond is, no one has paid anything, nor is any cash owed—not yet anyway. 

Ex-Alameda CEO and FTX Co-founder Plead Guilty

Former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang have plead guilty to criminal charges. Caroline Ellison’s testimony claims SBF directed her to co-mingle customer funds since 2019.

SEC Calls FTX’s Native Token FTT a Security

The SEC has declared another crypto as a “security” — after it is already dead. Similar tokens such as BNB (Binance), OKB(OKEX), and KCS(KuCoin), could also be labeled as securities in this scenario. Crypto exchanges will face significant penalties if FTT is ruled as a security.

Updates on Crypto Giants

Coinbase Secures VASP Registration in Ireland

Coinbase has been granted approval to operate as a Virtual Asset Service Provider (VASP), meaning that Coinbase can continue to provide products and services to individuals and institutions in Europe and internationally, from Ireland.

Binance Joins US Chamber of Digital Commerce

Binance became a member of the U.S. Chamber of Digital Commerce. The move marks another milestone as Binance has bolstered its regulatory capacity in the past year, after an earlier track record of getting into trouble with financial regulators. 

Crypto Hacks This Week

Ankr Says Ex-Employee Caused $5M Exploit

A $5 million hack of Ankr protocol was caused by a former team member. The ex-employee conducted a “supply chain attack” by putting malicious code into a package of future updates to the team’s internal software.

State-Sponsored North Korean Hackers Stole $1.2B

North Korean hackers stole $1.2 billion worth of crypto assets in the last five and a half years and the country has been using these funds to finance its nuclear missile program.

Global regulations

The new laws

Brazil’s President Signs Crypto Regulations Into Law

The new law establishes a crime of fraud involving virtual assets, with a penalty of between four and six years in jail plus a fine. Digital assets that are considered securities will be supervised by SEC.

Plus, Brazilian Securities and Exchange Commission (CVM) approved the ability for investment funds invest in crypto.

Marshall Islands Passes Law Recognizing DAOs As Legal Entities

Both profit and non-profit DAOs can now register as legal entities under the internationally recognized LLC structure.

...And the ban

Another Crypto.com Ad Banned by UK Advertising Regulator

Crypto exchange Crypto.com had a Facebook ad banned by the U.K.'s Advertising Standards Authority (ASA), falling foul of the industry's self-regulatory organization for the second time this year.

OpenSea Has Blocked Cuban Artists and Collectors

OpenSea is delisting Cuban artist and collector accounts from its platform in order to comply with U.S. sanctions law. Suspicions that OpenSea had been specifically targeting Cuban accounts had lingered in recent months

Crypto weekly price action

Cryptocurrency Prices Heat Map in 7 Days, Source COIN360

Research and technology

Avoid Getting Hooked by Crypto ‘Ice Phishing’ 

Ice phishing, a type of phishing unique to the Web3 space, is a significant threat to the community. What is ice phishing? How to prevent yourself from becoming a victim?

The Wallet Segment: Shining Star in the Crypto Winter

In the Web3 world, a wallet does not only serve the role as managing assets by literal meaning, but also it is the necessary tool to participate in the Web3 world.

Statistical Attacks on Proof of Solvency

In the wake of FTX's collapse, many prominent crypto exchanges have announced plans around "proof of solvency." But, proof of solvency is not perfect. Here are some of the flaws.

Comprehensive Guide for Rollups

This article focuses on the latter form of off-chain scaling solution — rollups, and the distinction between two main types of rollups (optimistic and zero-knowledge rollups). Let’s take a deep dive!

Fundraising and investment

Aussie Crypto Platform Cancels $1 Billion Merger Plan

The Aussie cryptocurrency exchange – Swyftx – and the investment platform – Superhero – have reportedly abandoned the previously planned $1 billion merger deal due to the enhanced control over crypto firms in Australia and the diminishing interest in digital after FTX collapse.

Axelar Launches $60M Startup Ecosystem Program

The proof-of-stake (PoS) blockchain Axelar launched on Dec. 19 a $60 million startup funding program dedicated to accelerating the development of decentralized applications and protocols that can replace centralized exchanges. The initiative is backed by over 15 blockchain investors.

Core Scientific Approved for $37.5M Bankruptcy Loan

U.S. Bankruptcy Judge approved Core Scientific's bankruptcy loan on an interim basis at a court hearing in Houston, Texas. The company will seek final approval of the loan and permission to borrow an additional $37.5 million in January.

NFT Platform Revel Raises $7.8M in Seed Financing

Revel, an NFT or “social collectibles” platform, raised $7.8 million in seed financing led by Dragonfly Capital. The capital will be used to expand Revel’s web3 interoperability, generative and collaborative AI functionality, and social features

Viral Quotes

“ Quality of crypto villains is getting lower”

—  Vitalik Buterin, founder of Ethereum, on Sam Bankman-Fried

" Neither SBF or Madoff have the typical profile of a crook.

Rather it appears, they were unwilling to accept the consequences of failure and bet they could ‘fix’ things with temporarily ‘borrowed’ funds until they dug too deep a hole and were outed. Again, just a theory, but both the Madoff and SBF stories don’t make sense otherwise."

—  Bill Ackman, CEO of Pershing Square

"There is no point inviting toxicity into your life. It’s abusive and pointless. Even in saying it now there are mocking baby memes. Life is too short. Move on and cut it out. XRP provides no partnership or technical value. The community is toxic and petty. I can live without it."

—  Charles Hoskinson, founder of Cardano

"It’s ridiculous and frankly shameful that Chair Gensler was touting the SEC’s enforcement actions as the “cop on the beat,” yet (per public reports) MET with SBF multiple times, but was caught completely flat-footed when the alleged fraud finally came to light."

— Brad Garlinghouse, CEO of Ripple

FTX Sam Bankman-Fried Binance Coinbase Vitalik Buterin
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  • State Council Issues Guidelines for Building a National Blockchain Network

    On October 9, according to Xinhua News Agency, the Central Committee of the Communist Party of China and the State Council issued the "Opinions on Developing New Quality Productive Forces," which consists of seven sections and nineteen articles. The guidelines propose leading with technological innovation and focusing on significantly enhancing total factor productivity as a core indicator. They emphasize innovation-driven development, reform as a key priority, adapting to local conditions, and establishing foundations before breaking new ground. In terms of industry, the guidelines call for cultivating and expanding emerging industries, strategically planning for future sectors such as quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communications. They also advocate for the comprehensive implementation of the "AI+" initiative to accelerate the application of new-generation intelligent terminal scenarios like humanoid robots. Regarding incentives and financial support, the guidelines propose establishing a corporate R&D reserve fund system, increasing the proportion of deductible R&D expenses for enterprises, and improving support policies for long-term capital investment in early-stage, small-scale, long-term, and hard technology projects. They aim to strengthen patient capital, enrich the system of technology innovation bond products, support quality tech enterprises in going public for financing, and optimize systems for mergers, acquisitions, and equity incentives for tech companies. The guidelines also stress the importance of avoiding superficiality, seeking grandiosity, and creating bubbles. They strictly prohibit the abuse of policies under the guise of developing new quality productive forces and will hold serious accountability for significant losses caused by blind investments and herd behavior.

  • Grayscale Ethereum Trust ETF Acquires $103.3 Million in ETH Over 20 Days, ETHE Sees $71.6 Million Outflow

    On October 10, monitoring by Arkham revealed that the Grayscale Ethereum Trust ETF has accumulated approximately $103.3 million in ETH over the past 20 days. During the same period, the ETHE fund experienced an outflow of about $71.6 million, while Grayscale clients net purchased approximately $31.7 million in ETH.

  • US Initiates 337 Investigation on AI Server Power Products, 20 Companies Listed

    On October 10, according to Tonghuashun news, on October 9 Eastern Time, the U.S. International Trade Commission (USITC) announced the initiation of a 337 investigation into 'certain vertical power transmission systems, their components, and computing systems containing such systems,' targeting the power supply segment for AI servers. A total of 20 companies are named, including Luxshare Precision, Foxconn Industrial Internet, Hon Hai, Hongbai Technology, Delta Electronics, Quanta Computer, Cloud Computing, Infineon, ChipSource Systems, Flex, and Tianhong Technology, spanning mainland China, Taiwan, the United States, Germany, Singapore, and Canada. The investigation stems from a complaint filed by Massachusetts-based power module manufacturer Vicor on September 9, alleging that the products in question infringe its patents and requesting the issuance of a limited exclusion order and a cease-and-desist order. This marks Vicor's third similar complaint in three years. According to USITC procedures, a target date for conclusion will be set within 45 days of the case being filed, and it will take a considerable amount of time to reach a formal conclusion.

  • Robinhood Crypto Explores Launching Stock Tokens with T. Rowe Price Digital Assets

    On October 10, Robinhood Crypto is exploring the launch of stock tokens linked to actively managed ETFs on the Robinhood Chain in collaboration with T. Rowe Price Digital Assets, which manages assets worth $1.9 trillion. The partnership is in the exploratory phase, and the potential product launch requires legal due diligence, approval from the issuer's board, final terms announcement, and regulatory approval from relevant jurisdictions. There is currently no guarantee that the collaboration will proceed or that the product will be launched, and specific details regarding the format, timing, and applicable regions have yet to be determined.

  • NVIDIA Reportedly Halts Production of RTX 5090 High-End Gaming GPU in Favor of Expensive Professional Cards

    On October 10, NVIDIA may have ceased production of the most powerful consumer graphics card, the RTX 5090, reallocating its core chips to higher-priced professional graphics cards. Hardware leaker MEGAsizeGPU claims that all future production of the GB202 chip will be supplied exclusively to the RTX PRO series, with no further use for the RTX 5090. Another leaker, hongxing2020, shared what appears to be a factory notice indicating that the China-exclusive version is also included in the production halt. Both utilize the same series of GB202 chips, but there is a significant price difference: the RTX 5090, equipped with 32GB of memory, was initially priced at $1,999, while the RTX PRO 6000, aimed at AI development and design, features 96GB of memory and is listed at $16,000 on the official website, eight times the price of the former. The RTX 5090 has already been out of stock in the U.S. market, with third-party sellers previously listing it for $9,600. If the production halt is confirmed, consumers will only be able to rely on remaining inventory. Additionally, there are reports that NVIDIA is preparing to launch a 24GB version of the RTX 5080 to replace the RTX 5090 as the highest-end gaming graphics card, while the current RTX 5080 has only about half the CUDA cores of the RTX 5090, resulting in approximately 30% lower performance in 4K gaming.

  • Putin States Negotiations with Ukraine Currently Impossible

    On October 10, Russian presidential aide Ushakov provided details about the phone call between the leaders of Russia and the United States. Ushakov stated that during the call, Putin elaborated on the measures Russia has taken in response to the terrorist attacks carried out by the Ukrainian armed forces. Putin indicated that Ukraine is attempting to undermine the Russian State Duma elections and is attacking civilians, which has compromised the possibility of immediately resuming negotiations. He also noted that Ukraine's attempts to hinder the advance of Russian troops have no prospects for success, as the Russian military currently holds complete initiative on the battlefield and is continuing to advance. Putin emphasized that due to Ukraine's stance, particularly its efforts to disrupt the Russian Duma elections, it is currently impossible to resume negotiations with Ukraine. Trump has instructed that the message conveyed by Putin during the call be communicated to the Ukrainian delegation. Ushakov mentioned that there has been no specific discussion yet regarding a potential bilateral meeting between Putin and Trump.

  • Telegram Renames Gram Wallet to Money and Launches for All Users

    On October 9, Telegram officially renamed its previously limited-access wallet service 'Gram wallet' to 'Money' and launched it to over one billion users across the platform. 'Money' is an integrated wallet for the Gram token, supporting storage, transfers, and purchases of platform gifts and collectible usernames. Additionally, the accompanying trading platform 'Walt' offers services for over 300 assets, including tokenized stocks, precious metals, perpetual contracts, and wealth management projects. Users can make instant transfers from 'Walt' to the 'Money' wallet without incurring network fees. The official statement also cautions that investing in crypto assets carries associated risks.

  • Blockchain.com Seeks Approval for Prediction Markets and Cryptocurrency Derivatives Trading

    On October 9, the crypto asset platform Blockchain.com submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) seeking to obtain licenses for a designated contract market (DCM) and a futures commission merchant (FCM) to offer event contracts (prediction markets) and cryptocurrency derivatives trading services to U.S. users.

  • US May Seize Approximately $1 Billion in Cryptocurrency Related to Iran This Week

    U.S. Treasury Secretary Bencet stated at the NPolicy Summit held by Newsmax in Washington on Thursday that we may seize $1 billion in cryptocurrency this week, adding, "We know where it is, and we are isolating them." Bencet noted that the Trump administration's approach to Iran has shifted from 'maximum pressure' to 'absolute isolation,' with measures including maritime blockades, restrictions on air travel, and the cutting off of land routes. The UAE and Oman are cooperating with the U.S., which is also working with Pakistan and Turkey to cut off all land routes in and out of Iran.

  • Zcash Development Team Plans to Introduce Quantum-Resistant Signatures in January

    The development team of the privacy cryptocurrency Zcash (ZEC) plans to introduce post-quantum signature opcodes to the network in January next year, supporting hash-based signature technology to defend against potential quantum computing attacks. This solution primarily targets the transparent (public) payment pool, where approximately 70% of ZEC is currently stored. Although the developers have set January as the target deadline, the specific network activation time has not yet been finalized. This upgrade aims to prevent attackers from using existing public keys to reverse-engineer private keys and forge payment authorizations. Additionally, the Zcash node validator Zakura has launched a wallet tool based on Private Information Retrieval (PIR), allowing users to query balances across multiple addresses without revealing the correlation between those addresses to the server. Previously, Ethereum researcher Justin Drake warned that artificial intelligence could accelerate the cracking of traditional encryption algorithms and urged cryptocurrency holders to prepare for potential security threats.

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