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Tag: Sam Bankman-Fried (SBF)

  • Convicted FTX Founder Tries to Rewrite History Again: Critics Instantly Tear Him Apart

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    Disgraced FTX founder Sam Bankman-Fried once again weighed in on the exchange’s bankruptcy debate after responding to a satire post by a company creditor that accused court-appointed CEO John J. Ray III of deliberately keeping a “perfectly solvent” platform in bankruptcy in order to generate record fees and destroy estate value.

    The creditor alleged that billions in valuable equity and venture stakes were sold at deep discounts, and that assets were mishandled, clawbacks mismanaged, and subsidiaries forced into bankruptcy without board authority. SBF’s X account replied,

    “I don’t quite agree with every point – but, yeah, this is basically what happened. I’m not saying FTX’s solvency or the Debtors’ mismanagement are the reasons I’m innocent (although it’s a piece of the story!). But the Debtors are still withholding funds.”

    No Remorse, No Accountability

    His comments immediately triggered a backlash. On-chain investigator ZachXBT responded by demanding answers about the alleged $40 million transfer to Chinese authorities that he says Bankman-Fried hid from the public.

    Meanwhile, venture capitalist Adam Cochran said Bankman-Fried continues to show no remorse for his role in the collapse, arguing that his attempts to reframe the events are exactly why he deserves harsh punishment and does not get to rewrite history.

    The latest episode comes just days after a fresh court setback for Bankman-Fried, with judges on the 2nd Circuit in New York offering little indication they were persuaded by his appeal claims. During a hearing on Tuesday, SBF’s attorney, Alexandra Shapiro, argued his conviction should be overturned because the first trial was “fundamentally unfair,” but the three-judge appeals panel repeatedly pushed back and questioned whether he had any grounds strong enough to overturn a jury verdict in a case involving billions in losses. Judge Barrington Parker told Shapiro,

    “From my reading of the record, (there was) very substantial evidence of guilt. Are you seriously suggesting to us that if your client had been able to testify about the role that attorneys played in preparing these various documents, the not-guilty verdicts would have rolled in?”

    SBF’s Prison Narrative

    The renewed online fight also follows the sudden reactivation last month of the convicted former billionaire’s X account, which posted a 14-page document claiming FTX was “never insolvent.” He had asserted that outside lawyers and political forces sabotaged a solvable liquidity crunch.

    The document insisted that the bankruptcy estate misrepresented FTX’s balance sheet, and that its locked portfolio today would be worth well over $100 billion. That narrative was also widely rejected by experts who said the claims were similar to arguments the jury had already heard in 2023. The backlash then and now shows no signs of fading.

    The post Convicted FTX Founder Tries to Rewrite History Again: Critics Instantly Tear Him Apart appeared first on CryptoPotato.

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    Chayanika Deka

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  • SBF Claims Biden Administration Targeted Him for Political Donations: Critics Unswayed

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    Critics are not convinced by SBF’s latest antics and argue that his narrative is a well-funded lobbying attempt to recast the FTX collapse as political persecution.

    Sam Bankman-Fried, the disgraced FTX founder now serving a 25-year sentence for defrauding billions from customers, has reignited controversy by framing his 2022 arrest as politically motivated.

    In a recent GETTR post, reportedly shared via a friend, SBF claimed that his shift from center-left to centrist political views and subsequent large donations to Republican causes triggered targeted action from the Biden administration.

    SBF’s New Conspiracy

    According to him, the Securities and Exchange Commission (SEC) under Chair Gary Gensler and the Justice Department moved quickly to arrest him just weeks before an important crypto bill vote and on the eve of his scheduled congressional testimony.

    House Republicans at the time reportedly questioned the timing and had suggested that the arrest was strategically aimed at silencing him. They also requested internal communications from Gensler that allegedly “conveniently” went missing. The SEC’s Office of Inspector General later explained that a poorly understood automated IT policy had wiped Gensler’s government-issued device, which ended up erasing text messages between October 2022 and September 2023.

    Despite his conviction on multiple fraud and conspiracy counts in November 2023, SBF and his family maintain that he was wrongly prosecuted. His parents, Joseph Bankman and Barbara Fried, were reported to be exploring avenues for a presidential pardon from Donald Trump, who had previously pardoned Ross Ulbricht of Silk Road.

    In interviews following his sentencing, SBF has consistently distanced himself from left-leaning politics while expressing support for Trump, even granting a prison interview with conservative commentator Tucker Carlson, which prompted his crisis manager to resign. He has openly rejected the notion of guilt for himself and co-defendants, and described the convictions as unfair and politically influenced.

    Overfunded Lobby Effort Behind the Spin

    Observers and critics, however, remain highly skeptical of these claims. Many view this narrative as a well-funded lobbying effort designed to recast SBF as a victim of partisan politics rather than the architect of one of the largest financial collapses in crypto history.

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    Far-right activist and staunch Trump supporter Laura Loomer warned that the ongoing media push will continue to paint him as unfairly targeted by the Biden administration, despite overwhelming evidence of wrongdoing.

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    Chayanika Deka

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  • SBF’s ‘gm’ Tweet Sparks Speculation of Comeback Amidst New Solana-Based Perp Dex

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    A “gm” tweet from Sam Bankman-Fried has sparked speculation of his crypto comeback, linking him to a new Solana-based perpetual futures DEX launched by a former FTX COO.

    The project is using a “tokenless” model that rewards users with points, drawing parallels to SBF’s past success with the “Solana playbook.”

    The Solana Playbook

    The SBF connection gained momentum after he broke months of silence with a simple “gm” post from his official X handle, which quickly went viral. The timing also overlapped with a rally in the ASTER token, drawing parallels with SBF’s infamous early bet on Solana in his 2023 trial testimony.

    At his 2023 criminal trial, SBF testified that he had invested in Solana (SOL) at $0.20 per token, which increased to over $15 billion at its peak. That gain drove FTX’s early success and later downfall, as the token’s decline added to the exchange’s liquidity crisis.

    With ASTER’s recent rampage, some observers see similarities to that playbook. The question is whether the rally is random, or if SBF or people in his inner circle could be peripherally involved in trying to replay the Solana trade.

    The Tokenless Experiment

    Pacifica is a Solana permanent DEX with leveraged trading, but the twist is that it’s a tokenless launch. Instead of launching a cryptocurrency, it rewards users weekly with 500,000 points unlocked each Thursday.

    This is a growing trend in DeFi, where developers build liquidity and user bases quietly, often hinting at a future token airdrop.

    Crypto Twitter claims the project is run by a former FTX COO. Constance Wang held the role before the collapse of FTX, but whether she is actively involved in the project  has not been verified yet.

    On September 23, 2025, Bankman-Fried’s “gm” tweet went viral overnight: 7 million views, 16,000 likes, and thousands of reposts in hours. “Gm” is a crypto culture shorthand greeting, but with this tweet, it had symbolic importance. From crypto’s most divisive character, it excited and enraged the community, re-opening questions about his potential role in the next cycle.

    The surge in rumors linking Pacifica, ASTER, and SBF has gotten intense attention. If speculation proves true and FTX insiders return to DeFi, it could attract scrutiny from regulators and the $8 billion in FTX collapse victims. Yet, crypto markets have a long history of embracing redemption narratives, with traders often willing to speculate on new ventures regardless of their founders’ pasts.

    So far, the connections remain circumstantial “dots,” according to one analyst, but even indirect ties to SBF are enough to stir markets. Whether Bankman-Fried is actively shaping Pacifica or only influencing from afar, the timing of his viral tweet, ASTER’s pump, and the launch of a tokenless Solana perpetual DEX has caused widespread speculation across the crypto community.

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    Wayne Jones

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  • FTX Recovery Trust Announces Third $1.6B Creditor Distribution

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    The FTX Recovery Trust, the organization tasked with repaying former customers and creditors of the defunct exchange, has announced a third distribution of nearly $1.6 billion.

    According to a press release on Friday, the distribution will begin on September 30. Funds will be transferred to creditors’ accounts via BitGo, Kraken, or Payoneer within three business days.

    Retail Customers First

    The repayment plan prioritizes two distinct groups of creditors. The first is the convenience class, which consists of smaller creditors and retail traders. This group makes up the majority of FTX’s customer base and, surprisingly, will recover approximately 120% of their claims, ultimately receiving more than they lost.

    In contrast, the non-convenience class, consisting of larger institutional players with more complex claims, will receive smaller payouts. This approach highlights a clear priority within the repayment plan, protecting retail customers first.

    The latest round of payouts will increase the total recovery for various creditor groups. U.S. customers will receive an additional 40% of their claims, bringing their total recovery to 95%. Similarly, Dotcom customers, who used the exchange’s international arm, are set to receive a further 6% payout, raising their total to 78%.

    Furthermore, general unsecured and digital asset loan claims will be compensated at a rate of 24%, increasing their overall recovery to 85%. Lastly, for the convenience class, which is composed primarily of small creditors and everyday traders, their claims will be paid out at 120% of face value, meaning they will recover more than their initial losses.

    Repayments History and Market Impact

    The FTX Recovery Trust has been steadily working to make things right, with over $6.2 billion already paid out to creditors this year alone, a $1.2 billion distribution in February followed by a massive $5 billion payout in May. With assets valued at a staggering $16.5 billion set aside, the trust is showing its commitment after court approval to reduce the disputed claims.

    Although there were concerns about the first two repayments causing short-term volatility, the actual impact was minimal. Many creditors, particularly the retail “convenience class,” received their payouts in fiat currency rather than crypto. This decision, while frustrating for those who missed out on the crypto market’s significant rebound since late 2022, largely prevented a sudden sell-off of major assets like Bitcoin or Ethereum.

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    Wayne Jones

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  • Former Alameda Research CEO Caroline Ellison’s Sentencing Revealed

    Former Alameda Research CEO Caroline Ellison’s Sentencing Revealed

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    Caroline Ellison was sentenced to two years in federal prison on Tuesday for her involvement in the FTX fraud scandal.

    The 30-year-old was also ordered to forfeit $11 billion, which she earned through her association with the now-collapsed cryptocurrency exchange.

    Ellison’s Cooperation

    Judge Lewis A. Kaplan, who presided over the case, acknowledged the former Alameda Research CEO’s cooperation with the prosecution, “I’ve never seen a cooperator quite like Miss Ellison,” he remarked. Despite this, Kaplan emphasized that the scale of the FTX fraud meant she could not avoid prison time. “Cooperation isn’t a ‘get out of jail free’ card in a case of this magnitude,” he added.

    Her sentence includes three years of supervised release upon completing her prison term, which she could serve at a minimum-security facility near Boston. Due to the federal nature of her crime, she has to serve at least 75% of her sentence before being eligible for parole.

    Prosecutors described Ellison’s testimony as crucial to Bankman-Fried’s conviction, calling it the “cornerstone” of the case in a memo before Tuesday’s hearing. Assistant U.S. Attorney Danielle Sassoon also highlighted this, contrasting her remorse with his lack of accountability.

    Her attorneys also argued that her “extraordinary cooperation” and low risk of reoffending should result in a more lenient sentence. Her legal team and probation department had previously recommended time served plus three years probation.

    Her lawyer, Anjan Sahni, said Ellison had been manipulated by SBF, with whom she had a past romantic relationship, and that she had since “recovered her moral compass.” Judge Kaplan added, “You were vulnerable, and you were exploited.”

    SBF’s Appeal for New Trial

    Meanwhile, the FTX  founder is seeking a new trial with a different judge, claiming bias in his previous case. His legal team has filed an appeal, arguing that Judge Kaplan, who presided over the original trial, showed a prejudicial attitude that they believe impacted the verdict.

    Additionally, a group of doctors submitted a brief supporting his appeal, citing his neurodivergent conditions, including autism spectrum disorder (ASD) and ADHD. They argued that his conditions, combined with a lack of access to necessary medication during the trial, affected his ability to communicate effectively and contributed to his conviction.

    Before being sentenced, Ellison was remorseful, apologizing to FTX’s former customers, her family, and colleagues.”The human brain is bad at comprehending big numbers,” she said. “I can’t even begin to imagine the pain I’ve caused.”

    She concluded, “If you had told me back in 2018 that I would end up pleading guilty to fraud, I would have told you you were crazy… At each stage of the process, it became harder and harder to extricate myself…I’m sorry I wasn’t brave.”

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    Wayne Jones

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  • Pantera Capital Eyes $250 Million Opportunity with FTX Estate for SOL: Report

    Pantera Capital Eyes $250 Million Opportunity with FTX Estate for SOL: Report

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    Pantera Capital is reportedly in the process of securing funds from major investors to acquire heavily discounted Solana tokens from the bankruptcy estate of FTX. The company is raising capital for the Pantera Solana Fund, which presents an attractive opportunity to purchase up to $250 million worth of SOL tokens from the FTX estate.

    Marketing materials from February, obtained by Bloomberg, reveal that investors would have the option to buy SOL at a price 39% below the 30-day average or at $59.95. However, in exchange for this option, investors would need to commit to a vesting period of up to four years.

    Pantera Solana Fund

    According to the investor pitch, Pantera initially aimed to finalize the fund’s closure by the end of February. A source familiar with the matter mentioned that the $5.2 billion crypto-focused asset manager managed to raise some funds by the deadline. However, the individual refrained from disclosing the exact dollar amount.

    FTX, which entered Chapter 11 bankruptcy proceedings in US courts in November 2022, possesses 41.1 million SOL coins, valued at $5.4 billion as of Wednesday’s closing price. This accounts for about 10% of the total SOL supply, according to Pantera’s presentation.

    The latest proposal from the digital assets-focused hedge fund would enable FTX liquidators, led by John J. Ray III, to sell SOL to generate funds for creditors while avoiding immediate pressure on the token’s price.

    Investors must contribute a minimum of $25 million each, with the understanding that the SOL tokens they receive will be initially restricted and will unlock over a four-year period.

    Additionally, Pantera intends to implement a management fee of 0.75% and a performance fee of 10%, as outlined in the materials.

    Solana and FTX’s Relationship

    Sam Bankman-Fried showed significant support for Solana, actively endorsing projects within its ecosystem. His enterprises accumulated substantial amounts of the blockchain’s native token, SOL, from both the Solana Foundation, a nonprofit organization backing the blockchain, and Solana Labs, the blockchain’s developer.

    Bankman-Fried even initiated Serum, a decentralized exchange established on Solana’s blockchain, and also provided investment in various projects operating on Solana’s network.

    As a result, SOL turned out to be one of the biggest losers after FTX plunged into bankruptcy.

    The Solana Foundation had approximately $1 million in cash or cash equivalents held on FTX.com when the trading platform halted customer withdrawals in early November. This amount represented less than 1% of the foundation’s total cash or cash equivalents, and there were no SOL tokens held in custody on the exchange.

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    Chayanika Deka

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  • 3 Big Cryptocurrency Things to Watch Out for in 2024

    3 Big Cryptocurrency Things to Watch Out for in 2024

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    As the crypto industry expands, the community stays on the lookout for significant events that can affect the growth trajectory of the ecosystem. From the look of things, 2024 happens to be full of them.

    One such event is the creation and implementation of clear crypto regulations in major regions like the European Union. The crypto community is also watching out for the approvals of several Ethereum exchange-traded products and the jail sentencing of the FTX founder and former CEO, Sam Bankman-Fried (SBF), who perpetrated one of the largest financial frauds in modern history.

    Europe’s MiCA Implementation

    Years after the crypto industry’s incessant request for clear policies, the EU unveiled the Market in Cryptoassets (MiCA) regulation. This framework would set stringent rules to prevent the mass collapse of crypto firms, as seen last year.

    The European Commission introduced MiCA in September 2020 following two years of groundwork. The rules seek to govern the issuance and provision of crypto services while protecting the sector from fraudulent activities.

    The EU Parliament voted 517-38 in favor of the MiCA in April, while the EU Council, comprising 27 member states, unanimously approved the new licensing policy in May.

    The regulation will be implemented in two stages: the stablecoin rules will come into effect on June 30, 2024, and the rest will be applied on December 30, 2024. Implementing the new regulations could encourage other regions to set clear laws for the crypto industry.

    Ether ETF Approval

    While the crypto industry anticipates the approvals of several spot Bitcoin exchange-traded funds (ETFs) by January, there is also an expectation of regulatory nods for Ethereum ETFs between February and May.

    Several firms, including Ark Invest/21Shares, VanEck, Hashdex, Invesco/Galaxy Digital, and Grayscale Investments, have submitted applications with the U.S. Securities and Exchange Commission (SEC) to launch spot and mixed ETFs.

    The approval of the products could give investors wider access to the Ethereum ecosystem, giving room for more fund inflows.

    SBF’s Sentencing

    Another big thing to be excited about in 2024 is SBF’s sentencing scheduled for March. After roughly four hours of deliberations, a jury found the disgraced crypto mogul guilty of seven charges, including wire fraud, securities fraud, commodities fraud conspiracy, and money laundering conspiracy.

    SBF commingled user assets and defrauded investors of billions of dollars while marketing his crypto empire as a haven for customers. FTX’s implosion in November 2022 triggered a contagion that dragged other firms to their demise. While the exchange searches for a suitable bankruptcy exit route, SBF faces a maximum of 115 years in prison.

    If you want to see Bitcoin-centered big things to happen next year, please review this article.

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  • Did You Know? Sam Bankman-Fried Lost Millions Worth of Ripple (XRP)

    Did You Know? Sam Bankman-Fried Lost Millions Worth of Ripple (XRP)

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    TL;DR

    • Sam Bankman-Fried supposedly lost $4 million in XRP from Alameda Research, underestimating the issue despite internal concerns.
    • The mishandling of the missing XRP eroded trust within Alameda Research’s executive team.
    • SBF was convicted on multiple fraud and money laundering charges, facing up to 115 years in prison, with his lawyer considering an appeal.

    What Happened With the Missing XRP?

    A recent Wall Street Journal coverage revealed that the former CEO of FTX – Sam Bankman-Fried (SBF) – had incurred substantial losses when trading Ripple’s native token. The $4 million worth of XRP had “simply vanished” from Alameda Research’s accounts since the 31-year-old American used the sister company to conduct the trading.

    SBF assumed that the amount had been transferred from an exchange in the United States to one in South Korea, with the latter “just dragging its feet in crediting it.” Other people involved in the operation supposedly insisted that Bankman-Fried cease trading so they could figure out where the tokens had gone.

    “At length, Sam agreed. He stopped trading for two weeks. The other members of the management team confirmed that millions of dollars’ worth of Ripple was indeed missing,” the report reads.

    One of Alameda’s managers said the team considered telling investors about the issue so they could think about their options, “but Sam hated that idea.” SBF continued to insist that the missing assets were no big deal, telling his staff that there was an 80% chance that the XRP stash would eventually turn up somewhere. 

    “After the fact, if we never get any of the Ripple back, no one is going to say it is reasonable for us to have said we have 80% of the Ripple. Everyone is just going to say we lied to them. We’ll be accused by our investors of fraud,” a fellow manager of the company stated. 

    By the spring of 2022, many other executives of Alameda Research “had grown to fear how little Sam worried about where exactly their money was.” The firm was making approximately 250,000 trades a day, but the system was not recording all of them. 

    According to the coverage, the missing XRP tokens were “the final straw” that ended the trust connection between Alameda’s team and SBF.

    SBF Might Spent His Life in Jail

    Bankman-Fried was recently found guilty on all charges: two counts of wire fraud, four counts of conspiracy to commit fraud, and one count of conspiracy to commit money laundering. This comes roughly a year after his cryptocurrency exchange collapsed, triggering multi-billion losses for investors, while many described this as one of the biggest financial frauds in the history of the USA. 

    His sentencing is scheduled for March 28 as he faces the ridiculous 115 years behind bars. SBF’s lawyer said his client respects the jury’s decision but is “very disappointed with the result,” suggesting a possible appeal on the conviction. 

     

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    Dimitar Dzhondzhorov

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  • Bitcoin Consolidates Around $35K, SOL Leads Altcoin Rally, SBF Found Guilty: This Week’s Recap

    Bitcoin Consolidates Around $35K, SOL Leads Altcoin Rally, SBF Found Guilty: This Week’s Recap

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    This week has seen a whirlwind of events. Bitcoin’s price seems like the only stable thing in the industry right now, however hilarious that may be. That said, the cryptocurrency is still up throughout the past seven days, but not as much as last week. SBF was found guilty, Solana (SOL) is exploding, and whatnot. A lot happened this week, so let’s dive in.

    Starting with BTC’s price, the cryptocurrency is trading at slightly below $35K at the time of this writing, marking an increase of 2.5% for the last seven days. That’s not bad, but it’s not nearly as good as the performance of the previous week.

    It’s worth noting that Bitcoin tapped a new 18-month high at around $36K earlier this week, but the bulls were unable to sustain the price there, and it subsequently retraced to where it’s currently trading at.

    More importantly, though. Sam Bankman-Fried, the man once touted to be crypto’s savior, was found guilty in the trial, and he’s facing a lot of years in jail time.

    That’s right – SBF was found guilty of all seven charges of fraud. Each one of them carries a different sentence, but the combined maximum is up to 120 years in prison. The judge has yet to determine the exact sentence. and SBF’s attorney has already said that they will maintain his innocence by any means necessary.

    Solana (SOL), meanwhile, is having the time of its life. The cryptocurrency exploded by a whopping 24% in the past seven days and is now trading near $40. This comes despite fears by many that FTX will be offloading huge numbers of the token in a bid to repay its creditors.

    All in all, it was a very eventful week. It’s interesting to see if the next seven days will be as exciting or, who knows – perhaps even more than that. It’s crypto, after all.

    Market Data

    Market Cap: $1.336B | 24H Vol: $77B | BTC Dominance: 50.8%

    BTC: $34,762 (+2.5%) | ETH: $1806 (+1.9%) | BNB: $228(+1.6%)

    This Week’s Crypto Headlines You Better Not Miss

    Guilty: Inside Sam Bankman-Fried’s Verdict and Everything You Need to Know. Sam Bankman-Fried lost his trial. The former chief of the once-leading FTX exchange was found guilty on all seven counts. He is now facing a total of some 120 years in prison.

    Bitcoin Explodes to 18-Month Peak, Leaving $150 Million in Liquidations. Bitcoin’s price exploded to an 18-month high earlier this week, and it tapped the important level of $36K. However, the price has since retraced, and it triggered millions worth of liquidated long and short positions.

    Solana Surpasses Polygon in Daily DEX Volume Amid Price Rally. The recent rally in Solana’s price pushed the cryptocurrency above Polygon in terms of daily DEX traded volume. This is according to the most recent on-chain data.

    Visa Successfully Completes Digital Hong Kong Dollar Pilot Program. This initiative focuses on tokenized deposits using central bank digital currencies (CBDCs), with an attempt to revolutionize interbank business-to-business payments.

    Here’s Why Solana (SOL) Price is Up 80% in a Month, Outpacing Bitcoin and Ripple (XRP). Solana (SOL) is this week’s best performer. The reason behind the staggering rally seems to be hidden in the fact that the team rolled out the Firedancer update on the testnet.

    SEC Issues Subpoena to PayPal Over its PYUSD Stablecoin. The United States Securities and Exchange Commission issued a subpoena to PayPal. The development has to do with the fact that PayPal launched the PYUSD stablecoin.

    Charts

    This week, we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Binance Coin – click here for the complete price analysis.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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    George Georgiev

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