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Editor | WuBlockchain Babel Finance was a leader in cryptocurrency lending and wealth management. During the market crash on March 12, 2020 (also known as 312), Babel nearly went bankrupt due to its high-risk operational model but was rescued by Tether’s leniency and the subsequent market recovery. On May 26, 2022, Babel announced the completion of its Series B financing, raising $80 million at a valuation of $2 billion, officially becoming a unicorn. However, on June 17, 2022, Babel informed its partners: “We are insolvent.” The official website then suspended product redemptions and withdrawals. Yang Zhou is a co-founder of Babel Finance but largely exited the company in 2021. The interviewer in the video is Bill. Please subscribe to Bill’s personal Youtube channel and Xiaoyuzhou. WuBlockchain authorized the reprint and publication of this content. Background information: Previous article: Investigation into Babel Finance’s Business Model: Why Did it Collapse Two Years Ago on March 1...

After both men were moved to the same area of a Brooklyn jail, Sean ‘Diddy’ Combs has now hired the same lawyer who is representing Sam Bankman-Fried. Indeed, a new Business Insider reported Combs’ change in litigation as he is set to appeal the decision to jail him as his trial awaits. Combs is currently awaiting a hearing regarding sex trafficking charges. Moreover, his stay in the New York Metropolitan Detention Center has seen him housed in the same unit as the FTX founder and former CEO. Now, they are both set to share representation in the form of Alexandra Shapiro. JUST IN: Sean 'Diddy' Combs hires the same lawyer representing Sam Bankman-Fried. pic.twitter.com/hVVVUlHbTg — Watcher.Guru (@WatcherGuru) October 1, 2024 Also Read: Sean ‘Diddy’ Combs Moved to Same New York Jail as Sam Bankman-Fried Diddy Combs Hires Sam Bankman-Fried’s Lawyer Ahead of Appeal The crypto market has yet to see a controversy as massive as the downfall of FTX. One of the larg...

Sam Bankman-Fried has filed an official appeal to overturn his fraud conviction in the case of fallen crypto exchange FTX. The founder of the collapsed FTX exchange was convicted last fall and is serving a 25-year sentence in prison. JUST IN: Sam Bankman-Fried files appeal to overturn FTX fraud conviction. — Watcher.Guru (@WatcherGuru) September 13, 2024 In the 102-page appeal, a lawyer for Mr. Bankman-Fried called for a new trial. The defendants pointed to several rulings by Judge Lewis A. Kaplan of Manhattan that limited Bankman-Fried to introduce evidence and hampered his defense. “Sam Bankman-Fried was never presumed innocent,” wrote the lawyer, Alexandra A.E. Shapiro. “He was presumed guilty by the judge who presided over his trial.” Sam Bankman-Fried Appeals FTX Conviction Shapiro’s written appeal also criticized a ruling by Judge Kaplan that prevented Bankman-Fried from arguing in court that FTX’s users had not actually lost money. SBF and his defense argued that use...

No one seems to know the whereabouts of Sam Trabucco, the once-CEO of Alameda Research who purchased a multi-million dollar yacht named ‘Soak My Deck’ after Alameda embezzled customer funds from FTX. Nevertheless, he’s broken cover this week to pen a lengthy character reference for his criminal colleague, Ryan Salame. For over a year, Trabucco has been completely silent amid a global manhunt. However, he thought his assessment of Salame’s character would be so helpful to a judge prior to signing a final punishment against Salame that he decided to reappear.  In his letter, Trabucco qualified his analysis multiple times. He admitted, “Ryan is my best friend. He has also committed crimes.” Elsewhere, Trabucco states the obvious: “Ryan deserves to face the consequences of his actions — he intimately understands that.” Where in the world is Sam Trabucco? FTX victims launch manhunt Read more: New photos of 3AC yacht in Malta show no sign of Davies and Zhu Sam ...

Mango Markets, a Solana-based decentralized exchange, has been thrust back into the public consciousness after the conviction of Avi Eisenberg for market manipulation related to an exploit of the platform. Amid this attention, governance for Mango Markets has passed a buyback proposal that will benefit a subset of users, specifically those who have participated in governance. This proposal got over the finish line in part thanks to a large voting bloc made up of MNGO tokens recently purchased from the FTX estate.  Several weeks ago, the FTX cold wallet began liquidating SPL tokens, including MNGO. Following that, a new proposal was submitted to governance, that was narrowly defeated. ‘DonDuala’ shared the text of this proposal in Discord and suggested using money from the Mango Markets Treasury to repurchase MNGO in order to support the currency’s market value.  Some shady Mango DAO dealings. 10 days ago 333m MNGO were bought or moved from the FTX cold storag...

A group of previous FTX customer s urges a U.S. court to modify the proposed repayment approach in their bankruptcy case.  The former customers contend that the current proposal unjustly excludes them from the significant increase in Bitcoin and other cryptocurrencies over the past year. Bitcoin is up by nearly 170% in a year, reaching $49,000 today for the first time in almost two years after yesterday’s historic ETF approval by the SEC. Over 80 individuals with their crypto assets locked in FTX have submitted objections to the plan. This plan suggests fixing the value of their assets to Nov. 11, 2022, the date FTX declared bankruptcy, with repayments in U.S. dollars rather than the original cryptocurrencies. 66 Objection letters have been filed by FTX creditors to debtors motion to dollarize claims (plan) TOS: Clearly state customers retain ownership of the assets Customers should be the first priority (crypto held in trust) Enough assets to pay customers first before others pi...

SEC chair Gary Gensler is open to the idea of FTX’s revival , provided its new management operates within legal parameters. This openness from Gensler came to light following revelations that Tom Farley, ex-president of the New York Stock Exchange, might be looking to acquire the now-bankrupt exchange previously led by Sam Bankman-Fried, who has been convicted of fraud. Gensler open to FTX revival under legal compliance Speaking at DC Fintech Week on Nov. 8, Gensler advised potential market entrants to gain investor trust through transparency and compliance with the law, emphasizing the importance of proper disclosures and avoiding conflicts of interest, such as trading against customers or misusing their assets. Farley, currently at the helm of Bullish, a cryptocurrency exchange launched in 2021, is among the contenders for FTX, alongside Figure Technologies and Proof Group, as reported by crypto.news earlier. The successful bidder could relaunch FTX post-bankruptcy, with ...

LINK price pulled off a shocking double-digit rally over the past week, but exactly what is behind the move? The Chainlink’s (LINK) token surged by a substantial 61.3% from Oct. 20 to Oct. 25, reaching a peak of $11.78 and marking its highest point since May 2022. LINK price then stabilized around $10.50, prompting investors to question the sustainability of this new price level. Chainlink (LINK) token price, 12-hour, USD. Source: TradingView It's worth noting that this surge coincided with Bitcoin's (BTC) 23% gain during the same period. However, LINK's performance stands out in comparison to Ether's (ETH) 14% increase and Solana's (SOL) 28% rally, suggesting increased bullish sentiment toward Chainlink's leading oracle and decentralized computing solutions. Chainlink partnerships and integrations back the rally Several recent developments have contributed to LINK's outperformance of its peers. Notably, the announcement of Chainlink's upcoming native...

Coinbase director Conor Grogan has flagged on chain data that highlights massive USDT mints ordered by Sam Bankman-Fried’s Alameda Research in 2021. Blockchain data flagged by Coinbase director Conor Grogan indicates that Alameda Research redeemed over $38 billion for Tether (USDT) tokens in 2021 despite not having the equivalent assets under management. Onchain data shows that Alameda was responsible for minting $39.55B of USDT, a number that is 47% of Tether's circulating supply today A previous report by Protoss estimated the number at around $36.7B; I was able to update these figures with additional wallets I found pic.twitter.com/fYBvGAYlFd — Conor (@jconorgrogan) October 9, 2023 According to Grogan, the total value of USDT creation was higher than Alameda’s total assets on its books at the height of the wider cryptocurrency market bull run in 2021. Grogan also suggests that FTX ordered USDT redemptions were likely to have been from Alameda’s tokens, totalling 3.9 bil...

Kumanan Ramanathan who worked for a legal firm consulting for Sam Bankman-Fried’s crypto exchange was able to safeguard up to $500 million of customer funds on the day hackers attacked FTX. Amid bizarre transactions out of FTX wallets on Nov. 11, Zach Dexter, chief executive of FTX subsidiary LedgerX rallied former employees on a Google Meet call to brainstorm how they might protect vulnerable user assets. Ramanathan, advising FTX from Alvarez & Marshall, volunteered to create a new wallet on his Ledger Nano and transfer the funds there, according to a Wired investigative report. Ledger Nano is a hardware wallet used for self-custody of cryptocurrencies. Also on the call was Gary Wang, former chief technology officer at FTX and Alameda, and currently witness for the prosecution in Bankman-Fried’s criminal trial. Wang reportedly aided the effort to transfer around half a billion of customer assets to Ramanathan’s personal hard wallet. As CTO, Wang had backdoor keys to FTX’s sys...

SBF's counsel had argued that FTX was not located in the United States, and as SBF did follow regulatory obligations concerning FTX.US, charges related to FTX international shouldn’t apply. The United States Department of Justice filed a court motion on Oct. 4 claiming the lack of crypto regulations in the U.S. is no bar to the criminal charges filed against the former CEO Sam Bankman-Fried of now-bankrupt crypto exchange FTX. The U.S. DOJ’s letter was filed in response to the defendant's request for clarification and reconsideration of charges related to the misappropriation of funds in FTX. SBF’s counsel had argued that their client was “not guilty because FTX was not regulated in the United States and he followed the rules concerning FTX US.” The DOJ called this argument irrelevant claiming that even though the existence of legislation may be necessary to prove a legal obligation, however, the lack of it does not affect whether the defendant's victims committed mon...

Digital Currency Group (DCG) is laying off staff as the company tries to ensure that its expenses-to-profit ratio looks better for potential acquirers. DCG — the owner of CoinDesk — is cutting the publication’s editorial team by almost 45%, or 20 people, which represents 16% of its overall workforce. In an internal memo reviewed by TechCrunch, CoinDesk CEO Kevin Worth explained that this decision “was a required step to ensure a financially sound business moving forward and to set us on the path to close the deal to sell CoinDesk Inc.” “This is an incredibly difficult message to send to everyone over email,” Worth noted. Digital Currency Group is a prominent company in the cryptocurrency industry, known for its investments and support of various blockchain and digital currency ventures. However, the company found itself in trouble following the collapse of FTX and, most recently, legal troubles with a US-based crypto exchange Gemini. ...

The $85-billion venture capital firm launched the Sequoia Crypto Fund in February 2022. Venture capital giant Sequoia Capital reportedly downsized its crypto currency fund from $585 million to $200 million, amid a liquidity crunch and a pivot away toward smaller crypto players. According to a July 27 Wall Street Journal report, the tech-focused VC firm told investors in March it would reduce its Sequoia Crypto Fund — along with its ecosystem fund — to better reflect changed market conditions. Sequoia Capital curbed crypto investments by a hefty 65% , opting for a nurturing stance on startups. Not a volatile market apathy, but strategic cognition, folks! #CryptoInvestments $BTChttps://t.co/hfsAAd8jeV pic.twitter.com/8JvtyShg0n — Chain Review (@Chain_Review) July 27, 2023 The crypto currency fund will now focus more on backing early-stage startups, given the recent crypto industry turmoil that took away many of the opportunities to back larger companies. Another motive behin...

According to reports, three wallets related to FTX and Alameda Research have moved $145 million worth of stablecoins. The stablecoins include 69.64 million Tether (USDT) and 75.94 million USD Coin (USDC). The movement was reported on Tuesday, March 14 by the Analysis group LookOnChain. The firm also noted that after the collapse of FTX and Alameda Research, all assets were transferred to the three wallets in question. As per LookOnChain’s research, the Tether reserves have been transferred to custody-based wallets on platforms like Kraken, Binance, and Coinbase. Meanwhile, all USDC assets were moved to a Coinbase custodial wallet. The 3 addresses related to FTX /Alameda transferred 69.64M $USDT to the address "0xad6e", among which 43M $USDT was transferred to #Coinbase, #Binance and #Kraken. And transferred 75.94M $USDC to #Coinbase Custody Wallet. pic.twitter.com/MqvCA87ItD — Lookonchain (@lookonchain) March 14, 2023 The movement of the stable coins...

JOMO is that "I-was-right-about-the-market" joyful feeling after narrowly escaping a bad trade and potentially catastrophic losses. JOMO stands for the joy of missing out — particularly when a cryptocurrency trader refuses to follow the crowd. This is the opposite of FOMO, or fear of missing out, and it's the counterbalance to price rallies driven by hype and frenzy. What is JOMO in crypto trading? In crypto trading, JOMO stems from not following the herd, which is often wrong, and ultimately avoiding a potentially big loss. For example, the recurring bullish calls in the Bitcoin market during the 2020-2021 bull run likely prompted many people to buy at the top in expectation of more upside.  Many market commentators, including analysts at Standard Chartered and JPMorgan & Chase, predicted in 2021 that BTC price would reach $100,000 by the end of the year. The widely-tracked Stock-to-Flow (S2F) model further boosted the bullish argument, given its accuracy through m...