HomeCryptocurrencyTop cryptocurrency news from Oct. 1-7: Bitcoin price surge, Ethereum upgrade, and...

Top cryptocurrency news from Oct. 1-7: Bitcoin price surge, Ethereum upgrade, and regulatory developments.

Sam SBF Bankman-Fried’s Trial: A Closer Look

In New York, the trial of former FTX CEO Sam SBF Bankman-Fried began on October 4, following jury selection the day before. The prosecution, led by Assistant United States Attorney Thane Rehn, accused SBF of using FTX customer funds for personal gain and political influence. Rehn stated that the evidence would prove SBF’s fraudulent activities, as witnesses from his inner circle, including his girlfriend Caroline Ellison, would testify against him. SBF’s defense attorney, Mark Cohen, shifted blame onto Ellison and Changpeng Zhao, CEO of rival exchange Binance, claiming they contributed to FTX’s downfall.

The Future of Celsius: Alex Mashinsky’s Trial

Alex Mashinsky, former CEO of crypto lender Celsius, is set to face trial in September 2024. He has been charged with fraud and market manipulation. Mashinsky was granted bail of $40 million, with travel and financial restrictions in place until the trial begins. Celsius filed for bankruptcy in July 2022, and Mashinsky’s arrest followed in July of this year. Aside from the criminal charges, various regulatory bodies, including the Commodity Futures Trading Commission, Securities and Exchange Commission, and Federal Trade Commission, have active lawsuits against Mashinsky. Roni Cohen-Pavon, former chief revenue officer of Celsius, has already pleaded guilty to four charges.

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New Developments in the Crypto World

As the trials continue, the crypto market remains dynamic. Binance, once a dominant player, has witnessed a decline in its market share. Meanwhile, investors and enthusiasts eagerly follow the legal proceedings involving prominent figures like SBF and Mashinsky, hoping for clarity and justice.

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