FTX debacle: court selects 12 jurors for high-profile SBF fraud case

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Here is what we have for you today

• Court selects 12 jurors for high-profile SBF fraud case

• Ledger cuts 12% of staff

• EU’s CBDC faces opposition by local lawmakers

• Dr Disrespect unveils new trailer for NFT game ‘Deadrop’

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• FTX deposits went to account controlled by Alameda for months, Yedidia testifies (cointelegraph)

• Marvel and fashion brand Louboutin introduce Superhero NFTs (nftnews)

• Sui Foundation repurposes 117 million tokens for community development (cryptonews)

• Crypto VC funding falls to 3-year lows as market rout continues (cointelegraph)

• Starbucks NFT drop: Celebrating the 20th anniversary of Pumpkin Spice Latte (nftnews)

• 'We allowed Alameda to withdraw unlimited funds' — Gary Wang at SBF trial (cointelegraph)

• El Salvador pioneers first Bitcoin mining pool, boosting renewable energy (cryptonews)

• Head of Instagram shares unwavering enthusiasm for NFTs on Creator Innovation Summit (nftnews)

• Kraken set to acquire Dutch exchange BCM, eyes European expansion (cointelegraph)

• A closer look at Murat Pak’s #404: A new NFT void of metadata (nftnews)

• Banks to disclose cryptocurrency holdings amid 2023 bank failures (cryptonews)

• Polygon co-founder steps down, will contribute ‘from the sidelines’ (cointelegraph)

• OpenSea Studio is now live (nftnews)

• Argentina Central Bank director supports CBDC development (cryptonews)

• Harpie introduces “anti-virus” for crypto wallets (nftnews)

Here is what else we dug for you

Court Selects 12 Jurors for High-Profile SBF Fraud Case

The trial of FTX co-founder Sam Bankman-Fried for a multibillion-dollar fraud case has a diverse jury panel consisting of various professions and backgrounds, including a retired banker, a pediatric nurse, and a special education teacher.

Here is what we know about the story:

• The panel was selected on the second day of the trial in Manhattan after narrowing down from an initial list of 45 candidates.

• Each potential juror had 60 seconds to introduce themselves and reveal their background, employment, and personal life details.

• One juror was excused after disclosing their employment at a firm with investments in FTX and Alameda Research.

• District Court Judge Lewis A. Kaplan conferred with both the prosecution and defense teams before announcing the final list of jurors about 15 minutes later.

• Bankman-Fried faces allegations of diverting billions from FTX customer accounts for speculative trades via the linked hedge fund, Alameda Research.

• He is also accused of allocating these funds for opulent real estate acquisitions and political contributions. He has denied all charges.

Ledger cuts 12% of staff

The CEO and chair of Pascal Gauthier announces the firm will be cutting its staff by 12% in an Oct. 5 blog post citing the “longevity of the business.”

Here is what we know about the story:

• “Macroeconomic headwinds are limiting our ability to generate revenue," wrote Gauthier.

• “In response to the current market conditions and business realities, we must reduce roles across the global business,” he continued.

• The Paris-based company has 734 employees, according to LinkedIn, so a 12% cut would mean the elimination of roughly 88 jobs.

• The cuts come just months after Ledger announced it had raised most of a $109 million funding round at around a $1.4 billion valuation.

• Job losses have become the norm across the crypto industry during this bear market. Earlier this week, blockchain analytics firm Chainalysis laid off 15% of its staff.

EU’s CBDC faces opposition by local lawmakers

The development of a central bank digital currency (CBDC) by the European Central Bank (ECB) faces pushback from European lawmakers.

Here is what we know about the story:

• According to an Oct. 5 report by DL News, member of European Parliament Stefan Berger confirmed there will be no imminent decision by the ECB on implementing a digital euro.

• Berger stated that numerous open questions must be clarified before the ECB can ultimately decide whether to move forward with a CBDC. A group of EU parliamentarians recently wrote a letter urging the ECB to delay its decision on launching a digital euro.

• The lawmakers expressed concerns about potential costs for commercial banks and uncertainty around the value a CBDC would provide to ordinary users.

• ECB President Christine Lagarde has tried to assure lawmakers that a digital euro won’t be released yet. However, some members of the European Parliament remain wary about potential privacy and mass surveillance risks posed by a central bank digital currency.

• Even if the ECB wants to move to the next phase of the digital euro project soon, opposition within the EU parliament could delay further technical development and prototype testing. Lawmakers like Markus Ferber believe the political process should conclude before diving into details of the next phase.

Dr Disrespect unveils new trailer for NFT game ‘Deadrop’

Dr Disrespect, one of the most popular gaming streamers, has just unveiled a new trailer for his upcoming game ‘Deadrop’. The initial reactions suggest that the blockchain-based game might exceed expectations.

Here is what we know about the story:

• The latest teaser for Deadrop is now available for fans, and the feedback has been largely positive.

• Showcased on Twitter (X), the approximately 30-second trailer paints “Deadrop” as a thrilling, high-octane game, reminiscent of a battle royale version of Need for Speed—but with added firepower.

• Deadrop is being developed by Midnight Society, the video game development studio established by Dr Disrespect.

• Skepticism surrounds “Deadrop,” primarily due to its inclusion of NFTs and the fact that it’s the Dr Disrespect’s maiden venture into game development.

• Details are scarce, making gamers even more eager to see if the final product will match the hype.

• For now, Deadrop is in its early stages, accessible only to those who secured the Founders Pass NFT program.

• As anticipation builds, there’s no official word on the game’s release date.

• However, Midnight Society has teased that beyond its PC debut, “Deadrop” is slated for eventual PlayStation and Xbox launches.

NFT Spotlight: Osinachi

Osinachi (born Prince Jacon Osinachi Igwe) is a self-taught digital artist based in Lagos. The first crypto artist out of Africa, he makes artworks that mirror his personal experiences through a unique visual language that he has perfected for over 15 years.

His practice has led to conversations around NFTs and how works being produced in the space speak to a larger humanity. In addition to numerous collaborations with big players in the art world, in 2021 Osinachi became the first African artist to auction five unique NFTs in Europe through Christie’s in a three-way collaboration that also involved 1-54 Art Fair. He is also the creator of the pfp/avatar project Across the Face, which marked the first time two NFT marketplaces would form a partnership for the launch of a singular project.

In 2022 he curated Africa Here, an accelerator program that saw to the onboarding of more than 70 African-born artists on the NFT marketplace, MakersPlace. Six of the artists had their works exhibited at the SCOPE Art Show at Art Basel Miami.

He also took part in Peer to Peer, the first survey of the leading artists engaged with blockchains presented by an American museum. The exhibition led to the Buffalo AKG Art Museum in New York acquiring his work in 2022.

Osinachi is one of the core instigators of AfrofutureDAO, a platform inspiring young African artists by engaging them with Africa’s history and the Chief Creative Officer of the social token platform, Socialstack. He was named as one of the 100 Most Influential Africans for 2022 by New African Magazine. Osinachi makes his art using the word processing software Microsoft Word.

Essential links: Website, X(Twitter), Instagram

Chart of The Week: BTC/USD

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