FTX’s stolen crypto funds linked to Russian cybercrime networks 🔗

Welcome back to our weekly dose of No Rug News where we bring you the latest events and occurrences in the Web3 arena. Stay tuned.

Here is what we have for you today

• FTX’s stolen crypto funds linked to Russian cybercrime networks

• Binance.US unveils new token listing policy, with SUI under evaluation

• Madeira announces creation of Bitcoin business hub for innovation

• SBF trial day 8: BlockFi’s Zac Prince blames FTX and Alameda for lender’s downfall

Trending 🔥

• ProShares unveils Ethereum short futures ETF launch. (cryptonews)

• Mastercard introduces CBDC pilot program: Shares NFT use case (nft.news)

• Tether stablecoin firm appoints CTO Paolo Ardoino as CEO (cointelegraph)

• Upland’s Spark Token to become tradable on Ethereum after community vote (nftnews)

• Blockchain gaming sees $2.3B in investments year-to-date: Report (cointelegraph)

• NBA Stars LaMelo and Lonzo Ball will be featured in NFT game ‘StrayShot’ (nftnews)

• Friend.tech targeted by scammers in phishing ad campaign (cryptonews)

• Fine art NFTs: Artfi registers over 25,000 Genesis Pass whitelist spots (nftnews)

• THORswap back online 6 days after halt over detecting FTX funds (cointelegraph)

• Magic Eden unveils tokenized Pokémon cards on Solana (nftnews)

• Stock markets across Asia and Europe bleed red as interest rate woes return (cointelegraph)

• UK Committee calls for NFT regulation: Sports clubs may be at risk (nftnews)

• Grayscale’s ETF deadline set for midnight (cryptonews)

• Binance and Ronaldo drop their 3rd NFT collection (nftnews)

• Alpaca partners with SBI Holdings after $15m investment (cryptonews)

• CryptoZoo saga continues: Logan Paul allegedly promises 10% refund to victims (nftnews)

• Gods Unchained reveals new ‘Tides of Fate’ expansion (nftnews)

Here is what else we dug for you

FTX’s stolen crypto funds linked to Russian cybercrime networks

Blockchain analytics firm Elliptic has released new findings that suggest a Russian-linked entity may be behind the high-profile hack of cryptocurrency exchange FTX. The revelation comes as part of an ongoing investigation into the theft of a staggering $477 million in various cryptocurrencies from the exchange.

• Elliptic’s report highlights a key moment that casts doubt on initial suspicions that FTX founder Sam Bankman-Fried could be involved in the theft.

• According to the firm, $15 million of the stolen assets were moved on Oct. 4, 2023, at 3:41 p.m. EST.

• At that time, Bankman-Fried was reportedly in a Manhattan courtroom without internet access, making it unlikely that he was responsible for the transaction.

• Since the hack, a significant portion of the stolen funds has been converted to Bitcoin (BTC) and funneled through ChipMixer, a now-defunct privacy mixer.

• Elliptic’s analysis shows that these assets were often mixed with funds from Russia-linked criminal groups, including ransomware gangs and darknet markets.

• FTX lost 9,500 Ethereum (ETH) to an unidentified hacker on the same day it filed for bankruptcy last November.

• The hacker also made off with other cryptocurrencies, including Pax Gold (PAXG), Tether (USDT), and Wrapped Bitcoin (WBTC).

• While some of these assets were frozen by regulatory authorities, most were successfully converted into other cryptocurrencies and moved to different blockchains.

Madeira announces creation of Bitcoin business hub for innovation

The president of Madeira made the announcement during a chat with Prince Filip of Serbia at Bitcoin Amsterdam, pledging an emphasis on collaboration and technology development.

• President of the Regional Government of Madeira, Miguel Albuquerque, has announced plans to create a Bitcoin BTC tickers down $26,750 business hub to drive regional innovation.

• The statement was made during a fireside chat with Prince Filip Karađorđević of Serbia on the second day of Bitcoin Amsterdam 2023.

• Karađorđević expressed interest in the new Bitcoin business hub, emphasizing its role in technology development and partnerships, with Albuquerque noting the hub’s origins in Madeira and its inclusive collaboration opportunities.

• According to Albuquerque, the idea for the Bitcoin business hub started with a group of hard-working professionals and is open to everyone who wants to collaborate.

• Madeira is an autonomous region of Portugal that has embraced Bitcoin by implementing policies that exempt Bitcoin investors from paying personal income taxes in the region.

• Karađorđević commended Madeira’s Bitcoin embrace as a forward-looking technology and a secure, open protocol similar to the internet.

• A known Bitcoin advocate and the chief security officer of Jan3, the Serbian prince lobbies global lawmakers on the advantages of national Bitcoin adoption.

Binance.US unveils new token listing policy, with SUI under evaluation

Binance.US introduces a transparent pre-announcement strategy for potential asset listings, with Sui token currently under evaluation.

• Leading crypto exchange Binance.US is introducing a novel approach to how it selects digital assets for listing on its trading platform.

• The platform has shifted towards pre-announcing certain tokens that it is actively evaluating for potential listing.

• This change aims to bring enhanced clarity and forward visibility to both the user community and the broader market.

• The selection process isn’t arbitrary; it’s based on an array of analytical factors.

• Among these are anticipated trading volume, liquidity, and compliance with U.S. regulations, as well as the level of community engagement surrounding the asset.

• Currently, Binance.US has set its sights on the Sui token (SUI), a prospective new addition to its platform. Sui is a unique digital asset running on a Delegated Proof of Stake Layer 1 network.

• The network is tailored to support ‘Move’, a next-gen development language for secure, sandboxed and verified programming. The protocol is designed to improve smart contract security and programmability.

SBF trial day 8: BlockFi’s Zac Prince blames FTX and Alameda for lender’s downfall

The second week of Sam Bankman-Fried’s criminal trial for fraud concluded with witness testimony from Zac Prince, whose crypto lending firm BlockFi loaned $1.1 billion to Alameda before FTX’s collapse.

• From Alameda’s bizarre $65 billion “credit line” on FTX customer crypto to $100 million Chinese bribes, SBF gave the orders according to ex-staffers and members of Bankman-Fried’s inner circle.

• SBF shared far-off hopes of starting a new company as Ellison admitted FTX and Alameda’s fraud to almost 30 team members, one of whom recorded the whole affair and would eventually submit the audio clip as evidence to federal prosecutors, per InnerCityPress.

• With at least two government witnesses to go by trial day eight, CEO of crypto lender BlockFi Zac Prince resumed his testimony.

• On day seven of proceedings, Prince said BlockFi loaned $800 million to Alameda and went bust when Bankman-Fried’s crypto empire tumbled.

• BlockFi opened lending to SBF’s trading firm in early 2021 according to Prince, and the lending house conducted due diligence with know-your-customer (KYC) checks.

• KYC applied to both retail and institutional clients, more for the latter Prince added.

NFT Spotlight: Pako Campo

Pako Campo is an artist who has gained worldwide recognition for pioneering NFT artwork. As an early adopter of this emerging technology, Campo has been at the forefront of the NFT revolution.

His work often features vibrant colors and bold shapes while incorporating generative art and 3D animation elements. This unique combination of styles results in visually stunning and conceptually rich pieces.

Campo's art has been showcased in galleries and exhibitions around the world, from New York to Hong Kong to London. He has also collaborated with several high-profile brands, including Nike, Adidas, and Coca-Cola, to create custom NFTs that capture the essence of their brand identity.

Essential links: Website, X(Twitter), Instagram

Chart of The Week: BTC/USD 👀

Meme Drop

🤣🤣