Sam Bankman Fraud Released 😱

The Details are 👀

December 27, 2022

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Sam Bankman Released on Bond as Caroline Ellison and FTX Co-Founder Garry Wang plead Guilty 🦸🏻‍♂️

New York Times

Top crypto scam artist Sam Bankman Fried has been released on a $250 million bond as he awaits more court proceedings on charges imposed on him and his accomplices. The accused was arrested on December 12th after prosecutors in the united states charged him with various counts of fraud, including wire fraud, conspiracy to commit wire fraud, securities, and money laundering. Sam Bankman allegedly siphoned customer funds to Alameda Research for high risk trading activities.

Bankman’s bond was issued by his family, who secured their Palo Alto home as collateral. His parents and two other individuals close to the family provided signatures termed ‘considerable assets’ by the jury. The jury gave the bond release to the alleged fraudster with several conditions for him to comply with. The conditions require Bankman to put on an electronic bracelet that monitors his location. He is restricted to moving out of his parents’ house unless he is exercising.

In addition, the accused is not to open any new credit lines above $1,000 until he is proven innocent. He is also to undergo mental health and drug abuse treatment. Sam Bankman faces serious financial allegations that could potentially cost him his freedom if the jury finds him guilty.

Caroline Ellison and Gary Wang Plead Guilty to Stealing Billions from FTX Customers

Two executives of FTX and Alameda Research, Gary Wang and Caroline Ellison, have pleaded guilty to federal fraud charges connected to the $32 billion wipeout linked to Sam Bankman Fried. The two will also act as cooperating witnesses in exchange for lighter sentences. The Securities and Exchange Commission (SEC) dictated that Ellison and Wang were responsible for the "multi-year scheme to defraud equity investors at FTX". The SEC also added that it is conducting investigations on other securities violations that transpired before FTX collapsed, as well as other individuals who collaborated or contributed to the scheme's success.

EuroNews.Com

The fall of FTX has become the most prominent crypto turmoil in the history of blockchain technology. To protect customer funds, regulators worldwide have declared war on Decentralized Finance through implementation of sanctions and tighter regulations. The UK has spearheaded constricting sanctions towards the mass adoption of cryptocurrencies as well as NFTs.

NFT ads run by crypto.com and Turtle United were banned by the UK's Advertising Standards Authority (ASA) for failing to educate potential customers on the volatility and loss potential existing in trading NFTs. The decision relates to paid Facebook advertisements that both businesses ran in back in July. The ASA has instructed both companies not to run the adverts in their original state again, its decision being just a caution. Although retail investors may have lost hope in the crypto world, experts believe that these tough times will eventually come to pass, as the market prepares for bulls.

Artist Spotlight: Serwah Attafuah

Paulina Almira is among the few female pioneers in the digital world of Non-Fungible Tokens. Paulina is a graphics designer and NFT enthusiast from the Philippines. She is a talented artist who combines different attributes of art in her works, including technology, thriller, stylish, and confusing compositions. She uses colorful graphics reinforced with creative dream-like ideas to express herself.

Paulina graduated with a Bachelor of Fine Arts in Information Design from Ateneo de Manila University in the Philippines. She also pursued her art-related passion as an associate of arts and sciences in Fashion design at Parsons School of Design. Her Instagram is flooded with new projects every day, signifying her hard work and dedication to improving her craft and following successful NFT artists such as Beeple.

🚀 Important Links: Foundation, Instagram, Twitter

Web3 Gaming, How Blockchain Games Will Revolutionize the Gaming Industry 🎮

The gaming industry is a common industry that has grown exponentially over the years. The industry has a market cap fluctuating close to $200 billion, with an average gamer spending $200 a year on gaming assets. Blockchain-powered games have introduced interesting in-built features that allow players to enjoy community privileges in the ultimate Web3 experience. According to Forbes, blockchain gaming grew 2,000% in less than 12 months, attracting more than $3 billion in investments from venture capitalists as well as retail and institution investors.

Leeway Hertz

Compared to traditional gaming, blockchain games are reinforced with play-to-earn features, allowing gamers to earn income as they play. Some of these games allow players to earn tokenized rewards after completing missions or adventure experiences. These rewards can be sold on marketplaces such as OpenSea in exchange for cryptocurrencies. In addition, in-game collectibles in blockchain games are interoperable with various fun and gaming communities. They can be used in more than one game, a feature that is not common in traditional games. These collectibles give players an upper hand against opponents, and complete milestones laid upfront by game developers.

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