SBF’s lawyers file another request for temporary release from jail ⚖️

Gm Degens,

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

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Here is what we have for you today

• SBF’s lawyers file another request for temporary release from jail

• Binance pulls out of Russia, selling local subsidiary to CommEx

• Justin Sun launches ‘SAFU’ fund after HTX $8m hack

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• US SEC may approve Ethereum futures ETFs next week (cryptonews)

• My Pet Hooligan hops into the spotlight (nftnews)

• 5 lowlights of Gary Gensler’s evasive testimony before Congress (cointelegraph)

• Yuga Labs security engineer briefly detained at a US airport (cryptonews)

• SBF’s family linked to the exchange’s fraudulent activities (X-twitter)

• Bitcoin miner Marathon mines invalid block in failed ‘experiment’ (cointelegraph)

• SEC boss scrutinized over crypto rulemaking and FTX ties (cryptonews)

• Minecraft bans Bitcoin P2E, iPhone 15 & crypto gaming, Formula E: Web3 Gamer (cointelegraph)

• Spirits brand Kuma Shochu announces new Metaverse and NFT plans (nftnews)

• Tecpetrol to launch gas-powered crypto mining facility (cryptonews)

• Former CEO of sham crypto miner IcomTech pleads guilty to wire fraud for Ponzi scheme (cointelegraph)

• Binance France temporarily expands partnership with Paysafe (cryptonews)

• Legal victory for NFT artist in Florida: Faulty contract settles million dollar dispute (nftnews)

• SEC’s Gensler taken to task over crypto custody guidance again in House hearing (cointelegraph)

Here is what else we dug for you

SBF’s lawyers file another request for temporary release from jail

Lawyers for FTX founder and former CEO Sam Bankman-Fried have filed a new request to temporarily release him from prison to prepare for legal battles.

Here is what we know about the story:

• Defense attorney Mark Cohen asked Judge Lewis Kaplan, who is presiding over the case, to grant Bankman-Fried temporary release, stating that it’s necessary to prepare his defense.

• Lawyers asked the judge to temporarily release the former head of FTX on Oct.2, the day before the start of the trial.

• The government provided the defense with 50 witnesses and thousands of materials and exhibits, Cohen said.

• However, not all of them can adequately represent his client’s interests unless he is able to confer with them and prepare to confront witnesses and evidence outside the courtroom.

• According to the lawyer, the case of the former head of FTX is very technical and complex, so the legal team needs their client to help understand some of the complexities of the case.

• Cohen added that SBF’s “knowledge and ideas cannot be replicated by outside experts.”

Justin Sun launches ‘SAFU’ fund after HTX $8m hack

Justin Sun, HTX (former Huobi) advisory board member, introduced the SAFU fund after the platform had suffered a $8 million security breach.

Here is what we know about the story

• According to his tweet, the platform team introduced the SAFU fund in order to always be prepared for losses that may arise due to problems with the security of the platform.

• HTX has also implemented real-time monitoring mechanisms to prevent such losses.

• While Sun denies having a large stake in HTX, he has promised to host several livestreams – in English and Chinese – to discuss the exchange’s security.

• According to his tweet, the platform team introduced the SAFU fund in order to always be prepared for losses that may arise due to problems with the security of the platform.

• HTX has also implemented real-time monitoring mechanisms to prevent such losses.

• While Sun denies having a large stake in HTX, he has promised to host several livestreams – in English and Chinese – to discuss the exchange’s security.

Binance pulls out of Russia, selling local subsidiary to CommEx

Binance, the popular crypto exchange, is exiting Russia and selling its local business to CommEX. In a statement, Binance also said it will take a year to completely pull out.

Here is what we know about the story

• Noah Perlman, Binance’s chief compliance officer (COO), cited incompatibility with its compliance strategy in the current regulatory environment as the reason for exiting Russia.

• However, Binance remains optimistic about the long-term growth potential of web3.

• Consequently, the company will refocus its efforts on its operations in more than 100 other countries.

• To facilitate a smooth transition for users, Binance will streamline the exit process from Russia.

• This will involve terminating its partnership with CommEX and providing users with guidance on transferring their assets to CommEX.

• New users who have completed know-your-customer (KYC) registration in Russia will be gradually redirected to CommEX.

NFT SPOTLIGHT: Guido Di Salle

Guido Di Salle has become known as one of the most prolific (and at times infamous) artists in the NFT ecosystem. As a self-titled provocateur, Di Salle’s presence on social media feels at times to be a reflection of NFT culture itself.

Since first becoming involved in the NFT space, Di Salle’s style has continued to evolve from surreal to candid, culminating perfectly in his open edition “Sicilian Kiss” which made a major splash in 2022, solidifying him near the top of the photography NFT charts.

While his photos often feature high-contrast settings and fashionable women, his self-stated rule to make “iconic imagery of cool people, places, and things” makes him an undeniable one to follow in 2023.

Essential links: OpenSea, X (Twitter)

Chart of The Week: BTC/USDT

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Meme Drop

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