Eden

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SafeMoon

<p class="is-style-lead">This week, the jury declared FTX founder Sam Bankman-Fried guilty of all charges leveled against him. The market also sustained a bullish run, while the SEC continued its industry-wide crackdown.</p>
<h2 class="wp-block-heading" id="sam-bankman-fried-found-guilty">Sam Bankman-Fried found guilty</h2>
<ul>
 <li>After 18 days of trial, Sam Bankman-Fried was <a href="https://crypto.news/ftx-founder-sam-bankman-fried-is-guilty-to-all-charges-crypto-community-reacts/" rel="noopener noreferrer nofollow">found</a> guilty of all seven charges, triggering a reaction from the crypto community.&nbsp;</li>
 <li>The verdict, scheduled for March 28, 2024, has created anticipation within the scene.</li>
 <li>Pro-crypto attorney John Deaton <a href="https://crypto.news/legal-expert-says-ftx-founder-set-for-double-time-in-prison/" rel="noopener noreferrer nofollow">asserts</a> that Bankman-Fried could face 30 to 40 years. Meanwhile, David Lesperance, Managing Director at Lesperance &amp; Associates, <a href="https://crypto.news/lawyer-expects-around-20-years-of-jail-time-for-sam-bankman-fried/" rel="noopener noreferrer nofollow">sees</a> a possible 20 year sentence.</li>
 <li>Bankman-Fried’s associates, Caroline Ellison, Gary Wang, and Nishad Singh, are likely to face sentencing, <a href="https://crypto.news/ftxs-top-lieutenants-will-likely-be-sentenced-after-sam-bankman-fried-bloomberg/" rel="noopener noreferrer nofollow">according</a> to Bloomberg.</li>
 <li>These allies may avoid significant prison time, potentially serving in minimum security facilities for non-violent offenders.</li>
</ul>
<h2 class="wp-block-heading" id="bitcoin-sustains-rally-holds-above-35k">Bitcoin sustains rally, holds above $35K</h2>
<ul>
 <li>Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) experienced a bullish surge a couple of weeks ago, mainly driven by hopes for a spot ETF approval. This surge spilled into the new week.</li>
 <li>At the start of the week, BTC <a href="https://crypto.news/bitcoin-holds-above-34k-sell-signal-is-still-there/" rel="noopener noreferrer nofollow">clinched</a> $34,000. Despite this, an important indicator still pointed to significant volatility in the asset.</li>
 <li>Data from Santiment showed a considerable drop in whale activity and social engagement related to Bitcoin.</li>
 <li>Nonetheless, BTC further reclaimed $35K on Nov. 1 amid a sustained run. The asset aimed for the $36K level shortly after, rallying to a yearly high of $35,984 on Nov. 2 before facing resistance.</li>
 <li>Amid the uptrend over the past few weeks, CoinShares’ latest market <a href="https://crypto.news/coinshares-reports-largest-inflows-in-since-july-2022/" rel="noopener noreferrer nofollow">report</a> revealed that $326 million flowed into crypto investment products this year, marking the largest inflow since July 2022.</li>
 <li>Bitcoin aims to seal a position above $35K, occasionally reclaiming and dropping below the level.&nbsp;</li>
</ul>
<h2 class="wp-block-heading" id="us-sec-targets-safemoon-and-paypal">US SEC targets SafeMoon and PayPal&nbsp;</h2>
<ul>
 <li>This week, PayPal and the team behind crypto project SafeMoon came under the radar of the U.S. SEC.</li>
 <li>The regulatory body <a href="https://crypto.news/sec-issues-subpoena-to-paypal-over-its-pyusd-stablecoin/" rel="noopener noreferrer nofollow">issued</a> a subpoena to PayPal for the issuance of its PYUSD stablecoin, requesting certain documents from the company. PayPal confirmed that it is cooperating with the agency.</li>
 <li>On Nov. 1, the SEC <a href="https://crypto.news/sec-charges-safemoon-and-founders-with-crypto-securities-fraud/" rel="noopener noreferrer nofollow">charged</a> SafeMoon’s executives Braden John Karony, Kyle Nagy, and Thomas Smith with fraud and money laundering related to SafeMoon.</li>
 <li>The SEC alleges that the team marketed SafeMoon as unregistered crypto asset securities.</li>
 <li>The agency accused them of artificially inflating SafeMoon’s market cap to $5.7 billion through tactics like wash trading.</li>
</ul>
<h2 class="wp-block-heading" id="terraform-cases-continue">Terraform cases continue</h2>
<ul>
 <li>This week, Daniel Shin, co-founder of Terraform Labs, <a href="https://crypto.news/daniel-shin-denies-hand-in-terras-collapse/" rel="noopener noreferrer nofollow">denied</a> any involvement in Terra’s collapse amid charges of fraud and embezzlement in South Korea.</li>
 <li>Shin’s legal team asserted in a South Korean court that fellow co-founder Do Kwon was solely responsible for Terra’s downfall.</li>
 <li>Meanwhile, in the U.S., Terraform Labs made a bold move by <a href="https://crypto.news/terraform-labs-asks-for-early-dismissal-of-sec-lawsuit/" rel="noopener noreferrer nofollow">seeking</a> an early dismissal of the multibillion-dollar securities fraud lawsuit filed against them by the SEC in February.</li>
 <li>Their argument hinges on the claim that the SEC failed to provide substantial evidence that Terraform Labs engaged in the trading of unregistered securities.</li>
 <li>However, the SEC had plans of its own. <a href="https://crypto.news/u-s-sec-pursues-summary-judgment-in-case-against-do-kwon-and-terraform-labs/" rel="noopener noreferrer nofollow">Reports</a> suggested that the agency is aggressively pursuing a summary judgment regarding all allegations against Do Kwon and Terraform Labs.</li>
 <li>The SEC’s objective is to bypass a full trial, emphasizing the presence of crystal clear, undisputed facts in its lawsuit.</li>
</ul>
<h2 class="wp-block-heading" id="microstrategy-buys-more-bitcoin">MicroStrategy buys more Bitcoin&nbsp;</h2>
<ul>
 <li>MicroStrategy <a href="https://crypto.news/microstrategy-buys-5-3m-in-bitcoin-bringing-total-holdings-to-over-150000-btc/" rel="noopener noreferrer nofollow">continued</a> its relentless crypto accumulation, adding a hefty 155 BTC to its portfolio in October 2023, worth $5.3 million.</li>
 <li>The latest acquisition brings their total BTC holdings to an impressive 158,400, valued at over $5.6 billion, as per their Q3 2023 earnings report.</li>
 <li>Phong Le, MicroStrategy’s CEO and President, asserted that the company is in a prime position to benefit from Bitcoin’s momentum and the growth of their Business Intelligence (BI) business.</li>
</ul>
<h2 class="wp-block-heading" id="opensea-confirms-layoffs">OpenSea confirms layoffs</h2>
<ul>
 <li>Devin Finzer, OpenSea co-founder and CEO, <a href="https://crypto.news/opensea-ceo-announces-layoffs-for-half-of-workforce/" data-type="link" data-id="https://crypto.news/opensea-ceo-announces-layoffs-for-half-of-workforce/" rel="noopener noreferrer nofollow">disclosed</a> job cuts on Nov. 3 via social media.</li>
 <li>The move is part of “OpenSea 2.0” as the digital collectible trading hub moves to <a href="https://twitter.com/dfinzer/status/1720516605933756514" target="_blank" rel="noopener noreferrer nofollow">expand</a> its dominance within the non-fungible token (NFT) market.</li>
 <li>Updates from OpenSea follow a turbulent period after former head of product Nathanial Christain was <a href="https://crypto.news/opensea-former-exec-imprisoned-for-nft-insider-trading/" rel="noopener noreferrer nofollow">convicted</a> of insider trading under fraud and money laundering charges.</li>
</ul>
<h2 class="wp-block-heading" id="yuga-labs-magic-eden-team-up">Yuga Labs, Magic Eden team up</h2>
<ul>
 <li>Yuga Labs, the creators of Bored Ape Yacht Club and Magic Eden, are <a href="https://crypto.news/yuga-labs-magic-eden-unveil-ethereum-nft-marketplace/" data-type="link" data-id="https://crypto.news/yuga-labs-magic-eden-unveil-ethereum-nft-marketplace/" rel="noopener noreferrer nofollow">collaborating</a> to launch an Ethereum NFT marketplace that will ensure creators receive their right royalties.</li>
 <li>Magic Eden will be responsible for sharing a portion of secondary market sales proceeds from their NFT collections with Yuga Labs.</li>
 <li>Magic Eden is expanding its support for the Solana-powered <a href="https://crypto.news/magic-eden-adds-support-for-solana-powered-compressed-nfts/" rel="noopener noreferrer nofollow">compressed NFTs (cNFTs).</a> The cNFTs feature make it easier for creators to mint NFTs on the Solana network.</li>
</ul>
<h2 class="wp-block-heading" id="avi-eisenberg-trial-rescheduled">Avi Eisenberg trial rescheduled</h2>
<ul>
 <li>The trial for Avi Eisenberg, the crypto trader <a href="https://crypto.news/avi-eisenbergs-110m-crypto-fraud-trial-rescheduled/" data-type="link" data-id="https://crypto.news/avi-eisenbergs-110m-crypto-fraud-trial-rescheduled/" rel="noopener noreferrer nofollow">accused</a> of a $110 million fraud, has been pushed back to April 2024. The trial was initially scheduled to kick off next month.</li>
 <li>The government agreed to postpone the trial until April 8, 2024, a decision approved by the judge on Nov. 4, 2023.</li>
 <li>Eisenberg is <a href="https://crypto.news/us-sec-charges-mango-markets-exploiter-for-stealing-116m/" rel="noopener noreferrer nofollow">accused</a> of commodities manipulation and wire fraud, specifically for deploying a highly profitable trading strategy against the Solana-based Mango Markets in October 2022.&nbsp;</li>
</ul>
<p>Read more: <a href="https://crypto.news/the-top-10-high-profile-crypto-fraud-cases/" rel="noopener noreferrer nofollow"> 10 high-profile crypto fraud cases that aren’t Bankman-Fried’s </a></p>

Bankman-Fried declared guilty, Bitcoin reclaims $35K, SEC targets PayPal and SafeMoon | Weekly Recap

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