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<div class="cryptonews">
 <p class="is-style-lead">This week, the jury <a rel="noopener noreferrer nofollow" title="declared" href="https://thebittimes.com/tag/declared.html">declared</a> FTX founder Sam Bankman-Fried <a rel="noopener noreferrer nofollow" title="guilty" href="https://thebittimes.com/tag/guilty.html">guilty</a> 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 found 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 asserts that Bankman-Fried could face 30 to 40 years. Meanwhile, David Lesperance, Managing Director at Lesperance &amp; Associates, sees a possible 20 year sentence.</li>
  <li>Bankman-Fried’s associates, Caroline Ellison, Gary Wang, and Nishad Singh, are likely to face sentencing, according 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 (BTC) 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 clinched $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 report 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 issued 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 charged 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, denied 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 seeking 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. Reports 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 continued 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, disclosed 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 expand 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 convicted 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 collaborating 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 compressed NFTs (cNFTs). 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 accused 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 accused 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>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bankman-fried-declared-guilty-bitcoin-reclaims-35k-sec-targets-paypal-and-safemoon-weekly-recap-tbt69132.html">https://thebittimes.com/bankman-fried-declared-guilty-bitcoin-reclaims-35k-sec-targets-paypal-and-safemoon-weekly-recap-tbt69132.html</a></p>

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

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