Coinbase Launches Nationwide Pro Crypto Policy Campaign

America’s largest cryptocurrency exchange is pulling out all the stops to ensure U.S. policymakers get things right with how they treat the crypto industry.

The company has announced Crypto435 – a grassroots initiative to expand pro-crypto advocacy to citizens across all 435 Congressional Districts.

Coinbase’s Advocacy Mission

As tweeted by Coinbase on Tuesday, the initiative presents an opportunity for lovers of crypto and web 3 to make their opinions known in DC. Coinbase will provide the community with various tips related to local politicians and the crypto landscape – including their contact information, their records on crypto policy, and how best to make sure those with a voice can be heard. 

“The crypto community has reached an important moment,” stated Coinbase. “Decisions being made by legislators and regulators in DC and around the country will impact the future of how we can build, buy, sell, and use crypto.”

Congressional and regulatory interest in crypto – and more specifically, skepticism of it — has surged in the wake of FTX’s calamitous collapse in November. Political discussion surrounding crypto regulation has taken a negative turn in Washington, between expert calls to restrict the industry from the banking system, and the Senate Banking Committee floating an outright ban on it.

The exchange claims that Crypto435 will “influence laws and policies,” and also “educate everyday Americans about the power of crypto.”

Coinbase VS SEC

Pressure from federal regulators – particularly the Securities and Exchange Commission (SEC) – is also ramping up. In February alone, the agency fined Kraken for its staking-as-a-service product, issued a Wells notice against Paxos for issuing BUSD, and launched an investigation into Robinhood over its cryptocurrency listings.

Some of the industry’s supporters in Washington have criticized the SEC for regulating “by enforcement” rather than providing necessary clarity for crypto firms to follow the law – including the agency’s own Hester Peirce. Coinbase CEO Brian Armstrong has backed her claims while opposing many of the SEC’s assertions that certain crypto products, including staking services and tokens, are securities. 

Confusion around such subjects has prompted the industry to turn to congress, which is yet to pass any new laws clearing the air on how to classify cryptocurrencies or determine which agencies should oversee them. 

“We need thoughtful policymaking and smart regulation so that we can continue to advance crypto and web3, and make progress on our mission to increase economic freedom,” wrote Coinbase.

The post Coinbase Launches Nationwide Pro Crypto Policy Campaign appeared first on CryptoPotato.


Source: CryptoPotato
Original Post: Coinbase Launches Nationwide Pro Crypto Policy Campaign

Tel Aviv Stock Exchange Takes Steps to Allow Crypto Trading

Tel Aviv Stock Exchange Takes Steps to Allow Crypto Trading

Israel’s public stock exchange is suggesting regulatory amendments that would permit some clients to trade crypto assets. The proposals, which have been put forward for public consultation, come at the backdrop of a growing number of regulated institutions getting involved in the digital asset market, the exchange noted.

TASE Exchange Moves to Regulate Cryptocurrency Trading for Brokers

The Tel Aviv Stock Exchange (TASE) has published a draft proposing to allow clients of non-banking institutions (NBMs) among its members to buy and sell cryptocurrencies. It intends to expand the list of authorized activities for such entities in order to add crypto trading.

NBMs provide brokerage, investment and advisory services, and operate as intermediaries. While they can process various transactions such as the transfer of funds, they are not permitted by law to accept direct deposits from customers or act as custodians.

Israel’s only public exchange is now seeking feedback on its regulatory initiative. The call for comments was posted on Monday. Upon their receipt, the proposal will be submitted for approval by the Board of Directors, it said and elaborated:

This is another step in the advancement and development of the Israeli capital market that aims to encourage innovation and competition, while mitigating the risks and protecting the customers.

In a press release, TASE marked the turbulent events in the crypto space over the course of the past year while highlighting the growing demand from customers and the greater involvement of regulated institutions. It insisted that all this requires regulation that will mitigate various risks.

The new rules aim to enable customers to deposit fiat money for investment in crypto assets and withdraw funds stemming from such investments. On their behalf, NBMs will deal with two types of licensed companies: providers of trading services and providers of custodial services for cryptocurrencies.

Last week, the Bank of Israel published recommendations for regulating and supervising activities related to stablecoins in the country. In November, 2022, Israel’s Ministry of Finance issued its own guidelines for digital asset regulation. In January of this year, the Israel Securities Authority (ISA) released a draft proposal to define the legal status of cryptocurrencies.

Do you think Israel will gradually regulate all activities in the crypto market? Share your expectations in the comments section below.


Source: Bitcoin.com
Original Post: Tel Aviv Stock Exchange Takes Steps to Allow Crypto Trading

LDO TVL rises as support moves upward: Can its expansion continue?

LDO TVL rises as support moves upward: Can its expansion continue?Lido Finance has seen close to an 18% increase in its TVL within the last month. LDO has also seen over 240% increase in value since the start of the year. The Total Value Locked (TVL) for Lido [LDO] increased significantly during the past month, according to statistics from DefiLlama. Moreover, LDO experienced tremendous price […]
Source: AMBcrypto
Original Post: LDO TVL rises as support moves upward: Can its expansion continue?

Ex-Biden Adviser Said Administration Was Pushing for Digital Dollar

A recent top economic advisor for President Joe Biden, Daleep Singh, told U.S. senators on Tuesday that the administration was in active pursuit of a digital dollar as a means to crowd out private cryptocurrencies that enable ransomware and sanctions violations.
Source: Coindesk
Original Post: Ex-Biden Adviser Said Administration Was Pushing for Digital Dollar

Bitcoin addresses with 1+ BTC reach new all-time high

Bitcoin (BTC) — the world's first cryptocurrency — keeps leaving cryptocurrency exchanges as on-chain data keeps showing signs of accumulation by long-term investors.
Source: BTCManager.com
Original Post: Bitcoin addresses with 1+ BTC reach new all-time high

Algorand (ALGO)-Based Crypto Wallet Urges Users To Withdraw Assets After $9,600,000 Attack

An Algorand (ALGO)-based crypto wallet that was recently hit with a nearly $10 million attack is now urging users to withdraw their digital assets.

MyAlgo, a leading Algorand wallet gateway, tells its Twitter followers to withdraw any funds held in Mnemonic wallets.

“IMPORTANT: We strongly advise all users to withdraw any funds from Mnemonic wallets that were stored in MyAlgo. As we still don’t know the root cause of recent hacks, we encourage everyone to take precautionary measures to protect their assets. Thank you for your understanding.”

MyAlgo further clarifies,

“Do not rush things and make sure you are transferring funds or rekeying accounts in a safe manner. The attacks happened over one week ago, and no other movements have taken place since then. Take your time and avoid mistakes. Reach out for help if you have questions.”

In response to MyAlgo’s initial announcement, popular on-chain detective ZachXBT updated crypto Twitter (CT) on the probable cause for the advisory.

“I haven’t seen many posts about this on CT yet but it’s suspected over $9.2 million (19.5 million ALGO, 3.5 million USDC, etc) has been stolen on Algorand as a result of this attack from Feb 19th to 21st.

ChangeNow shared they were able to freeze $1.5 million.”

Source: ZachXBT/Twitter

Algorand Foundation CTO John Woods says about 25 wallets were affected by the attack.

“Update on the exploit impacting ~25 accounts: from our investigation, this is not the result of an underlying issue with the Algorand protocol or SDK.

If you are currently a user of a hot wallet with MyAlgo, we recommend rekeying to a ledger or other 3rd party wallet as a precautionary measure.

When the investigation concludes, I’ll do an explainer video covering how this happened and how to best safeguard yourself in the future.”

Algorand is trading for $0.251 at time of writing, down 2.41% on the day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Layne Harris

The post Algorand (ALGO)-Based Crypto Wallet Urges Users To Withdraw Assets After $9,600,000 Attack appeared first on The Daily Hodl.


Source: Daily HODL
Original Post: Algorand (ALGO)-Based Crypto Wallet Urges Users To Withdraw Assets After ,600,000 Attack

VISA & Mastercard Rethink Crypto Plans Following Market Fallout

During the run up in crypto assets, traditional financial institutions like VISA and Mastercard scrambled to get in on the trend and announced new initiatives that involved Bitcoin, Ethereum, or other cryptocurrencies.

These same companies are now rethinking their strategy in the wake of the FTX collapse and additional negative industry events, according to a new report.

Report: VISA & Mastercard Put Crypto Plans On Pause

An anonymous source told Reuters that both VISA and Mastercard have pulled back on plans to launch crypto-centric services until global financial regulators establish clearer controls geared toward avoiding situations like the one that unfolded last November involving FTX.

A VISA spokesperson made a reassuring statement that the company’s cryptocurrency strategy won’t change, but called the failures of companies like the aforementioned FTX, BlockFi, Celsius and others, “an important reminder” that there is a “long way to go before crypto becomes a part of mainstream payments and financial services.”

Mastercard didn’t quite echo the same support for cryptocurrency, instead focusing on the underlying blockchain technology. The credit card giant claims blockchain will “help address current pain points and build more efficient systems.”

total crypto TOTAL_2023-02-28_11-46-47 visa mastercard

The Post Fallout Impact On The Top Payments Brands

These brands have in the past been associated with failing cryptocurrency businesses, which could have costly consequences. For example, VISA had credit card agreements with FTX, and BlockFi issued a Bitcoin-back rewards credit card that has since become unusable post-bankruptcy.

Outside of card partnerships, VISA had been eyeing Ethereum as digital payments settlement layer. Mastercard has an entire website landing page dedicated to explaining in detail how the company approaches “crypto and blockchain,” providing useful statistics that present the positive future potential of cryptocurrencies for digital payments.

The two companies are hoping to adapt to the rapidly changing digital payments landscape.

Bitcoin & Ethereum: Disrupting Digital Payments

In related news, at $23,500 per coin, Bitcoin’s total market cap is worth only $12 billion less than VISA, and is more than $100 billion more valuable than Mastercard.

In 2022, VISA processed more than $6 trillion in total value and Mastercard $2.5 trillion. Meanwhile, Bitcoin processed over $8 trillion in the same timeframe. The year prior while DeFi and NFTs were all the rage, Ethereum processed more than 4.5 times the total value in transactions that VISA did.


Source: Bitcoinist.com
Original Post: VISA & Mastercard Rethink Crypto Plans Following Market Fallout

Vauld Scores Another Creditor Protection Extension From Singapore High Court

Distressed crypto lending platform Vauld was granted another period of extension of creditor protection from the Singapore High Court until March 24, during which the company will work out revival plans.

Vauld halted withdrawals for its customers last summer after being hit by an unprecedented $200 million worth of withdrawals in under two weeks amidst excessive turmoil in the market. The lender, backed by Coinbase Ventures, PayPal cofounder Peter Thiel’s Valar Ventures, and CMT Digital, among others, had assets worth around $330 million and liabilities worth $400 million.

“This Restructuring Plan is contingent on the Restructuring being implemented only upon passing of a Scheme at a meeting of creditors to be convened by Defi Payments upon which all Creditors will be bound by the terms of the Scheme.”

The post Vauld Scores Another Creditor Protection Extension From Singapore High Court appeared first on CryptoPotato.


Source: CryptoPotato
Original Post: Vauld Scores Another Creditor Protection Extension From Singapore High Court

Arbitrum positively impacted by network ‘Gains,’ details inside

Arbitrum positively impacted by network 'Gains,' more insideGains DEX dominated in terms of Open Interest. The number of transactions on the Arbitrum protocol declined after surpassing Ethereum. Gains Network [GNS], a prominent DEX on the Arbitrum protocol, captured massive amounts of forex demand on 27 February. This helped the protocol have a large majority in terms of Open Interest. gTrade by @GainsNetwork_io […]
Source: AMBcrypto
Original Post: Arbitrum positively impacted by network ‘Gains,’ details inside

⚠️ EMERGENCY VIDEO! Binance BUSD Issue Gets SERIOUS? MAJOR Blur | Polygon Matic | GMM Crypto News

Source: YouTube: Altcoin Buzz
Original Post: ⚠️ EMERGENCY VIDEO! Binance BUSD Issue Gets SERIOUS? MAJOR Blur | Polygon Matic | GMM Crypto News

Dapper Labs Ruling Dunks on Private Networks

A landmark ruling is bringing the NBA Top Shots creator back to court, and potentially opening up securities concerns for other NFTs.
Source: Coindesk
Original Post: Dapper Labs Ruling Dunks on Private Networks

Bitcoin’s Blockchain Growth Accelerates With Trend of Ordinal Inscriptions

Bitcoin's Blockchain Growth Accelerates With Trend of Ordinal Inscriptions

The Bitcoin blockchain has 40.49 gigabytes (GB) to go until it reaches half a terabyte (TB), and with the recent trend of Ordinal inscriptions, it’s likely to get there faster. The average block size reached a high of 2.52 megabytes (MB) on Feb. 12, 2023, but block sizes have subsided and dropped to an average of 1.634 MB by Feb. 27. Still, the blockchain grew at a rate of 0.288 GB per day, compared to the previous rate of 0.173 GB per day recorded before the Ordinal inscription trend began.

The Impact of Ordinal Inscriptions on Bitcoin’s Network Metrics

Ordinal inscriptions started on Dec. 16, 2022, but didn’t really gain steam until Feb. 2, 2023. That was the day a 3.96 MB block was mined, and since then, 214,028 inscriptions have been added to the Bitcoin blockchain. The trend of Ordinal inscriptions between Feb. 2 and Feb. 27, or roughly 26 days, increased Bitcoin’s average network fee and average block size. Both network fee and block size metrics peaked around Feb. 12 and have subsided since then. During that span of time, data shows that the size of Bitcoin’s chain grew at a faster rate.

Bitcoin's Blockchain Growth Accelerates With Trend of Ordinal Inscriptions

For instance, statistics show that the Bitcoin blockchain was 459.51 GB in size on Feb. 27, 2023. Metrics show that during the 26-day span, the blockchain grew by 7.77 GB, or roughly 0.288 GB per day. The spike can be seen visually by looking at a chart of Bitcoin’s blockchain size from Feb. 2 until today. However, before Ordinal inscriptions started trending and larger blocks were mined more regularly, the blockchain’s growth was much slower. It took 45 days, from Dec. 19, 2022, to Feb. 2, 2023, to reach 7.77 GB.

At that time, over the 45-day span, the Bitcoin blockchain grew at a rate of 0.173 GB per day. Bitcoin’s average fee on Feb. 28, 2023, is 0.000077 BTC, or $1.82, per transaction, while the median fee is 0.000033 BTC, or $0.777, per transaction. Transactions are also being confirmed at rates ranging from 2 satoshis per byte, or $0.07, to 19 satoshis per byte, or $0.62, per transaction. The revenue miners accrued per day amid the Ordinal inscription trend peaked on Feb. 16, 2023, at $28.21 million (block subsidy + fees), compared to today’s $21.36 million. Still, bitcoin (BTC) miners are earning more revenue than they were on Dec. 24, 2022.

It will be interesting to see how another month of Ordinal inscriptions affects metrics such as average block sizes, median and average fees, and the overall growth of the Bitcoin blockchain. Though the hype around Ordinal inscriptions has subsided, these metrics remain elevated compared to before Feb. 2 and the subsequent influx of inscriptions. Average and median fees are still higher than before the Ordinal trend, and average block sizes remain above the 1.60 MB threshold after remaining below it for months.

What are your thoughts on the impact of Ordinal inscriptions on the growth of the Bitcoin blockchain? Share your thoughts in the comments section below.


Source: Bitcoin.com
Original Post: Bitcoin’s Blockchain Growth Accelerates With Trend of Ordinal Inscriptions

Coffeezilla Accuses Khabib Nurmagomedov of Promoting NFT Scam

Coffeezilla – the popular YouTuber and “Internet Detective” covering crypto scams – is now accusing the mixed martial arts legend Khabib Nurmagomedov of “scamming” his followers with NFTs. 

The former UFC lightweight champion said his new collection will give fans access his his “private club,” while enabling holders to mine Bitcoin. 

Khabib’s NFT Collection

Nurmagomedov launched his NFT collection in partnership with GoMining, for whom he became an ambassador in October 2021. The company’s goal is to provide Bitcoin mining industry access to regular consumers, by rewarding holders of its GMT tokens and custom NFTs with BTC mined from its data centers. 

“You will soon be able to buy NFT, which will become a pass to my private club and will mine BTC for you,”  tweeted Nurmagomedov on Monday. 

According to the project’s website, each NFT will function as a ticket to private events held by Nurmagomedov “several times a year.” It states that each NFT is backed by 29 terahashes per second of computing power, with an energy efficiency of 35 watts per terahash – making it the most profitable of the company’s NFTs. 

The 29 TH/s hash rate is a reference to Khabib’s historic 29-0 record in professional mixed martial arts. The ex-champion scored 13 wins in the UFC before ultimately retiring from the sport, cementing his legacy as one of the greatest MMA fighters of all time. 

Given that Khabib is returning to NFT deals, however, Coffeezilla suggested that the martial artist return to the cage:

“If you need money this bad, why not step back in the ring instead of scamming your fans?” he asked. 

Coffeezilla called out the YouTuber Logan Paul for his flopped NFT venture in December, accusing Paul of having defrauded his followers. While Paul initially intended to sue Coffee over the allegations, he has since withdrawn his claims and apologized to his fans. 

UFC and Crypto

Nurmagomedov’s announcement makes him just one of the dozens of celebrities, athletes, and professional fighters to leverage his brand to sell digital collectibles. Ethernity chain launched an NFT collection on behalf of Anderson Silva in 2021 – widely regarded as the best middleweight MMA fighter of all time. 

The UFC has been closely involved in promoting various crypto initiatives, including the L1 smart contract platform VeChain and the cryptocurrency exchange CryptoCom. Last May, the popular UFC commentator and podcaster Joe Rogan suggested that the U.S. government may actually fear Bitcoin.

Featured Image Courtesy of CNN.

The post Coffeezilla Accuses Khabib Nurmagomedov of Promoting NFT Scam appeared first on CryptoPotato.


Source: CryptoPotato
Original Post: Coffeezilla Accuses Khabib Nurmagomedov of Promoting NFT Scam

Japanese Firms Collab To Create Open Metaverse Infrastructure

Fujitsu a multinational information and communications tech firm, has led a group of ten major Japanese companies in collaboration to creating the infrastructure for Japan's open metaverse and immerse the country into Web3.

In the official agreement posted on its website, Fujitsu announced the creation of an Open Metaverse Infrastructure on February 27, marking a milestone in Japan's Web3 efforts. Along with Fujitsu, Japanese manufacturing giant Mitsubishi as well as financial giants Mizuho and Sumitomo Mitsui are among the project's members. The infrastructure itself is to be made by JP Games (under the TBT Lab), whose founder and CEO is no less than Hajime Tabata, famed game director and producer of the Final Fantasy series.

The metaverse infrastructure, called RYUGUKOKU (TBD) is meant to "update Japan through the power of games" as envisioned by Tabata, who also serves as the Web3 advisor of Japan's Digital Agency. RYUGUKOKU will incorporate elements of role-playing games in order to ease its users into the different Web3 services offered by companies and government agencies.

There are three main features of the infrastructure. One is the "Auto-Learning Avatar" function created to provide the user a more personalized metaverse experience. The "Pegasus World Kit" will enable users to create their own gamified events within the metaverse. The "Multi-Magic Passport” is a payment function optimized for the different services.

Japan has been inching closer to integrating Web3 into its financial and governmental agenda. Prime Minister Fumio Kishida back in October has announced further expansion into the metaverse and investments to digital technology. The following month, the country's Digital Agency announced plans to develop its own decentralized autonomous organization (DAO). Japan has been steadily investing and exploring the possibilities of Web3 with Kishida claiming that NFTs and DAOs can be the key to revitalize Japan's other regions and further promote Japanese culture to the world.

2023 started out tough for cryptocurrency in Japan with Kraken pulling out just before the year started and Coinbase following suit in the middle of January. Some light at the end of the tunnel was the launch of the country's own central bank digital currency (CBDC) primed for this April. Now, the unveiling and construction of Japan's own metaverse project looks to be the catalyst to further propel the country's digital transformation.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

 


Source: CryptoDaily.co.uk
Original Post: Japanese Firms Collab To Create Open Metaverse Infrastructure

Stacks (STX) surges as Bitcoin NFT hype grows, but its blockchain activity raises concern

The possibility of hosting Bitcoin NFTs on Stacks pushed STX price to new yearly highs, but there are concerns on whether the bullish thesis becomes reality.


Source: Cointelegraph.com
Original Post: Stacks (STX) surges as Bitcoin NFT hype grows, but its blockchain activity raises concern

Australian accused of $5 million bushfire crypto extortion scheme

A Melbourne man is currently facing extortion charges after allegedly threatening to start a bushfire if a considerable amount of cryptocurrency was not transferred to him.
Source: BTCManager.com
Original Post: Australian accused of million bushfire crypto extortion scheme

Crypto’s Next Move Depends on the Next Fed Rate Hike: Options Trader

Imran Lakha says the crypto market by and large relies on BTC remaining at its $21-$22k threshold, but with macro trends present, the digital asset could trade lower before it rises.
Source: Coindesk
Original Post: Crypto’s Next Move Depends on the Next Fed Rate Hike: Options Trader

Bitcoin-Inspired Altcoin Project Skyrockets 115% This Month Amid Series of Updates

An altcoin project inspired by Bitcoin’s (BTC) ethos is blowing up this month as its ecosystem undergoes a major series of updates.

The 199th-ranked crypto by market cap Kaspa (KAS) is worth $0.0121 at time of writing, up 23% in the last 24 hours, 58% in the last week, 86% in the last two weeks, and 115% in the last 30 days.

According to the altcoin project’s website:

“Kaspa is the fastest and most scalable instant confirmation transaction layer ever built on a proof-of-work engine. Transactions sent to miners can be included immediately in the ledger, which is structured as a revolutionary blockDAG.

BlockDAG is Kaspa’s version of the GhostDAG/PHANTOM protocol, and aims to deliver high block creation and transaction speed without the loss of security and decentralization that many higher-speed chains suffer from.

Says Kaspa,

“Its design is faithful to the principles Satoshi embedded into Bitcoin — proof-of-work mining, UTXO [unspent transaction output]-formed isolated state, deflationary monetary policy, no pre-mine, and no central governance. Kaspa is unique in its ability to support high block rates while maintaining the level of security offered by the most secure proof-of-work environments.”

Kaspa currently has a crowdfunding campaign to get KAS onto a top 10 crypto exchange by trading volume.

Kaspa also released a new version of the project’s whitepaper last week, which explains the nuts and bolts of the project’s algorithm in greater detail.

Last week, the project also announced they are in the development stages of several new hardware wallets.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/GrandeDuc/Dilok Klaisataporn

The post Bitcoin-Inspired Altcoin Project Skyrockets 115% This Month Amid Series of Updates appeared first on The Daily Hodl.


Source: Daily HODL
Original Post: Bitcoin-Inspired Altcoin Project Skyrockets 115% This Month Amid Series of Updates

CertiK reports closure of ‘Monkey Drainer’ scam

CertiK Alert, a blockchain security firm, has reported the closure of a notorious phishing scam operation known as the "Monkey Drainer."
Source: BTCManager.com
Original Post: CertiK reports closure of ‘Monkey Drainer’ scam

Former co-lead engineer of FTX charged by SEC for fraud

Nishad Singh, the ex-Co-Lead Engineer of FTX Trading Ltd, has been charged by the SEC for actively participating in a multi-year scheme to deceive equity investors of FTX.
Source: BTCManager.com
Original Post: Former co-lead engineer of FTX charged by SEC for fraud