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Here’s what happened in crypto today

  • October 9, 2023
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  • Category: BitCoin, Blockchain, Cryptocurrency, Investments
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Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

Ripple’s CFO steps down amid SEC lawsuit, meanwhile prosecutors have asked the judge in Sam Bankman-Fried’s trial to forbid his legal team from making any arguments relating to the potential recovery of FTX customer assets invested in Anthropic. In related news, the crypto community has continued to savor the testimony of former FTX Chief Technology Officer Gary Wang, accusing FTX of using Python code to misrepresent the value of its backstop fund.

Ripple’s CFO steps down amid SEC lawsuit

Ripple’s chief financial officer, Kristina Campbell, has stepped down. According to their LinkedIn page, they’ve taken a similar position at digital healthcare services provider Maven Clinic.

Campbell joined Ripple in April 2021, half a year after the United States Securities and Exchange Commission filed a lawsuit against the company for alleged violations of securities laws.

The former Ripple CFO described their time with the company as “memorable” on LinkedIn, it’s unclear at this time whether the executive’s departure had anything to do with the ongoing SEC suit.

Sam Bankman-Fried $500M Anthropic stake irrelevant to case, prosecutors say

United States prosecutors have requested the court presiding over Sam Bankman-Fried’s trial to bar his legal team from making any arguments relating to the potential recovery of FTX customer assets invested in Anthropic.

Bankman-Fried invested $500 million in the artificial intelligence startup in April 2022; however, the U.S. government is set to present evidence that the Anthropic investment was made using misappropriated funds from FTX customer deposits.

Anthropic made headlines in recent weeks as it looks to raise fresh funds from investors, courting the likes of Amazon and Google, which could lead to a $20–$30 billion valuation.

U.S. prosecutors note that recent reports focused on the potentially high valuation of the company would also increase the value of Bankman-Fried’s investment, which could aid the potential recovery of funds for FTX customers and other creditors in the FTX bankruptcy.

The prosecutors believe that this evidence is intended to be used to support the argument that FTX customers and other victims would be fully compensated for their losses, which the court has previously indicated as an “impermissible purpose:”

FTX used Python code to fake its insurance fund figure: Gary Wang

Crypto exchange FTX used hidden Python code to misrepresent the value of its insurance fund — a pool of funds meant to prevent user losses during huge liquidation events — according to testimony from FTX co-founder Gary Wang.

In the damning new testimony on Oct. 6, FTX’s former chief technology officer, Gary Wang, said that FTX’s so-called $100 million insurance fund in 2021 was actually fabricated, and also never actually contained any of the exchanges’ FTX tokens (FTT) as claimed.

Instead, the figure shown to the public was calculated by multiplying the daily trading volume of the FTX Token by a random number close to 7,500.

An exhibit in the Oct. 6 trial shows the alleged code used to generate the size of the so-called “Backstop Fund” or public insurance fund.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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