The trial of Sam Bankman-Fried, the disgraced founder of FTX and former crypto billionaire, has begun. Federal prosecutors accuse him of masterminding one of the most significant financial frauds in U.S. history. Bankman-Fried, once celebrated as a crypto billionaire, is alleged to have orchestrated a multibillion-dollar fraud and faces charges related to defrauding customers on his digital currency exchange, FTX. These accusations include wire fraud, securities fraud, and money laundering. The former CEO was arrested in December 2022 in Nassau, Bahamas, and extradited to the U.S. where he pleaded not guilty to all charges in January 2023. He was under house arrest at his parents home in Palo Alto, Claifornia, but in August 2023 his bond was revoked due to alleged witness tampering. Since then he’s been incarcerated at the Metropolitan Detention Center in Brooklyn. Jury selection began on Tuesday, October 3 at the New York courthouse, and the case has been described by Damian Williams, U.S. Attorney for the Southern District of New York, as “one of the biggest financial frauds in American history.” Bankman-Fried’s trial could potentially last up to six weeks.

This is definitely bad news for Bankman-Fried, as he faces a lengthy trial and potential prison sentence. The court denied his motion to be released from jail during the trial, so he will remain incarcerated. This news is important for the crypto industry, as Bankman-Fried’s case may set a legal precedent for future crypto-related frauds.

#CryptoFraud #FinancialFraud #SamBankmanFried #FTXExchange

You can read more about this topic here: Decrypt: The Trial of Sam Bankman-Fried: Live Blog, Latest News and Insights

The post “Follow Sam Bankman-Fried’s Historic Trial Live: Get the Latest News and Insights Here” first appeared on Byte Syze Crypto.

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Crypto wallet provider Ledger has partnered with art auction house Sotheby’s to offer exclusive benefits to digital art collectors. The tie-up entails that beginning in 2024, buyers of the most valuable digital art at Sotheby’s will receive a limited-edition Ledger x Sotheby’s Nano X hardware wallet. The partnership will also soon feature the introduction of a special edition of the Ledger Stax. Additionally, Sotheby’s elite collectors can enjoy a premium “white-glove concierge onboarding” facilitated by Ledger, which will seamlessly integrate them into the Ledger Academy’s educational resources. This move comes amid Ledger’s strategy to become a key player in the digital art world. Last year, the firm began development on an NFT Art collection and set up a fund specifically for aiding artists globally.

As for Sotheby’s, the auction house is hoping to merge its new interest in the digital art space with higher security standards via Ledger’s offering. They have also organized notable auctions like “Grails” that featured prominent digital artworks as well as an auction dedicated to legendary generative artist Vera Molnàr. “From announcing our secondary market platform as part of Sotheby’s Metaverse to further developments to be announced later this year, our goal remains to build a comprehensive digital art environment for collectors, and this partnership with Ledger is a key step in that development”, said Fahey.

This partnership between Ledger and Sotheby’s is great news for digital art collectors, as they will now be able to enjoy exclusive benefits such as limited edition hardware wallets and premium white-glove concierge onboarding. The partnership also extends to the development of an NFT Art collection and a fund for aiding artists, in order to further integrate digital art into the mainstream market.

#Ledger #Sothebys #NFT #DigitalArt

You can read more about this topic here: Decrypt: Ledger and Sotheby’s Team Up for Digital Art Exclusives

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Nomic, a layer-1 bridging solution for Bitcoin, will enable Bitcoin liquidity on Cosmos via a Bitcoin-backed token. The team will implement an upgrade, the nBTC Interchain Upgrade, to the Nomic layer-1 blockchain, by the end of October to kick off the launch of the new token. The nBTC token will act as a native token in the Cosmos ecosystem and will be transferable through the Interchain Blockchain Communication (IBC) protocol. After the upgrade, the Nomic app or Nomic-integrated Cosmos apps like Osmosis, a decentralized exchange, will facilitate the issuance and redemption of nBTC for Bitcoin. The blockchain upgrade is scheduled for October 27 with activation expected by October 30. Nomic’s founding and developing team, Turbofish’s CEO Matt Bell unveiled the project at the Cosmoverse conference in Turkey today. Bell said, “Nomic will now unlock the exciting DeFi capabilities of the Cosmos ecosystem for any user holding BTC.”

The development can help solve the liquidity problem of the Cosmos ecosystem, which is in “need of a base money asset that can serve as its primary store of value,” said Sunny Aggarwal, co-founder of Osmosis. “Nomic will help make this long-awaited union for a Bitcoin-centric Cosmos a reality,” Aggarwal added.

According to DeFiLlama data, the total value lost in hacks from cross-chain bridges accounts for 37% of the cumulative amount of crypto hacks since 2016, raising concern about bridging protocols. However, Bell told Decrypt that Nomic is “fully decentralized and non-custodial, making it the first Bitcoin bridge of its kind.” Bell added that Bitcoin BTC is not “locked” on Nomic like other bridging protocols. Instead, it is “held in a “reserve output’ on the Bitcoin blockchain” and funds are released when transactions are signed by Nomic validators. This feature enables “Emergency Disbursals” which reduces the risk of losing Bitcoin should Nomic face any issues.

Besides Bitcoin, blockchain teams such as Noble and Celesta are also working to launch native USDC in the Cosmos ecosystem to enhance its DeFi liquidity.

Nomic is introducing a new layer-1 blockchain upgrade, the nBTC Interchain Upgrade, to the Cosmos ecosystem which will enable Bitcoin liquidity. The new token, nBTC, will act as a native token in the Cosmos ecosystem and will be transferable through the Interchain Blockchain Communication (IBC) protocol. This will help solve the liquidity problem of the Cosmos ecosystem, by providing a base money asset that can serve as its primary store of value. The blockchain upgrade is scheduled for October 27 with activation expected by October 30. Nomic is fully decentralized and non-custodial, reducing the risk of losing Bitcoin should Nomic face any issues. #Nomic #Cosmos # Bitcoin #DeFi #Interchain

You can read more about this topic here: Decrypt: Bitcoin Is Coming to Cosmos With New Nomics Bridge

The post Boost Your Financial Future: Invest in Bitcoin Through Cosmos’ Nomics Bridge first appeared on Byte Syze Crypto.