Crypto News

Sam Bankman-Fried Reaches Innovative Bail Agreement: What This Means For FTX and the Crypto Market

Published

8 months ago

March 28, 2023

Sam Bankman-Fried’s lawyers have been bargaining about the former FTX executive’s bail conditions for quite some time now. Last month, Bankman-Fried came to terms with federal prosecutors over his use of encrypted messaging applications and communications with his ex-employees. Right after, revised bail conditions were issued which barred the FTX founder from using phones and the internet.

A recent report from Reuters revealed that the parties have now come up with a new bail agreement. According to the proposed new conditions, Bankman-Fried will have a new phone with no internet capability. In fact, the phone’s communication functions will be restricted to text-only messages and voice calls. All other messaging applications will be prohibited.

OTHER AGREEMENT DETAILS

Additionally, Bankman-Fried has agreed to use a basic laptop with limited functions. The said device will have monitoring software to track user activity. That said, Bankman-Fried will not have administrative access. That will shut the doors for him to fidget and tamper with the restrictions. Going forward, if any breach speculation arises, Bankman-Fried will have to submit his devices for a search.

Furthermore, the FTX founder has been prohibited from using other electronic communication devices. Bankman-Fried’s parents have also agreed to restrict his access to their devices. They have reportedly signed “sworn affidavits” to not bring barred electronic devices home. Now that both the parties have concurred to the new set of terms and conditions, U.S. District Judge Lewis Kaplan will have to green-light the same before they are enforced.

The bankrupt FTX exchange, on the other hand, has been recovering assets to pay back clients. As reported recently, it reached a deal to recover more than $400 million from Modulo Capital. The hedge fund received about $475 million last year, as seed funding from Alameda Research before FTX collapsed. Specifically, the Bahamas-based hedge fund has agreed to pay $404 million in cash. Additionally, it has consented to give up its claim of $56 million in assets held in its accounts on FTX’s crypto exchange. Thus, the deal is worth $460 million in all.

Also Read: FTX to Recover $400+ Million From This Hedge Fund: Why?

Sam Bankman-Fried, founder of the FTX exchange, has come to an agreement with federal prosecutors regarding his bail conditions. The new agreement stipulates that Bankman-Fried will use a phone with no internet capability and a basic laptop with monitoring software. His parents have also agreed to restrict his access to their devices. Meanwhile, FTX has reached a deal to recover over $400 million from Modulo Capital, to pay back clients. This is good news for FTX clients, however Bankman-Fried’s restricted access to communications devices may hinder his future success. #FTX #SamBankmanFried #CryptoExchange #ModuloCapital

You can read more about this topic here: Watcher Guru: FTX: Sam Bankman-Fried Reaches New Bail Agreement With Prosecutors

The post Sam Bankman-Fried Reaches Innovative Bail Agreement: What This Means For FTX and the Crypto Market first appeared on Byte Syze Crypto.

Crypto News

Cristiano Ronaldo Facing Billion-Dollar Lawsuit Over Binance NFT Promotion

Published

20 mins ago

December 1, 2023

A class action lawsuit filed in Florida on Thursday seeks over $1 billion in damages from international soccer star Cristiano Ronaldo for his role in promoting the cryptocurrency exchange Binance. The lawsuit alleges that Binance sold unregistered securities and operated illegally in the United States, claiming Ronaldo lent his celebrity to hype investments, driving traffic and investors to the platform. Attorneys for the plaintiffs believe compensation is the only path to justice for victims and that the law requires celebrities to disclose their compensation for promoting investments. The Securities and Exchange Commission filed charges against NBA Hall of Famer Paul Pierce earlier this year for violating the anti-touting and antifraud provisions of the federal securities laws. This story was drafted with Decrypt AI from sources referenced in the text, and fact-checked by Ozawa.

This lawsuit is bad news for Ronaldo as it seeks over $1 billion in damages. The plaintiffs argue that Ronaldo benefited financially from driving traffic to Binance and should have known his promotions were potentially illegal. The Securities and Exchange Commission has warned celebrities to disclose their compensation for promoting investments, making this a cautionary tale.

#CristianoRonaldo #Binance #Cryptocurrency #SEC

You can read more about this topic here: Decrypt: Cristiano Ronaldo Sued for $1 Billion Over Binance NFT Promotion

The post Cristiano Ronaldo Facing Billion-Dollar Lawsuit Over Binance NFT Promotion first appeared on Byte Syze Crypto.

Crypto News

“Meme Coin Implodes After Making Millions from Bitcoin Hater’s Death: Munger Was Right”

Published

2 hours ago

December 1, 2023

Prior to his passing Tuesday at age 99, former Berkshire Hathaway Vice Chairman Charlie Munger dismissed crypto as “worthless,” “no good,” “disgusting,” “evil,” and “massively stupid.” The Ethereum-based MUNGER token, which launched in the immediate aftermath of his death and quickly pumped some 31,000%, has since crashed 97.6% in value to a current valuation of $0.00000002856. The coin’s market capitalization has comparably plummeted to just over $18,000, with its liquidity evaporating to around $13,000. Market activity has also collapsed, with just $23,000 worth of MUNGER trading hands in the last 24-hour period. This volatile pump-and-dump action is common for meme coins, as seen with CZ token, which pumped 400,000% before collapsing 93%. It remains to be seen if meme coins inspired by the death of 100-year-old diplomat Henry Kissinger will follow the same trend. This news indicates that the value of crypto is highly volatile, with prices changing rapidly and without warning. #crypto #Munger #memecoins #volatility #HenryKissinger

The post “Meme Coin Implodes After Making Millions from Bitcoin Hater’s Death: Munger Was Right” first appeared on Byte Syze Crypto.

Crypto News

Unlock the Latest Xbox Game Pass Features – Decrypt

Published

3 hours ago

November 30, 2023

A total of 16 new games are coming to Microsoft’s Xbox Game Pass subscription service for standard and premium buyers in December 2023, while two are being added for “Core” subscribers—and four games are leaving Game Pass this month. Here’s a look at the latest releases and departures for Xbox Game Pass this December.

Chivalry 2 is the first-person multiplayer hack-and-slash sequel to Chivalry: Medieval Warfare. The sequel was released for Windows PCs, PlayStation 4 and 5 consoles, Xbox One, and Xbox Series S and X. It will arrive on Game Pass for all Game Pass subscribers, including Game Pass Core, on December 6.

Fallout 76: Atlantic City – Boardwalk Paradise is a new Fallout 76 expansion coming to Game Pass on its launch day, December 5, for both standard and premium tiers. Boardwalk Paradise builds upon the 2018 action RPG from Skyrim and Starfield developer Bethesda Game Studios.

Far Cry 6 is the latest installment of the Far Cry open-world game series and is coming to Xbox Game Pass on December 14. Set in a tropical world mired in political upheaval, players must join the local revolution in an effort to forever change their world.

Remnant: From the Ashes is a dark survival shooter set where players must fight and kill endless hordes of monsters. First released back in 2019, the game is now available for standard and premium Game Pass subscribers on cloud, console, and PC platforms.

Remnant 2 is the sequel to the third-person monster shooter Remnant: From the Ashes, and has also been added to Game Pass November 30. The sequel was first released earlier this year, and offers new villainous creatures to fight alongside your friends.

Against the Storm is a roguelike fantasy city-builder game that was released for Windows PCs back in 2021. In it, anthropomorphized animals like foxes, beavers, and lizards live together in a world alongside humans.

Clone Drone in the Danger Zone is a robot voxel beat-‘em-up game launched on Steam in July 2021—now, it’ll be added to Xbox Game Pass come December 5 for cloud, PC, and Xbox Series X and S gamers who are subscribed to the Game Pass standard and premium tiers.

Teamfight Tactics: Remix Rumble offers new characters and updates to the Portals and Augments in Riot Games’ 2019 autobattler game Teamfight Tactics. The new offering is now available for standard and premium Game Pass subscriber tiers.

World War Z: Aftermath is an expansion to the third-person cooperative zombie shooter game World War Z that was released on Steam in 2021. On December 5, standard and premium Game Pass subscribers will be able to play this zombie-slaying title.

For those looking for more, Spirit of the North and SteamWorld Build will join Game Pass December 1. Rise of the Tomb Raider and While the Iron’s Hot will be added December 5. Totally Reliable Delivery Service will be available December 6 for all Game Pass subscribers, plus core. Goat Simulator 3 will be added December 7, and Tin Hearts will be on Game Pass December 12.

While plenty of new games are coming to Xbox Game Pass this month , the following titles will no longer be included come December 15: Chained Echoes, Opus Magnum, Potion Craft: Alchemist Simulator, and Rubber Bandits.

Microsoft’s Xbox Game Pass is adding 16 new games and two for Core subscribers in December. Four games will be leaving the service this month. The new titles include Chivalry 2, Fallout 76: Atlantic City – Boardwalk Paradise, Far Cry 6, Remnant: From the Ashes, Remnant 2, Against the Storm, Clone Drone in the Danger Zone, Teamfight Tactics: Remix Rumble, World War Z: Aftermath, Spirit of the North, SteamWorld Build, Rise of the Tomb Raider, While the Iron’s Hot, Totally Reliable Delivery Service, Goat Simulator 3, and Tin Hearts.

This is good news for Xbox Game Pass subscribers as they will have more choices of games to play. #XboxGamePass #GamePass #DecemberGames #Microsoft #GameSubscription

You can read more about this topic here: Decrypt: Here’s What’s Coming to Xbox Game Pass

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