Category: Cryptocurrency News

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Sam Bankman-Fried (SBF), the founder of the defunct FTX exchange, is set to face trial in October, barring any postponement. Amid the fracas, the former exchange CEO has maintained that he isn’t guilty of all these charges leveled against him and will be reportedly bringing expert witnesses to prove his innocence. Sam Bankman-Fried Defense To Call Seven Expert Witnesses  According to a Bloomberg report, Sam Bankman-Fried is employing the services of seven different expert witnesses to help bolster his case. These expert witnesses may form part of SBF’s defense, and if so, they will be allegedly paid $1,200 an hour to testify in favor of FTX’s former CEO.  This means that SBF’s defense could be spending up to $8,400 an hour for these expert witnesses, a staggering figure given that high-profile trials like these can drag out for a long time. Related Reading: Bitcoin Price Crashes Below $26,000 As SEC Pushes Back On 7 Spot ETF Filings This list of expert witnesses released so far includes Lawrence Akka, Thomas Bishop, Brian Kim, Joseph Pimbley, Bradley Smith, Peter Vinella, and Andrew Di Wu. Expert witnesses are persons with specialized knowledge in a particular field. They are usually called upon in court proceedings to break down complex or technical issues that the Judge and the jury may not be conversant with.  According to the defendant’s notice, SBF’s expert witnesses will give evidence of various issues, including campaign finance laws, the finances of FTX and its sister company, Alameda Research, and the crypto exchange’s software infrastructure.  However, it is surprising that SBF is calling an expert witness to give background information on the US campaign finance laws, considering that the prosecution had dropped the charge of him violating campaign finance rules.  The charge was dropped because it didn’t form part of the US government’s extradition agreement with the Bahamas government, and thus had no legs to stand on. But it seems defending himself against such allegations is important to the FTX founder given he is preparing a defense for it.  FTT continues to decline as trial draws closer | Source: FTTUSD on Tradingview.com DOJ Objects To SBF’s Expert Witnesses In reply to SBF’s notice of his expert witnesses, the government has filed a motion to exclude the testimony of these witnesses. The prosecutors argue that these experts and their accompanying disclosures suffer from an “array of deficiencies” that necessitate their exclusion.  For one, their opinions have no basis as required by the Federal Rule of Criminal Procedure. According to the prosecutors, their opinions, among other things, are “irrelevant, unfairly prejudicial, and confusing to the jury.” They further argue that these experts will offer legal conclusions that “invade” the power of the court and the jury, so the court should exercise its “gatekeeping authority” and preclude their testimonies.” The Prosecutor’s motion contains extensive arguments on why each of these expert witnesses’ opinions should be excluded. They stated that Professor Smith’s testimony is “irrelevant, confusing, and a waste of time” since SBF’s trial doesn’t include a charge stemming from the defendant’s “illegal campaign finance scheme.” Related Reading: Dogecoin And Bitcoin Become Latest Additions To Robinhood Wallet Meanwhile, they argue that Mr. Vinella’s testimony should be excluded on the grounds of qualifications, relevancy, and admissibility. If rejected, they have the court to grant them a Daubert hearing to evaluate his “qualifications, methodology, and the relevance and reliability of his proposed testimony.  Mr. Vinella seems to be SBF’s primary expert witness as he is set to opine on various topics, including FTX’s operations and how the company took “commercially reasonable steps” to protect customers’ funds despite the lack of regulatory clarity in the US.  SBF currently faces seven counts of financial fraud, including wire fraud on FTX and Alameda customers, securities fraud, and money laundering. Featured image from Town & Country Magazine, chart from Tradingview.com

Polygon’s Chain Development Kit allows developers to freely build, customize and deploy layer 2 chains connected to the wider Ethereum ecosystem.

The risks of cryptocurrency self-custody are real and should not be underestimated, as the private key can be stolen, destroyed or lost.

As Binance Coin (BNB) grapples with a turbulent market, its recent struggles have highlighted a decline in network activity, fueling a lack of buying pressure. The latest roadblock at the formidable $225 resistance level has compounded the altcoin’s long-term bearish bias, casting a shadow over its prospects in the crypto landscape. Taking a closer look at BNB’s recent performance, the altcoin faced a flurry of selling pressure in mid-August, a critical moment that saw the key support level of $225 transform into a major resistance. This shift firmly established bearish dominance on the higher timeframes, shaking investor confidence in BNB’s ability to rally. However, not all hope was lost as bulls rallied from the nearby support level just above $205, providing a glimmer of optimism amidst the prevailing bearish sentiment. Related Reading: The ApeCoin Quandary: Why Additional Losses Could Persist BNB’s Price and On-Chain Metrics BNB’s price, currently hovering at $213 according to CoinGecko, reflects the ongoing volatility. Over the past 24 hours, BNB has witnessed a 4.5% decline, while its seven-day performance shows a modest gain of 0.4%. BNB price action today. Source: Coingecko The Relative Strength Index (RSI), after a recent surge that took it above the neutral 50, experienced a sharp drop from the 60-mark, signaling unstable demand and wavering investor sentiment. Examining BNB’s on-chain metrics, we find interesting developments among market speculators. Coinalyze data reveals that the futures market reacted strongly to the short-term pump on August 29, with a sharp drop in Open Interest (OI). This indicates that traders may be growing cautious as they navigate the unpredictable waters of the BNB market. Source: Coinalyze Prospects for the Future Looking ahead, the fate of BNB appears to hinge on the weekly time frame and the closing price of its charts. If the week concludes with a strong closure above the $230 mark, buyers may seize the initiative. This potential resurgence could pave the way for a further climb towards the $240 zone, offering a glimmer of hope for BNB enthusiasts. However, a separate report highlights that such a scenario remains relevant only until mid-September, and the market’s mood can shift rapidly. BNB market cap currently at $32.9 billion. Chart: TradingView.com Related Reading: Hedera Falls To Critical Support Level: Can HBAR Rebound This September? BNB faces significant challenges as it grapples with declining network activity and a persistent lack of buying pressure. The recent rejection at the $225 resistance level has cemented a bearish bias on the higher timeframes, leaving investors to closely monitor BNB’s price movements and on-chain metrics for signs of a potential turnaround. Amidst this uncertainty, market participants must remain vigilant and adaptable, as the cryptocurrency landscape is known for its rapid fluctuations and ever-changing dynamics. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Telegaon

While AI has the power to revolutionize human resources, it also leaves HR professionals open to certain risks.

The U.S. Department of Commerce denied blocking AI chip sales to the Middle East and remained silent about whether the requirements were only imposed on specific countries.