{"id":175425,"date":"2023-10-17T02:09:17","date_gmt":"2023-10-16T20:39:17","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=175425"},"modified":"2023-10-17T02:09:17","modified_gmt":"2023-10-16T20:39:17","slug":"the-explosive-revelations-of-caroline-ellison-law-decoded-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/the-explosive-revelations-of-caroline-ellison-law-decoded-crypto-news\/","title":{"rendered":"The explosive revelations of Caroline Ellison: Law Decoded – Crypto News"},"content":{"rendered":"
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Last week, the FTX court saga had elements of a TV drama, with Sam \u201cSBF\u201d Bankman-Fried\u2019s former business associate and girlfriend, Caroline Ellison, sharing some shocking stories about SBF\u2019s rule over the company. Ellison admitted to fraud during her time as CEO<\/a> at Alameda under Bankman-Fried\u2019s direction. However, she blamed the misuse of FTX user funds directly on SBF, claiming he \u201cset up the systems\u201d that led to Alameda taking roughly $14 billion from the exchange.<\/p>\n

Ellison revealed that Alameda\u2019s bad loans created market panic<\/a> around FTX, causing users to withdraw their funds. FTX then paused withdrawals to contain the situation, and the exchange came crashing down within days. When one of the employees attending the meeting asked Ellison how FTX intended to pay back its customers, she said the crypto exchange was planning to raise further funds to fill the gap.<\/p>\n

She also told the court about the SBF\u2019s ambitions to become the president of the United States<\/a>, his willingness to \u201cflip a coin and destroy the world,\u201d and his plans to attract investment<\/a> from Saudi Crown Prince Mohammed bin Salman. <\/p>\n

Meanwhile, former FTX chief technology officer Gary Wang, who\u2019s also been giving his testimony in court, pleaded guilty to four charges<\/a>, including conspiracy. <\/p>\n

IRS must implement crypto reporting requirements before 2026<\/h3>\n

Seven members of the United States Senate have called on the Treasury Department and Internal Revenue Service (IRS) to advance a rule imposing certain tax reporting requirements for crypto brokers \u201cas swiftly as possible.\u201d A group of U.S. senators, including Elizabeth Warren and Bernie Sanders, criticized a two-year delay in implementing crypto tax reporting requirements, which are scheduled to go into effect<\/a> in 2026 for transactions in 2025. The lawmakers claimed delaying implementation of the rules could cause the IRS to lose roughly $50 billion in annual tax revenue and continue policies allowing bad actors to avoid paying taxes.<\/p>\n

Continue reading<\/strong><\/a><\/p>\n

DeFi doesn\u2019t represent a \u201csignificant risk\u201d to financial stability in Europe yet<\/h3>\n

The European Securities and Markets Authority (ESMA) \u2014 the European Union\u2019s financial markets supervisory authority \u2014 released an article on decentralized finance (DeFi) and the risks it poses to the EU market. In a 22-page report, the ESMA admits the promised benefits of DeFi, such as greater financial inclusion, the development of innovative financial products, and the enhancement of financial transactions\u2019 speed, security and costs.<\/p>\n

Warning about the risks of the technology, the regulator concludes that currently, DeFi and crypto, in general, do not represent \u201cmeaningful risks\u201d to financial stability. That is because of their relatively small size and limited interconnectedness between crypto and traditional financial markets.<\/p>\n

Continue reading<\/strong><\/a><\/p>\n

Malaysia approves its fifth digital exchange<\/h3>\n

The Malaysia-based Hata has received in-principle approval from the Securities Commission Malaysia to register as a Recognized Market Operator as a digital asset exchange and digital broker. The approval means Hata could launch its services in six to nine months. Hata will become the fifth regulated digital asset exchange in Malaysia and the first legal entity to receive approval as a digital broker, allowing it to display trade orders from other regulated exchanges.<\/p>\n

Continue reading<\/strong><\/a> <\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Last week, the FTX court saga had elements of a TV drama, with Sam \u201cSBF\u201d Bankman-Fried\u2019s former business associate and girlfriend, Caroline Ellison, sharing some shocking stories about SBF\u2019s rule over the company. Ellison admitted to fraud during her time as CEO at Alameda under Bankman-Fried\u2019s direction. However, she blamed the misuse of FTX user […]<\/p>\n","protected":false},"author":2,"featured_media":175426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-175425","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/175425","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=175425"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/175425\/revisions"}],"predecessor-version":[{"id":175427,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/175425\/revisions\/175427"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/175426"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=175425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=175425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=175425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}