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Sam Bankman Fried fraud trial continues

The second week of the Sam “SBF” Bankman-Fried FTX fraud trial will commence its hearings again on Monday, Oct. 9 with one of the main focal points anticipated to be testimony from Caroline Ellison. 

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The second week of the Sam “SBF” Bankman-Fried FTX fraud trial will commence its hearings again on Monday, Oct. 9 with one of the main focal points anticipated to be testimony from Caroline Ellison. 

Ellison, former romantic partner of SBF’s and CEO of FTX-tied Alameda Research is set to testify this upcoming week, possibly as soon as Tuesday. She was a part of Bankman-Fried’s inner circle and is expected to know details regarding the movement of customer funds between the two companies.

In her testimony, she is expected to highlight a November 2022 meeting with employees of Alameda when she admitted to using customer funds to repay creditors, which was given the green light by Bankman-Fried. 

In December 2022, Ellison and former FTX executive Gary Wang both pleaded guilty for their respective roles in the alleged fraud that led up to the collapse of FTX.

Wang testified in the FTX fraud trial on Oct. 5 saying that with the help of SBF, “We allowed Alameda to withdraw unlimited funds.” 

He added that Bankman-Fried did all the work on the front end – media, lobbying and investor relations- while Wang did the coding. “In the end, it was Sam’s decision to make [regarding any disagreements].”

Bankman-Fried has been charged with seven counts of conspiracy and fraud related to the fall of FTX, to all of which he has pleaded not guilty. Judge Lewis Kaplan is overseeing the case. 

The first week of the trial, which began on Oct. 3 focused on the disappearance of $8 billion of FTX customer funds. In addition to testimony from Wang, the first week saw both the prosecution and the defence state their arguments and the testimony from Adam Yedidia on Oct. 5.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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