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Sam Bankman-Fried will get one day in court to meet with lawyers

A federal judge overseeing former FTX CEO Sam “SBF” Bankman-Fried’s criminal case has issued an order allowing Sam Bankman-Fried to meet with his legal team outside of jail for roughly seven hours.

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A federal judge overseeing former FTX CEO Sam “SBF” Bankman-Fried’s criminal case has issued an order allowing Sam Bankman-Fried to meet with his legal team outside of jail for roughly seven hours.

In an Aug. 21 filing of the United States District Court for the Southern District of New York, Judge Lewis Kaplan ruled that SBF will be allowed to meet with his counsel in the cell block attorney room at the courthouse on Aug. 22 regarding one of his scheduled hearings. Kaplan ordered SBF’s bail revoked on Aug. 11, sending the former FTX CEO to the Metropolitan Detention Center in Brooklyn, likely until the conclusion of his criminal trials.

According to the order, SBF will be allowed access to “one Internet-enabled laptop and one WiFi device” from roughly 8:30 AM EST until 3:00 PM while meeting with counsel. His lawyers had petitioned the court to release SBF for five days every week through his trials in order for him to prepare for the case. However, Kaplan’s order suggested only a one-time release within the confines of the courthouse on Aug. 22, with another decision likely pending based on a response from the U.S. Department of Justice.

Bankman-Fried’s first of two trials is scheduled to begin on Oct. 2, in which he will face seven charges related to fraud at FTX. The latest superseding indictment filed by prosecutors on Aug. 14 said they will consider SBF’s alleged violations campaign finance scheme as part of a wire fraud charge. He will face five other charges at his other trial scheduled for March 2024.

Before his $250-million bail was revoked, Bankman-Fried was largely confined to his parents’ home in California. He has pleaded not guilty to all charges.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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