Crypto is moving quickly, and investors always have to be up to date with everything that happens in the industry, as major events can highly influence market movements. So, here are some of the most important things that happened in crypto last week that you might have missed.
1. SBF Trial Update
The trial against former FTX Founder and CEO Sam Bankman-Fried started on October 3. Some FTX developers pleaded guilty, and witnesses point to SBF for many actions that led to FTX’s collapse.
The SBF (Sam Bankman-Fried) trial started on October 3, 2023, and many things have happened since then. Sam Bankman-Fried is charged with 7 counts of conspiracy and fraud for the collapse of the FTX exchange from November 2022.
He pleaded not guilty to all charges. The case is heard by Judge Lewis Kaplan, who has presided over plenty of high-profile cases, including some involving former Donald Trump, Prince Andrew, and the Gambino crime family.
On October 3, The SBF trial started with the jury selection. However, October 4 came with questionable statements and actions. The DOJ (US Department of Justice) portrayed Bankman-Fried as someone who “deliberately lied to investors to enrich himself and expand his crypto empire.”
The defense did not step behind and stated that SBF is a young entrepreneur who just made business decisions that “didn’t work out.” Moreover, the defense highlighted Binance’s influence in the collapse of FTX.
On October 5, Adam Yedidia, a close friend of Sam Bankman-Fried and former developer at FTX, was questioned by the case’s prosecutors regarding an $8 billion liability to FTX. According to Yedidia, since 2021, FTX had used an Alameda account labeled North Dimension to deposit users’ funds, as the exchange was yet unable to open its own bank account.
On the same day, 2 other witnesses testified during the 2nd part of the trial: Matthew Huang, co-founder of Paradigm, early investor for FTX, and Gary Wang, co-founder of FTX and Alameda Research.
Source: Cointelegraph
2. Grayscale Filed for a Spot Ethereum ETF
Grayscale Investments, in conjunction with NYSE Arca exchange, filed for approval from the SEC to convert the former’s Ethereum Trust to a spot ETH ETF. Grayscale’s Ethereum Trust is the largest ETH investment vehicle in the world.
Grayscale Investments, one of the largest crypto assets managers, in conjunction with NYSE Arca exchange, has filed for approval from the SEC (US Securities and Exchange Commission) to convert its Ethereum Trust (ETHE) to a spot Ethereum ETF (Exchange-Traded Fund).
With over $5 billion in assets under management, Grayscale’s Ethereum Trust is the largest ETH investment vehicle in the world. According to the latest reports, the Grayscale Ethereum Trust gathers 2.5% of the total ETH coins in circulation.
Grayscale CEO Michael Sonnenshein stated that the company filing for Ethereum Trust’s conversion is part of its commitment to “offer investors transparent and regulated access to crypto through product structures that are familiar.” The company is also waiting for approval from the SEC to convert its Bitcoin Trust to an ETF.
Source: Coindesk
3. Chainalysis Layoffs Reached 15% Due to Crypto Job Shift to AI
Blockchain analytics company Chainalysis reached 15% in layoffs due to market conditions and the shift to AI for various jobs. The company is not the only example, as Coinbase, Crypto.com, and many more have also contributed to a major series of job cuts.
Blockchain analytics company Chainalysis has laid off 15% of its workforce during the 2nd round of layoffs in the past 12 months. During the first round of layoffs, the company laid off 5% of its employees, pointing its actions to the market conditions.
A statement of the company highlighted its main reasons for the recent layoffs: “We are very focused on growing efficiently and, due to market conditions, believe it necessary to reduce our expenses at this time.”
Furthermore, the company is also pointing to the evolution of AI and the shift to this technology to complete various jobs.
Chainalysis’ actions are not alone, as many other crypto companies have contributed to the series of job cuts, including Coinbase, Crypto.com, Gemini, Blockchain.com, ConsenSys, Polygon, and many more.
Source:BeInCrypto
4. Visa Will Invest $100 Million in Generative AI
Visa announced that it set up a fund of $100 million to invest in generative AI, as it believes that it can become one of the most transformative technologies. The fund will be curated by Visa Ventures and is designed for companies working to develop GenAI technologies.
Visa, one of the largest payment services in the world, set up a new fund to invest in the development of generative AI. The company announced on October 2 that it set up a fund of $100 million, especially for the companies working to develop generative AI technologies related to commerce and payments.
The $100 investment will be supported by Visa’s global corporate investment arm called Visa Ventures. Visa Ventures has been investing in innovation and has supported technology developments in the payments field for the past 26 years.
The Head of Crypto of Visa, David Rolf, mentioned that generative AI has the potential to become “one of the most transformative technologies of our time.” “We are excited to expand our focus to invest in some of the most innovative and disruptive venture-backed startups building across generative AI, commerce, and payments,” he stated.
Source: Cointelegraph
5. Another Polygon Co-Founder Stepped back from Operations
Polygon Co-founder Jaynti Kanani announced that he will be stepping down from Polygon and contributing “from the sidelines.” He stated that he is focused on new adventures.
On October 3, Polygon co-founder Jaynti Kanani announced that he has been absent from daily work on Polygon for the past 6 months. Kanani stated that he will step down and contribute “from the sidelines” to the project he helped develop in 2017. The main reason for Jaynti Kanani’s actions is represented by his plans to focus on “new adventures.”
The decision of Jaynti Kanani concerns many experts and investors, as he is not the first Polygon co-founder or executive to announce their departure during the past 12 months. Sam Trabucco, former CEO of Alameda Research, stepped down last August, just months before the tragic collapse of the FTX exchange. Uniswap Labs venture lead Matteo Liebowitz also announced his departure just 1 week before Jaynti Kanani.
The recent departures of the 3 co-founders and executives can and do raise questions about the project’s evolution. Usually, so many important members stepping down from the project can indicate some issues with a crypto project. However, it is also possible that Kanani, Liebowitz, and Trabucco truly have new projects to focus on.
Source: Decrypt
6. Starbucks Started Selling Pumpkin Spice Latte NFTs
Starbucks, one of the largest coffeehouse companies, has launched another NFT collection, this one focused on Pumpkin Spice Latte, one of the company’s most popular beverages. The NFT collection was developed to celebrate the 20th anniversary of the PSL.
Coffeehouse giant Starbucks announced on October 4 the launch of another NFT collection. The digital collectibles were developed to celebrate the 20th anniversary of Starbucks’ renowned beverage, the Pumpkin Spice Latte.
The announcement was made while the popular beverage is at its peak in sales, and the collection has been available since October 5.
Starbucks’ Pumpkin Spice Latte-themed NFT collection contains a series of PSL digital stamps available on Starbucks Odyssey, the company’s Web3 rewards and loyalty platform. The digital collectibles are sold in 4 varieties that indicate the qualities of the drinks: Whipped, Steamed, Iced, and Spiced.
Source: Decrypt
7. The SEC Will not Dismiss Coinbase Lawsuit
The SEC urged the US District Court to deny Coinbase’s request to dismiss the regulatory body filed against the crypto exchange. However, the SEC is focused on proving that Coinbase contributed to trading securities.
The US SEC (Securities and Exchange Commission) has recently asked the US District Court to deny Coinbase’s requests and efforts to dismiss its lawsuit against the cryptocurrency exchange. The 2nd largest crypto exchange in the world has asked for a complete dismissal of the lawsuit between it and the regulatory body.
The lawsuit the SEC filed against Coinbase is focused on whether the latter intermediated transactions involving investment contracts, products that can be considered securities.
In June 2023, the crypto exchange submitted another court request for the dismissal of the lawsuit, and it stated that the SEC had not identified transactions involving securities.
Source: BeInCrypto
8. PayPal Applied for NFT Marketplace Patent
PayPal announced that it aims to develop its blockchain ecosystem even more, so it applied for a patent for an NFT marketplace where users can trade digital collectibles on- and off-chain. The application is still pending.
PayPal is making progress in creating its own blockchain ecosystem. The company has filed a patent application for an NFT (Non-Fungible Token) marketplace where users can purchase and transfer digital collectibles. The application highlights the possibility to buy and sell NFTs both on- and off-chain.
The patent application is still pending, but PayPal is hoping to have a victory and start to use NFTs at their full potential, going beyond the trading of electronic collectibles. In the system developed by the company, users will be able to use any currency and customize the system as they wish.
The NFT marketplace PayPal aims to develop comes following the company introducing its stablecoin, called PayPal USD. PYUSD is a cryptocurrency built on the Ethereum blockchain.
Source: https://cointelegraph.com/news/paypal-nft-marketplace-patent-asset-trading
9. LinkedIn Will Release an AI-Powered Assistant for Recruiters
Major social platform LinkedIn announced that it will launch an AI-powered assistant developed to help recruiters find candidates suitable for their open positions.
LinkedIn, one of the most popular business-focused social platforms, announced that it aims to develop an AI-powered assistant built to help job recruiters find candidates that match their requirements. Furthermore, the company also stated that it plans to launch an AI educational assistant for its learning section.
The AI-powered assistant that will be called “Recruiter 2024” will help recruiters from all over the world find suitable candidates for their open positions by using simple and natural language and introducing their hiring goal as they might like, such as “I want to hire a senior growth marketing leader.”
Source: Cointelegraph
10. Kraken Aims to Acquire Dutch Exchange BCM
Kraken announced that it aims to acquire Netherlands-based exchange BCM in its efforts to expand its European business.
One of the top crypto exchanges in the world, Kraken, announced on October 5 that it will acquire Netherlands-based exchange BCM (Coin Meester B.V.). The main reason for Kraken’s decision is backed by its plan to grow its European business. BCM is a Dutch crypto exchange launched in 2017, thus being one of the Netherlands’ oldest and most popular exchanges.
“The proposed acquisition will enable us to strengthen our presence in the Netherlands and allow BCM’s clients to benefit from our extensive product offering, market-leading liquidity, superior security standards, and 24/7/365 live client support,” states the San Francisco-based cryptocurrency exchange.
BCM Co-founder and CEO Mitchell Zandwijken supports Kraken’s vision: “Our clients will benefit from all that crypto has to offer through Kraken’s continuous investment and innovation.”
Source: Cointelegraph
11. Yuga Labs Confirms Reducing Its Workforce
NFT creator Yuga Labs announced that it will go through some layoffs that will leave the company with just a little over 120 employees.
Yuga Labs, one of the top NFT creators and the company behind the Bored Ape Yacht Club, confirmed that it has gone through some layoffs in the past few weeks, the action being part of a restructuring plan.
Daniel Alegre, the CEO of the company, has stated that Yuga Labs needs to refocus while tapping more external partners. His team email was also posted on Yuga Labs news.
At the moment, it is not specified how many employees were or will be affected by the Yuga Labs layoffs, and the company refused to give any more details about its decision. However, Co-founder Greg Solano wrote in a tweet that the company’s team still has over 120 employees.
Source: Decrypt
* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
Source: https://coindoo.com/last-week-in-crypto/