🦎🚀 Keeping up with SBF 🚨

Friday, October 6, 2023

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The Trial of Sam Bankman-Fried

The trial of Sam Bankman-Fried, the founder of FTX, has commenced, with federal prosecutors accusing him of orchestrating a multibillion-dollar fraud.

Bankman-Fried faces charges of wire fraud, securities fraud, and money laundering related to defrauding customers on his digital currency exchange, FTX.

Some updates on the trial include Alameda Research having access to withdraw unlimited funds from FTX, a bug in FTX's code leading to an $8 billion overstatement of Alameda Research's debt to FTX customers, and the Department of Justice seeking to seize two private jets owned by Sam Bankman-Fried.

In today's news, we have Friend.tech adding the option to switch from phone number to email after several SIM swap incidents, Blackbird Labs raising $24M led by a16z, and Hong Kong setting up a joint task force to monitor suspicious activity on crypto exchanges!

Read on!

Who Invests in Metaverse Land & Why?

Digital land in the metaverse has evolved from a curious subculture to a multi-billion dollar market, drawing attention from major investors and media.

Blockchain Research Lab's latest academic research reveals 4 distinct, though not mutually exclusive, groups of metaverse real estate investors, each with their own unique motivations.

Find out the 4 types here

24h Hot Searches Worldwide 🔥

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Friend.tech has taken the crypto community by storm, becoming one of the most profitable protocols today. Find out what it's all about, its risks, and whether it's worth the hype!

Learn more here!

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Preventive Measures

The crypto-based social media platform FriendTech has introduced an option to switch from phone number-based authentication to email-based authentication in response to several reports of SIM swap attacks.

Recently, at least six FriendTech users reported experiencing SIM swap attacks in which attackers gained access to their accounts and liquidated their keys, which are social tokens linked to influencers on the platform and offer various benefits to their holders.

The Block

Ramping Up Efforts

Hong Kong's police force and the Securities and Futures Commission (SFC), have formed a joint task force to oversee and investigate suspicious activities on cryptocurrency exchanges.

This development follows the JPEX incident, a case of alleged fraud involving a Dubai-based crypto exchange operating in Hong Kong without proper licensing. The incident resulted in a significant loss of HK$1.43 billion (approximately $182.9 million), making it one of the largest financial fraud cases in Hong Kong's history.

Decrypt

What's Cookin?

Blackbird Labs, a company that aims to connect restaurants and customers through its crypto-powered app and loyalty program, has raised $24 million in a Series A funding round led by venture capital firm Andreessen Horowitz (a16z).

Using Blackbird, customers can create a non-fungible token (NFT) membership by tapping their phone on a near-field communication (NFC) reader built on Coinbase's Layer-2 Base blockchain. These memberships offer rewards and insider perks at participating restaurants, including access to off-menu items and SMS concierge services.

CoinDesk