FTX updates: Ellison helps prosecution, $1 million crypto fraud uncovered by SEC ⚡️ Hamster News
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Today’s Crypto News: FTX Legal Proceedings and Blockchain Adoption in Japan
Hey hamsters! In today’s news, legal proceedings continue to advance in the FTX case, with Caroline Allison offering extraordinary cooperation. Sonny is now joining the bandwagon of businesses in Japan that want to tap into blockchain technology. Are you ready? It’s time to dive into today’s news.
Caroline Allison’s Cooperation in FTX Case
According to a September 17th filing, Caroline Allison has exhibited extraordinary cooperation in the prosecution of former FTX CEO Sam Bankman-Fried, even being forthcoming about her own grave misconduct in the exchange’s collapse. Her sentence, to be determined on the 24th, is now believed to be more lenient after a recommendation from U.S. prosecutors.
Prager Metis Settles SEC Cases
On the same note, Prager Metis, the auditor for FTX, has also agreed to pay $1.95 million to settle two SEC cases. According to the claims, Prager misrepresented compliance with auditing standards and failed to assess risks tied to FTX’s connection with Alameda. It’s worth noting that the auditor did not admit or deny any wrongdoing in agreeing to these settlements.
SEC’s Ongoing Role
The SEC continues its role with a suit against three individuals and five companies for their alleged participation in operating “pig butchering” scams. These coordinated schemes are believed to have defrauded at least 18 investors of almost $1 million in crypto and fiat currencies.
Brian Armstrong Refutes Rumors
Brian Armstrong, the Coinbase CEO, has spoken out against the rumors of Coinbase issuing Bitcoin IOUs to BlackRock, which was believed to be manipulating the price of crypto lower. The CEO countered that the ETFs are minted, burned, and settled on-chain within one business day.
Blockchain Adoption in Japan
With Sony also jumping on the bandwagon of businesses in Japan that want to tap into blockchain technology, the country as a whole is believed to be considering whether or not to loosen its rules for the crypto industry. It would be so awesome and cool if they did.
That’s all for today. Thanks for watching! Subscribe and remember, hamsters, power to one and all for one. See you tomorrow!
