NFT News Daily TheBittimes.com

This week saw Bitcoin (BTC) hit a new yearly high; Sam Bankman-Fried testifies; Gemini sues Genesis Global, Elon Musk has crypto plans and regulatory efforts resurface. Bankman-Fried testifies FTX founder Sam Bankman-Fried took the stand on day 13 of his trial to deliver testimony, leveraging a remarkable “I don’t recall” approach in his speech to the judges. Bankman-Fried claimed that FTX refrained from utilizing auto-deletion mechanisms for their decision-making channels and leaned heavily on Signal for security measures. Furthermore, he deflected accountability onto his legal counsel, underscoring his lack of knowledge regarding specific aspects. The 14th day of the trial also saw Bankman-Fried on the stand . He attributed Alameda’s management turmoil to his former partner, Caroline Ellison, and candidly admitted to utilizing customer funds for political contributions.  Key highlights from his testimony involved vehemently refuting any allegations...

New York Attorney General Letitia James filed a lawsuit on Thursday accusing three major cryptocurrency companies — Gemini Trust, Genesis Capital, and Digital Currency Group — of perpetrating a $1 billion fraud scheme that harmed investors. According to an Oct. 19 The New York Times report, the lawsuit alleges that the Gemini cryptocurrency exchange, founded by Cameron and Tyler Winklevoss, misled users about the risks associated with its Gemini Earn program. Launched in 2021, Gemini Earn offered investors returns up to 8% for lending their crypto to Genesis Capital. However, according to the lawsuit, Gemini was aware that Genesis faced financial troubles after the collapse of FTX last November. Internal risk analyses deemed Genesis as highly risky with limited liquidity. Yet Gemini did not inform Earn investors, leaving thousands of New Yorkers unaware of the danger to their assets. You might also like: Genesis went bankrupt months after Gemini reportedly withdrew $282M in ...