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🥁 SBF's $250 Mil Bail Revoked, Crypto Fraud Behind Bars

3 things Coinbase says will determine the future of crypto, and more!

Author

The BEN Team
August 16, 2023

Read time: 4 minutes

GM fam! Never a quiet day in crypto 🥁 Here’s the playlist for today:

  • Take Blockchain Courses ⭐

  • CoinDesk lays off 45% of its editorial staff 🥁

  • Trending News 🗞️

  • Upcoming Events & Promo Codes 💫

  • Tweet of the Week 🐦

  • New Remote Jobs 💼

  • Resources to Get Crypto Smart 🧠

Take Blockchain Courses ⭐ 

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🥁 CoinDesk lays off 45% of its editorial staff

Things ain’t looking so hot for CoinDesk, as yesterday The Block reported that CoinDesk is laying off 45% of their editorial team.

Why? Because their owner, Digital Currency Group (DCG), plans to sell a stake in CoinDesk for $125 million. WSJ reported at the end of July that DCG was close to closing a $125 million deal with a syndicate led by crypto investor Matthew Roszak of Tally Capital. DCG will be keeping some of its CoinDesk stake though.

Sounds like a lot at a glance, but apparently CoinDesk has 125 employees and the editorial team is 45 people, so 20 people are being let go.

🥁 SBF’s $250 mil bail revoked, crypto fraud behind bars

Sam Bankman-Fried from the failed FTX crypto exchange, will be held in jail through his two upcoming trials.

After The New York Times reported he allegedly attempted to intimidate witnesses, Judge Lewis Kaplan ordered that his $250 million bail be revoked.

SBF is facing 12 criminal charges spread across two trials beginning in October 2023 and March 2024.

18 VC firms that were former partners of FTX, including Sequoia and Softbank are also being sued in a class action lawsuit, as well as FTX’s former primary legal counsel, Fenwick & West.

Meme Break 😌

🗞️ Trending News

1- The FBI seized almost $400,000 from Binance account users in May
Stark reminder of the increasing scrutiny on crypto transactions. Could this be an early warning sign of more regulatory actions to come?

2- The 3 Things Coinbase Says Will Determine the Future of Crypto
Coinbase, a front-runner in the crypto world, is peering into the crystal ball…

3- FDIC Crypto Warning Underlines U.S. Banking Agencies' Arm’s-Length Policy
FDIC sounding the alarm, or merely a step towards prudent regulatory caution?

4- Helium Mobile Debuts Crypto Wireless Network in Miami—For $5 a Month
Crypto and wireless networks merging at such a low price point? Helium Mobile is surely trying to redefine how we connect to the world.

5- SEC is conducting a ‘fishing expedition’ instead of seeking discovery, Binance.US claims
Is the SEC's approach a genuine quest for truth or a blind pursuit? Binance.US is clearly playing defense here, but is it justified? The courtroom drama unfolds.

6- PayPal’s Stablecoin Not Likely to Be Used Widely Anytime Soon: Bank of America
PayPal's dive into stablecoins seems to be a major step, yet Bank of America isn’t so convinced. What’s holding back widespread adoption?

7- Base Is Here, But Some of Its Projects Raise Red Flags
As Base makes its entrance into the market, it seems not all is crystal clear. Will these red flags deter investors, or is the potential too lucrative to ignore?

8- Donald Trump Holds Up to $500K in Crypto
Donald Trump, apparently holds crypto. What coins is he hodling?

Upcoming Events & Promo Codes 💫

Tweet of the Week 🐦

New Remote Jobs 💼

Resources to Get Crypto Smart 🧠

  • Web3 Daily - The latest Web3 news, but translated into plain English, so anyone can understand it.

  • Ponder Crypto - A weekly email that will entertain and educate readers on all things crypto in just 5 minutes!

  • Alts.co - a newsletter about investing in alternative assets like art, LEGOs, NFTs, farmland, and more!

  • Early Bird - Join over 1000 investors to learn about stocks, cryptocurrency, and crowdfunding in 3 minutes or less

  • Morning Brew - The daily email that delivers the latest news from Wall Street to Silicon Valley

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Disclaimer: This newsletter is purely educational and is not intended to be financial advice. Please don't take it as such. This is not an invitation to buy or sell digital assets, nor does it suggest how you should make financial decisions. Always do your own research.

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