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Authorities arrested Sam Bankman-Fried in the Bahamas.
According to CryptoQuant, Binance reserves are taken into consideration.
Ark Invest continues to invest in Coinbase.
Former CEO of FTX, Sam Bankman-Fried Arrested in the Bahamas earlier this week. The former billionaire now faces extradition to the United States, where he will face numerous charges from both the Securities and Exchange Commission and the Southern District of New York’s US Attorney’s Office.
A Bahamian judge denied SBF bail because he was considered a fugitive risk. The US Attorney’s Office for the Southern District of New York has charged SBF with eight counts of his crimes. Meanwhile, the SEC also indicted Sam Bankman-Fried for organizing a plot to deceive FTX Trading’s stock investors.
According to John J. Ray III, FTX had no record keeping He accused cryptocurrency exchanges of committing old-fashioned embezzlement.
Blockchain analytics provider CryptoQuant revealed earlier this week Verified Binance Proof of Reserves In a recently released audit report. The report analyzed the recently released Proof of Reserve by Binance.
There has been a lot of FUD around Binance over the past few days, with a surge in withdrawals on the platform. Binance CEO Changpeng Zhao told CNBC that the cryptocurrency exchange can accommodate 100% of his withdrawals on the platform. He said;
People can withdraw 100% of their assets on Binance. There is no problem on any given day. Binance does not operate on a partial banking system.
Ark Invest acquired a stake in Coinbase in two installments last week. Earlier in the week, Ark Invest acquired over 78,000 of his Coinbase shares despite a drop in the company’s share price.
By the end of the weekend, Ark Invest had spent $3.2 million on Coinbase stock, bringing the total to $58 million. The investment comes even though Coinbase’s CEO expects 2022 earnings to be down more than 50% from his 2021 earnings.
Cloud computing giant Microsoft announced earlier this week that it had imposed new restrictions on activities such as cryptocurrency mining. As a result of this latest development, users will now require prior written approval from the company before being allowed to mine cryptocurrencies using Microsoft Azure.
Brazilian Central Bank Governor Roberto Campos Neto announced earlier this week that he is preparing to launch a Central Bank Digital Currency (CBDC) in 2024.
The central bank also plans to conduct a pilot program with other financial institutions before implementing the CBDC.
