Here Is What Occurred In The World Of Cryptocurrency Today

Do you need to know the latest crypto news? Here is the most recent information on daily trends and occurrences that affect the price of Bitcoin, blockchain, DeFi, NFTs, Web3, and cryptocurrency legislation.

Source: capital.com

In the midst of an SEC case, Ripple's CFO resigns, and authorities have requested a magistrate in Sam Bankman-Fried's case to prohibit his attorneys from arguing in favor of a possible restitution of FTX customers' assets put in Anthropic. In further developments, the cryptocurrency world is still enjoying Gary Wang's declarations, previously the chief information director of FTX, in which he claims that FTX used programming in Python to inflate the amount of its backup fund.

CFO Of Ripple Resigns Facing SEC Suit

Kristina Campbell, the chief administrative director of Ripple, has retired. They've accepted an identical position with Maven Clinic, a supplier of online medical care, based on their LinkedIn profile. A half-year after the US Securities and Exchange Commission sued Ripple for suspected regulatory violations, Campbell joined the organization in April 2021. It is still unknown whether the chief executive's resignation was related to the ongoing SEC lawsuit. 

Authorities Claim That Sam Bankman-Fried's $500 Million Philanthropic Stake Is Unrelated To The Case

In order to prevent Sam Bankman-Fried's defense team from arguing about the possibility of restitution of FTX client funds deposited in Anthropic, prosecutors in the United States have asked the judge sitting in the case to do so. In April 2022, Bankman-Fried committed $500 million in the AI business; however, the US government will soon provide proof that the Anthropic transaction was funded with money that was wrongfully taken from FTX customers' savings.

Anthropic has been in the news recently as it seeks more funding from shareholders, pursuing big names like Amazon and Google, which might result in an estimated value of $20 to $30 billion. In addition to raising the worth of Bankman-Fried's expenditures, fresh information on the company's possibly high appraisal, according to U.S. prosecutors, could help with the potential recovery of monies for FTX clients and other debtors in the FTX bankruptcy.

As already stated by the court, the prosecution contends that this information is meant to be utilized to support the claim that FTX consumers and other plaintiffs will receive full compensation for their losses.

Python Programming Was Used By FTX To Fabricate Its Liability Insurance Payout Estimate

Based on evidence from FTX founder Gary Wang, cryptocurrency exchange FTX utilized covert code written in Python to inflate the worth of its insured fund, a collection of funds intended to guard against user losses during significant liquidating occurrences.

Gary Wang, the previous chief technical officer of FTX, testified in the devastating new evidence on October 6 that the company's alleged $100 million safety reserve for 2021 was a fabrication and that it never truly included any of the exchanges' FTX tokens (FTT) as stated.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.