SBF’s Handcuffs Aren’t Loosening Anytime Soon TechCrunch

Welcome back to Chain reaction.

If you’re reading this, I’m willing to bet you probably haven’t been arrested this week and are now incarcerated in a Bahamian jail. But you know who has been arrested and is in a jail in the Bahamas at this time? Yes, former FTX CEO Sam Bankman-Fried.

Seems like the majority of the headlines have been on SBF and FTX lately – and for good reason. This week’s chatter was surrounded by his expected testimony at the U.S. House Financial Services Committee hearing into the collapse of FTX, which he never spoke to because he was arrested. the night before.

After being denied bail, SBF is being held at the Bahamas Department of Corrections in the prison’s maximum-security infirmary with five other inmates in a “dormitory-like setting”, according to The Nassau Guardian. . And don’t worry, Acting Bahamas Commissioner Doan Cleare said SBF was in “good spirits” and the jail was no longer infested with rodents.

Now we can all sleep soundly tonight.

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this week in web3

Here are some of the biggest crypto stories TechCrunch has covered this week.

SEC, CFTC and SDNY Lawyers Office Accuses FTX’s Sam Bankman-Fried of Defrauding Investors

The U.S. Securities and Exchange Commission (SEC) has formally charged disgraced FTX founder Sam Bankman-Fried (aka SBF) with defrauding investors, it revealed Tuesday morning after he was arrested in Bahamas. The SEC said in a press release that in addition to being charged with fraud involving FTX stock investors, he was also being investigated for other securities law violations — and has noted that there were also ongoing investigations against others involved. However, the SEC isn’t the only one getting its hands on this ball: The Southern District of New York Attorney’s Office and the Commodity Futures Trading Commission (CFTC) have also filed charges against SBF under ” parallel actions”.

US attorney says ‘we’re not done’ charging individuals for FTX collapse

Several US government agencies held a press conference on Tuesday afternoon regarding the indictment of former FTX CEO Sam Bankman-Fried. When asked if the entities would bring charges against others allegedly involved in the FTX collapse, Damian Williams, U.S. Attorney for the Southern District of New York, said at the event, “I can only say this: obviously we are not done. .”

New FTX CEO John Ray Details Crypto Exchange’s Downfall in US House Testimony (TC+)

As mentioned above, the US House Financial Services Committee held a hearing Tuesday morning into the collapse of FTX. John J. Ray III, CEO of FTX for four weeks, was the only witness in the hearing as SBF appeared in court in the Bahamas for his arraignment. The four-hour hearing covered a lot of ground and left many questions unanswered, but several parts stood out from Ray’s testimony. Since we’re assuming you weren’t able to see the entire live session, feel free to read our notes.

PayPal and MetaMask team up to make it easier to buy crypto

PayPal is primarily known as an online payment method. But the company wants to become an easy way to get started with cryptocurrencies. In this regard, ConsenSys, the company behind MetaMask, has announced that it will add an integration into its crypto wallet so that users can purchase cryptocurrencies using their PayPal account.

Coinbase launches asset recovery tool for unsupported Ethereum-based tokens

Coinbase, the world’s second-largest crypto exchange, has launched a new tool to help customers retrieve more than 4,000 unsupported ERC-20 tokens sent to its ledger, the company exclusively told TechCrunch. “ERC-20 token” is the technical terminology for any cryptocurrency created using the Ethereum blockchain. While Coinbase supports hundreds of cryptocurrencies, there are thousands that do not. The ERC-20 self-service asset recovery tool allows customers to recover different types of tokens sent to a Coinbase address.

the last module

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follow the money

1. Aztec Network has raised $100 million in a16z-led round to build a crypto blockchain
2. Nillion has raised over $20 million to build a blockchain-free decentralized network
3. Crypto insurance firm Evertas raises $14M in Series A
4. Forum3 has raised $10 million to help companies build loyalty rewards programs on the Web3
5. Web3 Licensing Protocol Spaceport Raised $3.6M in Pre-Seed Round

This list was compiled with information from Messari as well as TechCrunch’s own reports.