🐝 FTX Director accused of masterminding million dollar fraud!
Hey there, fellow crypto explorers! 🌍🔍 Are you ready to dig deep into the exciting world of Web3? Because Web3 Buzz is your trusty shovel, uncovering the latest trends and insights in blockchain and beyond. Today, we're unearthing:
FTX Director Faces Fraud Charges
BTC $20K: Join Millionaire's Club
Boring Co. CEO Rumored for Twitter
So put on your hard hat and let's start digging - we've got some treasure to uncover in the world of Web3!
Former FTX Director Charged with Million Dollar Fraud Scheme!
If you're into the world of Web3 and crypto, you might be interested to know that the SEC just charged a former FTX exec, Nishad Singh, for defrauding investors. According to the SEC, Singh withdrew $6 million from FTX for his personal use and was an "active participant" in a scheme to deceive investors. That's a big blow for FTX, which filed for bankruptcy protection last November, and its former CEO, Sam Bankman-Fried, who's already facing criminal and civil charges.
But that's not all! The Commodity Futures Trading Commission also charged Singh with "fraud by misappropriation and aiding and abetting fraud." Apparently, Singh created software code that allowed FTX customer funds to go to Alameda Research, a crypto hedge fund founded by Bankman-Fried and Gary Wang. Singh knew that Bankman-Fried was making false assurances to investors about FTX's safety, but he still went along with it.
And get this: Bankman-Fried even asked Singh to transfer funds from another entity he controlled and falsely characterize $50 million as revenue that FTX earned throughout 2021! Singh backdated fraudulent transfers and lied to auditors about them. It's all just a mess.
Despite all of this, Singh continued to work at FTX and support Bankman-Fried. But now he's been charged, and he's agreed to a "bifurcated settlement" regarding the SEC charges. Singh also pleaded guilty to separate criminal charges brought by federal prosecutors.
It's a major coup for regulators and prosecutors in their ongoing cases against Bankman-Fried. Singh's cooperation will surely help them. We allege that this was pure and simple fraud. FTX touted its supposed effective risk mitigation measures to investors, but Singh and his co-defendants were stealing customer funds using software code that Singh helped create. It's a cautionary tale for all of us in the crypto world.
BTC Price Over $20K: The Secret to Crypto Millionaire Status.
Let's dive into the exciting world of Bitcoin and see how hodlers are becoming millionaires. It's all about that magical $20,000 price point. When BTC/USD crosses that threshold, hodlers either gain or lose their millionaire status. According to Glassnode, there are currently over 67,000 BTC wallets worth $1 million or more.
But $20,000 is more than just a number. It's a symbol of financial success in the world of Bitcoin. It's like the peak of a rollercoaster ride. When Bitcoin crosses that peak, it's like a wave of financial success washes over hodlers, turning them into millionaires.
Bitcoin is on the rise, and both long-term and short-term holders are holding strong and refusing to cash out. In fact, the number of "wholecoiners," or wallets with a balance of at least 1 BTC, is approaching 1 million for the first time in Bitcoin's history.
It's like the world of Bitcoin is a high-speed rollercoaster, and hodlers are holding on for dear life. The $20,000 price point is like the top of a loop, where hodlers are transformed into millionaires. It's an exciting time to be part of the Bitcoin community!
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Elon Musk may be putting the "tweet" in Twitter as rumors swirl that he could be taking over as CEO. (Link)
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