Lawmaker Pleads With Sam Bankman-Fried to Attend Congress Hearing on FTX — SBF Says He’ll Testify When He’s Ready

Congresswoman Maxine Waters, chair of the House Committee on Financial Services, has politely asked former FTX CEO Sam Bankman-Fried (SBF) to attend a congressional hearing on the collapse of his cryptocurrency exchange. Bankman-Fried says he will testify when he has finished “learning and reviewing what happened.”

Bankman-Fried Responds to Rep. Waters’ Invitation

The U.S. House Committee on Financial Services will hold a congressional hearing on the collapse of crypto exchange FTX on Dec. 13. Congresswoman Maxine Waters (D-CA), the committee’s chair, has been trying to get former FTX CEO Sam Bankman-Fried (SBF) to attend the hearing. However, instead of issuing a subpoena for him to testify, Waters politely asked him on Twitter Friday.

“We appreciate that you’ve been candid in your discussions about what happened at FTX. Your willingness to talk to the public will help the company’s customers, investors, and others. To that end, we would welcome your participation in our hearing on the 13th,” she tweeted.

Bankman-Fried responded to Waters on Twitter Saturday:

Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain. I’m not sure that will happen by the 13th. But when it does, I will testify.

Waters Insists SBF Must Attend Next Week’s Hearing

Congresswoman Waters responded to Bankman-Fried Monday: “Based on your role as CEO and your media interviews over the past few weeks, it’s clear to us that the information you have thus far is sufficient for testimony.” In a follow-up tweet, she wrote:

As you know, the collapse of FTX has harmed over one million people. Your testimony would not only be meaningful to members of Congress, but is also critical to the American people.

Waters stressed: “It is imperative that you attend our hearing on the 13th, and we are willing to schedule continued hearings if there is more information to be shared later.”

At the time of writing, Bankman-Fried has not replied to Waters further.

Many people on social media criticized Waters for her politeness towards Bankman-Fried. A number of people urged the lawmaker to stop asking SBF nicely on social media and issue a subpoena to force him to testify.

However, some suspect that Waters is polite to Bankman-Fried because the former FTX boss was the second-largest donor to the Democratic Party during the 2021-22 election cycle. According to Opensecrets, he donated $39,884,256 to Democrats before FTX imploded and had to file for bankruptcy. However, Tesla CEO and Twitter chief Elon Musk believes that SBF’s actual support to Democrats was over $1 billion.

What do you think about how Rep. Maxine Waters asked Bankman-Fried to attend her congressional hearing? Let us know in the comments section below.

from Bitcoin News

Coinbase CEO Slams Sam Bankman-Fried for Blaming FTX’s $8 Billion Hole on ‘Accounting Error’

The chief executive of the Nasdaq-listed cryptocurrency exchange Coinbase, Brian Armstrong, has slammed former FTX CEO Sam Bankman-Fried (SBF) for claiming that FTX is missing $8 billion due to an “accounting error.” He stressed: “It’s stolen customer money used in his hedge fund, plain and simple.”

Brian Armstrong on SBF’s ‘Accounting Error’ Claim

The CEO of the Nasdaq-listed cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, has slammed FTX co-founder Sam Bankman-Fried (SBF) for blaming his collapsed exchange’s $8 billion hole on an “accounting error.”

Bankman-Fried was asked in an interview with Bloomberg, published Friday, how he “misplaced $8 billion.” The former FTX boss replied: “Misaccounted.” He further explained that FTX customers sometimes wired money to his trading firm, Alameda Research, instead of sending it directly to FTX. The crypto exchange’s internal accounting system then double-counted the money, crediting it to both the exchange and the customers.

Many people do not believe Bankman-Fried’s excuse, including the CEO of Coinbase. Armstrong tweeted Saturday:

I don’t care how messy your accounting is (or how rich you are) — you’re definitely going to notice if you find an extra $8B to spend.

“Even the most gullible person should not believe Sam’s claim that this was an accounting error,” the Coinbase executive stressed.

Armstrong emphasized in a follow-up tweet:

It’s stolen customer money used in his hedge fund, plain and simple.

While most people in the crypto space agree with the Coinbase boss and believe that Bankman-Fried should go to jail for what he’s done, there are some people who refuse to admit that SBF is a fraud.

Shark Tank star Kevin O’Leary, for example, has insisted that SBF is one of the best traders in the crypto space and he would back the former FTX executive again if he has another venture. Billionaire hedge fund manager Bill Ackman also said that he believes Bankman-Fried was telling the truth when he said he “didn’t knowingly commingle funds.”

What do you think about Sam Bankman-Fried’s “accounting error” excuse for FTX’s $8 billion hole? Let us know in the comments section below.

from Bitcoin News

GensoKishi Official Release | LAND Sales Coming in December

PRESS RELEASE. On November 30th, the MMORPG game “GensoKishi Online-Meta World” was officially released.

It is the web 3 version of the iconic Japanese 3DMMO “Elemental Knights Online,” which won the “Game of the Year Gold Award 2012” in Taiwan and accumulated more than eight million downloads worldwide.

The new web3 release will introduce the trading of avatars and in-game items as NFTs – the Genso metaverse will consist of a 3DMMORPG and a Polygon-based economy. This fantasy world will be built around Genso’s governance token $MV, a token that has already achieved numerous milestones; a record-breaking 69,000 people participated in Bybit’s launchpool event, the fastest sell-out on Trustpad, and the Kickstarter hall of fame on MEXC.

Known as a 3DMMORPG, it already has an active user base and a fully functioning 3D metaverse that allows users from around the globe to connect with one another. With this game, players go to dungeons, defeat monsters together with friends, and interact with other players worldwide in real-time.

Skins for character avatars are NFTs and are referred to as Cosplay NFTs in Genso. Several top game designers have collaborated on these Cosplay NFTs, including Yoshitaka Amano, whose avatars are already available on the official marketplace.

It is also noteworthy that the game’s in-game currency can be converted into $ROND, which is an actual crypto currency issued by Genso. The $ROND cryptocurrency is listed on the Bybit cryptocurrency exchange.

As opposed than most social games, items acquired through play can be taken out of the game at any time.

The game also offers players the opportunity to strategically equip themselves with weapons (NFTs) of optimal strength in order to defeat the monsters in each dungeon. The Genso community has already seen many users decorate themselves in their own unique style in order to attack monsters.

The official release coincides with the opening of new shops at the renowned Genso Mall. Among them is Ledger, the world’s most renowned manufacturer of hardware wallets. GENSO anticipates an influx of new players who are unfamiliar with web3 gaming, so the Ledger shop will serve as a learning center for those interested in blockchain security and hardware wallets. In addition, players may purchase the “Ledger Nano Sword” – an in-game item offered by Ledger. A special GENSO collab Ledger Nano X will be gifted to the first 80 people who purchase the item.

In contrast to many blockchain games that require an initial investment and a wallet connection, Genso is a free-to-play MMORPG. In addition to welcoming web 3 gamers, Genso also welcomes the vast majority of web 2 gamers.

Supported Devices and OS

• WebGL（Windows, Mac）
• iOS
• Android

Major Future Updates

• User-to-user trading of NFTs
• The Dragon Tower (PvP challenge dungeon)
• Shopping mall space increase
• New collaboration NFTs (for sale)
• NFT rentals
• UGC: Avatars and items designed by users themselves then imported into the game.
• Housing (Users design their own home)
• Participation of many brands and celebrities in the metaverse.

Beta and Alpha versions of the game have been updated to enhance its functionality. Furthermore, various functions, such as importing and exporting NFTs/FTs, have also been updated since the official release.

LAND in the Genso Metaverse

The fantasy metaverse of Genso consists of land parcels (=LAND).

Companies and individuals can purchase and own LAND in the Genso metaverse to create unique virtual spaces. In the event that the virtual space becomes popular, the value of the LAND will appreciate, generating revenue once the LAND is sold.

By utilizing Genso’s $MV token, users can create 3D NFTs such as buildings, items, and avatars. In Genso, building NFTs can be used to create a variety of experiences, including music concerts, art exhibits, fashion events, games, quests, and contests. It is possible to furnish the interior of your home using item NFTs, which are 3D objects that can be used in the Genso metaverse. Users can also design and sell these items, thus providing businesses that have not yet entered the Web3 era with a bridge to new markets.

LAND sales are scheduled for December, and the UGC function that will be released in the future will allow users to design their own kingdoms and maps.

The details are as follows. WHITEPAPER https://genso.game/pdf/LAND_UGC_Mall_MarketPlace_EN.pdf

To celebrate the launch of LAND, GENSO is offering a free 1×1 LAND to three lucky winners. There will be a selection of winners from the community.

JOIN COMMUNITY HERE

GensoKishi Online -META WORLD- Community

Official Site: https://genso.game/

Twitter: https://twitter.com/genso_meta

Discord: https://discord.gg/gensometa

Telegram（English): https://t.me/gensometamain

Telegram（Chinese): https://t.me/gensometazw

Telegram（Japanese): https://t.me/gensometajpn

YouTube：https://www.youtube.com/channel/UCMi4wGMEWgC9VVps8d_NLDA

White Paper：https://genso.game/pdf/WhitePaper_genso_EN.pdf

Genso will continue to provide crypto game enthusiasts with updates on this project.

Stay tuned here to get the latest on GensoKishi Online!

 

 

 

---

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

from Bitcoin News

Court in China Recognizes NFTs as Virtual Property Protected by Law

A court in the Chinese city of Hangzhou has determined that non-fungible tokens, or NFTs, represent virtual property protected by the laws in the People’s Republic. The ruling comes from a case over a dispute between a customer and a platform hired to sell a collection of tokens.

Hangzhou Internet Court Hears Case Involving Property Rights Over NFTs

A court in Hangzhou, the capital of the eastern Chinese province of Zhejiang, has reviewed a dispute between a client and a local digital art platform which canceled a sale of NFTs on his behalf. The user sued the company claiming the operation was terminated without his consent.

The platform, which issued a refund, explained that its move had to do with the inaccurate personal information it received from the plaintiff. According to its know-your-customer procedures, orders placed without real-name authentication should be canceled, an announcement detailed.

The Hangzhou Internet Court said that NFT collections bear the characteristics of property rights such as value, scarcity, controllability, and tradability while the digital collectibles are virtual properties. In the statement, quoted by Chinese crypto journalist Colin Wu, also known as ‘Wu Blockchain’ on Twitter, the judicial authority also emphasized:

The contract involved in the case does not violate the laws and regulations of our country, nor does it violate the actual policy and regulatory guidance to prevent economic and financial risks, and should be protected by the law.

The court further elaborated that “as a virtual artwork, an NFT digital collection itself condenses the creator’s original expression of art and has the value of related intellectual property rights. At the same time, NFT digital collections are unique digital assets formed on the blockchain based on the trust and consensus mechanism between blockchain nodes.”

Therefore, the Hangzhou court concluded, NFT collections belong to the category of virtual property. It also expressed its position that the transaction in the case represents the business activity of selling digital goods through the internet, hence it belongs to e-commerce activities and should be regulated as such under China’s “E-commerce Law.”

Last year, the Chinese government launched a nationwide crackdown on crypto-related activities like the issuance, trading, and mining of digital coins such as bitcoin. While allowing NFTs to be issued, regulators tried to curb speculation with them. To avoid associations with the crypto space, they are often called “digital collectibles” rather than “non-fungible tokens.”

In April of this year, reports revealed that the popular Chinese messaging app Wechat is suspending accounts linked to NFTs. And in September, it became known that the National Copyright Administration of China (NCAC) had launched a campaign to crack down on copyright infringement and piracy through digital collectibles.

What future do you expect for NFTs in China? Share your thoughts on the subject in the comments section below.

from Bitcoin News

Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,300 Following Monday’s False Breakout

Ethereum was in the red on Tuesday, as bears reentered the market following a failed breakout of a key resistance level. Prices failed to sustain yesterday’s move above $1,300, with momentum slipping in today’s session. Bitcoin was also lower, however is trading above $17,000 as of writing.

Bitcoin

Bitcoin (BTC) was consolidating in today’s session, as prices retreated from Monday’s three-week high.

Following a peak of $17,371.00 to start the week, BTC/USD fell to an intraday low of $16,922.43 earlier in the day.

This decline comes as traders have seemingly moved to secure gains, following yesterday’s surge in price.

Looking at the chart, the drop took place as the 14-day relative strength index (RSI) was also unable to climb past a ceiling of its own.

As of writing, the index is tracking at the 48.14 level, which is marginally below a ceiling of 50.00.

Should a breakout occur, it is likely that BTC will move back towards the $17,400 point in upcoming days.

Ethereum

Ethereum (ETH) was also in the red during Tuesday’s session, as a result of a failed breakout to start the week.

ETH/USD fell to a bottom of $1,252.47 earlier in the day, which comes as bulls were unable to sustain a surge above the $1,300 mark.

As of writing, ETH is currently trading at $1,264.00, which is nearly 3% lower than Monday’s peak of $1,302.24.

Like with bitcoin, today’s decline in ethereum comes as the RSI moved below its ceiling at the 52.00 level.

Currently, the index is at a reading of 50.18, with the world’s second largest cryptocurrency trading at $1,263.60.

The 10-day (red) moving average continues to hover above its 25-day (blue) counterpart, which typically is a sign of pending bullish sentiment.

Register your email here to get weekly price analysis updates sent to your inbox:

Will we see ethereum rebound in upcoming days? Leave your thoughts in the comments below.

from Bitcoin News

This Week’s NFT Sales Slid 5% Lower Than Last Week, Ethereum NFT Sales Accounted for 76.8% of the Volume

On Monday, Dec. 5, 2022, market data shows that non-fungible token (NFT) sales dropped 5.23% lower than last week’s sales despite a 15.16% increase in NFT buyers. Out of the $112.70 million in NFT sales volume over the last week, Ethereum-based NFTs accounted for $86.59 million or 76.8% of the $112 million in sales volume.

Seven-Day NFT Sales Dropped 5.23% Lower Than Last Week, Cryptopunk #4,181 Sells for $187K in This Week’s Top NFT Sale

Roughly $112.70 million in NFT sales volume was recorded during the last seven days, according to cryptoslam.io stats. The volume is 5.23% lower than last week’s sales volume and metrics show there was a 2.4% increase in NFT transactions.

Most of the sales volume stemmed from Ethereum-based NFTs as there was $86.59 million in ETH-based NFT sales during the last seven days. However, ETH-based NFT sales are 10.06% lower than the NFT sales stemming from the Ethereum blockchain.

Solana NFT sales saw a 29.57% increase and recorded $16.11 million in NFT sales over the past week. Algorand saw a much steeper increase at 55.15% higher than last week’s ALGO-based NFT sales, but ALGO NFTs only saw $93,242 in total sales during the last week.

Arbitrum also saw an increase this week jumping 50.10% higher than the network’s NFT sales recorded last week. Arbitrum NFT sales, however, only account for $269,453 of the total $112.70 million in NFT sales.

The fourth-largest blockchain, in terms of weekly NFT sales, was Cardano with $1,680,901 in NFT sales. Cardano NFT sales increased 8.89% higher than the blockchain’s NFT sales volume last week.

Immutable X captured the third-largest number of sales with $4,128,023, but sales slipped 2.73% lower than the week before. Over the last seven days, the NFT collection with the highest number of sales was Otherdeed as it captured $8,632,529 in sales across 3,990 transactions.

Otherdeed was followed by Bored Ape Yacht Club (BAYC) sales which saw $6,448,670, and Mutant Ape Yacht Club which recorded $5,872,336 in seven-day sales. The collections Clonex, Light Years Mint Pass, Sorare, Y00t, Gods Unchained, Cryptopunks, and Azuki followed respectively in terms of seven-day sales.

The most expensive NFT sold during the last week was Cryptopunk #4,181, an ETH-based NFT that sold for $187K two days ago. Cryptopunk #4,181 was followed by BAYC #276 which sold for $179K and Azuki #9,143 that sold for $174K. At the time of writing, between the Cryptopunks collection and the BAYC compilation, BAYC has the most expensive floor price value on Dec. 5, 2022.

What do you think about the last seven days of NFT sales action? Let us know what you think about this subject in the comments section below.

from Bitcoin News

Jim Cramer Calls FTX Co-Founder Sam Bankman-Fried a Pathological Liar, Conman, and Clueless Idiot

The host of Mad Money, Jim Cramer, says former FTX CEO Sam Bankman-Fried (SBF) is a pathological liar and a conman. “That guy is a clueless idiot. Intent means nothing. Saying sorry means nothing,” Cramer stressed.

Jim Cramer on Sam Bankman-Fried and FTX Collapse

The host of CNBC’s Mad Money show, Jim Cramer, shared his thoughts about the collapse of crypto exchange FTX and its co-founder and former CEO Sam Bankman-Fried (SBF) in a couple of interviews on CNBC Thursday. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.

Commenting on Bankman-Fried’s claim during an interview at the New York Times Dealbook Summit that he “didn’t try to commit fraud on anyone,” Cramer said:

That guy is a clueless idiot. Intent means nothing. Saying sorry means nothing. If you commingle, if you had no record keeping, those are against the law.

“You were sloppy, you didn’t keep records —illegal — alright, so if you’re admitting to illegality, even though you think that you had no intent, the U.S. attorney does not care one wit about intent, but what the U.S. attorney cares about is: did you break the law,” Cramer stressed.

“Being a nice guy, which he clearly is, is irrelevant … It means absolutely nothing. Some of the nicest people I know have spent some serious time in jail,” the Mad Money host shared.

Referring to Bankman-Fried, Cramer emphasized:

He’s a pathological liar. He’s a conman.

“He admitted to commingling accounts that shouldn’t be commingled but then he says, ‘it doesn’t really matter I feel bad,'” the Mad Money host continued, adding: “Then again it doesn’t matter if he’s a pathological liar or the most honest man in America. The fact is he broke the law.” Cramer noted: “If you commingle funds … you probably go to jail for that so don’t commingle.”

In a different interview on CBNC Thursday, Cramer opined: “I think Sam whatever — I don’t even want to dignify his full name anymore — is just a con artist.” The Mad Money host elaborated:

The con artist was just wild, he’s fabulous. Commingled, stole, but he was sorry.

“Stealers never say you’re sorry. I don’t care about ‘alleged’ anymore. I’m dropping the whole ‘alleged’ nonsense. I’m not being a journalist anymore when it comes to that guy,” Cramer concluded.

FTX filed for Chapter 11 bankruptcy on Nov. 11 and Bankman-Fried stepped down as the CEO. An estimated one million customers and investors lost billions of dollars from the exchange collapse. The company is now being investigated for mishandling customer funds. FTX’s new CEO, John Ray, told the bankruptcy court: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”

What do you think about the comments by Mad Money’s Jim Cramer? Let us know in the comments section below.

from Bitcoin News