Sam Bankman-Fried's courtroom memory lapse, Unibot's $560K exploit tanking its token, Animoca aiming for $50M Saudi funds, and Terraform's blame saga.
Sam Bankman-Fried's Memory Falters in Court

Sam Bankman-Fried's Memory Falters in Court

Sam Bankman-Fried's courtroom memory lapse, Unibot's $560K exploit tanking its token, Animoca aiming for $50M Saudi funds, and Terraform's blame saga.

Nov 1, 2023
| Issue

Hey there! It's time for your daily dose of Datawallet updates. Let's dive into the major crypto happenings from the past 24 hours:

Sam Bankman-Fried's Memory Falters in Court

In a recent trial, FTX founder, Sam Bankman-Fried, found himself in hot water. Facing tough questions from U.S. Assistant Attorney Danielle Sassoon, he was repeatedly cornered about his dealings with Alameda Research, another company he had founded. The big accusation? That he funneled a ton of cash from FTX customers straight into Alameda. 

When it came to answering these tough questions, his memory seemed... well, a bit fuzzy. He answered many questions with something like, "I don't recall."

The prosecution didn't let him off easy, though, bringing up his old tweets and statements to challenge what he was saying now.

Unibot's $560K Exploit Drops Token Price by Over 40%

Unibot, a popular Telegram bot for Uniswap trading, got hit hard recently with a contract exploit that drained about $560K in memecoins. Scopescan, a blockchain analytics firm, was quick to identify the situation and issued alerts. Unibot's response involved pausing operations to address the issue, suggesting users relocate their assets for safety.

The news shook the market, causing the UNIBOT token to plunge by almost 43% within an hour. On a brighter note, Unibot has committed to making things right by reimbursing affected users. 

Interestingly, this incident reminded many of a similar hiccup with Maestrobots not long ago where users lost 280 ETH, but got it all back with a little extra.

Animoca Brands seeks $50M investment from Saudi's NEOM

Animoca Brands, a big player in the metaverse and gaming crypto investment scene, is eyeing a partnership with Saudi Arabia's NEOM Investment Fund, focusing on Web3 tech. As revealed in a recent announcement, the investment arm of NEOM, a prospective technological and trade center in northwest Saudi Arabia, is thinking about pouring $50 million into Animoca.

If all goes as planned, Animoca will be on the front lines, developing robust Web3 services, and furthering NEOM's vision of becoming a tech powerhouse. It is noteworthy to mention that last year, Animoca was valued at an impressive $6 billion. Even though they had to adjust some fundraising goals after the FTX shakeup, they are bouncing back.

The fact that state-backed funds like NEOM's are looking their way could be a hint that the Web3 investment world is heating up again.

Daniel Shin blames Terraform's fall on Do Kwon

Daniel Shin, co-founder of Terraform Labs, is pointing fingers at ex-CEO Do Kwon for the company's 2022 crash, based on a South Korean report. Shin's facing some legal challenges himself, with charges of violating financial laws, but he is emphasizing that he exited Terraform two years before the whole debacle. His lawyers are echoing his sentiments, suggesting the real hiccup was Kwon's handling of the Anchor Protocol.

Meanwhile, Kwon's in jail in Montenegro, but on charges unrelated to Terraform Labs.

Other breaking news

Wrapping up

Thanks for tuning into today's edition. We discussed the SBF trial, and curiously, it seems Sam just 'forgot' the events at Alameda and FTX. The outcome will surely be something to watch. A parallel drama unfolds at Terraform Labs, with co-founders pointing fingers over the project's collapse. In other news, the Unibot trading bot faced an exploit, highlighting potential security concerns with such bots. On a brighter note, Animoca is raising another $50M, suggesting some life in the crypto VC market. Stay with us for more updates!