Uncover the conviction of Sam Bankman-Fried, crypto market's recent cooldown, and Michael Saylor's Bitcoin forecast in today's essential updates.
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SBF Convicted on all FTX Fraud Charges

SBF Convicted on all FTX Fraud Charges

Uncover the conviction of Sam Bankman-Fried, crypto market's recent cooldown, and Michael Saylor's Bitcoin forecast in today's essential updates.

Date:
Nov 4, 2023
| Issue
#
141

Hey there! You've hit the last Datawallet Daily of the week. As usual, we've picked out the top crypto stories from the past 24 hours that you've gotta know about:

Sam Bankman-Fried Convicted on all FTX Fraud Charges

Sam Bankman-Fried has been declared guilty by a jury on all seven charges, which could land him in prison for up to 115 years. Co-founders and executives from FTX and Alameda, including Gary Wang and Caroline Ellison, testified against Bankman-Fried, contributing to the conviction.

His sentencing is set for late March. The conviction does not close the chapter on his legal troubles, as he faces additional campaign finance charges from the Department of Justice next. 

In August, prosecutors accused him of using approximately $100 million in stolen funds for political donations. The verdict comes as FTX nears the anniversary of its bankruptcy filing.

Crypto Rally Slows Down as ETF Hype Drops Off

After a hot start to the week, thinking a Bitcoin ETF might be on the way, the crypto market is chilling out a bit. Bitcoin and Ether both took a ~3% hit. This step back follows Bitcoin's sprint to a high we have not seen since mid-last year.

There is also some action with Grayscale's GBTC as its discount continues to narrow, with investors hoping for the conversion of Grayscale’s closed-end fund into an ETF. Solana's SOL is also catching its breath after a good run. 

Most of the crypto heavy hitters are in the red today, with a hefty $180 million in leveraged positions getting wiped out.

Michael Saylor: Why Bitcoin Will 10X

MicroStrategy's chief, Michael Saylor, remains bullish on Bitcoin's potential for significant growth, citing key catalysts in an interview following his company’s Q3 earnings report. 

He anticipates a considerable supply reduction due to the upcoming Bitcoin halving in 2024, coupled with a rise in demand from spot Bitcoin ETFs. Additionally, impending fair value accounting standards for Bitcoin are expected to encourage more companies to incorporate Bitcoin into their treasuries, bolstering corporate balance sheets. 

Amid the turbulent crypto news cycle, Saylor suggests that the industry needs "adult supervision" to advance, moving away from numerous unregulated tokens towards a more stable Bitcoin-focused market.

US Seizes $54M in Crypto from Darknet Drug Dealer

U.S. authorities are taking serious steps to take back over $54 million in cryptocurrency tied to a drug ring in New Jersey. They are focusing on assets owned by Christopher Castelluzzo, who is already in prison for drug charges. He had turned his Bitcoin from drug sales into 30,000 ETH during Ethereum's ICO in 2014. 

Officials, like U.S. Attorney Philip R. Sellinger, are saying they are just as ready to grab digital money from criminals as they are old-fashioned cash. The FBI is also pretty confident that they can track down illegal crypto activities. 

It is clear the government is getting better at uncovering and seizing digital currencies linked to crime.

Other breaking news

Wrapping up

And that wraps up today's edition! Seems the crypto rally is taking a breather, with the heavy hitters taking a step back. But not all hope is lost—big players are still betting big, with Michael Saylor predicting a tenfold increase for Bitcoin. On a different note, things are not looking up for SBF. He has been convicted on all FTX fraud charges. In other news, a whopping $54M in crypto has been seized by US authorities from a darknet drug operation. Keep your eyes peeled for more updates!