China News Daily Official TheBitTimes.com

Convicted ex-billionaire Sam Bankman-Fried will be sentenced this Thursday for the seven counts related to wire fraud and money laundering that he committed at crypto exchange FTX. Prosecutors have asked the judge to issue a sentence of 40 to 50 years but Bankman-Fried’s attorneys have counterargued, calling such a timespan excessive and pointing out that he is not a supervillain. John J. Ray III, the post-bankruptcy cleanup executive who has been working to return funds to harmed FTX victims, rebutted most of Bankman-Fried’s arguments in a scathing reality check. Here are some highlights from Ray’s letter to sentencing judge, Lewis Kaplan. “One must first start at the total dollar amount of claims filed. That number is $23.6 quintillion dollars. One quintillion is one billion billion. It is the number 1 followed by 18 zeros.” “Vast sums of money were stolen by Mr. Bankman-Fried, and he was rightly convicted by a jury of his peers.” “Bankman-Fried’s victims will...

Sullivan & Cromwell, the law firm involved with the ongoing FTX bankruptcy case, is reportedly set to be appointed as Binance ’s independent monitor , following its $4.3 billion settlement with the US government.  As reported by Bloomberg, anonymous sources close to the matter claim that Sullivan & Cromwell is the US Justice Department’s number-one pick, and its approval is close.  Sullivan & Cromwell reportedly beat out an array of rival legal firms for the position and firm partner Sharon Cohen Levin is likely to lead the monitorship team.  The role will give Sullivan & Cromwell access to Binance records, including details on past and present employers, and its facilities. The firm will then update the government at least six times over the coming years on any potential misconduct from Binance.  US gov’t will probe Binance at least six times in three years Read more: Did Binance ex-chief CZ really come to the US voluntarily? If there’s misconduc...

Analysis of El Salvador and the Central African Republic’s experiences with Bitcoin adoption showed mixed outcomes. Which countries could be next? Blending crypto with the mainstream, El Salvador became the first country to adopt Bitcoin (BTC) as legal tender in Sep. 2021, a decision announced by President Nayib Bukele at the Bitcoin 2021 conference in Miami.  This historic decision was made to address economic challenges and leverage the growing trend of digital currencies.  However, the rollout was marred by various operational and regulatory challenges, including issues with the government’s digital crypto wallet, Chivo Wallet, and skepticism from the public and international financial experts. Chivo ATMs installed in El Salvador | Source: CoinATMradar El Salvador’s economy, already strained by the COVID-19 pandemic, faced increased scrutiny and uncertainty with the adoption of Bitcoin, leading to volatility in its sovereign debt ratings. Followin...

Lawyers in Singapore have questioned Three Arrows Capital ( 3AC ) founder Su Zhu in court for the first time as they continue the search for billions of dollars of creditors’ funds, reports Bloomberg. In a two-day private hearing this week, Zhu took questions from lawyers representing Teneo, the firm tasked with liquidating 3AC. According to unnamed sources close to the proceedings, questioning focused on how and why 3AC failed and exactly where the missing assets went. Teneo estimates that somewhere in the region of $3.3 billion is owed to 3AC creditors and the liquidator is seeking to claw back $1.3 billion from Zhu and his 3AC co-founder Kyle Davies. Zhu was arrested under a committal order at Singapore’s Changi Airport in September after he ignored a court order and attempted to flee the country. The order stipulated that both Zhu and Davies were to be arrested on sight and imprisoned for four months . Zhu is reportedly set to be release d this month for good behavior. Liqu...

An Arkansas County crypto mine that locals branded noisy and a threat to national security has won a legal battle that means it will be immune from police action even if it breaches recently imposed noise limits. Residents of DeWitt, Arkansas repeatedly complained about the noise from the Jones Digital LLC crypto mine and voiced concerns about its environmental impact. A petition created by locals also described it as “another unwelcome communist Chinese crypto mining site.” Arkansas County Quorum Court introduced new noise limits on October 10, replacing those previously enacted in July. Counties across Arkansas had rushed to introduce new noise limits before August 1, the day Act 851 was introduced prohibiting any “discrimination” against data centers and crypto miners. However, as reported by Arkansas Business, today’s ruling granted Jones Digital a preliminary injunction stopping any Arkansas sheriff, judge, prosecutor, “and all acting in concert with them,” from enforcing the ...