Bankman-Fried's Trial Continues; CME Rises in BTC Futures Ranking; LastPass Users Face Crypto Theft
Summary:
The ongoing criminal trial of former FTX CEO Sam Bankman-Fried has highlighted his past negative comments towards crypto regulators. In other crypto news, the Chicago Mercantile Exchange (CME) now stands second in the list of BTC futures exchanges, while a hacker has reportedly stolen $4.4 million in cryptocurrency from 25 LastPass users as fallout from the software's data breach.
The criminal proceedings against Sam Bankman-Fried, former FTX CEO, proceeded on October 30, with him being questioned about his past negative comments about regulators. Concurrently, the Chicago Mercantile Exchange (CME) has risen to become the second largest BTC futures exchange, while a hacker allegedly stole $4.4 million in cryptocurrency from a group of 25 potential LastPass users.
In his trial, Bankman-Fried was questioned about his past negative comments on cryptocurrency regulation and its administrators. In response to questioning by Assistant U.S. Attorney Danielle Sassoon about his previous Twitter support for regulation, Bankman-Fried responded that he did not remember. Sassoon then confronted him with his more private, disrespectful statements regarding regulators, to which he admitted.
The trial of Bankman-Fried is anticipated to wrap up at the start of next week. The former head of FTX is contending with several serious criminal charges, including wire fraud, securities fraud, and money laundering, all of which he has pleaded not guilty to.
As for the CME, it recently climbed to the second-ranking place among BTC futures exchanges due to an upswing in open interest. On October 30, the exchange's open interest stood at $3.58 billion, marking a substantial jump from the previous week and pushing it ahead of both Bybit and OKX. It is now a narrow margin behind Binance's $3.9 billion spot.
The upsurge in open interest at CME has not only catapulted it to a higher-ranking position but it has also seen its cash-settled futures contracts exceed 100,000 BTC in volume. The growing interest of traders in the Bitcoin futures market allowed CME to grab a quarter of the Bitcoin futures market share.
Reports have emerged of a security breach affecting LastPass, a password storage software, leading to the theft of $4.4 million in cryptocurrency from about 25 persons across 80 wallets. This information comes from a Twitter post by pseudonymous on-chain researcher ZachXBT, who stated that they and MetaMask developer Taylor Monahan detected suspicious activity across at least 80 wallets on October 25.
In a Chainabuse report accompanying the Twitter post, Monahan observed that many of the victims had been long-term LastPass users and/or had stored their cryptographic keys/seeds within the LastPass system. LastPass announced in December last year that an attacker had compromised a LastPass employee and had obtained encrypted customer vault data, which, they conceded, could be decrypted with a sufficiently potent brute force attack on the account's master password.
This news is purely informative and does not serve as financial advice or suggestions for investment. Investing and trading involve inherent risk and individuals are advised to conduct their own investigations before making any financial decisions.
Published At
10/30/2023 6:16:41 PM
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