Crypto Regulation Trial Progresses, CME Climbs BTC Futures Ladder, LastPass Users Face Theft
Summary:
The ongoing criminal trial of ex-FTX CEO, Sam Bankman-Fried, explores his outspoken criticism of crypto regulators. Meanwhile, the Chicago Mercantile Exchange (CME) wrestles for top spot on the BTC futures exchanges list, while a significant breach of LastPass has allegedly led to the theft of $4.4 million in digital currency from 25 users.
The trial of Sam Bankman-Fried saw him defend his previous critical comments about crypto regulators on October 30. In other news, CME is now placed second in BTC futures exchanges rankings, while a cybercriminal has allegedly pilfered $4.4 million in crypto from 25 users, seemingly linked to LastPass.
During the ongoing criminal trial, ex-FTX chief executive, Sam Bankman-Fried, was questioned on his actual mindset towards crypto regulation following his past critical comments. U.S. Assistant prosecutor Danielle Sassoon supposedly questioned Bankman-Fried on his prior Tweets where he seemed to endorse crypto regulation. His answer was that he could not recall. After Sassoon asked if he had ever cursed regulators privately, Bankman-Fried acknowledged doing so once.
It is anticipated that the criminal proceedings against Bankman-Fried will wrap up early next week. The former head of FTX has a number of criminal accusations, including wire fraud, securities scam, and money laundering, against which he has pleaded not guilty.
In the meantime, CME, a sanctioned derivatives exchange offering Bitcoin BTC futures, has become the second-largest Bitcoin futures exchange. It now trails only Binance in terms of real open interest. On October 30, CME's open interest reached $3.58 billion, elevating the derivatives exchange platform two spots compared to the prior week. Binance's notional open interest of $3.9 billion is just out of reach for CME.
The rising interest in Bitcoin futures trade is fueling CME, helping it corner 25% of the Bitcoin futures market share. It’s the institution-led investment through standard futures contracts that have contributed to CME's rise.
There's drama at LastPass, where a hack resulted in the loss of $4.4 million in crypto from 80 wallets belonging to 25 users. These losses are from a 2022 data breach affecting the LastPass password manager. There has been tracking of the movement of funds of the compromised wallets that belong to long-time LastPass users, most of whom had stored their crypto wallet keys/seeds in LastPass.
LastPass reported a breach in which an attacker utilized information stolen in a previous attack to target and compromise a LastPass employee's account. This led to customer data decryption, and encrypted customer vault data was also taken. This stolen data could potentially be broken if the account's master password can be guessed by brute force.
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Published At
10/30/2023 6:16:00 PM
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