U.S. Intends to Auction SBF's Jets; Unpatchable Flaw in Apple M-Chips; Grayscale Outflows May Cease Soon
Summary:
The US government is seeking court permission to sell two private jets connected to former FTX CEO Sam Bankman-Fried as part of an ongoing forfeiture case. Meanwhile, a severe vulnerability has been discovered in Apple's M-series chips, allowing unwarranted access to encryption keys and is considered unpatchable. Grayscale's Bitcoin Trust outflows have exceeded $398 million, but it is believed this trend may soon cease. Despite high outflows and shrinking inflows, experts anticipate a tapering off soon.
In a recent move, the U.S. government is attempting to receive court permission to auction off two private aircrafts linked to ex-FTX CEO, Sam Bankman-Fried. In other news, Apple computers featuring M-series silicon chips could potentially be compromised, as a flaw may allow miscreants to access owners’ private keys. This glitch is assumed to be irremediable. Furthermore, capital outflows from Grayscale are said to surpass $398 million, but speculations suggest that this financial drain may soon cease.
The U.S. legal authorities are pursuing court sanction to liquidate two private jets connected to Sam Bankman-Fried amidst the continuous forfeiture proceedings against the previous cryptocurrency CEO. As revealed by March 22 documents filed in the U.S. District Court for the Southern District of New York, the prosecutors intend to sell the Bombardier Global and Embraer Legacy jets "to prevent their devaluation.” This decision concurs with the arguments made during SBF's criminal trial that the aircraft were qualified for forfeiture.
According to court documents, the aircraft are jointly priced at $28.4 million. Bankman-Fried was convicted on seven felony charges in November 2023. He is presently awaiting his sentence, which could range between 40 to 50 years incarceration.
A recent examination by scholars exposes a serious flaw in Apple’s M-series chips providing evil-doers the opportunity to secure confidential cryptographic keys from MacBook devices. This research was released on March 21 by a team of investigators from several universities based in the United States. They tag this fault as a side-channel exploit that allows intruders to secretly access encryption keys during the execution of widely used cryptographic protocols by Apple chips. However, this problem, being deeply embedded in the silicon’s micro-architectural design, cannot be resolved through traditional patchworks and is therefore “unpatchable."
Capital outflows from the digital asset manager Grayscale's Bitcoin Trust (GBTC) climaxed at $358.8 million on March 21 after a significant week of outflows. The highest day on record was Monday’s $642 million, according to Farside Investors data. The data from March 21 adds up to GBTC’s total outflows for the week at $1.8 billion. On the other hand, the net flows for all ten Bitcoin ETFs have persistently been negative for the past four days straight.
Despite concerns raised by market observers over the massive volume of GBTC outflows and dwindling inflows into other Bitcoin ETFs relative to previous weeks, Bloomberg ETF analyst Eric Balchunas contends that the outflows could soon reach a halt. Balchunas hypothesizes in a March 21 post that most of Grayscale’s outflows have arisen from bankruptcies of crypto companies due to their considerable "size and consistency" and that it should decline in the weeks to come.
As per the records on March 21, Grayscale reports that its Bitcoin Trust had an aggregate of $23.2 billion in assets being managed. Overall, since its conversion to an ETF on Jan. 11, GBTC has depleted $13.6 billion.
Published At
3/22/2024 11:45:53 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.