Crypto NFT Today: The latest news in blockchain, cryptocurrency and NFT: 16-22 November 2022
Welcome to another edition of Crypto NFT Today! If you like cryptocurrency, NFTs and riding emotional roller coasters, this is the place to be.
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Bankman-Fried, other top executives in FTX among the biggest political donors
Sam Bankman-Fried and other top executives in FTX were among the biggest political donors in the last two years.
According to the Center for Responsive Politics, a nonpartisan group that tracks campaign donations, Bankman-Fried personally gave $40 million to politicians and political action committees ahead of the 2022 midterm elections, mostly to Democrats and liberal groups.
Ryan Salame, another FTX executive, donated more than $23 million, mostly to Republican and conservative groups.
“I’m not going to pass judgment until we see what the details are,” the rep said. Tom Emmer (R., Minn.), one of dozens of politicians whose campaigns received money from FTX and its executives, about the firm’s conduct that led to the bankruptcy filing. He said Mr Bankman-Fried is “a very likeable young man”.
More than half of Bitcoin holders are in the red
Of the 47.9 million addresses that hold Bitcoin, more than 50% are now in losses.
Data provided by blockchain analytics firm IntoTheBlock shows that roughly 45% have unrealized gains, and four percent are in the “break-even” range.
The FTX fallout sparked Bitcoin’s latest bear run, pushing the number of losses to the highest point since the start of the coronavirus-induced crash in March 2020.
FTX still owes over $3 billion
Court documents recently revealed that Sam Bankman Fried’s crumbling FTX empire owes $3.1 billion to its top creditors.
The various divisions of Bankman-Fried’s companies have about $1.2 billion, $465 million of which is restricted cash, which is earmarked for specific purposes such as loan repayments and cannot be used for general business purposes.
Alameda Research has the largest reserve of cash out of the various entities at $393 million, while FTX Japan has the largest reserve of cash at $171 million of firms under the FTX silo. The Japanese crypto exchange has reportedly said it is preparing to restart withdrawals by the end of the year, according to CoinDesk.
Tornado Cash developer will serve more jail time as investigation continues
Tornado Cash developer Alexey Pertsev will remain in custody in the Netherlands for another three months as the investigation into his decentralized, non-custodial privacy solution built on the Ethereum blockchain.
A Dutch court deemed Pertsev a flight risk and continued the developer’s detention until February 20. The Russian national was initially detained in August.
Pertsev faces money laundering charges related to his now-sanctioned app, Tornado Cash.
The US Treasury used sanctions powers against the Tornado Protocol in August, which it said had been used to launder a billion dollars worth of cryptocurrencies and support North Korean hackers.
Outside the courtroom, Pertsev’s lawyer Keith Cheng told CoinDesk he was “very disappointed” by the decision.
“It is clear to us that these judges are not as familiar with the subject as they should be,” Cheng said. “At the moment, the case law regarding criminal activities is about bitcoin mixers … it is very important that the court understands that Tornado Cash is something else.”
