Bitcoin News and Finance: What You Need to Know

Lawyers for Sam Bankman-Fried are making another attempt to have the disgraced FTX founder temporarily released from jail before his October trial, claiming he needs better access to prepare his defense properly. Lawyers Cite Bankman-Fried’s Indispensable Knowledge for Complex Trial Preparation In a letter to U.S. judge Lewis Kaplan filed Monday, Sam Bankman-Fried ’s attorneys argued that the current restrictions on meeting with their client at Manhattan’s Metropolitan Detention Center (MDC) are “not workable” for a case this complex. “This case is highly technical and complex, and we need our client to help us understand the facts and explain many of the issues,” lawyers state in the letter. “He alone knows the facts which are also critical in preparing his defense. Unfortunately, his knowledge and insight cannot be replicated by third-party experts as they are not familiar with the underlying facts and cannot provide the necessary help.” Bankman-Fried’s lawyers say they need mo...

Despite the role it has played in narrowing the financial inclusion gap, the e-naira central bank digital currency still poses a risk to financial stability. In addition to bolstering the financial inclusion rate, the central bank claimed that the CBDC would “widen the size and stability of banks’ deposit base.” Nigeria’s Financial Inclusion Rates According to a new Central Bank of Nigeria (CBN) study, the country’s nearly two-year-old e-naira central bank digital currency (CBDC) poses a risk to financial stability. This is despite the fact that such a digital currency can potentially help improve Nigeria’s “financial inclusion rate from 64.1 percent recorded in 2021 to the 95.0 percent target for 2024.” Launched in late October 2021, the e-naira, which was championed by former CBN governor Godwin Emefiele, has not been widely received by the Nigerian population. As previously reported by Bitcoin.com News in August 2022, there were fewer than one million downloads of the e-naira ...

Worldcoin, the biometric wallet and ID project, has reported that it has signed up more than 1% of the population of Chile. According to the organization, more than 200,000 Chileans are already using Worldcoin, a popularity uptick shared with other South American countries, including Argentina, where 9,500 Argentines verified their IDs in a day. Worldcoin Achieves Milestone in Chile; More Than 1% of the Population Reportedly Registered Worldcoin, the project that uses biometric iris scanning as “ proof of personhood ,” has reached a milestone in Chile. The organization reported having signed up 200,000 Chileans since its launch. With Chile having approximately 19.5 million residents, this means more than 1% of the population would have signed up to receive Worldcoin’s grant in the form of WLD, the native token of the protocol. This growth signals the popularity rise of the project in South American countries, that have shown interest in the proposal of the World ID app. Due to thi...

A federal judge has issued rulings limiting some arguments the defense can make at Sam Bankman-Fried’s criminal fraud trial next month. However, the judge will allow Bankman-Fried’s lawyers to question witnesses about past recreational drug use. Bankman-Fried Can’t Mention Jail Time at Trial In a 16-page order , Lewis Kaplan, the U.S. District judge presiding over the case granted some of prosecutors’ requests to bar certain defense strategies and evidence at the October trial of the FTX cryptocurrency exchange founder. Kaplan prohibited Sam Bankman-Fried ‘s lawyers from telling jurors he’s been detained pretrial or referencing his family and personal life. The judge also barred arguments over whether FTX customers were negligent in using the exchange or that Bankman-Fried intended to pay back any allegedly stolen funds. Kaplan wrote both are irrelevant or unfairly prejudicial. However, Kaplan declined to prohibit Bankman-Fried’s lawyers from asking witnesses about recreational d...

Bitcoin and crypto asset funds currently represent a niche market with an estimated worth of $50 billion, as highlighted by Bernstein Research. Yet, under the leadership of Gautam Chhugani, Bernstein’s team of analysts anticipates these funds may oversee between “$500-650 billion of assets” in the coming five years. $650B Horizon: Bernstein Envisions Massive Growth in Crypto Funds Over the next five years, the crypto fund management industry could see significant growth, according to Bernstein analysts . Led by Chhugani, Bernstein’s team currently values the sector at $50 billion, describing it as a “cottage industry.” However, they anticipate it will transform into a regulated asset management industry, managing “$500-650 billion of assets” within five years. One reason is they believe regulatory challenges will diminish. “The meat of regulatory backlash is done for now, and the Coinbase case will provide further clarity,” said the Bernstein team in a note to investors on Monday. ...

The U.S. Better Business Bureau (BBB) has issued a warning about a surge in “money-flipping” crypto investment scams on Tiktok. “They may ask for fees several times,” the BBB cautioned, adding that if you question them, “they may resort to scare tactics, telling you that if you don’t pay, you’ll miss out on the giant return or that they can take legal action.” Crypto Scams on the Rise on Tiktok The U.S. Better Business Bureau (BBB) recently issued a warning about the rising number of cryptocurrency investment scams on Tiktok. Founded in 1912, the BBB is a private, nonprofit organization focused on advancing marketplace trust. According to the bureau: Money-flipping cons have long been popular on Instagram and Twitter. But as Tiktok’s popularity grows, so do the con artists. Watch out for this Tiktok scam, which promises to turn a few hundred dollars worth of cryptocurrency into thousands in no time. The BBB explained that when browsing Tiktok videos, you may come across some sho...