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It’s been over for a while now — at least this is what Sam Bankman-Fried uttered as he received a 25-year prison sentence yesterday. The landmark decision sees the disgraced founder of FTX in what could be one of his last attempts at saving whatever is left of his legacy. Now, the focus shifts to how countless customers of the failed exchange who suffered losses could be repaid.
The markets, meanwhile, see a recent resurgence in Bitcoin’s price, which is now trading at around the $70k level. This trend has sparked renewed interest in crypto ETFs. According to a report from Reuters, the nine Bitcoin ETFs that launched in January have seen a surge in inflows, pulling in over $1.2 billion in assets in just the first three days of this week. However, not all ETFs are enjoying the same success, with the Grayscale Bitcoin Trust continuing to experience steady outflows since its conversion.
In meme town, the frenzy shows no signs of slowing down. A Solana address received over $40 million within 24 hours in the latest episode of the “meme coin pre-sale mania.” The dog-themed meme coin, BOBAOPPA, has attracted significant attention from investors eager to get in on the action. However, the controversial figure behind the pre-sale, Jeffrey Huang, has raised concerns among some in the crypto community, highlighting the dangers associated with this increasingly popular (and risky) investment model.
Sam Bankman-Fried sentenced to 25 years in prison
US cryptocurrency ETF inflows pick up as bitcoin price recovers
Meme coin pre-sale raises over $40 million on Solana in less than 24 hours
Ticker
24hr
7d
Bitcoin
– 1.9%
8.9%
Ethereum
– 4.3%
– 10.1%
L1s
0.2%
5.2%
L2s
0.6%
7.6%
DeFi
– 0.2%
2.8%
Fear & Greed Index
Extreme Greed (80)
Greed (75)
Data powered by CoinGecko.
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Sam Bankman-Fried sentenced to 25 years in prison
The once-celebrated founder of FTX has been sentenced to 25 years in federal prison for his role in one of the biggest financial fraud cases in American history.
The sentencing, which took place at the Manhattan federal court, saw Judge Lewis Kaplan order a forfeiture of $11.02 billion and recommended a medium-security facility for SBF’s prison term. The decision was based on recommendations from the prosecution and guidance from the Probation Department, with the judge rejecting the defense’s claims that there was no actual loss to victims and finding that Bankman-Fried committed witness tampering and perjury during the course of the trial.
With the conclusion of the case, attention has now turned to repaying the numerous customers who suffered losses in the wake of FTX’s collapse. FTX’s bankruptcy has affected an estimated 100,000 to over 1,000,000 creditors and investors, ranging from retail traders to major crypto hedge funds.
While FTX’s new leadership team has reportedly recovered over $7 billion and prioritizes liquidating assets to fully repay customers, many believe that the exchange is significantly undervaluing their lost crypto holdings, raising concerns about whether they will receive the full value of their original investments. [cryptobriefing]
US cryptocurrency ETF inflows pick up as Bitcoin price recovers
Inflows into the nine recently launched bitcoin exchange-traded funds (ETFs) have resumed their upward trajectory this week, following a rebound in the cryptocurrency’s price after last week’s dip. The nine funds, which made their debut in January, pulled in more than $1.2 billion in assets in the first three days of this week, according to data from BitMEX Research.
The leadership among these ETFs shifted from BlackRock’s iShares Bitcoin Trust to the Fidelity Wise Origin Bitcoin Fund, with the latter attracting more than double the flows into BlackRock’s fund before the iShares ETF regained the lead on Wednesday with its strongest inflows since mid-March.
However, not all bitcoin-related funds are experiencing the same success, it seems. The Grayscale Bitcoin Trust, which converted into an ETF on the same day the other nine ETFs launched, continues to see steady outflows regardless of Bitcoin’s price movements, amounting to $862.2 million in the first three days of this week. While these flows may be significant for the ETF market, they are relatively small compared to the total market capitalization of bitcoin itself.
Nonetheless, ETF flows appear to be dictating Bitcoin’s price at present, with the cryptocurrency’s rally seemingly dependent on the continued inflow of funds into these investment vehicles. [reuters]
Meme coin pre-sale raises over $40 million on Solana in less than 24 hours
In the latest instance of the “meme coin pre-sale mania,” a Solana (SOL) address received over $40 million within 24 hours from investors eager to participate in the pre-sale of a new dog-themed meme coin called BOBAOPPA.
The pre-sale, which required a minimum investment of 1 SOL, was promoted by Jeffrey Huang, a controversial figure in the crypto community who goes by the name Machi Big Brother. Huang has been accused of promoting decentralized finance (DeFi) projects for his own benefit, with most of these applications resulting in losses for investors.
The meme coin pre-sale investment model has gained popularity recently, with $150 million in SOL being raised in less than a week. This model involves investors depositing funds directly into someone’s wallet, rather than a smart contract, in the hope of receiving a meme coin in exchange.
The trend began in 2024 with the Book of Meme (BOME) token, which amassed $100 million in SOL and surged over 5,000% in 72 hours, prompting other well-known figures in the crypto space to attempt to replicate this pre-sale model, despite the inherent risks associated with this type of funding model. [cryptobriefing]
TRON DAO reveals exciting updates to sponsor and judge list for HackaTRON Season 6
Over $1B in US Treasury notes has been tokenized on public blockchains. [coindesk]
These AI tokens are all up over 30% this week amid plans to merge. [decrypt]
Ethereum spot ETF could still be possible even if ETH is classified as a security: BlackRock CEO
Google’s inclusion of Bitcoin wallet balances sparks privacy debate. [cointelegraph]
Big Time generates over $100M in revenue since preseason. [decrypt]
Vitalik Buterin pushes for anti-correlation incentives in Ethereum staking
BlackRock’s tokenized fund registers over $240 million in inflows within a week
Ethereum hit by ‘Blobscriptions’ in first stress test of blockchain’s new data system. [coindesk]
FTX estate to unload $7.6B locked Solana balance at 68% discount. [cointelegraph]
DYDX is set to unlock $117M worth of tokens, which will lead to an 11% rise in supply. DYDX’s market cap stands at $1B.
AKT unlock will add nearly $2.8M to the market, increasing the supply by 0.23%. AKT currently has a market cap of $1.2B.
PRIME is preparing for a $38M unlock, leading to a 4.6% jump in supply. PRIME’s market cap is nearly $830M.
SUI unlock will introduce approximately $86.36M worth of tokens to the market, increasing the supply by 3.6%. SUI boasts a market cap of $2.4B.
GMT is preparing for a $8.7M unlock, leading to a 1.2% increase in supply. GMT’s market cap is currently $698M.
MANTA will unlock $9.2M worth of tokens, resulting in a 1.2% rise in supply. MANTA’s market cap is at $755M.
ZETA unlock is on the horizon with nearly $13M being added to the market, a 2.6% supply increase. ZETA’s market cap stands at $496M.
ACA unlock will add $4.9M to the market, increasing the supply by 2.8%. ACA currently has a market cap of $170M.
PENDLE is set to unlock $1.2M worth of tokens, contributing to a 0.3% rise in supply. PENDLE’s market cap is nearly $416M.
LQTY will introduce an unlock of over $1M, leading to a 0.7% increase in supply. LQTY’s market cap stands at $148M.
GAL is gearing up for a $15M unlock, which will cause a 3.3% supply bump. GAL’s market cap is currently $447M.
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