Former FTX CEO Sam Bankman-Fried was found guilty on all seven charges brought against him in one of the largest financial fraud cases in history. A Manhattan federal court jury convicted him in just five hours on charges that he stole $8 billion from the exchange’s users. SBF now awaits sentencing and faces up to 110 years in prison.
In other news, digital asset investment products have seen the largest weekly inflows since July 2022, with funds bringing in $326 million as expectations rise for the approval of a spot Bitcoin exchange traded fund by the US Securities and Exchange Commission.
Additionally, Elon Musk revealed plans to transform his social media platform, X, into a comprehensive financial hub, introducing new financial services next year. Hong Kong is making progress with its crypto vision, with Visa, HSBC, and Hang Seng Bank achieving milestones in their Digital Hong Kong Dollar pilot program.
Argentina is considering merging bitcoin and energy management, utilizing abundant natural gas to fuel bitcoin mining machines. Ark Invest head Cathie Wood raised concerns about deflation but believes Bitcoin can serve as a hedge against both inflation and deflation.
Lastly, global investment manager VanEck predicts a potential 10,600% price increase for Solana’s native SOL token by 2030, with various price scenarios ranging from $9 to $3,200. Stay tuned for more updates in the world of crypto.
