Altcoin News by Thebittimes.Com

Nishad Singh, former Alameda and FTX chief developer testified to $1.3 billion of customer funds invested in building Sam Bankman-Fried’s social capital and public image.  Federal prosecutors moved to examine the final few government witnesses in United States v Sam Bankman-Fried, commonly known as SBF, on Oct. 16 following testimonies from key individuals like Caroline Ellison and Gary Wang, both of whom were part of SBF’s inner circle. The first two weeks of Bankman-Fried’s criminal trial for alleged fraud have been marked by testimony from former employees who claim that Bankman-Fried was the driving force behind the misuse of FTX customer funds and misleading investors. Witnesses have also told the court that Bankman-Fried spent millions of dollars to create a false public image and was involved in bribing Chinese officials. Defense attorneys filed a request for midday Adderall prior to trial day nine, crypto.news reported. Bankman-Fried’s lawyers argued that the FT...

Farmington State Bank to Wind Down Operations As part of the enforcement action, Farmington State Bank has been asked to suspend its operations immediately.  advertisement This is a joint enforcement action from the Federal Reserve Board and the Washington State Department of Financial Institutions. Hence, Farmington is barred from “making dividends or capital distributions, dissipating cash assets and engaging in certain activities” without seeking the permission of its supervisors. According to the published statement, Farmington which operates under its Moonstone Bank name improperly changed its business plans last year without informing the bank’s supervisor, nor did it receive approval from the appropriate quarters. Instead, the Washington state-based bank adopted a pro-digital assets business plan.  Precisely, Farmington State Bank collaborated with a third party to launch an IT infrastructure that supports the issuance of st...