In the crypto realm, FTX founder Sam Bankman-Fried’s trial was the center of attention this week. Friday marks the fourth day of the trial, which is expected to last at least six weeks.
Crypto community members, especially FTX customers, are glued to the ongoing high-profile trial of Bankman-Fried. Meanwhile, the US added more than a quarter of total crypto market capitalization to its debt in a single day.
Throughout the week, there was also controversy about the return of Satoshi Nakamoto, the creator of Bitcoin.
Sam Bankman-Fried’s Friends Testify Against Him
On Thursday, Gary Wang testified in Bankman-Fried’s trial. He co-founded the FTX exchange and used to be the roommate of Sam Bankman-Fried at the Massachusetts Institute of Technology.
According to The Guardian, Wang admitted to committing financial crimes and fraud at FTX. He also mentioned that Bankman-Fried, his ex-girlfriend Caroline Ellison, and FTX’s former co-lead engineer Nishad Singh were involved in the crimes.
Singh and Ellison are expected to testify next week. Bankman-Fried’s inner circle members have already pleaded guilty to various charges.
Another of Bankman-Fried’s college roommates, Adam Yedidia, testified on the second day of the trial. Yedidia admitted that he was involved in writing the code that allowed Bankman-Fried’s hedge fund, Alameda Research, the ability to withdraw FTX’s funds.
Romantic Memos of Sam Bankman-Fried and Caroline Ellison
Amidst the court trial, crypto researcher Molly White revealed the memos between Bankman-Fried and the former boss of Alameda Research.
Through the memos, Bankman-Fried analyzed the pros and cons of having a sexual relationship with Caroline Ellison. The FTX co-founder was concerned that it could result in a negative PR and destroy the image of Alameda Research.
Crypto – Socially Speaking
The screenshot below shows that Ethereum was the most talked about crypto on social media. It had 65,623 social mentions in the last seven days.
Notably, the meme coin PEPE also made it to the top 10 ranking of social mentions. As per LunarCrush, it garnered 3,204 social media mentions this week.
US Debt Soared by $275 Billion in One Day
The rising US debt has been a concern for quite a while. On September 19, the national debt crossed the $33 trillion mark for the first time ever.
Notably, the amount of daily debt added crossed $275 billion. It is worth mentioning that the number is more than Ethereum’s market capitalization, which stands at $196.6 billion. Moreover, the amount is equivalent to a quarter of the total crypto market capitalization.
Is Satoshi Back?
An X (Twitter) handle, @satoshi, has started posting actively on X since October 2. The account has been inactive since 2018, and the sudden posts aroused speculation that Satoshi was back.
Due to the first post from the @satoshi account, the price of Bitcoin Satoshi Vision (BSV) pumped over 30%. However, now, it has slowly started to retrace back.
Solana’s TVL Hits Yearly Highs
On October 2, BeInCrypto reported that Solana’s (SOL) Total Value Locked (TVL) surged to a new 2023 high. As of writing, the TVL stands at $326.99 million.
However, the SOL price is over 30% down from their yearly highs.
The Week’s Crypto Top 10
Top 10 crypto based on market capitalization. Source: BeInCrypto
Hot Take: US Debt and Crypto Market Capitalization
The rising US debt is a cause for concern as it continues to grow rapidly. In a single day, the US added over $275 billion to its debt, which is more than Ethereum’s market capitalization. This highlights the scale of the debt problem and its impact on the economy.
Meanwhile, in the crypto world, FTX founder Sam Bankman-Fried’s trial is captivating the attention of the community. Testimonies from his friends and former colleagues have revealed involvement in financial crimes and fraud at FTX.
Additionally, there is speculation about the return of Satoshi Nakamoto, the creator of Bitcoin, with an active Twitter account resurfacing after years of inactivity. This has caused fluctuations in the price of Bitcoin Satoshi Vision (BSV).
Overall, these events demonstrate the ongoing developments and controversies within both traditional finance and cryptocurrency.
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