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Judge Grants More Time For US Government To Negotiate FTX Donation Return

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5 hours ago

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A U.S. federal judge has granted the government additional time to negotiate the return of up to $13.25 million in political donations made by former FTX executives Sam Bankman-Fried and Nishad Singh. Judge Lewis Kaplan, presiding over the case, approved the government’s request to extend negotiations with various political action committees (PACs) until January 15, 2025. 

The US government is working to reclaim funds that Bankman-Fried and Singh donated to Democrat-aligned PACs and liberal advocacy groups before FTX’s collapse.

US Government Pushes PACs For Return of $13.25M in Donations from FTX’s Executives

In a recent court filing, the US government formally requested more time to negotiate with political action committees (PACs) that received donations linked to Sam Bankman-Fried and Nishad Singh. Judge Lewis Kaplan approved the request, allowing the US until January 15, 2025, to continue its discussions.

The PACs in question, including the Senate Majority PAC, Emily’s List/Women Vote, and the Future Forward PAC, are largely Democrat-aligned organizations. The US government is seeking the return of funds contributed in the names of Bankman-Fried and Singh, which reportedly total $13.25 million. 

According to testimony, Singh stated he made some donations at Bankman-Fried’s instruction, even signing blank checks used for political contributions.

Court Filing Details Negotiation Efforts with PACs

The court documents indicate that the government is currently negotiating with several PACs to determine the forfeitability of the donations received. The Future Forward PAC, which reportedly received $1 million in Singh’s name and $5 million from Bankman-Fried, and GMI PAC, which received $2 million, are among those targeted in the recovery efforts. Senate Majority PAC and Women Vote were also recipients, with donations amounting to $2 million and $2.25 million, respectively.

These negotiations follow broader efforts by the US government to address donations tied to FTX executives amid allegations of fraudulent activity by Bankman-Fried and his associates. Several political organizations have reportedly returned funds previously donated by the executives, while others have redirected the money to charitable causes.

As part of the ongoing investigation, Bankman-Fried’s former colleague Nishad Singh recently received a sentence of time served and three years of supervised release. Nishad will avoid prison after providing testimony against Bankman-Fried.

The case has drawn attention to the legal considerations around political contributions from sources facing allegations of financial misconduct. 

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Donald Trump’s Victory Odds Fall, Here’s How Bitcoin and Altcoins React

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46 mins ago

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November 2, 2024

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As per the data from Polymarket, Donald Trump’s chances of a presidential victory dropped by a strong 4.5% just three days before the announcement of the results. As a result, Bitcoin and altcoins in the broader crypto market have taken a pause in any directional move unless things become clear further.

Donald Trump Loses Majority In Swing States

Over the past week, former President Trump held the victory odds strongly to more than 60% per the Polymarket data. However, on Friday evening, these numbers dropped by 4 percentage points. At 58.1% now, Donald Trump still maintains a lead by 16 percentage points over his rival and Democratic nominee Kamala Harris.

The two states where Harris is once again gaining ground over Trump are Wisconsin and Michigan. However, he holds a formidable lead in other states like Arizona, Pennsylvania, Nevada, and Georgia.

Just over the last two days, Donald Trump’s winning percentage numbers have dropped ten odd percentage points. Investors have already taken massive bets over the rising victory odds of Donald Trump over the past month. However, this recent swing can bring some jitters across the investor community.

As per the latest WSJ report a French user is betting more than $38 million on Donald Trump’s victory while stating that he has no political motive. The user identified himself as a French national who previously lived in the United States and worked as a bank trader. If Trump wins, the user stands to gain over $80 million, but a Kamala Harris victory could mean a total or significant loss.

Bitcoin and Altcoins Take a Pause

Following the surge to $73,000 earlier this week, the Bitcoin price plunged on the last day of October to settle under $70,000. However, yesterday’s correction dragged the altcoins even lower with ETH, SOL, XRP, and others falling by even greater percentage points.

Bitcoin speculators are increasingly drawn to leveraged futures positions as anticipation builds around the upcoming U.S. election. Meanwhile, data reveals that approximately 180,000 BTC previously held by long-term holders have shifted, de-risking into the hands of significant ETF buyers.

This trend indicates a cautious but active repositioning among seasoned investors, balancing speculative and long-term strategies in the lead-up to the election. For the first time in the last eight trading sessions, the total inflows into spot Bitcoin ETFs turned negative as victory chances for Donald Trump dropped further. The BlackRock Bitcoin ETF IBIT has been dominating the inflows over the past two weeks, with total inflows crossing $26 billion in a significant milestone.

The Ethereum price took a dive under $2,500 with top traders like Peter Brandt predicting further crash. However, if the bulls support the levels of $2,480, we could witness a rebound from here. As of press time, the ETH price is trading at $2,509 with a market cap of $302 billion.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Craig Wright Faces Contempt Charges After Suing Block

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9 hours ago

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November 1, 2024

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Australian computer scientist and self-described Bitcoin founder Craig Wright has taken to the courts once again, this time filing a $1.18 billion lawsuit against Block, a payment company owned by Jack Dorsey.

Wright – who spuriously claims to be Satoshi Nakamoto – is accused of contempt of court by the Crypto Open Patent Alliance – COPA. It is the same group that, earlier this year, provided “overwhelming” evidence Wright did not invent Bitcoin.

“Faketoshi” Craig Wright Held in Contempt Again

An Australian computer scientist Craig Wright, who has said he invented Bitcoin, is accused of contempt of court on Friday. He filed a $1.18B lawsuit against Block, the company founded by Twitter co-founder Jack Dorsey, in a British court.

Wright insists that he authored the original, 16 years old Bitcoin whitepaper, a work published under the pseudonym “Satoshi Nakamoto.” However, the court ruled that there was “overwhelming evidence” showing that Wright didn’t write the foundational 2008 document.

The Crypto Open Patent Alliance sued Craig Wright to prevent him from suing Bitcoin developers. Following a weeklong trial at London’s High Court, a judge ruled in May that Wright had lied “extensively and repeatedly.” The court also ruled Wright forged documents “on a grand scale.”

In July, the judge referred Wright to Britain’s Crown Prosecution Service to decide whether he should be put under perjury charges. The court also issued an injunction against Wright from initiating any legal action based on his claim to be Satoshi.

Denying the Document Forgery

Craig Wright is appealing a decision of the High Court. It found him to have lied and forged documents purporting his claim to be the creator of Bitcoin. A decision as to whether he will be allowed an appeal has yet to be decided.

In his testimony in February, Mr Wright denied the forgery of the documents. However, during a preliminary hearing on Friday, the COPA lawyer, Jonathan Hough, said that Wright breached the court’s injunction by filing a lawsuit against Square Up Europe Limited, a Block subsidiary, earlier this month. Wright attended the hearing via videolink from Singapore and didn’t have legal representative.

Craig Wright has said that he doesn’t believe he is in contempt of court over the Block case. He indicated that he would amend his lawsuit, if found in contempt, to make clear it has “nothing to do with the ownership of the creation of the system.” Whether Wright was in contempt will be clear at a hearing set for December. In the meantime, his suit against Block will stay active until then.

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Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Elon Musk Raises Possibility Of Government Witch Hunt If Trump Loses

Published

13 hours ago

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November 1, 2024

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Elon Musk could face a government inquiry into his immigration status if Donald Trump loses in the upcoming election. Musk recently suggested that a Trump loss could expose him to government actions, sparking new discussions about his immigration past and raising questions about whether political influence might intensify scrutiny. 

Moreover, legal and immigration experts have weighed in, indicating that Musk’s citizenship status could be reconsidered. This is particularly true if he is found to have misrepresented his work history during the naturalization process.

Will a Donald Trump Loss Lead to Government Vengeance on Elon Musk’s Immigration Case?

In a recent statement on X, Elon Musk expressed concern over potential government actions against him. He claimed it is “100% likely” that he could be targeted if Donald Trump is not re-elected. Musk’s comment has brought renewed focus to his early immigration status and work history in the U.S.

Reports indicate that in the 1990s, Musk may have worked without authorization before obtaining his H-1B visa. This has raised questions about his eligibility for U.S. citizenship. According to immigration law, misrepresenting work history or immigration status during the naturalization process can be grounds for revoking citizenship, though such cases are rare.

Additionally, legal experts say that while Musk’s immigration status could be subject to scrutiny, pursuing denaturalization is an uncommon path. Amanda Frost, a professor specializing in immigration and citizenship law, explains that working without authorization can prevent eligibility for a green card if not properly disclosed. However, there is often discretion in enforcing these laws, particularly for cases involving minor violations that occurred decades ago.

Experts Weigh Possible Outcomes Amid Immigration Past 

The heightened interest in Elon Musk’s citizenship status follows a Washington Post report suggesting that Musk may have overstayed a student visa in the 1990s. This was while working on a startup venture, later known as Zip2, before securing the required work authorization. 

However, Elon Musk has publicly denied that he worked illegally in the U.S. at any point. He has previously stated that he was on a J-1 visa that later transitioned to an H-1B. Immigration experts, nonetheless, note that overstaying a student visa or working without authorization could have led to ineligibility for naturalization had it been undisclosed.

Elon Musk’s assertions that he would be targeted by government agencies have intensified public interest in his past visa status. Stephen Yale-Loehr, a professor at Cornell Law School, points out that if the Tesla CEO concealed details about his work history on his immigration forms, he could face legal challenges.

In addition, amid potential government retaliation, attention has also turned to Donald Trump’s running mate, JD Vance. A recent disclosure reveals that Vance holds between $250,000 and $500,000 in Bitcoin, reinforcing his commitment to digital assets. As a U.S. Senator, Vance has publicly questioned the regulatory approach of the SEC toward crypto firms, promoting clarity in policies. Vance’s association with Trump in the race has been noted as a potential boost for pro-crypto legislation.

More so, analysts suggest that a Donald Trump administration will bring regulatory reforms beneficial to the digital assets industry. Most recently, Bitwise CIO Matt Hougan predicted that a Donald Trump administration could benefit altcoins like Ethereum by providing regulatory clarity. 

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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