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Against Lawyer's Advice, Sam Bankman-Fried is Talking Again - It Isn't Going Well...

Sam is doing interviews again - which is something no CEO in his position has done before.

Sam's decision to continue speaking publicly has already caused his original lawyer quit,

What Sam doesn't seem to understand is there is no valid reason/excuse for what happened - it's that simple.  Therefore, nothing he says can make it better.

Reaction to his latest interviews have been predictable.

"[Sam is] Either the STUPlDEST man alive, or all those funds donated to lawmaker’s political campaigns is paying off… He’s acting like he’s been told ‘you have nothing to worry about’" Tweeted Crypto Press Association Editor in Chief, Ross Davis.

In this video, Michael Novogratz, Billionare CEO of Galaxy Digital reacts to Sam Bankman-Fried's interview yesterday at The New York Times' DealBook Summit.  Novogratz calls Sam as 'delusional' and believes he "needs to prosecuted".

Video courtesy of CNBC

Texas REALLY Loves Crypto - State Considers MORE Pro-Crypto Government Policies as They Compete to Become the US 'Crypto Capital'...

Texas crypto

We've covered some of what Texas has done so far to draw in the crypto industry.

As they continue with that goal, The Texas Work Group on Blockchain Matters, which includes members from government, academia, and business, has proposed that Bitcoin would "fit naturally into the balance sheet of the state of Texas."

There is a movement in Texas to have some of the state's reserves held in bitcoin, and this group is proposing a legal framework to the state legislature to make this possible (BTC).

There are already cities in Texas that have implemented this...

Fort Worth, a city in Texas where many Bitcoin mining companies have set up shop, is one of the few that has begun to include bitcoin in its official financial statements.

Further, the report recommends a set of public policies that encourage the use and adoption of crypto assets, arguing that doing so "would be a powerful indicator that the interests of Texas are aligned with (crypto) business operators."

To Promote Real-World / Retail Use of Crypto, they propose 2 years with NO TAXES on crypto transactions...

They also believe a "sales tax exemption" would be helpful in spreading the use of bitcoin for everyday purchases. This would be for the purchase of goods and services for a period of two years.

The group says that this would increase demand from Texans by encouraging businesses to accept cryptocurrency payments.

The cryptocurrency industry, and mining firms in particular, have provided employment and economic stimulus to previously underserved rural areas, according to the Texas Task Force.

But Now Texas' is facing growing competition coming from other states...

There is consensus among Florida's state leadership that crypto has promise, and more recently, California has signaled that it is preparing its own incentives to lure them in.

But I'm starting to wonder if being more crypto-friendly than Texas is even possible - if they follow through by actually turning these proposals into policies, they're going to be hard to beat. 

Starting to honestly wonder if it's time to move the Global Crypto Press from Silicon Valley to the loan star state. 

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Author: Ross Davis
Silicon Valley Newsroom
GCP Breaking Crypto News

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Author: Ryan Kennings
Article Submitted / Sponsored Guest Author
BC.Game Promo Code and Bonus Codes




UPDATES As We Begin Week 3 of the FTX / Sam Bankman Fried Saga - HACKED or NOT + More Collateral Damage + Bankruptcy Docs Give FTX's TOTAL Debt...

FTX Logo

Official bankruptcy court filings state that FTX owes more than $3 billion to its top 50 creditors. The largest single loan listed in the document is over $226 million, with the rest of the total debt owed falling somewhere between $21 million and $203 million.

The "hack"...

As things unfolded last week a significant number of tokens were moved from the official storage wallets of FTX. It's not surprising that some would suspect a "inside job," but former FTX employees are spreading rumors that the same authorities from the Bahamas government who are investigating the company for possible legal violations are also the thieves.

Analytics firm Chainalysis is tracking the funds that originated from the FTX exchange and say the funds are now being traded from Ethereum to Bitcoin. The FTX hacker once held 228,523 ETH, making them one of the top Ether wallets globally.

...but was there actually no hacker at all?!

To be fair, the rumors started because no one was coming forward to say otherwise.  Millions in crypto gets moved, with no legitimate entity claiming responsibility, the logical conclusion is a hack. 

After coming forward, the Bahamas government confirmed they were indeed behind it - but it wasn't corrupt officials stealing funds. Regulators in the Bahamas officially state they are in possession of the funds which were taken as part of a seizure of assets - to prevent anyone at FTX from doing anything with them.

It all seemed settled, then we learned - this isn't what happened either.

The actual story with the FTX "hack"...

Basically "all of the above".

Some funds were sized by regulators in the Bahamas.  Some funds were stolen. 

Chainalysis tweeted this summary:
"Reports that the funds stolen from FTX were actually sent to the Securities Commission of The Bahamas are incorrect. Some funds were stolen, and other funds were sent to the regulators."
This was confirmed again as FTX tweeted to alert other exchanges to keep an eye out for hacked funds hitting their platforms, so they could then freeze the account before the hackers can make any trades. 

Collateral Damage...

In related news, Solana is "facing difficulties" following the collapse of FTX, due to their strong ties with FTX and its sister company, Alameda Research, which invested in nine Solana projects since December 2020.

So far, Solana has lost over 60% of its value since the FTX saga began, and users have removed about an equal percentage from the total staked supply. In response, Tether announced they will be taking $1 billion USDT it had on the Solana blockchain and moving it to the Ethereum blockchain, as they don't foresee the supply being needed on the Solana blockchain in the near future.

While there's no shortage of die-hard Solana supporters posting that they're taking this opportunity to load up on SOL tokens at a discount, others are saying there's still a big hit to come, with FTX rumored to a large amount of Solana tokens that they will probably be forced to put on the market. 

Sam Bankman-Fried...

Last week he was direct messaging journalists, claiming he has plans to raise billions to make FTX customers 'whole' again - causing the newly appointed FTX CEO (installed to oversee the bankruptcy) to come out clarifying Sam has no role with the company, and isn't authorized to raise funds or speak on FTX's behalf, even calling Sam 'delusional'. 

It seems he caught on that he was doing himself more bad than good, today is day 5 of silence. 

-----------------------
Author: Mark Pippen
London News Desk 
Breaking Crypto News 

"Sam Who?" | Non-Profits he Funded, Politicians he Donated to, and Investors who Traded with Sam Bankman-Fried are All DISAVOWING and CUTTING TIES....

Sam Bankman-Fried FTX FTT Crypto News

One of the most interesting things to watch in the Sam Bankman-Fried (aka SBF) fallout are those who previously praised him, now trying to figure out why they ever said things that sound completely insane today.

In all fairness, while Sam's wrongdoings were deliberate and dishonest - blaming everyone who once worked with, or once simply liked the guy is going a step too far, in my opinion. If the accusations we've heard are true, you can be sure very few people knew the truth

Sam had accumulated a sizeable list of endorsements, and it wasn't made up of a bunch of easily scammed or gullible people...

Even the person who begun FTX's downfall first believed they were legit.  Binance CEO 'CZ' started the avalanche that would burry Sam and FTX by sending out of tweet when he lost confidence in the company - but before that, he trusted Sam and FTX enough to have $2 billion of his assets tied up in their FTX's official token, FTT.

Earning trust within an industry can be a chain reaction, where getting 'in' with one person who is more established than yourself can lead to a dozen more if you play your cards right.  So who was the first 'big name' in crypto to publicly link themselves with Sam? I have no idea, and they aren't to blame for this anyway.

While researching another story I came across this, the only organization that I've seen address the situation by adding disclaimers to their old write-ups about Sam.

The organization is called 80,000 Hours, and they say their goal is to 'provide research and support to help students and graduates switch into careers that effectively tackle the world’s most pressing problems' 80,000 hours refers to the average time someone will spend working in their chosen career in their entire lifetime. 

What was a page on their site containing 10 paragraphs of pure praise for SBF, now begins with a statement:

 Our statement regarding the collapse of FTX

The collapse of FTX is likely to cause a tremendous amount of harm – to customers, employees, and many others who have relied on FTX. We are deeply concerned about those affected and, along with our community, are grappling with how to respond.

Though we do not know for sure whether anything illegal happened, we unequivocally condemn any immoral or illegal actions that may have taken place.

Prior to this, we had celebrated Sam Bankman-Fried’s apparent success, had held him up as a positive example of someone pursuing a high-impact career, and had written about how we encouraged him to use a strategy of earning to give (for example, on this page). We feel shaken by recent events, and are not sure exactly what to say or think.

In the meantime, we will start by removing instances on our site where Sam was highlighted as a positive example of someone pursuing a high-impact career, since, to say the least, we no longer endorse that. We are leaving up discussions of Sam in places that seem important for transparency, for example this blog post on the growth of effective altruism in 2021, and this user story.

In the coming weeks and months we will be thinking hard about what we should do going forward and ways in which we should have acted differently.

If you are out there trying the best you can to use your career to help solve the world’s most pressing problems with honesty and integrity, we also want to say we support and value you.

We are following the situation closely and hope to write more soon.

Many associated with Sam almost instantly came out to say they "had no way of knowing" - and while they are probably telling the truth, there's still something refreshing about someone taking a bit of time to reflect and review.

The non-profit organizations SBF worked with will easily be able to distance themselves - no one expects them to turn down donations from a company that (at the time) had a clean reputation. 

Those with a potential nightmare ahead of them are the politicians who took campaign donations, and the already-wealthy athletes and actors who used their influence to encourage their fans and the general public to invest via FTX.

Celebs who publicly endorsed FTX include NFL star quarterback Tom Brady, NBA MVPs Shaq and Stephen Curry, 'Shark Tank' star Kevin O' Leary, and actor and Seinfeld' producer Larry David - all of whom have a net worth of over $100 million (Larry David tops the list with an estimated $500 million).

Now they're all sharing the blame with SBF in a just-filed lawsuit that argues Sam, and the celebs who promoted him, are responsible for paying back the billions in lost FTX user funds...

The athletes and actors will predictably claim ignorance, but will then have to explain why they would endorse something they didn't understand - it's not like they needed the money.

Kevin O' Leary, and a few crypto 'influencers' will have an even larger challenge of explaining how they are self-proclaimed 'expert investors', but were unable to spot any red flags

The lawsuit includes every celeb who endorsed FTX along with Sam himself as former users seek to recoup lost funds.  The case if filed in the Florida court system with no date yet for initial hearings.

No one is miscalculating the situation worse than Sam himself...

Sam chimed in briefly a couple times over the past week, with statements like "I didn't want to do sketchy stuff, there are huge negative effects from it, and I didn't mean to".

Then, while he no longer holds any position at FTX, and is under investigation for multiple serious criminal offenses, he shared his goal of raising another $8 billion to "make customers whole" - apparently forgetting this ended with him unable to raise anything, and that's when he had an exchange to sell.

The new FTX CEO, appointed to oversee the company bankruptcy, and previously known for cleaning up the massive Enron bankruptcy, John Ray, was forced to counter Sam's actions with an announcement reminding people Sam is "not employed" with FTX any longer, and therefore, "does not speak for" the company in any capacity, and stated that Sam seems 'delusional'. 

With the 'clean up' team in place, and authorized to access everything FTX controls - the deep dive that will expose anything still unknown is now underway.

[ WHAT DO YOU THINK? Have we heard the worst of it? Or will more be uncovered? Share your thoughts by Tweeting us at @TheCryptoPress

-----------

Author: Ross Davis
Silicon Valley Newsroom
GCP Breaking Crypto News



Global Crypto Press Adds 11 New Languages....

globalcryptopress.com news

[Friday Nov 11th 2022 - Silicon Valley]
The globally syndicated source for crypto news, the Global Crypto Press has added additional languages to the list of languages their content will be published in, allowing them to reach a wider audience.

The new additions are:

Filipino at https://tl.globalcryptopress.com

Hebrew at https://iw.globalcryptopress.com

Persian at https://fa.globalcryptopress.com

Irish at https://ga.globalcryptopress.com

Punjabi at https://pa.globalcryptopress.com

Norwegian at https://no.globalcryptopress.com

Polish at https://pl.globalcryptopress.com

Portuguese at https://pt.globalcryptopress.com

Danish at https://da.globalcryptopress.com

Dutch at https://nl.globalcryptopress.com

Finnish at https://fi.globalcryptopress.com

French at https://fr.globalcryptopress.com

The 11 new language options are in-addition to their already wide choice for global readers...

The first expanded language options made the site available in Arabic, Chinese, Hindi, Korean, Russian, Spanish, Swedish and German with the original English version being the default found at their homepage at GlobalCryptoPress.com

Media Contact: 
Press[at]GlobalCryptoPress.com

--------------------
GlobalCryptoPress
Press Release Distribution

Binance backs out of buying FTX - So When Will the Bleeding Stop?

Popular exchange FTX and their collapsing token FTT spreads gloom throughout the crypto market.

It appeared they had a savior, the top exchange globally, Binance and it's CEO CZ, were rumored to be buying all non-US assets of FTX, providing them with the cash flow and liquidity they need to stabilize.

Now that's not happening - so when will the pain end?

Video Courtesy of CBS News

It's Election Day in the USA - Why No Election Has Ever MATTERED MORE for Crypto Traders and Industry...

US Election 2022 and Crypto

It's election day in America, for those unfamiliar with US politics, this one is a 'mid term' - no new President will be selected, but seats in virtually all other elected rolls are up for grabs.

All 435 members of the House of Representatives and 34 senators are running.  According to media reports, political action committees and bitcoin lobbyists have contributed millions of dollars to candidates races.

As of two weeks ago, crypto-related donors had given more money than the traditional big election spenders - surpassing both defense and big pharma.

The industry expected 2022 would be the year policymakers came up with a plan for regulating crypto - that didn't happen...

Unresolved policy disputes between lawmakers and lobbyists left this unfinished, as Congressmembers and Senators left Washington DC until the new year.

That means those elected today are virtually guaranteed to be the ones voting on crypto regulation in the near future.

Crypto becomes a mainstream topic for voters...

According to a poll by Grayscale early October, 38% of voters said candidates "crypto policy positions" mattered to them when deciding who to vote for. 

Another poll by the Crypto Council for Innovation, taken around the same time, had 45% of voters agreeing that lawmakers should "treat crypto as a serious and valid part of the economy."

The ideal outcome for crypto...

Most crypto traders want a Republican majority in either or both chambers, since Republicans have been some of their most loyal supporters in the past.

The Republicans have also indicated the willingness to move bills that many in the industry say create a reasonable regulated environment, where protections for investors can be implemented without slowing down the progress of a fast growing industry.

"We believe crypto is one of the few sectors we follow where the midterms will have a material impact on policy. Republicans tend to be more accepting of fewer limits on crypto products because they are decentralized and different - We believe a GOP sweep of the midterm elections would be the best outcome for crypto" said Jaret Seiberg, an analyst at financial services company Cowen.

Generally favoring less government involvement in free markets, Republicans would also likely put pressure on agencies like the SEC stop over-aggressive regulation of crypto firms and seek reasonable regulation aimed at protecting investors.

A history of bipartisan support...

While crypto does have a history of finding supporters from both major parties, many see the Democrats as 'dropping the ball'.  Some expressed the desire for what sounded like reasonable solutions to the regulation issues, some even co-authored bills with Republicans. 

But at the end of the day, they had 2 years where they held most of the power, and nothing was accomplished.

Then, with some opinions from members of the Biden administration that sounded like they don't understand the basics of what crypto is, many who consider crypto an important issue switched to a firm "Republicans only' stance this election.

The crypto industry may get their wish...

Polls are indicating that Republicans will take back the House and probably the Senate as well.  

A common prediction from crypto traders on multiple platforms right now is that a Republican win of both the House and Senate tonight could immediately trigger some market movement upward, we'll probably soon see if they're correct.

-----------
Author: Ross Davis
Silicon Valley Newsroom
GCP Breaking Crypto News

Binance CEO ANGRY at Rival Exchange FTX, Announces Sell-Off Of OVER $2 BILLION USD Worth of Holdings of FTX's Native Token FTT...

FTT FTX Binance CZ

"Regarding any speculation as to whether this is a move against a competitor, it is not" said Binance CEO 'CZ' on Twitter, while confirming "recent revelations that have come to light" are behind a decision to sell-off $2.1 billion USD worth of FTT, the native token of rival exchange FTX.

Binance first obtained the tokens last year, as part of their payment from a pre-planned exit from investment in FTX equity.

Can't Have it Both Ways...

CZ first attempts to include the FTT sell-off as part of everyday 'business-as-usual' saying:

"Liquidating our FTT is just post-exit risk management, learning from LUNA."

That sounds like he's saying it's a purely strategic move, like the reasoning behind it could be something as simple as not believing the bear market has hit bottom - until in his next sentence where he immediately makes it clear - there's more to this story.

"We gave support before, but we won't pretend to make love after divorce. We are not against anyone. But we won't support people who lobby against other industry players behind their backs. Onwards."

FTX is accused as a company, or perhaps CEO Sam Bankman-Fried himself of doing something behind the scenes, with at least the goal of hurting a competing crypto company...

At least that seems to be the accusation CZ, the Binance CEO, is making, although vaguely, and because of their mention of LUNA (which famously crashed, then crashed the market, and never recovered) and FTT together - the FTX CEO has been trying to assure customers that their token has none of the same risk factors (and from what we can see, that's true).

Any comparison of FTT with LUNA is a bit unfair...

There's no reason for CZ to bring back memories of the LUNA disaster when mentioning FTT - none of LUNA's risk factors can be applied to FTT.

"A competitor is trying to go after us with false rumors. FTX is fine. Assets are fine" said CEO Sam Bankman-Fried his first public response.

However - Binance CEO CZ has proven to be a level-headed voice of reason in the industry, and seems to have a reasonable outlook on the 'big picture' of cryptos future - so if he's accusing FTX or their CEO of crossing a line, it's probably true. 

---------------
Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News