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The prosecution and FTX debtors already have access to the documents, which concern 11 topics and may contain material favorable to SBF. Sam Bankman-Fried (SBF) is seeking to subpoena documents from Fenwick & West. That’s the law firm that served as the outside counsel to FTX, Alameda Research and SBF personally from “early in their development” until the FTX bankruptcy. Now SBF’s legal team wants to use the documents in his defense in the 13-count criminal case against him. According to a memorandum filed in the United States District Court for the Southern District of New York, Fenwick has stated that it cannot turn over the documents without the permission of the FTX debtors. The documents represent advice and other content produced by the firm. The documents are already in the hands of the FTX debtors and the government. FTX has waived any claims of attorney-client privilege protections of the documents in at least one case, the memorandum said . It added: “The FTX Debtors

“The number of crypto transactions associated with Chinese fentanyl brokers increased by 450% just last year alone," said the Massachusetts senator, citing an Elliptic report. Massachusetts Sen. Elizabeth Warren has suggested a link between cryptocurrency payments and companies based in China that provided precursors for the opioid fentanyl. In a May 31 hearing of the United States Senate Banking Committee on China, Warren pointed to a report from blockchain analytics firm Elliptic to suggest a connection between cryptocurrency and “illegal drug transactions” at Chinese companies. Elliptic reported on May 23 that 90% of roughly 90 China-based firms supplying fentanyl precursors were willing to accept payment in cryptocurrencies, including Bitcoin ( BTC ). “Crypto is supposedly banned in China,” said Warren, proceeding to cite data from the Elliptic report. “The number of crypto transactions associated with Chinese fentanyl brokers increased by 450% just last year alone.” T

First introduced in 2020, MiCA aims to create a consistent regulatory framework for crypto assets among the European Union member states. Officials with the European Union have signed the Markets in Crypto-Assets, or MiCA, bill into law following final approval from finance ministers. On May 31, Sweden’s minister for rural affairs, Peter Kullgren, and European Parliament President Roberta Metsola signed the long-anticipated cryptocurrency regulatory framework into law roughly three years after the European Commission introduced the measure. Lawmakers in the EU had batted the MiCA framework from legislative body to body, with different aspects of the bill subject to debate, before reaching final approval in 2023. EU news MiCA has been officially signed into law today by the European Parliament President Roberta Metsola and Swedish Rural Affairs Minister Peter Kullgren (Sweden holds the presidency of the Council of the EU atm). Next steps: 1) Publication in the official journa

The new consortium will provide ratings of digital asset trading platforms and cryptocurrency market indexes when it becomes operational. Huobi has become the first member of the Hong Kong Virtual Assets Consortium (HKVAC), the Seychelles-based cryptocurrency exchange announced on May 31. The new organization promises to provide a ratings service and indexes when it is fully launched. The new organization is debuting at a crucial moment, as retail cryptocurrency trading begins in Hong Kong under new regulations on June 1. Huobi has already launched its Huobi Hong Kong exchange to participate in the new marketplace. According to Huobi: “[HKVAC] was established primarily to enhance the industry’s capabilities in security risk management and to assist the Central Government and Hong Kong’s local authorities in building a world-leading hub for virtual asset and digital finance.” Huobi itself “aims to develop a venture capital database that caters to the needs of the market” by parti

Bitcoin is about to close its worst performing month since FTX collapsed, but a handful of altcoins posted noteworthy gains in May. The cryptocurrency market experienced a dull month with Bitcoin ( BTC ) dropping 7.37%, its worst performance since November 2022 and Ethereum ( ETH ) losing 0.22% in May.  The average loss across the market stands at 5.62% on the last day before the monthly close. However, some outliers posted impressive gains thanks to popular investment narratives and the growth of the Ethereum staking sector. In the first half of May, memecoins grabbed headlines with Pepecoin (PEPE) leading the narrative. The memecoin cycle guzzled up a lot of gas on Ethereum in the first half of May. PEPE’s market capitalization surged to a peak of $1.54 billion in the first week of May, according to CoinGecko. It has witnessed a sell-off since then as token holders booked profit. However, the token still ended the month with over 300% gains. Top 5 performers among the top 10

The SEC suit alleged former Coinbase product manager Ishan Wahi and his brother used non-public knowledge to trade digital asset securities. Former Coinbase product manager Ishan Wahi and his brother Nikhil Wahi have agreed to settle charges of insider trading brought against them by the United States Securities and Exchange Commission (SEC), the agency announced  onMay 30. The brothers were accused of using knowledge of nine crypto assets that would be listed on Coinbase in the future to purchase before listing. The SEC filed suit against them on July 21, 2022. That agency is now demanding disgorgement of ill-gotten gains with interest. SEC’s Division of Enforcement director Gurbir S. Grewal said in a statement: “While the technologies at issue in this case may be new, the conduct is not. […] The federal securities laws do not exempt crypto asset securities from the prohibition against insider trading, nor does the SEC.” The settlement remains subject to court approval. This is

XRP's daily active address count has soared to its second-highest level in May, raising traders' anticipation for a price rally. The price of XRP ( XRP ) rose 6% to $0.51 on May 30 as the market's attention turned toward the latest spike in XRP network activity. XRP/USD hourly price chart. Source: TradingView XRP's daily active addresses count near record high The XRP network witnessed a sudden increase in the daily active addresses (DAA) — the number of unique addresses involved in XRP transactions daily. For instance, on May 27, around 490,000 addresses interacted with the XRP network. That amounted to the second-largest address activity on the XRP blockchain, just three months after establishing the record DAA count of 880,000, according to data resource Santiment. XRP DAA vs. daily price chart. Source: Santiment Interestingly, the DAA surge to a record high in March preceded a 45% price rally . This fractal may have prompted traders to speculate on a si

BTC price action sees weakness a day from the May monthly close, with Bitcoin analysts closely monitoring bid liquidity. Bitcoin ( BTC ) fell into the May 30 Wall Street open as the return of United States equities failed to boost performance. BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView Bitcoin pauses into monthly close Data from Cointelegraph Markets Pro and TradingView showed BTC/USD heading to $27,700, having briefly spiked above the $28,000 mark. The pair encountered resistance below its local highs from around the weekly close, and stocks also treaded water after the opening bell. Excitement around a possible deal to raise the U.S. debt ceiling, which had boosted crypto previously, also cooled as market participants waited for its first test in Congress. “Bitcoin has been having a hard time reclaiming the weekend high,” monitoring resource Material Indicators summarized in part of analysis on the day. “With the Monthly candle close approaching tomor

The Lone Star State has become one of the hottest points on the U.S. map in terms of crypto regulation. In late April, over a hundred people gathered near the Texas Capitol building to protest.  Peaceful protests in the United States are not uncommon, but what made this one unique was that its participants were gathered to advocate for the right to own and use cryptocurrencies. The location is also puzzling, as the Lone Star State has been presenting itself as a potential hub for the crypto industry in the United States, with varying state and federal laws creating an uneven regulatory landscape. ‘Digital Freedom rally’ to oppose Senate Bill 1751 in Texas State Capitol #Bitcoin $BTC pic.twitter.com/lwAzAbSnY0 — Cointelegraph (@Cointelegraph) April 25, 2023 And so, the crypto enthusiasts gathered together in Austin to protest Senate Bill 1751, which will strip cryptocurrency mining operators of some existing tax incentives. The bill has already passed in the State Senate and

Every year countries are pressured to ramp up their climate change commitments at the COP conference — and Bitcoin mining is an easy target. Each year at the annual UN Climate Change Conference (COP), individual countries are pressured to ramp up their emissions reductions promises and showcase evidence they are taking steps to meet them. With Bitcoin mining blamed for using as much power as an entire country, and politicians searching for easy targets to strike, the industry appears to be on a collision course with these global commitments to achieve net-zero emissions. While it’s not possible to ban Bitcoin completely, lawmakers and regulators can tank the price and make life very difficult in the years ahead for the number one cryptocurrency. There are signs its already happening. A report from the European Commission at the end of 2022 stated that EU countries must be ready to block crypto mining, and the trading blocks new MiCA rules were at one stage set to include a ban

After reporting the vulnerability to Tron in February, the researchers highlighted that the issue was promptly addressed and resolved within a few days. A research team at dWallet Labs has discovered a zero-day vulnerability in Tron multisig accounts, allowing an attacker to bypass the multisignature mechanism and sign transactions with a single signature. In a technical breakdown post, the research team said the vulnerability could have impacted $500 million in assets held in Tron multisig accounts. This is because it allows any signer to “completely overcome the multisig security offered by TRON.” 0d, our superstar cybersecurity research team, discovered a vulnerability in TRON multisig accounts putting over $500M of digital assets at risk - it was disclosed and fixed so there are no user assets at risk now. A technical breakdown: https://t.co/nMj6kV6Oc3 — dWallet Labs (@dWalletLabs) May 30, 2023 As its name suggests, multisignature wallets require multiple signers defined

On-chain analytics platform Spot on Chain reported that Wintermute sold the tokens at $1.63 per OP. Decentralized finance (DeFi) platform Wintermute has transferred its Optimism (OP) tokens to a Binance exchange wallet ahead of the upcoming unlock that’s scheduled to release $587 million worth of tokens into the market.  On May 31, 386 million OP tokens will be unlocked for early contributors and investors. The amount of tokens that will be released into the market accounts for 9% of the total supply. The tokens are worth around $587 million and are expected to increase the circulating supply by over 100%. Seemingly preparing for what lies ahead, Wintermute’s wallet has been spotted transferring 2.651 million OP – worth $4.31 million – to Binance in the past 2 days. According to the on-chain analytics platform Spot on Chain, the DeFi protocol has already sold the tokens for $1.63 per OP. Over the past 42 hours, @wintermute_t has moved 2.651M $OP to #Binance at $1.63 on avg (

While “no misconduct” was determined by Temasek’s internal review, staff involved with the FTX investment will see a dent in their pay package. Singapore investment firm Temasek Holdings has reduced compensation for the execs responsible for the firm’s investment into the now-defunct crypto exchange FTX.  Temasek was once the second-largest outside investor of FTX, with 7 million shares, according to Forbes. The firm however was forced to answer for its investment play after the exchange collapsed. According to a May 29 report from Bloomberg, Temasek has now concluded its internal review of the $275 million investment loss incurred from FTX, which it initiated shortly after the exchange collapsed in November 2022. While the findings revealed that there was “no misconduct” internally, it was reported that both its investment team and senior management took “collective accountability,” and had their compensation reduced. The $275 million FTX investment which is now written off, w

Its owner acquired the tokens during Ethereum’s ICO in 2015, when each ETH was worth only 31 cents each. An Ether ( ETH ) wallet that has been inactive since Ethereum’s ICO (Initial Coin Offering) in 2015, has suddenly awoken after eight years of dormancy, moving a total of 8,000 ETH in just two minutes. The wallet  received the 8,000 ETH after participating in Ethereum’s ICO (Initial Coin Offering) in 2015 and remained inactive until May 27. On that day, its owner began with a cautionary transfer of 1 ETH to a new wallet . One minute later they transferred the remaining 7,999 ETH to the new wallet address. At the time of writing, the ETH stash is worth approximately $14.7 million. This transaction was first noticed by blockchain analytics service Lookonchain , which informed its 219,000 Twitter followers of the transfer. An Ethereum ICO participant who has been dormant for 8 years woke up today. He transferred all 8000 $ETH ($14.7M) to a new address. https://t.co/1griKB9Te9