Bankman-Fried’s lawyers challenged the exclusion of evidence about customer losses and argued that his $11 billion forfeiture was excessive. Former FTX CEO Sam Bankman-Fried reportedly asked the US Supreme Court to overturn his 2023 fraud conviction. He sought a new trial and the reversal of an $11 billion forfeiture order, according to a Thursday court filing seen by CNN. His lawyers argued that the trial judge excluded evidence that his investments were sound and would have covered FTX customers’ losses. They also argued that the $11 billion forfeiture violated the Eighth Amendment’s ban on excessive fines. Read more
The bill’s ethics section remained largely unchanged despite being one of the main points of contention ahead of a pivotal Senate vote. A revised version of the CLARITY Act would direct United States regulators to determine whether people or groups controlling “non-decentralized finance trading protocols” must comply with securities, commodities and anti-money laundering (AML) requirements. The revised text, posted on Senator Cynthia Lummis’ website, defines such a protocol as one whose functionality, operation, or rules can be materially altered by a person or coordinated group. The definition also covers protocols whose controllers can restrict users or whose transactions are not governed solely by transparent, pre-established code. Under the proposal, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) would develop activity-based rules addressing registration, conduct, disclosure, recordkeeping and supervision. Meanwhile, the Treasury would establish how existing B...
Trezor told Cointelegraph that the phishing email was sent to 347,000 subscribers and said it is treating every address as “known to the attacker and possibly reusable for phishing.” An attacker exploited a flaw in email platform Brevo’s login system to access 138 client accounts, enabling a phishing email to reach roughly 347,000 Trezor newsletter subscribers and similar fraudulent messages to be distributed through accounts belonging to hardware wallet maker BitBox and crypto portfolio tracking and tax-reporting platform CoinTracking. In a Thursday postmortem, Brevo said six accounts were used to send phishing emails, contacts were exported from 43 and 93 accounts showed no meaningful activity. The platform did not specify whether the categories overlapped. The attacker created a Brevo account, enabled single sign-on and invited legitimate Brevo users into the configuration. Brevo said access should have been confined to that organization, but an authorization boundary failed and granted access to every or...
Shareholders of Bitcoin treasury company Metaplanet are seething over equity allocations for insiders, while new figures cement Singapore’s role as the top Asian crypto hub. JAPAN Japanese Bitcoin treasury company Metaplanet’s executive stock pool continues to draw shareholder backlash over stock dilution concerns. Multiple shareholders objected across social media to Metaplanet’s 10th Series executive option pool, which was designed as 20% of fully diluted shares and automatically expanded as the company issued new shares to fund its Bitcoin (BTC) accumulation. Read more