Crypto Market Overview January 10th | Dex-Trade
Nishad Singh from FTX Cooperates With Investigation Against SBF Interests
Former CTO of bankrupt crypto exchange FTX, Nishad Singh, has met with U.S. federal prosecutors in hopes of securing a cooperation deal that, at best, should guarantee him immunity from the authorities. Singh became the third person from the inner circle of the founder of the trading platform Sam Bankman-Fried (SBF), who voluntarily cooperated with the authorities against the interests of the former head. However, it should be borne in mind that the meeting of the former FTX CTO with federal prosecutors does not guarantee their willingness to cooperate. They will first consider the value of the information he provides and then decide whether it can be used to convict him and grant him immunity. Recall that the former co-founder of FTX, Gary Wang, and the CEO of Alameda Research, Caroline Ellison, have already pleaded guilty and are cooperating with the investigation. But the SBF itself did not plead guilty to 8 charges and insisted on defense in court. Experts speculate that Singh could provide a more complete picture of FTX's finances. It is noteworthy that he has repeatedly sponsored the election campaigns of the Democrats in the United States. Since 2020, he has donated more than $9 million to the Democratic Party, of which $8 million was transferred to the account of the political force in 2022. In addition, the Mind The Gap Political Action Committee, founded by SBF mother Barbara Freed, also received a $1 million donation in 2022. Now the investigation has a suspicion that the largest investors of the Democrats could be... clients of FTX and Alameda Research.
"Decentralized Ponzi Scheme": a New "Title" of Bitcoin from Jamie Dimon
Speaking at JPMorgan's 41st annual healthcare conference, CEO Jamie Dimon went too far and called Bitcoin a "Decentralized Ponzi Scheme." Dimon has consistently and openly criticized bitcoin and other virtual currencies. Back in 2017, he already called the cryptocurrency flagship “fraudulent” and said that any JPMorgan trader caught trading it, would be fired on the spot. However, since then, the CEO of the banking giant has softened his position somewhat and even stated that blockchain technology does have value. At the same time, JPMorgan has repeatedly exploited blockchain currencies, despite the negative attitude towards them from the management. But despite experimenting with digital assets, Dimon was adamant about the market flagship. He still considers it a speculative asset that can never replace real money or become an efficient payment system. Dimon's argument is based on speculation that cryptocurrencies are more commonly used for illegal activities than legal ones. In fact, he argues that most people use crypto as an investment vehicle that rises and falls in prices rather than to buy products and services.
