Crypto Market Overview December 13th | Dex-Trade

Crypto Market Overview December 13th | Dex-Trade

BREAKING: Sam Bankman-Fried of FTX Detained in Bahamas

According to a press release from the Bahamian media, Sam Bankman-Fried (SBF), the founder of the FTX cryptocurrency exchange that went bankrupt in November, was arrested by the Royal Bahamas Police Force after he was charged with a crime in the United States, in connection with which the authorities of the Bahamas islands may expect an urgent extradition request from the SBF to the US. A statement released by the Attorney General of the Bahamas, Ryan Pinder, said that as a result of the notification received and the information provided in it, he deemed it appropriate to arrest the SBF and keep him in custody under the Extradition Act. According to The New York Times, the FTX founder is charged with wire fraud, securities fraud, money laundering and related corporate conspiracy charges. On top of that, the U.S. Securities and Exchange Commission's (SEC) Attorney's Director, Gurbir Grewal, announced that the agency also intends to file charges against SBF. And for dessert, the Bahamas' Prime Minister, Philip Davis, announced that in addition to the US criminal investigations, the Bahamas will also continue to investigate the FTX collapse. Recall that today Bankman-Fried was supposed to give digital evidence before the House Financial Services Committee regarding the bankruptcy of the exchange. However, the chairman of the committee, Maxine Waters, was surprised when she learned of the SBF's arrest.


Justin Sun Invests $100M in Binance Amid Huge Selloff

Tron founder Justin Sun has invested $100M in Binance due to the massive outflow of user funds from the marketplace that started yesterday still hasn’t stopped, with the total amount of user funds withdrawn reaching $1.8B at the time of writing. Mass sale of assets and withdrawal of funds from the largest crypto-exchange also significantly hit the rate of the native coin Binance BNB, the value of which fell by 8% per day, but later recovered to -6.5%. It is noteworthy that according to Nansen, part of the withdrawn funds was transferred to the Paxos and Huobi crypto exchanges, while the net flow between the two exchanges amounted to about $162 million. It is important to note that in the current situation, Sun is not only an assistant, but also a kind of cause of cascading sales. The fact is that market anxiety about Binance was partly caused by rumors that the founder of Tron withdrew a total of $50 million from Binance. However, the businessman has already tried to calm market fears by posting a tweet with a link to Etherscan, which contains information about his replenishment $100 million wallet. Binance's official twitter has revealed that the marketplace is suspending USD withdrawals late in the afternoon Hong Kong time as it participates in a token swap between USDC and BUSD (operated by Paxos). The CEO of the crypto exchange, Changpeng Zhao, mentioned that part of this swap requires updating the ledgers at a New York bank, which cannot be completed until the bank reopens to operate in the US.


John Richmond of Shiba Inu Seeks Advice from the SHIB Community

Anglo-Italian fashion designer and designer from the Shiba Inu team, John Richmond, took to the SHIB community on Twitter to ask for help in determining what clothes to produce next: “Hey fashion and crypto lovers, we need your help to make our brand John Richmond even better.” The fashion designer joined the SHIB team earlier this year and has been producing clothing for the upcoming SHIB project: The Metaverse. By the way, John Richmond's clothing line was presented at fashion weeks in Milan and Shanghai. At the events, the fashion designer also hosted a cocktail party exclusively for Shiba Inu fans. Despite the fact that the actual SHIB clothing line has not yet been released and it is impossible to buy it on the Internet, the fashion brand is constantly introducing new individual products. For example, just a few days ago, the fresh masculine fragrance LegendsLiveForever Black Metal was introduced. As for clothes, a crypto enthusiast named Mr.BowtieCrypto shared the idea to introduce a layered system into the SHIB clothing line. For example, the JR x SHIB logo T-shirt will come in three versions: one for Bone ShibaSwap (BONE) owners, another for LAND owners in SHIB: The Metaverse, and a third for Shiboshi NFT enthusiasts. Ultimately, the same hierarchy can be applied to hoodies, sweatshirts, joggers, hats, belts, and umbrellas.