“As the anticipation for a spot ETF grows, bitcoin’s meteoric rise not only validates the increasing mainstream acceptance of cryptocurrencies, but also highlights the potential for decentralized technologies to reshape traditional industries – a notion further reinforced by Walmart’s entry into the web3 space with its accelerator program.”
Welcome back to Chain Reaction! This week, we’re diving into the ongoing trial of Sam Bankman-Fried, the founder of FTX and Alameda Research. Bankman-Fried took the stand for the second time and is expected to testify today. The defense presented their arguments after weeks of prosecutors making their case. Bankman-Fried’s lead lawyer requested a motion for acquittal, but it was denied by Judge Kaplan.
During a virtual hearing, the defense revealed that they have three potential witnesses and that Bankman-Fried will be testifying. The prosecutors plan on bringing out one more witness, FBI agent Marc Troiano, to summarize certain documents related to FTX and Alameda.
In other news, we have some updates from the world of web3. Bitcoin’s value has surpassed $34,500, but the question remains whether it will hold. Walmart and Outlier Ventures have launched a web3 accelerator with five startups. And there’s hope for the approval of a bitcoin spot ETF in 2024, according to Bitwise’s general counsel.
In our latest podcast episode, we interviewed Josh Naftalis, a partner at law firm Pallas Partners and a former federal prosecutor. We discussed the details of Bankman-Fried’s trial, the prosecution’s strategy, the defense’s strategy, and the likelihood of a guilty verdict. We also touched on other topics such as sentencing for other FTX executives and why Naftalis believes Bankman-Fried will testify.
Moving on to funding news, Avalanche-focused gaming studio Neon Machine closed a $20 million Series A round, while Singapore-based crypto payments startup Triple A raised $10 million in a Series A round. Ethereum onchain privacy startup Nocturne raised $6 million in a seed round, and Binance led a $12 million funding round for InfinityStakeChain. Web3 healthcare platform Rymedi also secured $9 million in a Series A funding.
If you’re looking for some interesting reads outside of the crypto world, we have a few articles on TechCrunch that caught our attention. States are suing Meta over kids’ mental health concerns, AI is driving real growth for Big Tech, Carta’s CEO addresses bad press, the addition of audio and video calling in X app, and a lawmaker’s stance on robotaxis in Los Angeles.
That’s it for this week’s roundup. Remember to follow me on Twitter @Jacqmelinek for more crypto news and memes.