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| | Sam Bankman-Fried secretly funded a major crypto news site, it has emerged. A series of loans were given to The Block's CEO Michael McCaffrey — and no one else was aware of the arrangement. Tens of millions of dollars was used to fund a buyout and drive day-to-day operations, with McCaffrey using $16 million to purchase personal real estate in The Bahamas. He's stepping down as CEO — and while executives say there's no evidence that this led to coverage being influenced, the loans have been described as a "serious lack of judgment." New CEO Bobby Moran said: "It undermines The Block's reputation and credibility, especially that of our reporters and researchers, as well as our efforts at industry-leading transparency." |
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| | The House Financial Services Committee has confirmed SBF will attend a hearing about FTX's collapse on Tuesday. The 30-year-old had come under increasing pressure to offer testimony to U.S. politicians, and was being threatened with a subpoena if he had failed to do so. "Investigating the Collapse of FTX" will also hear from John J. Ray III, who succeeded SBF as CEO after the exchange was tipped into bankruptcy. It is unclear whether SBF is planning to travel to Washington, D.C. for the hearings — but he has been given the option to take part remotely from The Bahamas. SEC Chairman Gary Gensler is also being urged to testify, with a politician saying he "must answer questions about the cost of his regulatory failures." |
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| | Some U.S. senators aren't afraid to mince their words when it comes to crypto — and they're feeling especially emboldened following the collapse of FTX. "It's all bullshit," Sen. Jon Tester recently told Semafor — a news outlet that counts Sam Bankman-Fried himself as one of its investors. During a recent interview on Meet the Press, the Democratic senator for Montana went one further — and suggested that digital assets should be banned rather than regulated. "It's not been able to pass the smell test for me. I've not been able to find anybody who's been able to explain to me what's there other than synthetics," Tester warned. The Senate Banking Committee fears regulation risks legitimizing digital assets — putting consumers at risk. |
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| | Do Kwon is currently in Serbia — and prosecutors believe he has fled abroad to avoid investigation, according to a report. According to The Chosun Ilbo, a South Korean official investigating the collapse of Terraform Labs said: "Recently, we obtained intelligence that Kwon was in Serbia, and it was found to be true." Kwon has been in the spotlight ever since the LUNA and UST cryptocurrencies collapsed back in May — wiping an estimated $48 billion from the market. He's denied that he's on the run, and says his location is secret over safety concerns. An arrest warrant for Kwon was issued in September, and he's the subject of an Interpol red notice. South Korea's Ministry of Justice is now seeking cooperation from the Serbian government. |
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| | Gwyneth Paltrow, Justin Bieber, Serena Williams and Jimmy Fallon are among the A-listers facing a class action lawsuit for promoting Bored Ape Yacht Club NFTs. The case aims to represent all investors who purchased non-fungible tokens released by Yuga Labs — as well as ApeCoin tokens. The filing argues that the celebrity promotion of cryptocurrencies is "fraught with problems" — and it's claimed Yuga Labs was involved in a "vast scheme" with celebrities to misleadingly promote and sell its products. It's alleged all of these stars — as well as Madonna, Paris Hilton, Kevin Hart and Beeple — engaged in "manufactured" endorsements to artificially increase interest in Bored Ape NFTs, as well as their price. Yuga Labs has denied the allegations. |
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| | Did you know the CMC has a new social network, just for crypto? 👀Check out what people are posting here! |
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