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SBF Pleads Not Guilty. Now What
Last Updated: January 04, 2023
✓ Fact Checked
SBF PLEADS NOT GUILTY
The former head of FTX denies all criminal charges. This is the result of yesterday's court hearing held in the Southern District of New York.
During the hearing, Bankman-Fried filed a statement to that effect through his attorneys.
In the document, the crypto-businessman points out his lack of involvement in fraud, defrauding investors and using client funds to support the trading company Alameda.
Note that it is standard practice for defendants to initially refuse to plead guilty. So... What could we expect to see next?
The prosecution team must now prepare documents with evidence of SBF crimes. After that, the next court hearing will be scheduled.
What's interesting is that before the hearing, Bankman-Fried's team asked the court not to disclose the identities of two of the four parties who agreed to sign his $250 million bail.
The other two are publicly named. They are SBF parents. And they are feeling the heat.
According to Bankman-Fried's lawyers, his parents, Joseph Bankman and Barbara Fried (who happen to be former Stanford Law professors) have been receiving threats of physical violence.
As it is reported, the prosecutor's office did not contest the plea. Judge Lewis A. Kaplan said that a final decision on the matter would appear in the next day or two.
Mark your calendars, because the next court hearing isn't until October 2023!
This means that we will have to wait a long time until then for the proceedings to take place. Hang in there, everyone!
TL;DR: Former head of FTX pleads not guilty to fraud, and money laundering charges. The next court hearing is scheduled for October 2023.
NEW LEARN & EARN COURSE!
Okay, we've got some awesome news for those who are always willing to learn something new. The status of 'industry-ready' doesn't achieve itself, now does it?
Learnoverse and KyberSwap are proud to present you with their newest Learn & Earn course.
Students who complete the course will get a reward of 5 KNC tokens. It will be transferred directly to Metamask wallets, so make sure to have one.
They're also organizing a case study that looks at how DEXs are used from the perspective of a new user to help you understand how to apply the knowledge you've gained in the course to the real world.
By the end of the course, you'll have a solid understanding of the importance of DEXs and how you can leverage them to your advantage.
So that's that. New year, new challenges, new opportunities. Check out the course right here!
CORE SCIENTIFIC VS CELSIUS DISPUTE
The months-long legal dispute between Core Scientific and Celsius has come to an end.
Here's some background:
Celsius, the bankrupt digital-asset lender, had a problem. They were heavily into mining. Rented out thousands of mining rigs from Core Scientific.
But when insolvency hit, and when BTC price fell...
Celsius found themselves not being able to pay for all these thousands of BTC mining rigs. This sparked a conflict which has been going on for months now.
But... A solution was found.
Both parties have agreed to cut off power to 37,000 miners that Celsius is unable to pay for.
This case will be useful as a legal precedent for other customers who use hosting from Core Scientific but have accumulated debt.
Core Scientific has previously said that Celsius' debts are putting a serious strain on their financial resources.
The company was losing about $53,000 a day to pay for increased electricity rates and plant maintenance.
Court documents showed that Celsius owed Core $7.8 million as of November 2022. The growing burden eventually led to the miner defaulting on their other debts.
As a result, Core Scientific was forced to file for bankruptcy at the end of the previous year. But all hope is not lost for Core Scientific.
The company is now seeking the right to continue their operations in court. However, a major reorganization awaits them.
The firm is negotiating with lawyers and financiers to change their capital structure and get a reprieve on their debts.
Many creditors have come forward to support Core Scientific, including the legendary BlackRock investment fund.
As of October 26, 2022, Core Scientific had 24 BTC and about $26.6 million in cash.
It remains to be seen if BlackRock's assistance will be enough for Core Scientific to survive in 2023, as the success of the company depends on factors such as the recovery of the bitcoin price and the complexity of the network.
TL;DR: Core Scientific and Celsius have reached an agreement.
WEDNESDAY'S BUBBLES
Here's how the coins performed during the last week:
SELECTED MEME OF THE DAY
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