Bitcoin barely moving and FTX used customer funds to make political donations
Last Updated on 6 November 2023 by CryptoTips.eu
In the past week, Bitcoin lost some 2 to 3 percent, depending on when you look at Coinmarketcap. In terms of volatility and in comparison to historic patterns for Bitcoin, that means almost no movement. Meanwhile, new details are emerging in the indictment against Sam Bankman-Fried, the CEO and founder of FTX.
Straight line
Just like you can check whether altseason has already started, you can also check whether Bitcoin volatility is very high. If you check the last month, the data tells us that we’re looking at an almost straight line. Little to no volatility as Bitcoin moves quietly within a trading band between $22,500 and $25,000.
Alameda
More new details have emerged regarding the indictment against Sam Bankman-Fried, CEO and founder of the now bankrupt crypto platform FTX. It turns out that FTX did indeed give money to politicians from both sides of the US congress, in other words both Republicans and Democrats, and that Sam used the funds from his own FTX customers.
The money was transferred from bank accounts operated by Alameda Research, the crypto trading company that Sam Bankman-Fried founded two years before starting FTX in 2019, the indictment said.
Lawyers handling the bankruptcy have admitted that some $90 million in client money was used to make political campaign contributions, and they have sent letters to all recipients of that campaign money asking them to pay it back. Getting money back from politicians is of course easier said than done.
