Sam Bankman-Fried can’t access the internet, FBI looks for Terra founder Do Kwon and there’s an ominous Nasdaq warning for Bitcoin

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Last Updated on 6 November 2023 by CryptoTips.eu

After a very good week for Bitcoin, I read more and more warnings about its correlation with the tech exchange Nasdaq, Sam Bankman-Fried, the founder of the bankrupt platform FTX, may lose his access to the internet and the FBI joins the search for Do Kwon , the disappeared founder of Terra.

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League of Legends

Several US investors who lost thousands of dollars in the demise of FTX are unhappy with how Sam Bankman-Fried, the founder and CEO of that crypto platform, is being treated in court. While any other 30-year-old man who left behind a $40 billion pit would have been arrested, Sam is allowed to await trial at his parents’ home in California. Meanwhile, he plays his favorite game, League of Legends, via a VPN.

Prosecutors therefore told a New York judge that current bail conditions failed to:

Restrain a technologically advanced individual … with a will to evade detection and monitoring.

They pointed to his use of a virtual private network, or VPN, and encrypted messages on the Telegram app

Sam’s lawyers claim the VPN was for watching the NFL (National Football League) Super Bowl and nothing more. The judge ordered both sides to propose new limits for him to consider next week. If the prosecutors have their way his internet access could be blocked. Sam, an avid gamer, may not be able to continue playing League of Legends. A letter to the court from a frustrated investor named “S. Keithley” from Texas went viral this week. He suggested,

Why don’t you just revoke his bail and jail him?

FBI looking for Do Kwon

Another criminal from the crypto world is Do Kwon, the founder of the Terraform Labs, which also went defunct in 2022. The SEC (the American stock market watchdog) this week called in the FBI to find Do Kwon. The problem is that the man is now wanted by the authorities of a dozen countries, including South Korea and the US, but has still not been found. Probably will be the same as with the Cryptoqueen I think.

Nasdaq warning

Bitcoin is normally highly correlated with the Nasdaq, the largest technology exchange in the world. That index seems caught between hope and fear this week and according to analysis, the daily chart has formed a double top over the past week.

Some see in this a bearish hammer signal. We can only hope all will end well for the largest cryptocurrency’s correlation.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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