Category Archives: Cryptocurrency
SEC Faces Scrutiny Over XRP Lawsuit and Cryptocurrency Regulation, While Bitcoin Remains Resilient – Coinpedia Fintech News
Recently, the U.S. Securities and Exchange Commission (SEC) has been under the spotlight as concerns about its actions continue to roil the cryptocurrency market. Experts and lawmakers increasingly question the SECs conduct, calling for greater transparency and accountability.
One of the most pressing issues is the SECs handling of the XRP lawsuit against Ripple. Critics argue that the SECs actions have resulted in significant financial losses for retail investors. They contend that the SEC should be held accountable for its role in the market turmoil, especially as they question the validity of the SECs $770 million settlement demand, suggesting that XRP investors did not sustain any damages.
Furthermore, the SEC has faced criticism for its approach to regulating the cryptocurrency industry. Lawmakers have accused the SEC of disregarding its statutory obligations and hastily implementing new rules without thorough analysis or consideration of potential consequences. These actions have eroded the SECs credibility and respect among market participants, issuers, and investors.
In addition to the ongoing Ripple case, the SECs meetings with industry figures, including SBF and FTX officials, have raised eyebrows. These meetings occurred while allegations of fraud were unfolding, leading some lawmakers to speculate whether the SEC might be attempting to delay investigations or conceal evidence.
Despite mounting concerns and calls for accountability, the question remains whether the SEC will face any repercussions for its actions in the cryptocurrency industry. The crypto community and beyond closely monitor developments to see if meaningful changes or investigations into the SECs conduct will materialize.
Interestingly, despite the tumultuous situation, Bitcoin has continued to thrive. The cryptocurrency is presently trading at a crucial level of $35,000, demonstrating its resilience in the face of regulatory uncertainties.
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SEC Faces Scrutiny Over XRP Lawsuit and Cryptocurrency Regulation, While Bitcoin Remains Resilient - Coinpedia Fintech News
Vietnam loses top ranking in cryptocurrency adoption index – VnExpress International
By Khuong Nha
Wed, 11/8/2023 | 06:32 (GMT+7)
After two years at the top of the global cryptocurrency adoption index, Vietnam has dropped to third place this year behind India and Nigeria.
The 2023 Global Crypto Adoption Index (GCAI) published by U.S. blockchain market analysis company Chainalysis has Vietnam with 0.568 points. India and Nigeria are on 1 and 0.624 points.
The ranking is based on indicators related to cryptocurrency trading volumes on centralized exchanges and peer-to-peer (P2P) and DeFi platforms. The index is averaged over a year and has a scoring scale of 0-1 for each country.
Changes in the global crypto adoption index from the third quarter of 2020 to the second quarter of 2023. Source: Chainalysis
Commenting on Vietnams decline in the GCAI rankings, Le Thanh, founder of blockchain startup Ninety Eight, said the success of several blockchain projects from India such as Polygon and Fantom in Africa over the past year has helped promote the development of decentralized finance (DeFi) ecosystems and new users in India and Nigeria.
Meanwhile, Vietnam has not had many new blockchain projects, he said.
At the Blockchain and Web3 Technology Development Forum on Nov. 1 held at the Vietnam International Innovation Expo (VIIE 2023) in Hanoi, Charles Hoskinson, co-founder of the Ethereum and Cardano blockchain networks, said: "Vietnam is still at the top of the world in terms of cryptocurrency adoption index. However, what impresses me is that there are many young people who are passionate about developing projects. The cryptocurrency world will soon witness top improvements here."
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A person tracks cryptocurrencies on a smartphone application. Photo by VnExpress/Khuong Nha
Heesu Min, senior director of cryptocurrency exchange Binance, said one of the important factors for blockchain in general and cryptocurrency in particular to penetrate deeply into peoples daily life is clear legal policies.
This is a common challenge for countries around the world, she added.
Of the worlds top 200 cryptocurrency businesses, seven were founded by Vietnamese.
Vietnam also has over 10 blockchain firms with a capitalization of more than $100 million, including three with a capitalization of over $1 billion each, namely C98, Axie Infinity and Kyber Network.
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Vietnam loses top ranking in cryptocurrency adoption index - VnExpress International
3 Growth Stocks With More Potential Than Any Cryptocurrency – The Motley Fool
While many investors may still find crypto a viable addition to a well-diversified basket of stocks, you don't have to put cash into this high-risk class of investments in order to build a portfolio that stands up to the test of time. Even though stocks have been through their fair share of turmoil over the last 12 to 18 months, companies with promising businesses and paths forward to growth over the next five to 10 years abound.
If you have cash to invest in growth stocks right now -- money that you don't need for bills and other expenses in the foreseeable future and can instead let grow in your portfolio -- here are three names to consider the next time you go stock shopping.
Teladoc Health (TDOC 0.77%)isn't getting points from some investors if you look at its share price alone, but the trajectory of this telehealth business still looks promising even though growth has slowed from its pandemic heights.
Expecting pandemic-level growth to continue indefinitely would not have been realistic. While Teladoc has had to contend with some tough responses from investors partly because of a series of multibillion-dollar impairment charges it took on last year to write down the value of its pandemic acquisition of Livongo, those blistering losses (which were non-cash ones, I might add) appear to be receding slowly but surely.
The company ended the most recent quarter with more than 90 million members using its virtual services, which span from general medicine to dermatology to chronic condition management to mental healthcare. Teladoc serves a broad swath of customers -- from over half of the Fortune 500 to hospitals and health systems to individual healthcare consumers.
Revenue totaled $660 million for the latest three-month period, a solid 8% increase from one year ago. This was driven by an 8% growth in access fee revenue, such as those paid by employers so their workers can access Teladoc's services, and 10% growth in other revenue. The company's domestic revenue was up 7% from one year ago, but its international revenue popped by a whopping 17% on a year-over-year basis.
On the profitability front, Teladoc generated adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to the tune of $89 million in the third quarter of 2023, a 73% hike from one year ago. The company also brought in free cash flow of $68 million for the three-month period. This doesn't even come close to looking like the story of a dying company.
Improvements to the bottom line are there, and Teladoc is growing its cash position and witnessing a steady uptick in revenue as its wide range of virtual health services continues to draw members from around the world. These are all good signs for the business moving forward, and patient investors may want to take note.
Etsy (ETSY 2.79%) is one of many e-commerce businesses that has had to contend with a challenging spending environment as fears of a recession remain ongoing and consumer belts remain tight.
Still, that isn't so much an issue to do with the underlying business itself as the environment in which it is operating right now. In the second quarter, Etsy -- which offers handmade and vintage items on its site -- reported gross merchandise sales (GMS) of $3 billion. That's down slightly from the same period in the prior year but up roughly 12% from three years ago. Consolidated revenue totaled about $630 million for the three-month period, up 8% from one year ago.
The Etsy marketplace, which accounts for most revenue and profits generated by the Etsy family of brands, achieved positive GMS growth on a year-over-year basis in May, June, and July, breaking the pattern of a series of months of negative year-over-year comparisons. It's also worth noting that as of the end of the second quarter, GMS per active buyer hit $128, a 28% increase from the same quarter in pre-pandemic 2019.
The company is also proving that even in this environment, it can retain consumer dollars and keep buyers coming back for more. New and reactivated buyers on the Etsy marketplace were up 7% year over year in the second quarter of 2023, while repeat buyers jumped an incredible 140% when compared to that cohort of shoppers four years ago. Etsy also brought in a net profit of more than $136 million in the first six months of 2023.
Over the long run, Etsy could still have plenty of growth to tap into as a leader in a unique niche of the wider e-commerce industry with its focus on specialty, vintage, and handmade goods. Long-term investors can snag a piece of the action.
Fiverr (FVRR 11.03%) got the attention of many investors earlier in the pandemic amid the work-from-home revolution. Although a difficult macro environment means businesses are spending less on talent in general, whether hiring full-time or freelance workers, that doesn't mean that this company is down for the count.
On the contrary, the company operates one of the world's leading platforms that connects freelancers with clients ranging from large public companies to mom-and-pop businesses to individual customers. Although Fiverr hasn't witnessed the explosive growth that it did during the pandemic of late, that doesn't mean the story is over for this business.
In fact, Fiverr has capitalized on the growth trajectory of its business as well as the freelance economy in the last few years to expand its platform's reach and set itself up for competitive growth over the long term. It just launched an AI-powered matching service called Fiverr Neo and introduced new services like Fiverr Business Solutions to help larger organizations connect with freelancers.
The company had 4.2 million active buyers using its platform as of the end of the second quarter. While that was flat on a year-over-year basis, that figure represented a 33% increase from the same quarter three years ago in 2020.
Average spending per buyer on Fiverr in the second quarter was $265, representing just 2% growth from a year ago but 44% growth from three years ago. Also important to note is Fiverr's steady uptick in its take rate of transactions. In the second quarter of 2020, that take rate was 27%. Now, it's just shy of 31%. Fiverr generated more than $32 million in net cash from operating activities in the first half of 2023.
This business is slowly but surely shaping up its financials, and as the macro environment improves with time, it looks well positioned to benefit from a recovery in dollars spent by businesses of all sizes.
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3 Growth Stocks With More Potential Than Any Cryptocurrency - The Motley Fool
Bitcoin, Ethereum and XRP lead in surging cryptocurrency market – Investing.com India
Leading cryptocurrencies (BTC), (ETH), and are showing significant gains, according to data from CoinStats. Today, BTC saw a 0.91% increase, trading at $35,171, with expectations to breach its resistance of $35,612. If this level is surpassed, BTC could potentially reach up to $36,000 by the end of this week.
ETH, on the other hand, outperformed other cryptocurrencies with a 1.73% rise and is currently trading at $1,909. If ETH surpasses yesterday's peak, it is predicted to hit the crucial zone of $2,000 by mid-November.
XRP also demonstrated notable growth following yesterday's bullish closure. The cryptocurrency has seen an almost 12% surge and is currently being traded at $0.7230. If today's bar closes without a long wick, XRP could swiftly test the area of $0.80 by the end of this week.
These positive trends reflect the overall bullish sentiment in the cryptocurrency market as major digital currencies continue to gain momentum.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Bitcoin, Ethereum and XRP lead in surging cryptocurrency market - Investing.com India
Bitcoin has more than doubled this year in resurgence – IndiaTimes
Bitcoin has now more doubled in value this year in a surprising resurgence from a tumultuous 2022 that had some skeptics predicting the demise of digital assets. The largest cryptocurrencyby market value rallied for a third day, pushing the price back to around $35,000, the highest level in about 18 months. Bitcoin tumbled 64% last year amid industry scandals and bankruptcies.It reached a record of almost $69,000 in late 2021.Growing expectations that the US Securities and Exchange Commission will authorize exchange-traded funds that invest directly in the cryptocurrency after a decade of deliberation has fueled a more than 25% rally over the past two weeks.Sentiment is clearly bullish as more and more signs start to reveal what appears to be a likely, imminent listing for a spot Bitcoin ETF in the US, said Darius Tabatabai, co-founder at decentralized exchange Vertex Protocol.On Monday, a federal appeals court formalized a victory for Grayscale Investments LLC in its bid to create an ETF based on Bitcoin. Last week, Bitcoin briefly surged 10%, the highest price since August, on an erroneous report that BlackRock Inc had won SEC approval for an ETF.Tabatabai added that the exchange saw a new all-time record for shorts being liquidated over the past 24 hours, with one of the highest volume days ever. Bulls largely came roaring back and brought some much needed optimism to what has been a fairly bleak market for some time, Tabatabai said. Matthew J Maley, chief market strategist at Miller Tabak + Co, LLC, said that geopolitical strains are also contributing to the rally. I think investors are thinking that the increase in geopolitical hotspots in the world is raising the odds crypto will be an important currency quicker than they thought previously, Maley said. The three-day rally is the largest since March. When Silicon Valley Bank collapsed on March 10, Bitcoin rallied for four consecutive days, climbing above $26,000 for the first time since June of last year. While Bitcoin prices might experience a short-term price pullback, the currency is poised to continue rising over the long term, according to James Butterfill, head of research at CoinShares.Before the ETF hype, Bitcoins price closely mirrored the expected probabilities of a December rate hike, Butterfill said. As these probabilities decrease in light of increasing treasury yields, it seems it could further support prices, poising to shape the next bull market for Bitcoin over the longer term.
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Bitcoin has more than doubled this year in resurgence - IndiaTimes
Does GTRIs cryptocurrency-based suggestions for WTO strike the right cord for global e-commerce space – The Financial Express
What do we know, and what have we learned?
Market-based studies have shown that cryptocurrencies provide online retailers with additional payment options. Its believed that the influence of cryptocurrencies on e-commerce can ensure economical transaction expenses, as they dont need the presence of third-party mediums. Furthermore, cryptocurrencies can provide e-commerce platforms with other benefits such as transactions through encrypted wallets, diminishing fraudulent transactions, and increased privacy between buyers and sellers. As per a survey conducted by HSB, 36% of US-based small to medium businesses have started allowing cryptocurrency-oriented payments. Insights from the survey also found that 59% of the same kind of businesses aim to legalise cryptocurrency-based payments in the future.
In the last couple of years, weve seen different brands inculcate cryptocurrency-backed payments for online transactions. In March 2021, PayPal, a financial technology company, unveiled its Checkout with Crypto to permit US users to make online payments towards online retailers using crypto tokens. Furthermore, Expedia, a travel technology company, collaborated with Travala, a crypto-based travelling booking company, to allow payments for more than 700,000 accommodations and hotels using over 30 cryptocurrencies, along with eBay, an e-commerce company, also giving out a statement that they can start accepting cryptocurrency-based payments in the future.
In recent times, the main point of discussion is considered to be GTRIs report, which has upheld the need to add cryptocurrencies in the current World Trade Organisation (WTO) e-commerce discussions. Going by the report, it has emphasised how an increase in cryptocurrency concerns can affect the prevailing WTO e-commerce scenario, and that talks must be held to categorise them as electronic transmissions. I think cryptocurrencies should be added to the current WTO negotiations on e-commerce. Adding cryptocurrencies to the negotiations should help to ensure that they are treated fairly and consistently across different jurisdictions. This can create a more favourable environment for the adoption of cryptocurrencies in e-commerce. It is also important to note that the WTO has agreements that are relevant to cryptocurrencies, Shrikant Bhalerao, co-founder and CEO, Seracle, a blockchain technology company, specified.
How can WTO policies and cryptocurrencies coexist?
According to WTOs definition of e-commerce, its classified as the production, distribution, sale, or delivery of goods and services using electronic means. Based on what GTRI has suggested in the report, WTO associates are expected to put more importance on cryptocurrency-oriented discussions under the two present e-commerce negotiations, namely Joint Initiative on E-commerce (2019) and WTO E-commerce Moratorium, to prevent disputes. Market reports suggest that since 1998, WTO associates have entered into a consensus of not applying customs duties on electronic transmissions, which are defined as payments done through electronic means. In that context, experts have justified the use of cryptocurrencies in the e-commerce industry.
Given cryptocurrencies impact on the global e-commerce landscape, GTRI believes that cryptocurrencies and its exchange as tender for the trading of goods and services electronically warrant its inclusion given the rapid adoption and preference to use cryptocurrencies globally. The exchange of cryptocurrencies due to its electronic transmission should qualify it as an e-commerce transaction and hence needs to be included in the ongoing WTO discussions, Roshan Aslam, co-founder and CEO, GoSats, a Bitcoin rewards application, highlighted.
Moreover, the report has also stated that the addition or removal of cryptocurrencies, along with the positions of certain countries, will be crucial in shaping upcoming international e-commerce policies. It is predicted that an increase in digital shopping prospects will lead to cryptocurrencies playing a more crucial role in shaping purchasing decisions. Data published by the Cryptocurrency Adoption and Consumer Sentiment Report revealed that roughly 13% of crypto users invested in cryptocurrencies for facilitating online transactions, about 38% who invested because of their interest in the technology. Market reports have shown that cryptocurrencies will find their way extensively into e-commerce due to the presence of open API mechanisms and website plugins. As e-commerce grows, cryptocurrencies should stand on the threshold of becoming an important enabler of digital transactions. The speed of global acceptance of all cryptocurrencies proves that cryptocurrencies are here to stay, Aslam concluded.
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Does GTRIs cryptocurrency-based suggestions for WTO strike the right cord for global e-commerce space - The Financial Express
‘The Simpsons’ Episode Features NFTs, Inspired Collections Soar In Value: Springfield’s History With Cryp – Benzinga
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For over 30 years, "The Simpsons" has been tackling trending topics. On Sunday, the show took on non-fungible tokens (NFTs).
What Happened: Past episodes of "The Simpsons," under the helm of creator Matt Groening, have been known to predict things before they come true. The show even predicted Donald Trumps becoming U.S. president. The newest episode has NFT fans excited. Perhaps "The Simpsons" is predicting a new bull run of the popular digital assets.
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Sunday's "Treehouse of Horror XXXIV," which aired on Fox Corporation (NASDAQ:FOX)(NASDAQ:FOXA) owned Fox, featured three chapters. "Wild Barts Can't Be Token, the first chapter sees Bart turned into an NFT. His mother, Marge Simpson, goes into the blockchain to rescue him.
Many NFT fans were able to spot references to famous works of digital art throughout the episode including references to digital artist Beeple and the popular Bored Ape Yacht Club NFT collection. Other artwork featured included "The Goose" by Dmirtri Cherniak, artwork from XCOPY, Nyan Cat and CryptoKitties.
Beeple enjoyed the episode, which became the theme of an Everydays daily piece of digital art.
"Impossible to overstate the impact of Simpsons on me growing up, bucket list moment," Beeple tweeted. "Seriously such a MASSIVE part of my childhood and now that I think about it, a lot of my desire to document history through art probably comes from them."
Beeple's daily digital art featured a boy on a bean bag watching "The Simpsons." "12-Year-old Beeple Achievement Unlocked," the artist said.
Chris, the creator of Nyan Cat also took to Twitter, saying that seeing his artwork on "The Simpsons" was "wild."
Several collections paid tribute to The Simpsons shortly after the episode aired, including Springfield Punks by Simpsons parody artist Rino Russo. The NFTs, which were free mint, hit a floor price of over 0.40 Ethereum (CRYPTO: ETH) on Sunday night before falling to 0.15 ETH on Monday and down to 0.05 ETH, or around $92.64 on Tuesday.
Related Link: How To Buy NFTs
Why It's Important: This isnt the first time that The Simpsons mentioned Bitcoin (CRYPTO: BTC). During an episode that aired on Dec. 8, 2013, an episode called "Yellow Subterfuge" revolved around Krusty the Klown going broke.
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Lisa Simpson encourages him to sell the foreign rights to his show for broadcasts in other countries.
Krusty also tells Lisa how he became broke.
"Yeah, all it takes is some bad luck at the ponies, worse luck in the Bitcoin market, heavy investment in a high-end bookmark company," Krusty says.
Bitcoin traded at around $795.87 at the time the episode aired. Anyone who invested when "The Simpsons featured the leading cryptocurrency enjoyed a significant return.
A 2020 episode of "The Simpsons" titled "Frinkcoin" featured Jim Parsons providing education about cryptocurrency.
A 2022 episode also features Krusty the Klown once again sharing that he is broke, this time from investing in NFTs, which he calls "non-funny TV shows."
Another item in the Sunday episode of "The Simpsons" featured a picture of a golden statue, which closely resembles the NFTs from VeVe, a company that Simpsons owner The Walt Disney Company (NYSE:DIS) previously partnered with.
As shared previously by Benzinga, Disney partnered with VeVe to launch NFTs based on several of its hit IP, including Pixar, Marvel, Star Wars and "The Simpsons."
In 2021, a golden statue NFT depicts Homer Simpson choking Bart. It was released on VeVe along with a NFT golden state of Bart's skateboard. These pieces of digital art marked the first officially licensed Simpsons digital collectibles.
Some media companies and consumer products companies embraced NFTs. Disney has been relatively quiet outside its partnership with VeVe. Returning CEO Bob Iger praised the technology and said there is a big opportunity for Disney going forward.
A 1997 episode from "The Simpsons" may have predicted the rise of Bitcoin, according to a Reddit thread and post shared by The Chainsaw.
In the episode, a store called "Crypto Barn" is described as a "place for codes." It aired over 10 years before Bitcoin was launched. Its likely a coincidence, but given the show's history of predicting things, the episode might be part of the show's uncanny odds of getting things right.
Read Next: If You Invested $1,000 In Tesla Stock After Elon Musk Appeared On The Simpsons, Heres How Much Youd Have Today
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Law Enforcement Gears Up: I4C Conducts Cryptocurrency and … – The420.in
Ranchi, Jharkhand: To strengthen the capabilities of law enforcement agencies and public prosecutors in dealing with cryptocurrency-related frauds, the Indian Cyber Crime Coordination Centre (I4C), under the Ministry of Home Affairs (MHA), conducted an intensive one-day training session in Ranchi, Jharkhand on Tuesday.
Cryptocurrency and investment scams have been on the rise in recent years, posing significant challenges to law enforcement agencies. Recognizing the need to empower the police force and public prosecutors with the skills and knowledge required to tackle these evolving forms of financial fraud, the I4C organized this training.
The event was attended by a diverse group of law enforcement officers and public prosecutors, all eager to expand their expertise in dealing with cryptocurrency and investment frauds. The training focused on equipping participants with the necessary tools to investigate, prosecute, and prevent these scams effectively.
The one-day training session featured a series of informative and hands-on sessions. Experts from the I4C, along with cryptocurrency and financial fraud specialists, shared their insights and experiences. Some of the key highlights of the training included:
Participants were provided with a comprehensive overview of cryptocurrency, its technologies, and how it operates. This knowledge is essential for understanding the modus operandi of cryptocurrency-related scams.
The training delved into the various forms of investment scams that are prevalent in todays digital age. Officers learned how to recognize fraudulent schemes and protect potential victims from falling into these traps.
A vital part of the training involved educating the officers on the legal procedures necessary for handling cryptocurrency and investment fraud cases. The training emphasized the importance of adhering to due process while ensuring that scammers are brought to justice.
Participants were presented with real-world case studies, allowing them to apply their newfound knowledge to concrete examples. These case studies offered valuable insights into the investigation and prosecution of financial frauds.
The training program is a part of the broader efforts by the I4C and the Ministry of Home Affairs to enhance the nations cybersecurity infrastructure and combat cybercrimes effectively. Cryptocurrency and investment scams have cost individuals and organizations millions of rupees, and these initiatives are designed to curb these losses.
The I4C, MHA, and other law enforcement agencies plan to conduct more such training sessions across the country to ensure that officers and prosecutors are well-prepared to tackle the challenges posed by cryptocurrency and investment scams.
As the fight against financial fraud continues, the I4Cs efforts to educate and empower the frontline defenders of justice are bound to make a significant impact. With these training programs, law enforcement agencies aim to build a stronger, more secure environment for individuals and businesses in the digital age.
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Law Enforcement Gears Up: I4C Conducts Cryptocurrency and ... - The420.in
Sam Bankman-Fried guilty of defrauding FTX crypto customers out of billions of dollars – Sky News
By Dan Cairns, news reporter
Friday 3 November 2023 08:48, UK
Sam Bankman-Fried has been found guilty of defrauding customers of his cryptocurrency exchange out of billions of dollars.
The 31-year-old could be sentenced to more than 100 years in prison after stealing money from clients of FTX.
A Manhattan jury convicted him on all seven counts after a month-long trial.
FTX collapsed last November, shocking financial markets and wiping out the crypto tycoon's estimated $26bn (21bn) fortune.
He was arrested in the Bahamas in December and extradited to the US.
Bankman-Fried - who pleaded not guilty to two counts of fraud and five of conspiracy - clasped his hands together as the verdict was delivered.
He admitted "mistakes" in running FTX when he testified last week, but denied stealing at least $10bn of his customers' money.
Prosecutors claimed he used the funds for risky bets at his hedge fund Alameda Research - with a huge financial black hole emerging when crypto markets fell sharply.
FTX abruptly halted withdrawals last November and crypto's second-largest exchange - with more than a million customers - went bankrupt.
Bankman-Fried's fall from grace has seen him compared to well-known financial fraudsters Bernie Madoff and 'Wolf of Wall Street' Jordan Belfort.
"He didn't bargain for his three loyal deputies taking that stand and telling you the truth: that he was the one with the plan, the motive and the greed to raid FTX customer deposits - billions and billions of dollars - to give himself money, power, influence," prosecutor Danielle Sassoon told the jury.
"He thought the rules did not apply to him. He thought that he could get away with it."
Bankman-Fried built 'pyramid of deceit'
He was the mop-haired, cargo short-wearing darling of the crypto world.
Sam Bankman-Fried build the FTX cryptocurrency exchange into a business valued at $32bn.
There were flash TV ads featuring basketball icon Steph Curry and actor Larry David. Tennis star Naomi Osaka wore FTX branded gear and the company logo adorned the stadium of the Miami Heat.
FTX was huge and Sam Bankman-Fried rode high on excess.
Home was a $35m property in the Bahamas, a place where he knew the neighbours - FTX spent $300m buying up vacation properties on the island nation for company staff.
But it was success built on fraudulent foundations.
In the words of the prosecution, Bankman-Fried built a "pyramid of deceit" and treated FTX as his own personal piggy bank, defrauding customers out of more than $10bn.
The consequences of his arrest have since reverberated through the crypto world - other firms have collapsed and there has been a tightening in regulation.
Bankman-Fried's defence lawyers argued that the 31-year-old was simply a "math nerd" who never set out to break the law and was a victim of circumstances beyond his control.
He is the math nerd who can count on a lengthy stay in prison.
Alameda's former CEO Caroline Ellison and former FTX executives Gary Wang and Nishad Singh pleaded guilty and gave evidence against Bankman-Fried last month.
They said he told them to help Alameda loot funds from FTX and lie to lenders and investors.
The defence claimed the trio had falsely implicated him to get a lighter sentence, but after their testimony Bankman-Fried took the calculated risk to give evidence.
He admitted making a mistake by not having a dedicated risk management team, but claimed he thought Alameda's borrowing from FTX was allowed.
He told the jury he did not realise how big the debts had become until just before both firms collapsed.
Read more:Why industry may never recover from spectacular downfall of 'crypto king'How FTX founder went from 21bn empire to jail
The son of Stanford law professors, and an MIT graduate himself, Bankman-Fried was known for his distinctive curly hair and casual dress - as well as mixing with celebrities.
His trial even heard that he believed he had a chance of one day becoming US president.
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Bankman-Fried had been in custody since August after the judge said he had probably tampered with witnesses and revoked his $250m bail.
He will be sentenced on 28 March 2024.
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Sam Bankman-Fried guilty of defrauding FTX crypto customers out of billions of dollars - Sky News
Sam Bankman-Fried Is Found Guilty of 7 Counts of Fraud and Conspiracy – The New York Times
Sam Bankman-Fried, the tousle-haired mogul who founded the FTX cryptocurrency exchange, was convicted on Thursday of seven charges of fraud and conspiracy after a monthlong trial that laid bare the rampant hubris and risk-taking across the crypto industry.
Mr. Bankman-Fried became a symbol of cryptos excesses last year when FTX collapsed and he was charged with stealing as much as $10 billion from customers to finance political contributions, venture capital investments and other extravagant spending. A jury of nine women and three men took just over four hours of deliberation on Thursday to reach a verdict, convicting Mr. Bankman-Fried of wire fraud, conspiracy and money laundering.
Together the counts carry a maximum sentence of 110 years. Mr. Bankman-Fried, 31, is expected to appeal. Hes scheduled to be sentenced on March 28.
Before the verdict was announced, Mr. Bankman-Fried, wearing a gray suit and purple tie, stood to face the jury, with his hands clasped in front of him. He showed little visible emotion as a juror repeated the word guilty seven times. He then took his seat, with his head angled down.
Mr. Bankman-Frieds mother, Barbara Fried, put her head in her hands and stifled a sob. Then she and Mr. Bankman-Frieds father, Joe Bankman, stood arm in arm, separated from their son by a short wooden barrier. As Mr. Bankman-Fried left the room, accompanied by a U.S. marshal, he nodded at his parents, before quickly turning his face away.
The verdict capped one of the fastest and most spectacular falls from grace in modern corporate history. Just a year ago, Mr. Bankman-Fried was worth more than $20 billion and hailed as a rare good guy in the freewheeling crypto industry, his face plastered on billboards and magazine covers. FTX, valued at $32 billion at its peak, was one of the worlds biggest marketplaces for people to buy and sell digital coins like Bitcoin and Ether.
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Sam Bankman-Fried Is Found Guilty of 7 Counts of Fraud and Conspiracy - The New York Times