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Faith in cryptocurrency has been plundered by various disasters visiting the industry of late. The FTX crash left cryptocurrency reeling in the US market with federal crackdowns ensuing almost imminently as American authorities sought regulations to counter the dangers posed by a sector completely uninhibited. Its understandable that confidence might be shaken but in this article, well look at how Bitcoin (BTC), Ethereum (ETH), and the new cryptocurrency PAT WARS (PAW) could revitalise belief in the crypto market.

In a bold move, Sam Bankman-Fried, the mastermind behind the now-defunct cryptocurrency exchange FTX, has launched a comprehensive legal defence against the fraud accusations levelled against him. The founder, through his legal team, seeks to dismiss multiple charges while accusing the prestigious law firm representing FTX in its bankruptcy, Sullivan & Cromwell, of aligning with federal prosecutors to serve their interests.

Late on Monday, court filings unveiled Mr Bankman-Fried's strong assertions that FTX and its attorneys had inadvertently become proxies for the government, assisting in constructing the criminal case against him and potentially withholding critical evidence.

According to the legal documents, FTX's legal advisors, in an unexpected turn, approached the government and accused Mr Bankman-Fried without full knowledge of the pertinent facts, ultimately resulting in his forced resignation as CEO. The lawyers emphasized that this move occurred behind his back, without affording him the opportunity to present his side of the story.

For an extended period, Sullivan & Cromwell has allegedly channelled documents and other forms of evidence directly to the prosecution, as outlined in the filings. Remarkably, Mr Bankman-Fried's defence team claimed that the prosecutors had exclusively requested incriminating evidence, overlooking the possibility that FTX possessed material that could potentially support their client's defence.

As the legal battle intensifies, the complex relationship between FTX, the government, and Sullivan & Cromwell continues to unfold, leaving the cryptocurrency community and financial observers eagerly awaiting further developments in this high-stakes case.

Bitcoin and Ethereum, the two leading cryptocurrencies, have garnered significant attention in the investment landscape. While both offer distinct features and use cases, they share common attributes that make them appealing investment opportunities. In this article, we delve into why Bitcoin and Ethereum continue to attract investors and are still considered strong choices within the crypto market.

Bitcoin's reputation as the pioneer of cryptocurrencies and its limited supply makes it a compelling investment. Its decentralized nature, secured by the underlying blockchain technology, ensures transparency and trust in transactions. Bitcoin's scarcity, with a fixed supply of 21 million coins, instils confidence in its value preservation potential leading to its reputation as digital gold. As a hedge against inflation and economic uncertainty, Bitcoin has gained favour among institutional investors seeking to diversify their portfolios and protect against traditional market risks.

Ethereum offers more than just a digital currency; it provides a platform for decentralized applications (DApps) and smart contracts. The Ethereum network's programmability enables developers to create and deploy their applications, fostering innovation and expanding possibilities in sectors such as finance, gaming, and supply chain management. Ethereum's native cryptocurrency, Ether (ETH), is integral to its ecosystem, serving as fuel for executing transactions and incentivizing network participants.

Investing in Ethereum allows individuals to gain exposure to the growing ecosystem of DApps, which have the potential to disrupt traditional industries and unlock new revenue streams. Moreover, with the upcoming Ethereum 2.0 upgrade, which aims to improve scalability and energy efficiency, the platform's long-term prospects appear even more promising.

Loss of faith in cryptocurrency isnt new and is almost a cyclical emotional current that courses through the industry. In time, it gives way to excitement produced by the unearthing of a new cryptocurrency project that gets everyones blood flowing and mouths talking. PAT WARS could be the project that inspires this confidence.

PAT WARS is a new meme coin entering its presale that will hope to catch the excitement. With an ever-so-subtle nod to Star Wars, it presents itself as an inclusive and decentralised community-owned cryptocurrency, one that belongs to its users. Its ecosystem reflects this too, offering features that embed its members into its decision-making process and more.

Website:https://www.patwars.com

Twitter:https://twitter.com/PATWARSOfficial

Telegram:https://t.me/PATWARSOfficial

Disclaimer: This article is a paid publication and does not have journalistic/ editorial involvement of Hindustan Times. Hindustan Times does not endorse/ subscribe to the contents of the article/advertisement and/or views expressed herein.

The reader is further advised that Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.

Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the views, opinions, announcements, declarations, affirmations etc., stated/featured in same. The decision to read hereinafter is purely a matter of choice and shall be construed as an express undertaking/guarantee in favour of Hindustan Times of being absolved from any/ all potential legal action, or enforceable claims. The content may be for information and awareness purposes and does not constitute a financial advice.

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PAT WARS, Bitcoin And Ethereum Can Restore Faith In Cryptocurrency After FTX Crash, Analysts Say - Hindustan Times

The Big Sight conference venue in Odaiba, central Tokyo, provides the venue for the NexTech conference, though it was clear that Artificial Intelligence was the belle of the ball, occupying the entire ground floor of the airplane hangar-sized exhibition hall. Blockchain, quantum computing and others squeezed into corners on the second floor.

The floor-plan spoke volumes of the problem now facing Japans advocates for widespread blockchain adoption.

Namely, despite a recent favorable turn toward crypto by the administration of Prime Minister Fumio Kishida including the release of a government-affiliated crypto white paper in April the general public remains largely unconvinced by blockchain evangelists.

And perhaps what is most painful for the entrepreneurs and innovators now leading the uphill charge to reassert the nations place in the global crypto pecking order, is that Japan was once a front-runner in the space.

We used to be the worlds most highly developed country for cryptocurrency blockchains, said Yuzo Kano, pointing to a screen emblazoned with the words Japan is coming backAGAIN.

The CEO and founder of Tokyo-headquartered cryptocurrency exchange bitFlyer Inc. was clearly irked by the circumstances that have seen Japan lose its first-mover advantage as an early crypto adopter.

During a presentation on current public and private sector trends in Web3 a new phase of the internet built around decentralized blockchain technologies, the metaverse, and non-fungible tokens (NFTs) Kano alluded to the Coincheck hack in Japan in 2018, which led to the loss of hundreds of millions of dollars worth of cryptocurrency.

The incident, along with the earlier hack of the Mt. Gox crypto exchange in 2014 that saw hundreds of thousands of Bitcoin stolen, shocked the industry, ushering in Japans own extended crypto winter.

You look back to 2018, and Japan was the crypto epicenter, with developers flooding in from all over the world to be here, Kano said. From 2014 it was like that, but then due to a certain unfortunate incident, weve seen nothing but stagnation for the past four years.

Japan, he said, has fallen to 27th position in the world in terms of cryptocurrency investments, with only 5% of the population owning digital assets, compared to almost 14% in the U.S. and over 27% in Turkey.

The four years of inactivity had set Japan back, he said, although the country was now in a position where we can make a fresh start.

It will be up to Masaaki Taira, Kishidas head of Web 3 development, to outline the conditions for that fresh start during his presentation on government strategy at NexTech on Thursday.

See related article: Japans Web3 pivot needs global mindset, flexibility to succeed, says incubator founder

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Japan looking to regain its rightful place in the cryptocurrency world pecking order - Forkast News

IRS Targets Bankrupt FTX with $44 Billion Claims: Crypto Exchange Under Fire

The US Internal Revenue Service (IRS) has submitted claims totaling almost $44 billion against the estate of the now-defunct cryptocurrency exchange FTX and its associated companies.> Bankruptcy documents filed on April 27 and 28 indicate that the IRS presented 45 claims against various FTX entities, including West Realm Shires (FTX.US's legal entity), Ledger Holdings (parent company of LedgerX and LedgerPrime), and Blockfolio, among others.> The most substantial claims involve a $20.4 billion demand against Alameda Research LLC and a $7.9 billion claim against Alameda Research Holdings Inc., as well as two other claims totaling $9.5 billion.> Designated as "Admin Priority" claims, the IRS's demands could potentially take precedence over other creditors' claims in bankruptcy proceedings. Continue here.

Marathon Digital Faces Another SEC Subpoena Over Montana Data Center

Bitcoin mining company Marathon Digital has revealed that it received a second subpoena from the US Securities and Exchange Commission (SEC) concerning its 100-megawatt data center located in Hardin, Montana.> In a quarterly report filed on May 10, Marathon disclosed that the subpoena, issued on April 10, was connected to "transactions with related parties" that took place during the facility's construction in Montana.> The company stated, "We understand that the SEC may be investigating whether or not there may have been any violations of the federal securities law. We are cooperating with the SEC." Details here.

Virtual Protests for Abortion Rights: Amnesty International Partners with Wistaverse

Wistaverse has officially entered The Sandbox open metaverse as the premier global virtual protest platform with tangible impact, beginning with an abortion rights rally organized by Amnesty International from May 11 to 14.> The innovative platform aims to offer a secure, non-violent alternative for those unable to attend real-life protests while fostering universal inclusion and access to events.> The first mass protest, scheduled for May 13th and 14th, will focus on women's rights and abortion and is organized by Amnesty International.> The event will feature prominent activists and celebrities from the movement. Amnesty International aims to use the blockchain environment to reach a new audience, promoting human rights in a more interactive and decentralized fashion. Continue here.

Ethereum Locks Away Billions, Cryptocurrency Enters Uncharted Territory

Ethereum has reached a new milestone with 19,375,242 ETH locked, setting a record for the cryptocurrency, and bringing the total value locked (TVL) to $27.7 billion.> This achievement follows a minor dip due to recent withdrawals and has significant implications for Ethereum and its investors, particularly regarding the potential for continued rapid growth.> The locked ether can be categorized into various segments, such as ether staked on the Beacon chain, ether sent to the Beacon contract but not yet validating, and ether rewarded on the Beacon chain.> Collectively, these categories represent the amount of ETH that is "out of circulation," reducing the total available ETH, which could potentially boost demand and price. Full report here.

Silvergate Capital Announces Major Headcount Reduction Amid Bank Liquidation

Silvergate Capital Corporation has announced that it will begin a series of substantial headcount reductions starting May 12, 2023.Approximately 230 employees will be affected in this first wave of separations.> Further reductions are expected to take place on June 30, August 30, and November 30, 2023, or later.> The decision comes as part of the Company's ongoing efforts to wind down operations and voluntarily liquidate its wholly-owned subsidiary, Silvergate Bank in an orderly manner, complying with applicable regulatory processes.> Following the initial reduction in May, the remaining 80 officers and employees will concentrate on implementing the Bank Liquidation, preserving the residual value of the Company's assets, and addressing pending regulatory and other inquiries and investigations concerning the Company and the Bank. Continue reading.

Do Kwon Faces Montenegro Trial: Bail Proposal Awaits Court Decision

Attorneys representing Terraform Labs founder Do Kwon have suggested supervised bail as an alternative to detention while he faces charges in Montenegro for attempting to travel using counterfeit documents.> Kwon and Terra executive Han Chang-Joon were arrested in March by Montenegrin authorities, who subsequently charged them with document forgery.> Both defendants denied any wrongdoing and presented their defense during a court hearing in Podgorica, Montenegro's capital, on Thursday.> According to a notice from the hearing, the defense lawyers proposed, "Instead of detention, bail and supervision measures be imposed, prohibiting them from leaving the apartment and periodically reporting to a certain state authority." Full report here.

BlockFi: Judge Rules $300M in Custodial Wallets Belong to Clients, BIA Customers Left Empty-handed

BlockFi clients can expect the return of almost $300 million held in custodial wallets, following a decision by New Jersey Judge Michael Kaplan on Thursday, May 11.> He ruled that these assets belong to the customers and not the bankrupt crypto lender's estate.> However, Kaplan denied the repayment of an additional $375 million that clients attempted to withdraw from BlockFi's interest-bearing accounts (BIA) after the company froze funds last year due to the FTX collapse's impact on the crypto sector.> Judge Kaplan stated, "The court finds that all digital assets held by the debtors in custodial omnibus wallets are indeed client property, and not property of the bankruptcy estates, subject, of course, to possible avoidance and clawback rights." Continue reading

IRS Teams Up with Chainalysis to Track Sanctions Evaders Using Cryptocurrency

In a bid to combat sanctions evasion using cryptocurrency, the IRS criminal investigation division has announced its collaboration with blockchain analytics firm Chainalysis and Ukrainian investigators.> The joint effort aims to track Russian individuals who may be using digital assets to conceal their assets following Russia's invasion of Ukraine.> As part of the collaboration, the IRS is sponsoring Ukrainian investigators' access to a specialized tool provided by Chainalysis, which assists in conducting crypto-related investigations.> Additionally, the agency is conducting virtual and in-person training sessions for Ukrainian law enforcement to enhance their skills in tracing blockchain transactions.> Highlighting the significance of information-sharing, Jim Lee, Chief of IRS Criminal Investigation, stated, "Sharing tools not only safeguards the US financial system, but the global economy."Full report here

Paradigm Files Amicus Brief in Support of Coinbase Against SEC: The Fight for Clarity in the Crypto Industry

Leading cryptocurrency investment firm Paradigm has filed an amicus brief in support of Coinbase's ongoing lawsuit against the U.S. Securities and Exchange Commission (SEC).> The lawsuit aims to compel the SEC to respond to Coinbase's rulemaking petition, which seeks practical guidance for the crypto industry.> Paradigm's filing highlights its belief that SEC Chair Gary Gensler's repeated call for crypto projects to register is insincere, as it lacks clear regulatory guidance necessary for compliance.> In the amicus brief, Paradigm argues that the SEC has a legal obligation to provide explicit rules and regulations for the crypto industry, allowing individuals and companies to conform their conduct accordingly. More here.

Bitcoin and Ether Hold Steady Amid Market Uncertainty: Crypto Market Update

Continuing its downward trend from the previous day, Bitcoin, the cryptocurrency market leader, slipped to figures reminiscent of late March, dipping below $27,000.> Bitcoin was trading around $27,052, registering a minor setback of 1.8% over the last day.> The popular digital currency has been fluctuating between $25,000 and $30,000 throughout the season. Market observers anticipate this trend to continue unless a convincing incentive prompts a move upward or downward.> Ether, the runner-up in the crypto market, was trading at approximately $1,800, showing a small decrease of about 1.9% from the same time on the previous day.> Despite the successful implementation of the Ethereum Shanghai upgrade earlier in April a move that transitioned the blockchain from a proof-of-work to a more energy-efficient proof-of-stake protocol Ether's price has mostly stayed within its recent range.> The fever surrounding Pepecoin-inspired memes appears to be cooling down, less than a week after it hit a surprising market cap of $1.8 billion.> According to data from cryptocurrency intelligence company Nansen, by late Thursday morning (ET), "smart money" wallets those crypto accounts owned by individuals or institutions known for their lucrative trades had trimmed their PEPE holdings by $3 million in the last day.Most other leading cryptocurrencies were also experiencing a slight downturn during this period.

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Cryptocurrency roundup for May 12: FTX and Affiliates Face Massive $44 Billion IRS Claims: Unraveling the... - Moneycontrol