Market
FTX Co-Founder Gary Wang Walks Free After Testifying on SBF
The court sentenced the FTX co-founder and long-time friend of Sam Bankman-Fried to no jail time and three years of supervised release.
Authorities credit Wang’s help with their fast extradition of the ex-CEO from the Bahamas in December 2022.
Cooperation With Prosecutors Exempts Wang From Prison
On November 20, Gary Wang was sentenced for his involvement in the 2022 collapse of crypto exchange FTX. Wang became the second testifying party to avoid prison time, joining ex-FTX engineering chief Nishad Singh, who received his sentence in October.
“You did the right thing for yourself, and the right thing for the country. If this wasn’t the biggest financial fraud in US history, it was certainly among the biggest 2 or 3. It is the judgment of this court that you be committed to time served three years of supervised release,” Judge Lewis A. Kaplan said during the trial.
The former FTX CEO Sam Bankman-Fried is serving a 25-year prison sentence for embezzling over $11 billion in customer and investor funds. The court found him guilty of seven counts of fraud, money laundering, and conspiracy. He has since filed an appeal.
Authorities charged Alameda’s ex-CEO, Caroline Ellison, in September. They ordered her to forfeit the money and sentenced her to two years in prison. Last year, Wang testified in the case, detailing how FTX’s sister firm, Alameda Research, illegally drew funds using an unlimited line of credit.
According to Wang’s testimony, Alameda had special access to an ‘allow negative balance’ feature due to changes made to the FTX codebase. This meant that their withdrawals could come from assets borrowed from the exchange.
The FTX co-founder created the software that operated the company’s widely used crypto trading platform. Wang wrote the code that created a backdoor on FTX, allowing Alameda unlimited access to its customer funds. On his road back from the scandal, he later used his technical skills to assist authorities in the future.
“Gary has worked with the government to design and build a new software tool to detect potential financial fraud in public markets,” Wang’s lawyers wrote in a letter.
However, not everyone appreciated Wang’s attempt to rebuild his reputation after the incident. Some argued his cooperation should not act as a “get out of jail free” card. Wang’s help in exposing the fraud was significant but still drew criticism.
Critics believe his leniency sets a troubling precedent for future cases. Dennis Kelleher, CEO of Better Markets, published a memo addressing Wang’s legal defense.
“While Wang appears to have cooperated extensively and continues to cooperate in meaningful and important ways, no criminal should be handed a ‘get-out-of-jail-free’ card. That would create perverse incentives causing future criminals to continue their criminal activities hoping they won’t get caught but also planning, if they do get caught, to race to the prosecutor’s office to be the first one in the door so that he or she can get the lightest sentence, if any at all,” the executive argued.
As the FTX collapse fades, the legal and ethical consequences of its players’ actions remain a topic of debate. It will be remembered as one of the largest financial frauds in US history.
At the same time, the broader crypto industry struggles to recover its reputation and implement stronger protections against similar abuses.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started another decline below the $3,150 zone. ETH is struggling and might decline further below the $3,000 support zone.
- Ethereum is slowly moving lower below the $3,150 zone.
- The price is trading below $3,100 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $3,080 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if there is a close below the $3,000 support zone.
Ethereum Price Struggle Continues
Ethereum price attempted an upside break above the $3,200 resistance but failed unlike Bitcoin. ETH started a fresh decline below the $3,150 and $3,120 support levels.
There was a move below $3,080 and the price tested $3,040. A low is formed at $3,033 and the price is now consolidating. It tested the 23.6% Fib retracement level of the recent drop from the $3,225 swing high to the $3,033 low.
Ethereum price is now trading below $3,000 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,080 level.
The first major resistance is near the $3,120 level or the 50% Fib retracement level of the recent drop from the $3,225 swing high to the $3,033 low. The main resistance is now forming near $3,180. A clear move above the $3,180 resistance might send the price toward the $3,220 resistance.
An upside break above the $3,220 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,450 resistance zone.
More Losses In ETH?
If Ethereum fails to clear the $3,100 resistance, it could start another decline. Initial support on the downside is near the $3,030 level. The first major support sits near the $3,000 zone.
A clear move below the $3,000 support might push the price toward $2,920. Any more losses might send the price toward the $2,880 support level in the near term. The next key support sits at $2,740.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,030
Major Resistance Level – $3,100
On November 19, the crypto payment gateway MoonPay announced that it had more Solana transactions that day than all of November 2023. The following day, its SOL trade volumes increased even further.
MoonPay has not disclosed a reason for this heightened Solana transaction rate, but a frenzy in SOL meme coins might provide an explanation.
MoonPay’s Solana Bull Run
MoonPay, a cryptocurrency payment gateway, is enjoying substantial rates of Solana (SOL) transactions. The firm has not deliberately specialized in Solana recently, as it did with its August Ripple integration, except for enabling Venmo for SOL buys in October. Nonetheless, MoonPay announced unprecedented volumes.
“On November 19, MoonPay smashed our single day all-time record for Solana transactions! More SOL transactions that day than ALL of November 2023 combined, [and] 295% increase in 2024 daily SOL average. And they said it was only a Solana Summer…” the company claimed via social media.
Soon after this first statement, MoonPay also announced that today’s Solana transaction volumes were already exceeding the previous day. For an undetermined reason, MoonPay has evidently become a particularly attractive platform for SOL trades. To analyze this phenomenon, it’s worth noting that Solana is experiencing a bull market.
Solana is flirting with $5 billion in open interest but is still far from its all-time high. Beyond the general bull run in the entire crypto market, a “meme coin mania” is pushing Solana right now. For example, PNUT, a newly launched SOL meme coin, became one of the 100 highest-performing assets 36 hours after launch.
This heightened interest in meme coins might explain MoonPay’s Solana success. The platform integrated Venmo support for meme coins in late October and has continued advertising this service. However, its exact transaction data remains private.
Regardless, MoonPay is encouraging further Solana trading. It offered to follow large numbers of X users if Solana hits an all-time high in November and has once again showcased SOL trade functionality. This crypto bull market is creating a wild array of new profit opportunities, and these trade volumes are just one example.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Bitcoin price is rising steadily above the $92,000 zone. BTC is showing positive signs and might continue to rise above the $95,000 level.
- Bitcoin started a fresh increase above the $92,000 zone.
- The price is trading above $92,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $93,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it clears the $95,000 resistance zone.
Bitcoin Price Sets Another ATH
Bitcoin price remained supported above the $91,000 level. BTC formed a base and started a fresh increase above the $92,000 level. It cleared the $94,000 level and traded to a new high at $94,980 before there was a pullback.
There was a move below the $94,200 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $91,500 swing low to the $94,980 high. However, the price is stable and consolidating near the $94,200 level.
Bitcoin price is now trading above $93,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $93,800 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $94,800 level. The first key resistance is near the $95,000 level. A clear move above the $95,000 resistance might send the price higher. The next key resistance could be $98,000.
A close above the $98,000 resistance might initiate more gains. In the stated case, the price could rise and test the $100,000 resistance level. Any more gains might send the price toward the $102,000 resistance level.
Another Downside Correction In BTC?
If Bitcoin fails to rise above the $95,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $93,700 level.
The first major support is near the $92,800 level or the 61.8% Fib retracement level of the upward move from the $91,500 swing low to the $94,980 high. The next support is now near the $91,500 zone. Any more losses might send the price toward the $90,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $93,800, followed by $92,800.
Major Resistance Levels – $94,800, and $95,000.
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