Which prison will SBF spend his next 115 years in?
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Sam Bankman-Fried, once a towering figure in the crypto world, has been found guilty on all seven counts of fraud and conspiracy by a Manhattan jury.
This conviction marks the end of a notable chapter detailing the rise and fall of the crypto exchange FTX. Bankman-Fried, 31, is now facing up to 115 years in federal prison, with his sentencing slated for March 28 before U.S. District Judge Lewis Kaplan. Given the details of his case and his previous residence under house arrest in Palo Alto, he's likely to be placed in a medium-security prison in California. Legal consultant Christopher Zoukis notes that West Coast medium-security prisons are typically tougher, with more gang activity and intricate prison politics than their East Coast counterparts.
Cardano's Mithril scaling solution has introduced an innovative cryptographic method called ALBAs (approximate lower bound arguments) that increases efficiency in verifying large datasets.
This release comes after the success of Mithril's Mainnet Beta launch in July. ALBAs enhance the extraction of witnesses from SNARKs, a cryptographic construct. This development has led to 80 stake pool operators deploying Mithril signers and over 1.5 billion ADA staked. Furthermore, Nami, a Cardano-based noncustodial wallet, has now integrated into the Input-Output Global (IOG) ecosystem.
The Dubai Financial Services Authority (DFSA) has officially endorsed Ripple's digital asset, XRP, allowing its operation within the Dubai International Financial Centre (DIFC).
This endorsement makes XRP the first external virtual asset to gain approval since the DFSA started accepting applications, joining BTC, ETH, and LTC, which were previously sanctioned. The approval provides XRP with clear legal and regulatory guidelines in the DIFC. The UAE continues positioning itself as a hub for virtual asset innovation, with Dubai even establishing the Virtual Assets Regulatory Authority (VARA). Brad Garlinghouse, CEO of Ripple, praised Dubai's forward-thinking approach to virtual assets and highlighted Ripple's intention to expand its operations in the city.
Solana (SOL) has made a remarkable recovery, surging over 300% this year, with its price reaching a 14-month high of $46.60 on Wednesday, from a starting point of about $10 at the year's beginning.
This surge caught the attention of crypto investor and BitMex exchange co-founder, Arthur Hayes, who confirmed his purchase of SOL. The rise of Solana is attributed to increased institutional interest and significant investment fund inflows, with crypto funds holding SOL seeing almost $100 million of inflows this year. Additionally, an upgrade in the Solana network increased decentralization and enabled confidential transactions. Despite these positive signals, some data suggests that the rally might pause, especially with the total value locked on Solana's network significantly lower than two years ago.
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