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1. The Mainland of China’s Crypto News This Week 1.1 Chainalysis Estimates: Chinese OTC Crypto Brokers Saw Quarterly Inflows Exceeding $20 Billion for Three Consecutive Quarters link According to Chainalysis, it is estimated that in the three quarters leading up to June, China’s over-the-counter cryptocurrency brokers saw quarterly inflows exceeding 20 billion dollars, marking a record high since 2021, with a total accumulation of 75.4 billion dollars over nine months. Eric Jardine, head of cybercrime research at Chainalysis, noted that given China’s regulatory landscape, which includes bans on cryptocurrency trading and mining, these services undoubtedly exist in a gray economic zone. Chainalysis also highlighted that approximately 55% of the total value received by Chinese OTC traders comes from transfers exceeding 1 million dollars, though the data currently does not allow for distinguishing whether these transfers originate from wealthy individuals or businesses trading on behalf o...

Sam Bankman-Fried set to testify in FTX fraud trial. Prior statements BY SBF are under scrutiny as he testifies under oath. Key testimonies accuse him of fund misappropriation. Former FTX CEO Sam Bankman-Fried (SBF) is today scheduled to testify in the ongoing criminal FTX fraud trial. SBF is facing allegations of misusing customer and investor funds to over $8 billion, leading to FTX’s Chapter 11 filing in November 2022. As the trial unfolds, the spotlight is now on Sam Bankman-Fried as he prepares to take the stand to defend himself against the serious allegations brought against him. His testimony comes after a series of developments in the trial, including the testimony of former colleagues and insiders who have accused him of directing actions that led to the alleged misappropriation of funds. What Bankman-Fried has previously stated In the wake of FTX ’s collapse, Bankman-Fried sought to explain the situation to the public, contending that...

On the 10th day of Sam Bankman-Fried’s historic trial , Nishad Singh reveals how events up to the bankruptcy unfolded.  As FTX founder Sam Bankman-Fried’s trial reaches its 10th day, former Senior Engineer Nishad Singh is cross-examined by the defense. Yesterday, Singh testified how the former FTX CEO spent lavishly and made several large-scale investments from the platform’s funds.  As the case resumes today, here are the top highlights:  Cross-examination of Nishad Singh Nishad Singh participated in assessing Anthropic before FTX made the investment. Singh wanted to make a separate investment or donation to Anthropic. Singh received up to $2 million in bonuses from FTX and also borrowed $477 million. The reason for the loan was to make donations to a charity, but that never happened. He never received cash for that loan, it was only on paper. Read more: SBF trial day 10: Judge Kaplan hints at early November conclusion Singh received a separate $10 mil...

The second week of Sam Bankman-Fried’s criminal trial for fraud concluded with witness testimony from Zac Prince, whose crypto lending firm BlockFi loaned $1.1 billion to Alameda before FTX’s collapse. From Alameda’s bizarre $65 billion “credit line” on FTX customer crypto to $100 million Chinese bribes, SBF gave the orders according to ex-staffers and members of Bankman-Fried’s inner circle. SBF shared far-off hopes of starting a new company as Ellison admitted FTX and Alameda’s fraud to almost 30 team members, one of whom recorded the whole affair and would eventually submit the audio clip as evidence to federal prosecutors, per InnerCityPress. With at least two government witnesses to go by trial day eight, CEO of crypto lender BlockFi Zac Prince resumed his testimony. On day seven of proceedings, Prince said BlockFi loaned $800 million to Alameda and went bust when Bankman-Fried’s crypto empire tumbled. CRYPTO CREEPS: In Bankman-Fried Trial "All Hands" Meeting Aud...

A crypto project claims a promotional token airdrop campaign led by CoinMarketCap was riddled with "fraud" that left its token price crumbling. Two crypto project s have cried foul play over promotional airdrops conducted by CoinMarketCap (CMC) on their behalf, which they allege was "gamed" for the benefit of a small group of exploiters. These promotional airdrops — designed to be distributed to thousands of wallets to raise awareness of a crypto project — ended with the tokens funneling to just a handful of wallets, suggesting potential manipulation of the system. SATT token drop Blockchain advertising solution SaTT alleged to Cointelegraph that a promotional airdrop it paid CMC to conduct in Dec. 2022 ended with 84% of the airdropped tokens funneling to just 21 wallets. The promotion was meant to see 25,000 winning wallets receive 4,000 SATT each, worth $6.30 at the time per CoinGecko data. However, SaTT claimed that shortly after the airdrop was distributed, 2...