SBF arrest, Robinhood and Kardashian case

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Crypto News: Here are the most popular stories from across the cryptosphere featured on BeInCrypto last week.

The biggest story of the past week was the arrest of Sam Bankman-Fried by Bahamian police. The FTX founder has been charged with eight counts, including fraud, by the US Department of Justice. Just before his arrest, Bankman-Fired was ending the last days of his freedom by making a series of statements.

SBF without arrest phase

Prior to his arrest, Bankman-Fried spoke to the BBC from his residential compound in the Bahamas earlier in the week. He said his main concern was to find a way to reimburse users of his failing crypto exchange. The former CEO added that he would give anything to start a business to do so.

Regarding the prospect of an arrest, Bankman-Fried said he made a deliberate effort not to think about it. “There is time to ruminate at night, yes, but when I get up during the day, I try to concentrate, be as productive as possible and ignore things that are beyond my control,” said he declared.

During the final interview before his arrest, Bankman-Fried shared his thoughts on his rivalry with Binance CEO Changpeng Zhao. Obviously, I can’t know for sure, but I guess he played me,” Bankman-Fried said of Zhao. He’s been playing pretty well over the past few months. Bankman-Fried credits his downfall to Zhaos’ carefully thought-out plan, which was well constructed and obviously quite effective. The former CEO of FTX was arrested just hours after making these claims.

Robinhood affected by FTX?

Bankman-Fried’s actions subsequently caused difficulties for many other crypto companies. Now, Robinhood might be next among the trading platforms that are affected by their association with FTX.

Earlier this year, Sam Bankman-Fried bought a 7.6% stake in Robinhood, which now raises concerns that the position could be liquidated. However, Robinhood CEO Vlad Tenev told CNBC that Sam’s stake will be locked in bankruptcy proceedings. Already, his ownership of the shares is being challenged by a BlockFi lawsuit.

Meanwhile, general global market conditions as well as the crypto winter have severely affected the price of Robinhood shares. It is down 88% from an all-time high in August 2021. However, a note from Citi analysts warns investors of potential fallout from FTX impacting crypto trading revenue and customer base.

The Kim Kardashian case dismissed

Yet, as more and more crypto lawsuits pile up, others are resolved. A California judge has dismissed a class action lawsuit against celebrities for promoting cryptocurrency. These celebrities included Kim Kardashian and Floyd Mayweather Jr.

Prosecutors claimed the celebrity endorsements tricked their customers into buying EtheremMAX at an inflated price. However, the judge explained that the plaintiffs’ allegations were ultimately not sufficiently substantiated, arguing that the investors also bore some responsibility towards themselves.

This Week in NFT Sales

Sales of non-fungible tokens dropped noticeably last week. The number of sales fell almost at the same rate as the number of sales over the days. Sales fell from about $22.5 million on December 10 to just $10 million on December 15. Nearly doubling its sales from last week, however, topping the charts remains the Bored Ape Yacht Club Collection (BAYC) with $39 million in sales.

Source: Non-FungibleCrypto Coin News

Among the five altcoins that have risen the most over the past week, Toncoin has risen by more than double the second. The blockchain network associated with Telegram has recorded gains of around 30% over the past week. Runners-up XDC Network (XDC), OKB (OKB) and Bitcoin SV (BSV) were all up around 12%.

Source: BeInCrypto

On the other hand, the biggest losers of the week were Chain (XCN), Trust Wallet (TWT), Flow (FLOW), Dogecoin (DOGE) and Filecoin (FIL).

Cryptocurrency Social Mentions

Bitcoin received the most social mentions with just over 2 million last week, according to Lunar Crush. Ethereum came in second with 1.2 million, while Binance Coin finished third with just over half a million. The latter was likely prompted by concerns over soaring withdrawals from the stock market this week.

Source: LunarCrushWarning

BeInCrypto has reached out to a company or individual involved in the story for an official statement on recent developments, but has yet to receive a response.

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