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Co-Founder Wang Says FTX Code Allowed Alameda’s ‘Unlimited Withdrawals’

Co-Founder Wang Says FTX Code Allowed Alameda’s ‘Unlimited Withdrawals’

Midas Crypto - October 6

Mike Gavela
October 06, 2023

Midas Crypto - October 6

In a high-stakes courtroom drama, Sam Bankman-Fried's legal team is pushing the envelope, testing the judge's patience in a case that could redefine the boundaries of cryptocurrency regulation. Meanwhile, shocking revelations about FTX's code allowing 'unlimited withdrawals' for Alameda have surfaced, raising serious questions about the exchange's operations. Plus, a former FTX executive breaks his silence, providing an insider's perspective on how the exchange's terms of service could potentially dismantle SBF's defense.

What are the implications of FTX's 'unlimited withdrawals' code?
How does the exchange's terms of service undermine SBF's defense?
What could this case mean for the future of cryptocurrency regulation?

FTX Code Allowed ‘Unlimited Withdrawals’ for Alameda: Co-Founder

SBF LIVE: Two former FTX/Alameda employees, Gary Wang and Adam Yedidia, as well as Paradigm co-founder Matt Huang, testified in court Thursday

blockworks.co/news/sam-bankman-fried-gary-wang

Former FTX Executive Explains How the Exchange’s Terms of Service Destroys SBF’s Defense

"It's evident that he knew what he was doing," says former FTX Head of Institutional Sales Zane Tackett as he discusses Sam Bankman-Frieds legal trial.

www.theblock.co/post/254917/former-ftx-executive-explains-how-the-exchanges-terms-of-service-destroys-sbfs-defense

Sam Bankman-Fried's Lawyers Test the Judge's Patience

Have you ever seen a Toyota Corolla?

www.coindesk.com/policy/2023/10/06/sam-bankman-frieds-lawyers-test-the-judges-patience

Taiwan Hopes To Propose Special Crypto Law by End of November: Lawmaker

Yung-Chang Chiang, a Taiwan lawmaker, said that he hopes to propose the draft act for first reading by the end of November, if not sooner.

www.theblock.co/post/255132/taiwan-hopes-to-propose-special-crypto-law-by-end-of-november-lawmaker

First Mover Americas: Ether ETFs Struggle to Gain Traction in First Week

The latest price moves in crypto markets in context for Oct. 6, 2023.

www.coindesk.com/markets/2023/10/06/first-mover-americas-ether-etfs-struggle-to-gain-traction-in-first-week

MakerDAO’s Lucrative US Bond ‘Carry Trade’ Helps Triple Profit Forecast Amid DeFi Slump

MakerDAO has a bold strategy amid rising interest rates: holding US Treasury bonds. Other DeFi players are following suit.

www.dlnews.com/articles/defi/makerdao-triples-profit-forecast-with-us-bond-carry-trade

MoonPay Adds the Ability To Swap Cryptocurrencies in Its Consumer App

The MoonPay app has launched the swaps functionality, letting users exchange one cryptocurrency for another.

www.theblock.co/post/255192/moonpay-crypto-swaps-app

Non-Custodial Crypto Cards Proliferate as Part of Wider Industry Trend

Digital payments company Wirex is the latest to jump into the self-custody card arena, following moves earlier this year by Gnosis and Suberra

blockworks.co/news/non-custodial-crypto-cards-ftx-industry-trend

UK Must Loosen KYC Demands for Crypto To Outpace US in Web3 — Think Tank

Policy Exchange published its report on Web3 containing 10 proposals for the U.K. government

cointelegraph.com/news/uk-must-loosen-kyc-demands-for-crypto-to-outpace-us-in-web3-think-tank

Crypto Laundered Through Coin Swaps, Bridges and DEXs Hits $7 Billion: Elliptic

Criminals used crypto to launder billions of dollars in illicit funds as of July this year, according to analytics firm Elliptic.

www.theblock.co/post/254899/crypto-laundered-through-coin-swaps-bridges-and-dexs-hits-7-billion-elliptic