GM Readers!📪 It's BitDegree Insider, and here's your Web3 Monday special.
⭐️Today's selection:
- 🚓SBF Behind Bars!
- 💰Venture Mondays
- 👌Selected Meme of The Day
- 📰Bite-Sized News
FTX FOUNDER BEHIND BARS!
Breaking: Sam Bankman-Fried, the brains behind FTX, has landed himself a spot in prison. And no, he's not getting out just yet.
A small leap for mankind, but a huge score for the US prosecutors.
Even the big bucks and powerful connections couldn't spring him out this time. The bail? Denied!
Here's the juicy parts of the story:
Judge Lewis Kaplan struck down the bail release for the ex-FTX CEO, Sam Bankman-Fried (or SBF, as the crypto world knows him). It looks like, he'll be under lock until his court date in October.
The plot thickens...
Kaplan was in cahoots with the prosecutors who tried giving SBF a legally stern look for trying to tamper with witnesses. Specifically, he allegedly had some secret chats with journalists about one Caroline Ellison, a formerly prominent figure within a hedge fund at Alameda Research
To stir the pot even more, the US Justice Department is throwing shade at SBF for allegedly handing over Ellison's personal diary to the New York Times. That diary led to a tell-all article, spilling the former Alameda Research leader's thoughts.
Prosecutors are buzzing with claims that SBF was feeding the press to paint Ellison as a "jilted lover" who went rogue. And guess what? Cops say this move could scare off other potential witnesses.
All at a time when: Ellison's confessed to fraud and is now playing for Team Investigation.
Despite an earlier bail release of a whopping $250 million, SBF's now set to stay behind bars until his appearance in courtroom in October.
TL;DR: FTX founder Sam Bankman-Fried's bail has been denied by Judge Kaplan due to alleged witness tampering, involving discussions with journalists about a former Alameda Research leader, Caroline Ellison. Bankman-Fried's release, despite an earlier $250 million bail, has been rejected, and he'll remain in prison until his October court appearance.
VENTURE MONDAYS
Bitcoin Web3 wallet Xverse raised $5M in a Seed funding round led by Jump Crypto, with participation from RockawayX, Sfermion, Alliance DAO (ex DeFi Alliance), NGC Ventures, V3ntures, Old Fashion Research (OFR), Bitcoin Frontier Fund, Newman Capital, Franklin Templeton, New Layer Capital, Miton C fund, Gossamer Capital, Daxos Capital, Sora Ventures, IOBC Capital, DeSpread.
As evident, the introduction of the Bitcoin Ordinals protocol has profoundly impacted the market by paving the way for innovative interactions. Xverse, previously known just as a simple Bitcoin wallet, has adeptly responded to this demand by devising a good solution to interact with the protocol, consequently drawing significant investment.
So, stay vigilant and adaptable in the evolving crypto landscape; one can never predict the groundbreaking possibilities that blockchain, zero knowledge, and related domains might unveil.
For Xverse, the new funding will help the company accelerate the development of features related to decentralized finance (DeFi), as well as Stacks, Lightning Network, and other solutions for scaling the Bitcoin blockchain.
Anti-slashing liquid staking protocol Puffer Finance raised $5.50M in a Seed funding round led by Lemniscap, Lightspeed Faction, with participation from Brevan Howard Digital, Bankless Ventures, Animoca Ventures, DACM, SNZ Holding, Canonical Crypto.
This funding aims to expedite the development of Puffer Finance's liquid staking protocol, notable for its emphasis on anti-slashing technology.
But what is "slashing"?
Slashing refers to a mechanism in Proof-of-Stake (PoS) blockchain systems. Here, participants, often validators, may have a portion of their staked cryptocurrency deducted. This action is taken as a penalty for behaviors or errors detrimental to the network's security.
Puffer clarified its objectives: they aim to refine Ethereum's capabilities, emphasize decentralization, enhance resistance to potential censorship, and address challenges non-commercial stakers face in the Proof-of-Stake paradigm.
They introduced Secure-Signer, a tool formulated to oversee validator key access. Its design centers around diminishing the likelihood of penalties, especially consequential for stakers without a significant ETH reserve.
Puffer's ongoing projects also involve crafting a protocol to assist non-commercial stakers. The objective is to simplify their participation, offering avenues beyond what centralized liquid stablecoin providers currently present.
The protocol permits non-commercial stakers to participate in the system with a starting requirement of 2 ETH, highlighting the adaptability of the Web3 infrastructure.All in all, in simple terms: staking from 2 ETH is even easier; now you know!
SELECTED MEME OF THE DAY
