Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that’ll be defining points for the future of blockchain, cryptocurrency, and NFTs.
With Caroline Ellison being sentenced to two years in prison, Asian Bitcoin markets getting higher, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening!
Caroline Ellison Sentenced to Two Years in Prison
Caroline Ellison, a key witness in the prosecution of her ex-boyfriend, FTX founder Sam Bankman-Fried, was sentenced to two years in prison on Tuesday by a New York federal court. She was also ordered to forfeit $11 billion for her involvement in the fraud and conspiracy that led to the collapse of the crypto exchange, once valued at $32 billion.
The sentence was much harsher than the federal Probation Department’s recommendation, which had suggested three years of supervised release without prison time. Ellison, who previously headed the hedge fund Alameda Research, had also sought a no-prison sentence from her defense team.
Asian Bitcoin Markets Get Higher
Bitcoin (BTC) is once again approaching the $65,000 mark, a level it hasn’t reached since early August. A key factor that could drive this surge is a speech from Federal Reserve Chair Jerome Powell later today.
Last week, the Fed initiated its first round of rate cuts, boosting risk assets like Bitcoin. According to the CME FedWatch Tool, traders are now anticipating a 62% chance of another 50-basis-point rate reduction in November, which could further fuel Bitcoin’s rise.
Harris Administration Predicted to Benefit Crypto Industry
Harris recently stated her support for digital assets, promising to “encourage innovative technologies” while protecting consumers. These comments came after the formation of the Crypto4Harris movement, which advocates for a “reset” of digital asset policy. Although her statements are more modest than Trump’s shift to support, they reflect a proactive stance toward the crypto sector, according to supporters.
Quarter 3 Losses in Crypto From Hackers Reported
Hackers stole $409 million in cryptocurrency during the third quarter, along with an additional $3 million lost to fraud, according to a report by Immunefi. This figure is a 40% decrease compared to the same period in 2023.
Immunefi noted that the substantial capital locked in decentralized finance (DeFi) protocols presents an “unparalleled and attractive opportunity for blackhat hackers.” Currently, there is $87.2 billion in total value locked (TVL) across DeFi, according to DefiLlama.
