Sam Bankman-Fried Charged With Fraud Over FTX Collapse – December 13

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $17,805

Bitcoin price has jumped on news of slowing inflation, which may also lead to a more likely 0.5% increase in interest rates by the Federal Reserve tomorrow.

Top-20 altcoins have performed well also, as Ethereum gains 6% over the last 24 hours, BNB falls 1% and Avalanche leads with an 8% rise.

Top Stories for December 13, 2022 πŸ”₯

πŸ‘‰ Sam Bankman-Fried Charged With Fraud Over FTX Collapse

The U.S. Securities and Exchange Commission (SEC) has charged Sam Bankman-Fried, the founder of crypto exchange FTX, with fraud. The regulator alleges that he “orchestrated a scheme to defraud equity investors in FTX Trading Ltd.”

According to the SEC complaint, Bankman-Fried used customer funds for undisclosed investments, luxury real estate purchases, and political donations. It also alleges that assets and liabilities between FTX and sister company Alameda were used interchangeably, and that FTX lacked proper controls and risk management procedures.

FTX filed for bankruptcy in November, after suffering a sudden and significant collapse that shocked the industry – dragging down several other associated entities in the process.

πŸ‘‰ Inflation Continues To Fall, Reaches 7.1% In November

The US government reported a small decrease in inflation in November, as the CPI rose 7.1% over the last 12 months – lower than the 7.3% projected by economists.

The Federal Reserve’s monetary policy committee is holding its last meeting of the year this week and is expected to announce an increase in interest rates of 0.5% tomorrow.

πŸ‘‰ Grayscale GBTC Discount Hits Record 50%

Shares in the Grayscale Bitcoin Trust. (GBTC) have reached a record-high discount of 50%, selling for half the price of the underlying assets for the first time ever.

Investors have no way to redeem their holdings for the Bitcoin in the trust, currently being charged a 2% management fee on their investments. The discount is likely to close if the SEC enables the fund to convert to an exchange-traded fund (ETF), however applications to do so have been denied thusfar.