Former FTX’s director of engineering Nishad Singh has pleaded guilty to US criminal charges and has agreed to cooperate with an investigation into FTX founder Sam Bankman-Fried.
Here are some of the major developments from the world of crypto over the past few days
Former FTX’s director of engineering Nishad Singh has pleaded guilty to US criminal charges and has agreed to cooperate with an investigation into FTX founder Sam Bankman-Fried.
According to Reuters, Singh pleaded guilty on February 28, 2023 to six conspiracy charges, including conspiracy to commit wire fraud, conspiracy to commit money laundering, and conspiracy to violate federal campaign finance laws.
“I am unbelievably sorry for my role in all of this,” Binance quoted Singh as saying. He acknowledged that he was aware of Bankman-Fried’s hedge fund, Alameda Research, borrowing FTX customer funds discreetly by mid-2022.
A $250,000 bond was set for his release, and he also agreed to surrender all proceeds from the scheme. Three members of Bankman-Fried’s inner circle have now pleaded guilty and have agreed to cooperate with the investigation.
Legalising Crypto Will Undermine Russian Financial System, Says Bank of Russia
Legalising crypto could undermine Russia’s financial system, a senior director of Russia’s central bank has said.
Allowing crypto into the Russian financial system would bring about “fundamental risks”. Legalising crypto could compromise the stability of the financial system and “pave the way” for an influx of illegal activities, Elizaveta Danilova, director of financial stability, Bank of Russia, has said.
Neither crypto nor token trading are illegal or regulated in Russia. Russia’s Ministry of Finance, however, wants crypto to be legalised and tokens to be regulated.
Danilova said that the Bank of Russia was not opposed to the use of crypto in international settlements. The bank could still approve crypto mining legalisation. The bank wants to keep miners out of the Russian economy by letting them trade their coins on international trading platforms.
Bank of Russia’s long-serving Governor, Elvira Nabiullina had also stated that the bank has a “negative attitude towards the use of cryptocurrency in the domestic market.”
83% Japanese Traders Want To HODL Cryptos
New research has found that more than eight in 10 Japanese cryptocurrency traders intend to HODL their coins in 2023. HODL, or Hold On for Dear Life, is now widely known in the crypto community as a strategy to not sell digital assets, despite extreme market fluctuations.
HODL remains relevant in 2023 amidst Bitcoin’s latest bout of volatility.
Zero Accel surveyed 330 crypto holders in 47 Japanese provinces in January 2023, and 82.7 per cent of them said they “intend to continue holding” their tokens in the future.
Over seven in 10 respondents said Bitcoin (BTC) was their favourite coin, with the others mostly choosing Ethereum (ETH).
Crypto holders said that “creditworthiness and future prospects”, and not “current market capitalisation” were the key factors to consider when choosing a coin to invest in.