First Mover Asia: Bitcoin Drifts Lower as Crypto winter

First Mover Asia: Bitcoin Drifts Lower as Crypto Winter Continues

CoinDesk Columnist David Z. Morris played soothsayer about the seriousness of the allegations

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against Sam bank man-Fried, the former CEO of embattled crypto exchange FTX

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Bitcoin drifted lower in Tuesday trading, albeit not by much as crypto prices

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prices remained largely frozen near levels they've held for a week.

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In November, a CD tale contributed to the downfall of crypto exchange behemoth FTX.

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The U.S. Department of Justice subsequently charged bankman-Fried with wire fraud and other alleged crimes

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crypto currency prices have been relatively stable over the last two weeks.

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Most other major crypto were slightly in the red with LINK, the token of software platform chain-link, and CRO, the native crypto currency of exchange Crypto.com,

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each sinking more than 2%. The coin Desk Market Index (CDI), an index measuring crypto' performance, fell 1.15%.

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In an affidavit filed prior to his arrest, Bankman-Fried stated that he and FTX

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FTX co-founder Gary Wang borrowed $546 million from Alameda using promissory notes in April and May.

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They used that money to fund Emergent Fidelity Technologies Ltd., the shell business that purchased a 7.6% share in Robinhood in May

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The downfall of FTX was a crime, not an accident.

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