First Mover Asia: Bitcoin Drifts Lower as Crypto Winter Continues
CoinDesk Columnist David Z. Morris played soothsayer about the seriousness of the allegations
against Sam bank man-Fried, the former CEO of embattled crypto exchange FTX
Bitcoin drifted lower in Tuesday trading, albeit not by much as crypto prices
prices remained largely frozen near levels they've held for a week.
In November, a CD tale contributed to the downfall of crypto exchange behemoth FTX.
The U.S. Department of Justice subsequently charged bankman-Fried with wire fraud and other alleged crimes
crypto currency prices have been relatively stable over the last two weeks.
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,
each sinking more than 2%. The coin Desk Market Index (CDI), an index measuring crypto' performance, fell 1.15%.
In an affidavit filed prior to his arrest, Bankman-Fried stated that he and FTX
FTX co-founder Gary Wang borrowed $546 million from Alameda using promissory notes in April and May.
They used that money to fund Emergent Fidelity Technologies Ltd., the shell business that purchased a 7.6% share in Robinhood in May
The downfall of FTX was a crime, not an accident.