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Sam Bankman-Fried defrauded his customers and lenders, a New York jury found after a five-week trial for the FTX founder and former chief executive . A tentative sentencing date was set for March 28, 2024. Bankman-Fried could spend decades in prison (and theoretically up to 115 years). “Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history,” US Attorney Damian Williams said outside the courthouse after the guilty verdicts on all seven charges were revealed. “This kind of fraud, this kind of corruption is as old as time. We have no patience for it.”
Coinbase (COIN) topped Analyst estimates for the third quarter on earnings and revenue, while falling short in total trading volume expectations. The crypto exchange reported a third-quarter adjusted loss of $0.01 per share, compared with FactSet estimates for a loss of $0.55 per share, marking the third consecutive earnings beat for Coinbase. Total revenue for the quarter was $674.1 million, beating estimates of $650.9 million. Total trading volume, however, was just $76 billion, less than the $80.1 billion estimate and down from $92 billion in the previous quarter. Transaction revenue was $288.6 million, 12% less than in the previous quarter.
Alongside its third-quarter earnings report, software developer MicroStrategy (MSTR) announced the purchase of another 155 bitcoins (BTC) During October, bringing the total acquired since the beginning of Q3 to 6,607 . As of the end of October, the Tysons, Virginia-headquartered firm co-founded by Michael Saylor was the owner of 158,400 bitcoins acquired at a total cost of $4.69 billion, or $29,586 per bitcoin. The company booked an impairment loss on its digital asset holdings of $33.6 million during Q3. Cumulative impairment losses have now risen to $2.23 billion, reflecting an average carrying amount per bitcoin of roughly $15,491. That, of course, isn’t terribly reflective of the market value as of Sept. 30 of the company’s bitcoin, which was $27,030, nor the current price of just under $35,000.
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– Omkar Godbole