Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, was found guilty of seven counts, including fraud and conspiracy, after a five-week trial. The tentative sentencing date was set for March 28, 2024.

Nasdaq-listed cryptocurrency exchange Coinbase has reduced its net loss to $2 million in the third quarter of this year, marking a substantial improvement from the $545 million loss reported in the same period last year.

St. Galler Kantonalbank (SGKB), the fifth-largest cantonal bank in Switzerland, has announced the introduction of cryptocurrency trading services, starting with Bitcoin and Ether.

Top stories in the Crypto Roundup today:

• FTX’s Sam Bankman-Fried Found Guilty on Seven Counts of Fraud and Conspiracy
• Coinbase’s Net Loss Shrinks to $2 Million in Q3, Revenue Up 14%
• Swiss Bank SGKB Launches Bitcoin and Ether Trading Services
• Crypto Market Movers – POLY, SUSHI, INJ

FTX’s Sam Bankman-Fried Found Guilty on Seven Counts of Fraud and Conspiracy

Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, was found guilty of seven counts, including fraud and conspiracy, after a five-week trial.The tentative sentencing date was set for March 28, 2024.

Bankman-Fried was charged with stealing as much as $10 billion from customers to finance political contributions, venture capital investments, and other lavish spending. The former CEO of FTX was found guilty of wire fraud, conspiracy and money laundering by a jury that consisted of nine women and three men, who reached a verdict in little over four hours.

After the guilty verdicts on all seven charges were revealed, U.S. Attorney Damian Williams said that Bankman-Fried “perpetrated one of the biggest financial frauds in American history.” The counts carry a maximum sentence of 110 years.

Defense attorney Mark Cohen said that Bankman-Fried respects the jury’s decision but will keep on “vigorously” fighting the charges, as he maintains his innocence.

Prosecutors presented overwhelming evidence against Bankman-Fried, including millions of pages of internal messages, spreadsheets and memos. The jury reached a verdict based on this evidence and after his top executives pleaded guilty to fraud and agreed to cooperate in return for leniency.

Coinbase’s Net Loss Shrinks to $2 Million in Q3, Revenue Up 14%

Nasdaq-listed cryptocurrency exchange Coinbase has reduced its net loss to $2 million in the third quarter of the year, marking a substantial improvement from the $545 million loss reported in the same period last year.

According to the company’s earnings report for the third quarter, it saw a 14.2% increase in year-on-year revenue to $674.1 million, despite seeing a 4.8% drop compared to the preceding quarter.

Of its total revenue, Coinbase earned $334.4 million from subscription and service fees, which largely comprise stablecoin and blockchain rewards, while transaction-based revenues accounted for $288.6 million.

Consumer trading on the exchange dropped to $11 billion from $26 billion in the third quarter of 2022, while institutional trading volumes totaled $65 billion, below the $133 billion seen in Q3 2022. The exchange’s adjusted EBITDA for the quarter was positive.

Swiss Bank SGKB Launches Bitcoin and Ether Trading Services

St. Galler Kantonalbank (SGKB), the fifth-largest cantonal bank in Switzerland, has announced the introduction of cryptocurrency trading services, starting with Bitcoin and Ether.

Founded in 1868, SGKB was created to serve the banking needs of the local residents and small to medium-sized enterprises within the Canton of St. Gallen, and its new initiative is a result of its collaboration with SEBA, a bank specializing in cryptocurrency.

The bank’s foray into cryptocurrency trading is currently just available for a select group of clients, following a successful testing phase earlier in the year.

The bank plans to expand its cryptocurrency offerings, as customers show interest in more digital assets.

Crypto Market Movers – POLY, SUSHI, INJ

Several tokens are leading the charge in the last seven-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Polymath (POLY) - Polymath Network (POLY) is a blockchain-based platform that enables the creation and management of security tokens. The platform was created by Trevor Koverko, a Canadian entrepreneur, and Chris Housser, a software engineer, in 2017.

Sushi (SUSHI) - SushiSwap is a community-driven decentralized finance (DeFi) platform focused on providing a variety of services, including a decentralized exchange (DEX), yield farming opportunities, liquidity provision, and staking options. Built on the Ethereum blockchain, SushiSwap aims to create a range of network effects for connecting decentralized markets and instruments.

Injective (INJ) - Injective, a blockchain specifically designed for finance, offers developers a wide range of robust out-of-the-box modules, including a completely decentralized orderbook. This orderbook can be used to build sophisticated applications. Additionally, Injective is an open and interoperable smart contracts platform.

State of the Crypto by Top Tier Exchange Volume

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