SBF's Motions Denied: All Charges Will Proceed!

READ TIME - 1 min 21 seconds

Author

Daniel Akpobare
June 28, 2023

GM, this is The Crypto Explorer, Let's face it, trying to keep up with crypto is like catching a greased-up pig.

Let’s do the chasing for you! 😀

Here’s what we got for you today:

  • 😳 SBF's Motions Denied: All Charges Will Proceed!

  • 👏 Yield Protocol Restores Full Functionality after Euler Hack!

  • 🧱 Around The Block: FTX alleges former exec used ‘hush money’ to silence whistleblowers.

😳 SBF's Motions Denied: All Charges Will Proceed!

A decision has been made on the motions filed by former FTX CEO Sam Bankman-Fried (SBF) seeking to dismiss most of the criminal charges against him.

SBF’s legal team had filed motions aiming to have the judge dismiss 10 out of the 13 criminal counts he faces, which would have left only conspiracy to commit commodities fraud, securities fraud and money laundering.

Well now, the decision is in!

The judge denied the motions to dismiss these charges, citing precedent from the U.S. Court of Appeals for the Second Circuit. In his words:

 “The Court has considered all of the arguments of the parties. To the extent not addressed herein, the arguments are either moot or without merit.”

Bankman-Fried will now face all eight charges originally brought against him in December 2022, four additional charges added in February 2023, and one charge in March 2023 related to alleged bribery of a Chinese government official.

The trial for eight of these charges will commence in October 2023, while the remaining five will be dealt with separately in March 2024.

But wait, there's more!

After the criminal trials, the SEC and the Commodity Futures Trading Commission (CFTC) are planning to jump in with their own civil lawsuits.

Yikes! Looks like SBF won't be catching a break anytime soon.

 👏 Yield Protocol Restores Full Functionality after Euler Hack!

Yield Protocol has successfully recovered from the Euler flash loan attack.

For those who don’t know:

Yield Protocol was among the 11 DeFi protocols that experienced losses following the attack on Euler Finance, a noncustodial lending protocol.

After the hack took place on March 13th, Yield Protocol temporarily suspended mainnet borrowing and reported losses of under $1.5 million from its liquidity pools. (Euler Finance, on the other hand, lost over $195 million in the attack.)

On May 18th, Yield Protocol announced that it was back in full operation, allowing users to borrow and lend for the June and September series.

But at that time, the protocol stated that it would take approximately one week for users to be able to claim replacement tokens, which marked the final step in full restoration of operations.

Well, that has now finally happened.

The protocol stated on Twitter that liquidity providers can now update their strategy tokens.

In a blog post, Yield Protocol explained that they underwent a complex process involving the deployment of 26 new contracts and the execution of around 300 permissioned calls to reset the fixed-yield token maturities and restore the protocol to its normal functioning. (See the whole process here).

Oh, and did I mention they had another hurdle to overcome?🤦

Yield Protocol also faced a bug in its strategy contracts, which was discovered in May. This bug necessitated a two-week pause in the protocol to address and rectify the issue.

But despite all the twists and turns, Yield Protocol has come out on top.💪

They're open for business, ready for users to dive back into borrowing and lending on their platform.😀

Kudos to them for their resilience and determination.👏

🧱 Around The Block: FTX alleges former exec used ‘hush money’ to silence whistleblowers.

That's all we've got for you today.

Please don't forget to rate today's email and let us know what you like about it.

In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be NEW

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