Former FTX Director of Engineering Pleads Guilty, 83% Of Japanese Traders To HODL Cryptos

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Here are some of the most important developments from the crypto world in the last few days

Former FTX CTO Nishad Singh has pleaded guilty to the US criminal complaint and has agreed to cooperate in an investigation into FTX founder Sam Bankman-Fried.

According to Reuters, on February 28, 2023, Singh pleaded guilty to six conspiracy charges, including conspiracy to commit wire fraud, conspiracy to commit money laundering, and conspiracy to violate federal campaign finance laws.

“I’m incredibly sorry for my role in all of this,” Binance Singh quoted as saying. He acknowledged that he was aware that Alameda Research, Bankman-Fried’s hedge fund, had been discreetly lending FTX client money until mid-2022.

Bail was set at $250,000 for his release, and he also agreed to turn over all proceeds from the program. Three members of Bankman-Fried’s inner circle have now pleaded guilty and have agreed to cooperate with the investigation.

Crypto legalization will undermine Russian financial system, says Bank of Russia

Crypto legalization could undermine Russia’s financial system, a senior director of Russia’s central bank has said.

Allowing crypto into the Russian financial system would entail “fundamental risks.” The legalization of crypto could threaten the stability of the financial system and “pave the way” for an influx of illicit activity, said Elizaveta Danilova, director of financial stability at Bank of Russia.

Neither crypto nor token trading is illegal or regulated in Russia. However, the Russian Ministry of Finance wants crypto legalized and tokens regulated.

Danilova said the Bank of Russia is not opposed to using crypto in international settlements. The bank could still approve the legalization of crypto mining. The bank wants to keep miners out of the Russian economy by allowing its coins to be traded on international trading platforms.

Longtime Bank of Russia governor Elvira Nabiullina had also stated that the bank had a “negative attitude towards the use of cryptocurrency in the domestic market.”

83% Japanese traders want to HODL cryptos

New research has revealed that more than eight out of ten Japanese cryptocurrency traders intend to HODL their coins in 2023. HODL, or Hold On for Dear Life, is now widely known in the crypto community as a strategy of not selling digital assets despite extreme market fluctuations.

HODL remains relevant in 2023 amid Bitcoin’s recent surge in volatility.

Zero Accel surveyed 330 crypto holders in 47 Japanese provinces in January 2023, and 82.7 percent of them said they “intend to hold their tokens going forward.”

Over seven in ten respondents said Bitcoin (BTC) was their favorite coin, while the others mostly chose Ethereum (ETH).

Crypto owners said that “credit worthiness and future prospects” rather than “current market cap” are the key factors to consider when choosing a coin to invest in.