FTX Issues Subpoena To Sam Bankman-Fried, DOGE Surges After Elon Musk Tweets Dog Pic
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Here are some major crypto developments over the past few days
Investigators investigating FTX’s bankruptcy served subpoenas on several company insiders, including Sam Bankman-Fried, Caroline Ellison, former CEO of Alameda, Joseph Bankman, Bankman-Fried’s father, and Gary Wang and Nishad Singh. CoinDesk reported that all insiders except Bankman-Fried have until February 16, 2023 to provide documents related to the case. Fried has been granted an additional day as he has the most comprehensive list to gather.
The court asked for documents, including Binance’s takeover bid, which FTX withdrew from. Bankman-Fried is asked to provide information on FTX, Alameda and Emergent Fidelity Technologies (a holding company he co-managed with former FTX executive Gary Wang). He has to submit all his FTX emails and Gmail messages, real estate inventory details, etc.
DOGE, Floki Rise after Musk tweeted a photo of his dog in the CEO’s chair
Crypto traders are buying stocks related to cryptocurrency Shiba Inu after Twitter CEO Elon Musk posted a photo of his dog Floki posing as Twitter’s new boss. DOGE’s price is up 5.4 percent in the past 24 hours, CoinDesk reported. A cryptocurrency called Dogecoin (DOGE) was created in 2013 as a hoax based on the Shiba Inu dog internet meme “Doge”. Shiba Inu (SHIB), a cryptocurrency based on the Ethereum network, is now enjoying a large following.
Meanwhile, Floki, which takes its name from Musk’s lap dog, has appreciated 41 percent in value over the past 24 hours. According to a Financial Times report from late January, Twitter is designing a system that will enable crypto payments, which has sent memecoin (DOGE) skyrocketing.
South Korea’s crypto firms will self-regulate under new guidelines
In line with other countries in Asia, the Financial Services Commission of South Korea has defined security tokens as digitized tokens using distributed ledger technology. This new directive puts the brunt on companies to regulate themselves.
“South Korea’s approach of tying the scope of security token offerings to the definition of securities is broadly consistent with other regulators such as Singapore and Hong Kong,” said Angela Ang, senior policy advisor at blockchain intelligence firm TRM Labs.
She hoped the regulatory clarity “should encourage innovation in digital assets in South Korea’s capital markets.” Until the guidelines were published, traditional investment firms were reluctant to enter the market.