Truth Terminal's Andy Ayrey's Twitter account was hacked and used to steal $600,000 in crypto.
Nishad Singh, a former FTX executive, avoided jail time despite his involvement in the exchange's collapse.
A new individual, Stephen Mollah, is also claiming to be the creator of Bitcoin.
The SEC has launched over 100 enforcement actions against crypto firms, resulting in nearly half a billion dollars worth of damages.
The U.S. Federal Reserve has expressed concerns about Bitcoin's impact on fiscal policy and could consider banning it.
The crypto market's buzz has been strong over the last week, with most of it tied to the upcoming U.S. presidential election on Tuesday.
However, amid the political buzz, several other events popped up.
One was the hack on Andy Ayrey, the founder of Truth Terminal's Twitter (X) account.
The hackers responsible made off with an insane $600,000 in stolen crypto after using the account to shill a new Infinite Backrooms ($IB) token.
Meanwhile, a new would-be "Satoshi Nakamoto" popped up again on Wednesday, along with reports of Nishad Singh, a former FTX Executive, finally walking free without a prison sentence.
In more political news, the SEC has now cost the market nearly half a billion dollars in damages after three years of more than 100 lawsuits.
Finally, the U.S. FED—for some reason—wants to tax or ban Bitcoin completely.
Here are the major crypto highlights from the previous week:
Last week, Andy Ayrey’s Twitter account was the latest to be hacked.
Truth Terminal, for context, is an A.I.-driven chatbot that directly contributed to the price of the new Goateus Maximus, reaching an all-time market cap of $637 million this year.
The hacker(s) responsible for the scam took over Ayrey's account and used it to shill a new Infinite Backrooms (I.B.) token.
Within mere hours of this hack, the market cap of $ I.B. rallied to a staggering $25 million.
The interesting part about this hack is that the individual(s) responsible for deploying the token bought an insane 124.6 million $ I.B. for $38,400.
The individual(s) then dumped all their holdings within 45 minutes, making an easy $602,500 profit.
Two years after the collapse of FTX, Nishad Singh, the former engineering director of FTX, walked away with no prison sentence.
29-year-old Singh was sentenced during a hearing in the U.S. district court to the time he had already served in prison, which means that he is now a free man.
Which is more than what Bankman-Fried, Salame, or Ellison got.
Singh was the fourth individual to be named in connection to the FTX collapse in 2022.
Nishad Singh in Court
According to Reuters, Singh's attorneys alleged that FTX's collapse was mostly due to Bankman-Fried and Ellison's actions instead of Singh's.
They mentioned that Singh was “filled with remorse” for his role.
While the presiding judge, Lewis Kaplan, noted that Singh was involved, he said that the former engineering director's role was "much more limited than Bankman-Fried's and Ellison's."
Gary Wang, the exchange's co-founder, is one of the last few individuals to stand trial, with a hearing scheduled for 20 November.
Bitcoin is now officially 16 years old. And these days, “Satoshi Nakamotos” are a dime a dozen.
Individuals, both dead and alive, like Craig Wright, Peter Todd, Len Sassaman, and many others, have either claimed to be Nakamoto or have been "accused" of being Bitcoin's elusive creator.
This week, another individual joined the "Nakamoto ranks" named Stephen Mollah.
During the week, Mollah, a British-Asian macroeconomist, claimed the pseudonym at the Frontline Club in London.
According to Joe Tidy from BBC News, Mollah took the stage and claimed to be Nakamoto.
Mollah stated that he would provide evidence of his claims, but he instead spent the next hour claiming that he couldn't get his laptop to work.
According to a video posted by BitMEX Research, Mollah, when prompted to prove he was Satoshi by moving Bitcoin from the Genesis Block, stated, "Genesis block Bitcoin cannot be moved as simply as you think,"
One of the most talked about issues in the crypto space is that of enforcement action.
Under Gary Gensler, companies and individuals have received over a hundred enforcement actions, including lawsuits, injunctions, Wells Notices, and outright lawsuits.
Enforcement actions from the SEC
According to a report from the Blockchain Association this week, crypto firms have lost at least $429 million in litigation over the last few years.
The association's website now shows that the agency launched 104 enforcement actions against the digital asset industry between 2021 and 2024.
It also claimed on Twitter that in addition to the money, Gensler's "anti-innovation crypto crusade" has cost the sector "an immeasurable loss of jobs, innovation and U.S. tech investment."
The U.S. FED is now looking towards banning or, at best, taxing Bitcoin to kingdom come.
According to a recent paper published by the Federal Reserve Bank of Minneapolis website, Bitcoin (or another powerful cryptocurrency) could one day cause the United States government to balance its budget.
The paper called Bitcoin a "balanced budget trap" and, according to VanEck's head of digital asset research, Matthew Sigel, marked the start of the U.S. joining the European Central Bank to attack Bitcoin.
According to Bitcoin analyst Tuur Demeester, the paper in question is a “true declaration of war” on Bitcoin.
But why would the FED want Bitcoin to be banned or taxed?
The answer is simple: It would force stakeholders and legislators who want to keep money channels open in case of serious emergencies like, say, natural disasters or (heavens forbid) a replay of the COVID-19 pandemic.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.