Welcome to Barmy’s Daily Crypto News – December 14th, 2022
1. Bankman-Fried may be facing up to 115 years in prison if convicted on all eight counts
According to U.S. prosecutors, Bankman-Fried used FTX customers’ deposits as part of a scheme to defraud them by using the funds for personal expenses and debt repayment as well as investments on behalf of his cryptocurrency hedge fund, Alameda Research LLC.
They said that Bankman-Fried contributed “tens of millions of dollars” to political campaigns using the stolen funds. If found guilty on all eight counts, prosecutors said he could spend up to 115 years in jail, though the exact term would depend on a number of variables.
On February 8, Bankman-Fried is anticipated to return to court in the Bahamas. The judge mandated that he be lodged in a Bahamas correctional facility until February 8 because the judge deemed his danger of flight to be “high.”
2. Binance appears to be suffering from a decline in liquidity
According to a study by the crypto analytics company Nansen, Binance made net withdrawals of more over $3.6 billion.Gross outflows from Binance have amounted to about $8.8 billion, while gross inflows are about $5.1 billion.
In November, Binance had daily net inflows of more than $2 billion in Ethereum ERC-20 tokens; but, from December 12–13, there were withdrawals of more than $1 billion.
The largest cryptocurrency exchange by volume worldwide is Binance, but on December 12 a news that the U.S. Department of Justice was considering charging its officials with financial crimes put pressure on the exchange. Although Binance has asserted that the allegation is “false,” the Department of Justice has not made an official statement regarding the situation.
3. “Innovative digital guarantees platform” to be used in Italy’s banking, insurance markets
Algorand platform has been selected as the public blockchain to underpin a “innovative digital assurances platform” to be utilized in Italy’s banking and insurance sectors.
Early 2023 is the anticipated release date for the platform supported by Algorand. The adoption of blockchain technology for bank and insurance guarantees is reportedly a first for a member state of the European Union, according to Algorand’s announcement on December 13.
Algorand said that the “digital sureties” platform was best suited for blockchain technology because to the latter’s capacity to protect against fraud and its rapid, effective, low-cost, and scalable data exchanges.
4. Metaverse Tech Will Be Part of Automotive Industry in 2023
A lot of automobile businesses will begin integrating their operations with the metaverse in 2023, according to Nvidia, one of the biggest AI and graphics companies in the world. First, by using metaverse capabilities, businesses will be able to track every step of the manufacturing of their automobiles and suggest changes.
A realistic representation of the items intended for manufacturing will be available to designers in a virtual workspace, facilitating collaboration during the design processes. Nvidia thinks that the use of metaverse technology will enhance the relationship between customers and products.
The business announced: Customers can gain from improved product experiences as well. The Stellantis-owned automaker Fiat opened its first metaverse store on December 3 so that potential buyers may virtually tour one of its vehicles. Users also have the option to test drive a simulated track in the metaverse showroom.
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