During the ongoing court trials involving Sam “SBF” Bankman-Fried, the former CEO of the now-defunct crypto exchange FTX, a crypto wallet address associated with the FTX exploiter has been actively moving around $36.8 million worth of Ether in the past 24 hours.
The series of events began when accounts associated with FTX and FTX US were emptied of $600 million on November 11, 2022, shortly after the exchange had filed for Chapter 11 bankruptcy. Almost ten months later, the individual behind the FTX exploit began to withdraw the stolen funds. This started with a transfer of 10,250 ETH, valued at $17.1 million, across four addresses between September 30 and October 1. This information is confirmed by data from Spot On Chain.
Since September 30, a total of 67,500 ETH has been moved out of five out of the 15 wallet addresses linked to the FTX exploiter. Among these transactions, 64,948 ETH, equivalent to $108 million, was transferred through the THORchain router, 52 ETH, worth $84,000, was directed to the Railgun contract, and the remaining 2,500 ETH, amounting to $4.19 million, was exchanged for Bitcoin (tBTC).
The trial of SBF in connection with the collapse of FTX began on October 3, and the entrepreneur has entered a plea of not guilty to all seven counts of fraud and money laundering charges.
Taiwan Crypto Trader Makes Profit Without a Trade
A crypto trader on Taiwan’s MaiCoin Max exchange made it rich without ever placing a single trade, amassing an astounding 10 million NTD (about $310,000). What’s the secret behind this unexpected gain? of all things, tax compliance.
Taiwan has a tax system called “Uniform Invoice Lottery” which ensures retailers pay their share of taxes and comply with tax regulations. Once a threshold is reached, the retailer is required to pay a receipt to the customer, which also serves as a lottery ticket. The price of this lottery can be as high as 10 million NTD.
Every trade done by a trader is considered as an even when they generate profits from spreads and service fees. Which is why they accumulate virtual lottery tickets.
This unique tax system has been in place since the 1950s and its main objective is to create incentives for people to pay their fair share of taxes. In Taiwan, it is not uncommon for a person to buy snacks and newspapers while heading back home and get a lottery.
New Top Minter on XRP Ledger
FIFAWorldCupAILeague is a video game on XRP Ledger that’s becoming a popular topic within the XRP community. It essentially allows players to create their own teams and manage them with strategic gameplay using AI.
The dApp has caught the attention of the community for how it blended AI with sports. It’s free to download on iOS and Android. It was developed through a collaboration with the one and only organization FIFA, and Futureverse.
According to data from Bithomp Explorer, FIFAWorldCupAILeague has become the largest NFT minter on XRP Ledger, issuing 88.7% of all new NFTs, or 428K.
