MOST FTX ASSETS ARE STOLEN OR LOST

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Tornado Cash developer Alexey Pertsev will remain in detention; Most FTX assets are stolen or lost, a bankruptcy advisor says; India launches the digital rupee in December!

Tornado Cash developer Alexey Pertsev will remain in detention

Tornado Cash developer Alexey Pertsev, who is in custody, will spend another three months in detention in the Netherlands after the hearing on November 22.

The preliminary hearing took place at the Hertogenbosch Palace of Justice. Pertsev, who was detained for 103 days, tried to prove his innocence.

The prosecution provided a comprehensive view of the investigation, arguing that Pertsev was central to Tornado Cash’s operations. Pertsev’s lawyer, WK Cheng, spoke before the court for the first time providing information on the usage areas of Tornado Cash and touching upon the common misconceptions about the function of the service.

He commented after the court ruling: “I am disappointed with the court’s decision. We tried to reflect the defense’s point of view as clearly as possible.”

The lawyer confirmed that the first hearing in the case was postponed to February 20, 2023. Cheng reiterated that the state made a one-sided comment on his client’s involvement in Tornado Cash.

The prosecution stated that Pertsev could escape if released before the first trial. The defense’s proposals, such as home surveillance and weekly checks at the police station, didn’t work either.

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Most FTX assets are stolen or lost – Bankruptcy Advisor

James Bromley, the partner at law firm Sullivan & Cromwell, the company representing debtors in FTX’s Delaware County bankruptcy lawsuit, said the company’s assets are still at risk from cyberattacks.

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A core group of FTX employees carried on with their work to ensure the security of assets and record-keeping, according to the FTX associate advisor, but hackers have remained a threat since the company filed for bankruptcy on November 11.

The attorney said that FTX had received help from several legal, cybersecurity, and blockchain analytics firms. Bromley added that another cybersecurity firm was involved but said he would not reveal the firm’s name because of concerns that hackers would exploit this information.

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India launches the digital rupee in December

The Reserve Bank of India (RBI) has tested the terms of use of their central bank digital currency (CBDC). RBI is now preparing to run individual pilot phases of the digital rupee, with the first phase expected to kick off in December.

Banks participating in the digital rupee’s pilot project include the State Bank of India, Bank of Baroda, ICICI Bank, Union Bank of India, HDFC Bank, Kotak Mahindra Bank, Yes Bank, and IDFC First Bank. Rumors suggest all commercial banks in the country are expected to be involved in the pilot project at some point.

With each bank participating in the trial phase, 10,000 to 50,000 users will test CBDCs. Banks will collaborate with PayNearby and Bankit platforms to integrate the new payment option. In addition, the infrastructure of CBDCs is expected to be handled by the National Payments Corporation of India (NPCI).

Both customers and merchants will be able to download private wallets for CBDCs. However, in the future, RBI plans to integrate it with the existing digital banking services fully. According to reports, the digital rupee was designed to supplement the existing payment system and will not replace it.

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