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Here’s what happened in crypto today

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Sam Bankman-Fried denied defrauding FTX users during his ongoing criminal trial on Oct. 27. Meanwhile, cryptocurrency hardware wallet provider Trezor is investigating a recent phishing campaign and nonfungible token (NFT) firm Yuga Labs has been awarded approximately $1.6 million in damages over a long-running lawsuit against NFT artists Ryder Ripps.

SBF denies defrauding investors

Sam Bankman-Fried took the stand at his criminal trial on Oct. 27, where he denied defrauding FTX users during the collapse of his crypto exchange last year.

Reports indicate that Bankman-Fried partly blamed former FTX chief technology officer Gary Wang for creating the “allow negative” button for sister company Alameda Research.

“At the time, I wasn’t entirely sure what was happened,” Bankman-Fried was quoted as saying about Alameda’s line of credit. “I thought the funds were being held in a bank account, or sent to FTX in stablecoins. If Alameda was keeping it, I figured it would be reflected as a negative number on FTX.”

During an earlier testimony, Bankman-Fried admitted to knowing “basically nothing” about crypto when launching Alameda Research.

Bankman-Fried’s first of two criminal trials entered its 14th day on Oct. 27. He faces seven counts of conspiracy and fraud in his current proceedings.

Crypto wallet Trezor looks into phishing campaign, exec says

Cryptocurrency hardware wallet provider Trezor is investigating a recent phishing campaign, as users have reported receiving phishing emails.

The anonymous blockchain sleuth ZachXBT took to his Telegram channel on Oct. 26 to alert users to a phishing attack targeting Trezor customers.

ZachXBT referred to an X (formerly Twitter) post from the account JHDN, which alleged that Trezor may have been breached after receiving phishing emails on the email account used specifically for buying the wallet.

In a similar manner to some Trezor-related phishing attacks in the past, the phishing email invites users to download the “latest firmware update” to users’ Trezor devices in order to “fix an issue in software.” According to the poster, the malicious email was sent from the email amministrazione@sideagroup.com.

According to Trezor’s brand ambassador, Josef Tetek, the firm is aware of the ongoing phishing campaign and is actively looking into it.“We continuously report fake websites, contact domain registrars, and educate and warn our customers of known risks,” Tetek said, referring to multiple articles aiming to help users deal with phishing attacks.

Tetek emphasized that Trezor never asks for users’ recovery seed, PIN or passphrase.

Ryder Ripps ordered to pay Yuga Labs $1.6M in copyright lawsuit

A United States district court judge has ordered nonfungible token (NFT) artists Ryder Ripps and Jeremy Cahen to pay Bored Ape Yacht Club creator Yuga Labs a total of $1.57 million in disgorgement and damages, along with legal fees, bringing an end to the long-running “copycat” NFT lawsuit.

The Oct. 25 order follows an April 21 partial summary judgment granted in favor of Yuga Labs after the firm claimed that Ripps and Cahen, the defendants, violated copyright laws by making copycat versions of its Bored Ape Yacht Club (BAYC) collectibles.

District court Judge John Walter awarded Yuga Labs $1.37 million after concluding the NFT firm was entitled to a disgorgement of the defendants’ profits. An additional $200,000 was awarded in statutory damages relating to cybersquatting violations.

Yuga Labs has also been entitled to recover attorney fees and costs from the NFT artists after the judge determined the trademark infringement constituted an “exceptional case.”

SBF reportedly believed his dealings with Alameda were legal

Former FTX CEO Sam Bankman-Fried didn’t think there was anything wrong with taking FTX deposits through Alameda Research, according to reports from his ongoing trial in New York.

Bankman-Fried took the stand on Oct. 26, where he was questioned about his use of the Signal messaging app and other matters related to his failed crypto empire.

“Did you believe taking FTX deposits through Alameda was legal?” defense attorney Mark Cohen asked. “I did,” Bankman-Fried said. “I was CEO of both at that time.”

Bankman-Fried is the last witness to take the stand in his criminal proceedings. Judge Kaplan said the jury will decide Bankman-Fried’s fate “in the first few days of next week.”

The former FTX CEO has pleaded not guilty to all seven charges in his criminal case. However, he’s expected to face five more counts in a second trial slated for March 2024. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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