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Here is an account of events that went on in the crypto community in the last 24 hours

After Conviction in FTX Collapse, Sam Bankman-Fried Asks for 6.5 Year Prison Term

Sam Bankman-fried, former FTX boss, who was found guilty of several fraudulent activities last year and due to be sentenced next month, went on to ask the court for a “just” sentence of 63 to 78 months, according to a court filing submitted on Tuesday.

While his lawyers objected to the presentence investigation report (PSR) by calling it “grotesque” because it recommends a sentence of 100 years in prison. The former FTX boss was convicted on seven charges of conspiracy and fraud last year November after a month-long probing the collapse of FTX in 2022.


The filing signed by Bankman-Fried’s new attorneys Marc Mukasey and Torrey Young says “Sam is a 31-year-old, first-time, non-violent offender, who was joined in the conduct at issue by at least four other culpable individuals, in a matter where victims are poised to recover—were always poised to recover—a hundred cents on the dollar,”

Bankman-Fried lawyers debated that “an appropriate method of arriving at a just sentence” would be to consider a “zero loss” adjusted offense level which would bring them to “an advisory Guidelines range of 63-78 months” while the filing heavily draws on how “the harm to cutomers, lenders, and investors is zero” because the FTX bankruptcy estate has stated it expects to fully repay its customers.


U.S Sen. Elizabeth Warren (D-Mass) one of the United States’ dire crypto hater has called out the crypto industry again. This time she says the industry is unwilling to follow the rules.

Warren said in an interview with Bloomberg Television “I wanna collaborate with the industry, what I don’t understand is why the industry seems to be saying that they only way that they can survive is if there’s plenty of space for the drug traffickers and the human traffickers, oh and the terrorist, and the ransomware scammer, and the consumer scammers….”

She further went on to say that in the U.S financial system, everybody follows the same rules and crypto needs to fall in line with those rules.

The Democrat party referred to her “Digital Asset Anti-Money Laundering Act” bill, this bill is expected to bring anti-money-laundering requirements to various crypto players, including validators, miners, wallet providers and others.

Blackrock Bitcoin ETF Hits Record Volume Of Over $1.3b For Second Consecutive Day

BlackRock’s spot bitcoin exchange-traded fund (ETF) had a massive trading day on Tuesday, recording over $1.3 billion in daily trading volume for the second consecutive day. This surge was fueled by bitcoin’s rally to $57,000.

During the day, BlackRock’s IBIT booked $1.357 billion in trading volume, breaking Monday’s record of $1.3 billion, as noted by Bloomberg Intelligence ETF analyst Eric Balchunas in a post on X Tuesday afternoon at market close. Nasdaq data revealed that nearly 42 million shares changed hands, more than double the average since IBIT started trading in January.

In the morning hours, IBIT was the fifth most-traded among all U.S.-listed ETFs, according to pseudonymous HODL15Capital, who mentioned it in an X post. Fidelity’s bitcoin ETF (FBTC) also experienced “strong” trading volume.

U.S.-listed spot bitcoin ETFs collectively traded over $2 billion, according to data cited by Balchunas, slightly falling short of Monday’s record-breaking daily volume of $2.4 billion.

Despite high trading volumes indicating positive interest, it’s essential to note that the metric considers both buy and sell orders. Monday’s high volume, characterized by heavy inflows, saw $520 million in net inflows, with minor outflows from Grayscale’s incumbent GBTC, according to BitMex Research.

Fidelity led in inflows with approximately $243 million, followed by Ark and 21Shares’ ARKB at $130 million. IBIT came in third with $111 million, a relatively low number compared to its average inflows since its debut.

These large trading volumes coincided with bitcoin breaking out from its sideways consolidation on Monday, rallying over 10% to hit $57,000 after the U.S. market close. As of the past 24 hours, BTC is up 6%, outperforming the CoinDesk20 Index’s (CD20) 3.5% advance.

Finance Protocol Usual Introduces Stablecoin Backed By Real-World Assets

Usual’s finance protocol has launched USD0, a permissionless stablecoin backed by real-world assets (RWAs) and a governance token. This allows users to influence the network’s future, according to a Wednesday press release.

Addressing current stablecoin market issues, the New York-based company redistributes profits to the community. Stablecoins, typically pegged to the U.S. dollar or other assets like gold, provide USD0 holders with yields from real-world assets.

The governance token, USUAL, is granted to Usual ecosystem members. It enables them to vote on proposals guiding the token’s future, the firm noted.

Stablecoin innovation is on the rise, with Ethena Labs launching USDe, termed a synthetic dollar, not a stablecoin. Platform users can deposit stablecoins to receive USDe, staked for a yield. The yield is generated by staking ether and shorting ether futures, capturing a funding rate estimated at over 20%.

Usual, led by former politician and French National Assembly member CEO Pierre Person, played a key role in shaping France’s crypto asset legislation.

Palm-Scanning Identity Protocol Funded By Over 20 VCs

Humanity Protocol asserts itself as a less invasive alternative to iris scans, subtly targeting Worldcoin’s digital identity project. Backed by major crypto players like Animoca Brands and Polygon, the project recently completed a funding round with support from various crypto-focused venture capital funds.

On Feb. 28, the protocol disclosed strategic investments from companies such as Hashed, CMCC, Cypher Capital, Foresight Ventures, and Mechanism Capital. While over 20 venture capital funds contributed significantly, the exact amount raised remains undisclosed.

Developed in collaboration with Animoca Brands and Polygon Labs, the project integrates palm-recognition technology with Polygon’s zero-knowledge proofs (ZK-proofs) for Web3 digital identity. Notably, Animoca Brands’ executive chairman, Yat Siu, and Polygon co-founder, Sandeep Nailwal, personally participated in the funding round.

Emphasizing a commitment to less invasive technology, Humanity Protocol aims to provide a humane-centric blockchain. Founder Terence Kwok expressed the belief that technology should enhance human potential rather than compromise it.

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