Sam Bankman-Fried, founder and former CEO of now-bankrupt crypto alternate FTX, has been arrested by Bahamas police.
“Tonight, on the request of the US authorities, Bahamian authorities arrested Samuel Bankman-Fried based mostly on a sealed SDNY indictment. We anticipate to unseal the indictment tomorrow morning and may have extra to say at the moment,” the US Lawyer’s Workplace for the Southern District of New York mentioned in a tweet.
“Primarily based on the notification acquired and the fabric offered thereby, the Lawyer Basic deemed it applicable to hunt the arrest of SBF and place him in custody beneath our nation’s extradition regulation,” mentioned Ryan Pinder, Lawyer Basic and Lawyer Basic of the Bahamas.
Indian Blockchain Discussion board Publishes Paper on Information Safety Legislation for the Blockchain Trade
Crypto Authorized, a regulatory and coverage resolution for blockchain know-how and Cryptoverse, in collaboration with the Blockchain Discussion board of India, has printed a dialogue paper on the latest privateness regulation for the blockchain trade.
The dialogue paper printed on December 12, 2022 highlighted the challenges of the blockchain sector. The decentralized nature of blockchain-based purposes makes it extraordinarily tough to determine a selected “particular person” or group of people that may be mentioned to find out the “functions and technique of the processing of non-public knowledge”.
This dialogue paper was particularly compiled by Purshottam Anand, Anshuman Singh and Sharat Chandra.
The report has additionally highlighted that the precise remedy of information is typically decided by the algorithm itself and subsequently could also be past the management of particular people.
Additionally, as presently outlined, the definition supplies for a person or group of people to behave as knowledge custodians, however it’s debatable whether or not a node taking part in a blockchain protocol’s consensus mechanism can fall inside its scope.
The dialogue paper additionally identified that the present model of the DP regulation doesn’t adequately deal with the distinctive challenges of applied sciences similar to blockchains and distributed ledgers. One of many largest challenges is the decentralized nature of those applied sciences, which implies that a single particular person or group of individuals might not at all times be answerable for the info on the blockchain.
“This poses an issue for the invoice, which requires the identification of an information trustee who’s answerable for the info. And not using a clear knowledge trustee, implementing the provisions of the invoice may be tough,” the report mentioned.
Paxful removes Ethereum
Paxful, a peer-to-peer crypto platform, has introduced the elimination of Ethereum from its platform.
Ray Youssef, the corporate’s founder, mentioned, “Income is sweet, however integrity trumps every little thing.”
The founder cited safety issues concerning Ethereum and the dangers concerned. The comment was made in response to Jeremy Garcia’s criticism of Ethereum as “poorly constructed” and inconsistent with Bitcoin’s “first rules.”
Garcia is the CEO of Satoshi’s Journal, a Bitcoin schooling platform.