FTX Founder Sent Back To Jail | PayPal Stablecoin

Bankman-Fried’s bail revoked. Payments giant is likely to be a trendsetter.

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Nina Bambysheva Senior Reporter, Forbes Money & Markets
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Steven Ehrlich Director, Forbes Digital Assets
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FTX FOUNDER SENT BACK TO JAIL AHEAD OF FRAUD TRIAL

U.S. District Judge Lewis A. Kaplan ordered Sam Bankman-Fried’s bail revoked Friday after prosecutors said he had given documents to New York Times journalists to intimidate a key witness in the case, his ex-girlfriend and former top underling Caroline Ellison.

PAYPAL LAUNCHES ITS OWN STABLECOIN

PayPal has added a new cryptocurrency to its roster—PYUSD—the company’s own branded dollar-backed stablecoin issued on the Ethereum blockchain by crypto partner Paxos. Customers who buy the tokens will be able to transfer them to compatible external crypto wallets, send peer-to-peer payments, fund purchases and use them to buy any of PayPal’s supported cryptocurrencies, which include bitcoin, bitcoin cash, ether and litecoin.

The stablecoin may soon see new competition in the already-crowded market, dominated by tether and USD coin. Multiple payments, e-commerce companies and banks, including large traditional financial institutions, have expressed interest in using or issuing digital dollars with white-label specialist Paxos, according to a source familiar with the negotiations.

CURRENT PRICE OF TOP 5 COINS (7-Day % Change)

Coin

Price

Percent Change

Bitcoin (BTC)

$29,347

0.2%

Ether (ETH)

$1,841

1.8%

Tether (USDT)

$0.99

0%

Binance Coin (BNB)

$239

1.5%

XRP (XRP)

$0.63

11.3%

Source: Forbes Digital Assets. Prices as of 4:00 p.m. on August 11, 2023.

The True Value Of Cryptocurrencies

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DCG FLUNKS ‘GIGGLE TEST’ IN COURT CASE, CAMERON WINKLEVOSS CLAIMS

Cameron Winklevoss took Digital Currency Group to task on Friday for its attempt to separate itself from former subsidiary Genesis Global Capital, which is operating under bankruptcy court protection after a liquidity crisis scuttled a lending program last year.

Winklevoss, who with his twin, Tyler, runs the Gemini cryptocurrency exchange, posted on X (formerly Twitter) that “carefully crafted statements” filed on behalf of DCG and CEO Barry Silbert in Manhattan federal court Thursday in a motion to have the case dismissed were “incredibly revealing.”

As an example, Winklevoss wrote, DCG and Silbert “claim they ‘had virtually nothing to do with the Gemini Earn program.’ This is a direct admission that they did in fact have something to do with the Gemini Earn program. Lol.”

Lawyers for DCG and Silbert said in the Thursday filing that Gemini had failed to adequately allege fraud and accused the company and the Winklevoss twins of engaging in a “character assassination campaign” against their clients.

WORLDCOIN’S IDENTITY CRISIS

Is it a crypto company? A biometric authentication platform? A “human economic system?” Inside Worldcoin’s struggle to find itself. Read more.

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