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Cointime News Wrapup-Afternoon Version: Crypto Bank Silvergate to Close, Return all Deposits; Becomes Latest Victim of 2022 Crypto Turmoil
To smooth and facilitate the reading experience for all users, we hereby compose this wrapup, especially for users who cannot check out what’s going on in a timely manner.
Spot on Chain, a blockchain data monitoring platform, posted on social media that the net inflow of spot bitcoin ETF on March 28th reached 179 million US dollars, a decrease of 26.9% compared to the previous trading day. After 54 trading days, the total net inflow accumulated to 12.13 billion US dollars, which is the level before the last fully negative trading week. BlackRock's iShares Bitcoin ETF (IBIT) and Grayscale's GBTC both saw a significant slowdown in daily inflows and outflows on March 28th.
According to SoSoValue data, the Bitcoin spot ETF had a total net inflow of $179 million yesterday (March 28th, US Eastern Time).Yesterday, Grayscale's ETF GBTC had a net outflow of $104 million, and its historical net outflow is $14.77 billion. The Bitcoin spot ETF with the highest net inflow yesterday was BlackRock's ETF IBIT, with a net inflow of approximately $95.12 million, and its historical total net inflow has reached $13.96 billion. The second is Fidelity's ETF FBTC, with a net inflow of approximately $68.09 million yesterday, and its historical total net inflow has reached $7.56 billion.As of now, the total net asset value of Bitcoin spot ETF is $59.1 billion, and the ETF net asset ratio (market value compared to the total market value of Bitcoin) is 4.25%, with a historical total net inflow of $12.12 billion.
CoinGecko data shows that Ethereum Inscription ETHS has risen by 95.9% in the last 24 hours, now reporting at 7.51 USDT. Earlier, Ethereum founder Vitalik released the latest long article "Ethereum has blobs. Where do we go from here?". As a result of this news, the price of Ethereum Inscription ETHS soared.
According to CoinGape, Tigran Gambaryan, a detained executive of Binance, has filed a lawsuit against the National Security Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC) in Nigeria. Local media reported that on March 28th, Tigran Gambaryan sued the National Security Agency, accusing it of violating his basic human rights and seeking five major remedies from the court.He urged the court to approve the return of his passport and to release him immediately after more than three weeks of detention. He also requested a ban on future detention in similar investigations and demanded public apologies from the National Security Agency and the EFCC.In addition, he requested that the court pay the full amount of compensation for the lawsuit.
After the upgrade and introduction of blobs on Ethereum Dencun, Ethereum founder Vitalik Buterin shared his insights on the future direction of Ethereum's expansion. Vitalik emphasized the transformation of Ethereum's expansion from basic expansion work to centralized, progressive enhancement. Vitalik also stated that developers' focus will shift to the application layer. Ethereum will maintain its roadmap centered on L2, and applications will migrate from L1 to L2 to benefit from faster and more cost-effective transactions. An upcoming upgrade is Data Availability Sampling (DAS), which aims to increase the data space for each slot to 16 MB. Progressive expansion improvements include gradually increasing blob capacity, improving data compression, and EIP-7623 (aimed at reducing maximum block size). Vitalik pointed out that with the reduction of L2 transaction costs, there is no reason why Ethereum should not be widely adopted.
According to Jinse Finance, RWA project Midas has completed a seed round of financing worth $8.75 million, led by BlockTower, Framework, and HV Capital, with participation from institutions such as Coinbase Ventures, Ledger, GSR, Hack VC, Axelar, and FJ Labs.
The founder of FTX, Sam Bankman-Fried, has been sentenced to 16 months in prison and charged with eight criminal counts, including money laundering and conspiracy. He was involved in a scheme that caused customers to lose $8 billion and allegedly diverted customer funds to Alameda. Bankman-Fried's lawyers had requested a lighter sentence, but the judge rejected their argument that the collapsed company had vowed to return money to its customers. Prosecutors had sought up to 50 years in prison for Bankman-Fried.
Sam Bankman-Fried, the co-founder and former CEO of FTX and Alameda Research, has been sentenced to 25 years in prison for fraud and money laundering. The judge criticized Bankman-Fried's behavior during the trial and deemed a 25-year sentence to be sufficient. Bankman-Fried's sentence may send a message to the crypto industry and there is no possibility of parole, but he may earn "good time" credit for good behavior while incarcerated. Bankman-Fried was found to have misused over $8 billion in customer funds and will be serving time in prison for his actions. The trial emphasized the importance of not using customers' funds without their knowledge or approval.
According to market news reported, court documents revealed that US prosecutors urged the judge to sentence SBF to 40-50 years imprisonment for FTX fraud.
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