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Sam Bankman-Fried, the founder of FTX and Alameda Research, was found guilty of seven counts of fraud and conspiracy after 15 days of testimony. Meanwhile, crypto wallet addresses owned by these companies have dumped million s of dollars in cryptocurrencies in the past 10 days. Particularly affecting Solana (SOL), FTX and Alameda’s known addresses have deposited a total of 2.69 million SOL ($99.2 million ) to cryptocurrency exchanges since October 24. The most recent three deposits registered by Spot On Chain summed up to 800,000 SOL ($32.7 million ) sent to Binance and Kraken on November 2. FTX made these deposits at an average price of $40.9 per token. FTX cold storage deposits 800,000 SOL to Binance and Kraken. Source: SpotOnChain Notably, both companies still hold 4.26 million SOL ($164 million ), of which 3.96 million tokens ($152 million ) are under staking. Despite being momentarily illiquid on Solana’s protocol, the staked amount could be redeemed at any time. Thi...

Join Our Telegram channel to stay up to date on breaking news coverage Gate.io, a cryptocurrency exchange s, just raised $64 million for its new cryptocurrency . Entering the cryptosphere As one of the oldest Chinese crypto exchanges in existence, the project’s asset will serve similarly to Binance’s Binance Coin (BNB) in that the asset is there to ease the investment process on its respective platform. The cryptocurrency will is called Gatechain Token (GT), and so the exchange has raised $64 million to fund it. The group recently said that there were tons of backers looking to jump into the asset. Gate Token will help pay for transaction fees just like BNB. Despite this investor interest, the project won’t be live until Q4. In an interview with CoinDesk, Gate.io Chief Marketing Officer Marie Tatibouet revealed that it sent out 150 million tokens during the first phase of its fundraiser. This period went from April 8 to April 14. Making it in this world G...

As the cryptocurrency market recovered from 2022 lows in Q1 2023, a Messari report shows that Ethereum, the second-largest cryptocurrency by market capitalization, leads in various financial and ecosystem metrics, solidifying its position in decentralized applications (dapps) and smart contracts. Despite a modest decline in network usage by around 2.5%, the report notes that Ethereum remained resilient and dominated across several key indicators. For instance, its market capitalization posted a quarter-on-quarter increase of 83%, outpacing its peers in the “layer-1” category.  You might also like: Ethereum whales are aggressively buying the dip  Additionally, the smart contracts platform’s revenue , derived from the sum of all fees collected by the protocol, rose to $457 million in Q1 2023, nearly 2.8 times the combined revenue of all other featured competing layer-1 networks. Ethereum dominates with the highest TVL Ethereum’s leadership also...