Qrafty heard about SBF's final trial phase, Federal Reserve leaves rates unchanged and Safemoon execs get arrested

***Qrafty smiling the biggest smile*** Aloha, crypto curious! I am Qrafty - the crypto lovin’ honey badger 🦡 !

Welcome to Coinqraft – the daily crypto newsletter for busy but curious people who don’t have time for the crypto drama!🌟

🦡   Qrafty is back with juice and news crypto jungle, so let’s dive in 📰 🌟

1. SBF’s Trial in Closing Arguments Phase

2. Federal Reserve Leaves Rates Unchanged

3. SafeMoon Execs Arrested

Bonus: National association of realtors to pay $1.8 billion penalty

Closing Arguments

Prosecutor Danielle Sassoon wasn't messing around during discovery. She rolled out documents, tweets and corporate messages that paint a picture of SBF siphoning a cool $8 billion from unsuspecting FTX customers. Why? To fuel his wild, high-risk trading adventures over at Alameda Research. She also grilled him pretty well when SBF was on stand, to the point where the curly haired effective altruist pissed off his own lawyer by not shutting his mouth.

Also, the prosecution has brought in nearly 20 witnesses who are singing a song about how he pulled the wool over the eyes of investors, customers, and FTX partners while mixing and mingling funds with Alameda Research. It's like a financial magic show gone awry.

Let's not forget the supporting cast in this precious crypto telenovela: Alameda CEO Caroline Ellison, FTX's tech whiz Gary Wang and ex-FTX engineering chief Nishad Singh have all taken a detour into Guiltyville. They're now singing like canaries to Uncle Sam, dishing out all the dirt they have on SBF and his empire collapse.

SBF's defense isn't your run-of-the-mill "I didn't do it" spiel. No, no. It's a masterclass in creative interpretation. He's convinced that taking those customer deposits was simply a "risk management" procedure, as legitimate as a get-rich-quick scheme. I mean, who doesn't move billions around like Monopoly money when managing risk, right? It's all part of the plan… his plan and our money!

They're portraying Bankman-Fried as a starry-eyed entrepreneur who innocently stumbled into a minefield of "terrible mistakes." It's all in the name of good faith, they say. They vehemently deny any involvement in orchestrating political contributions, questionable investments, or splurging on luxury real estate with customer funds.

Now, let's talk numbers. Bankman-Fried is facing seven counts of fraud and conspiracy to commit fraud. There's also a sequel trial on the horizon, complete with a tantalizing $150 million bribery subplot. If the legal dice roll against him, he could be looking at a staggering 115 years of quiet reflection behind bars. It's the kind of prison sentence that makes you rethink your life choices.

And who gets to decide his fate? A jury of 12 brave souls. Can you feel the suspense mounting?

🙃 Qrafty hopes that today’s main story brought brave badgery value to you! Now it’s time for a break, you deserve a bit of fun! 😇 👇️

BTC and ETH Futures for US Investors on Coinbase

Finally, Coinbase has officially launched native Bitcoin and Ethereum futures contracts for retail traders in the good ol' US of A. A new chapter opens in the crypto universe!

The company revealed that these futures contracts are accessible through the Coinbase Advanced platform. It’s thanks to a green light they received from regulators back in August. The CFTC subsidiary National Futures Association (NFA) gave them the nod to bring regulated cryptocurrency futures contracts to US investors, unlocking the treasure chest of crypto futures for the US degens.

These futures contracts are designed with the budget-conscious in mind. They come in bite-sized, "nano" portions, allowing you to dabble with just 1/100th of a Bitcoin futures contract and 1/10th of an Ethereum contract. Pretty cool, huh?

When it's time to cash out, all withdrawals from these futures contracts will be singing the sweet song of the USD. Remember, this is not financial advice and NEVER take on more risk than you can manage!

Federal Reserve Leaves Rates Unchanged

The Federal Reserve has spoken, and they left interest rates untouched for the second time in a row, even in the face of persistent inflation that refuses to play by the rules.

This decision is like saying, "Let's give our previous rate hikes a chance to work their magic on the economy while we sit back and evaluate if we need to roll the dice again." It's a bit like a poker player holding onto their chips, assessing the table, and waiting for the perfect moment to go all-in.

Now, about that pesky inflation. It's not quite the fireworks show it was last year when it shot over 9%, but it's still causing a ruckus by camping out over a percentage point higher than the central bank's target rate. Fed Chair Jerome Powell mentioned they've made progress toward their inflation goals over the past year. So, for now, they're keeping rates steady while they brainstorm strategies to bring inflation back into line.

The theory here is that when interest rates go up, it's supposed to make it tougher for businesses and consumers to borrow money, which should, in turn, cool down the economy. That’s because as businesses struggle, they need to lay off people. This causes higher unemployment, just what Powell said he wanted.

But guess what? The US economy is playing hard to get, showing remarkable resilience.

SafeMoon Execs Arrested

Meet Braden John Karony, Kyle Nagy and Thomas Smith, the alleged culprits (scammers) in a financial saga that involves accusations of conspiracy to commit securities fraud, wire fraud and money laundering in the SafeMoon saga.

The alleged masterminds behind this operation didn't hold back in their storytelling. They told SFM investors that the 'locked' liquidity was a no-go zone for them and that their personal involvement in SFM trading was nil. In other words, they painted a picture of innocence while juggling SFM behind the scenes.

The plot takes a shocking turn when SFM's market capitalization skyrocketed to a staggering $8 billion. It's at this point that our three protagonists allegedly decided to make a daring move. They're accused of diverting and siphoning off millions of dollars' worth of SFM liquidity that was supposedly 'locked.' Where did it go? Straight into their own pockets, of course.

Fast forward to today, and the arrests have begun. Karony was apprehended in Provo, Utah, and Smith found himself in handcuffs in Bethlehem, New Hampshire. But Nagy? Well, he's still out there… for now.

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Tomorrow is a mystery, and today is a gift. That's why they call it the present. So, embrace the mystery, unwrap the gift, and hope there's no assembly required!

Qrafty’s thought of the day

Other stories

PayPal UK unit registers as crypto service provider

PayPal said on Wednesday that the FCA has approved the company as an authorised electronic money institution and consumer credit firm, as well as its registration as a cryptoasset business, although the pause in UK crypto services would continue as previously announced.

CFTC rewarded whistleblowers

This year, the Commodity Futures Trading Commission received an unprecedented volume of whistleblower submissions and awarded a substantial $16 million in incentives. Commissioner Christy Goldsmith Romero noted that a majority of these reports were tied to crypto.

National association of realtors to pay $1.8 billion penalty

The National Association of Realtors has been found culpable for engaging in collusion to artificially maintain high home sales commissions and has been ordered to pay a sum of $1.8 billion in damages.

Bitget, Floki teams accuse each other of manipulation

Allegations of market manipulation have emerged as the Floki protocol and the Bitget crypto exchange trade blame in the wake of Bitget's listing and subsequent delisting of the protocol's token, TokenFi (TOKEN).

Turkey to introduce crypto legislation

Turkey's finance minister, Mehmet Şimşek, has indicated that the country is on the verge of introducing cryptocurrency regulations in its parliament. This move is driven by Turkey's aim to be removed from the Financial Action Task Force's "grey list" and rebuild trust in its economic stability.

Market Whispers

Hello November! Nice way to start the month! Well, not for those who were short today, may God take care of them!

Bitcoin started the day pretty chill, reaching ~$35,250 and taking the highs on most spot exchanges. Which made many traders to go short. It dipped a bit, to ~$34,080 but after the FOMC meeting it went straight up until it reached ~$35,730 (which means it took the highs on most exchanges and all the stop losses from shorts).

At the time of writing, it sits around ~$35,400, so not much of a dip from the highs. Yet... Qrafty don't jinx it! 🤫 So far it looks like a retest of the previous high and a consolidation, if it can keep ~$35,200 as support.

This is an area many were watching for a short entry, even Qrafty was considering it. Don't FOMO, we need to see a market structure break first. That means a break below ~$35,200, a push higher to retest the level and if it doesn't get above it again... well here's your short. As for the longs... right here is a bit risky, let the price action do its thing for a bit and then we'll talk about longs.

Ethereum tried again to go higher at the beginning of the day, reaching ~$1,829. But as always, BTC goes down, ETH goes down. To ~$1,783 this time. But the good news is that it also went higher with BTC, blasting through the ~$1,850 resistance. Don't get to excited yet, is trying to find support above it. But if it does...$2,000 here we come!

Qrafty ends channeling his inner trader.

Today is ALL SAINTS DAY!

That’s all from Qrafty 🦡 for today! Qrafty thanks you and wishes you to live each moment as if you are listening to the music you love most!

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