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Gary Wang, co-founder of FTX, and Caroline Ellison, former CEO of Alameda Research, are each facing prison sentences as the legal fallout from the FTX scandal continues. While Ellison recently began serving a two-year sentence for her role in the alleged misuse of FTX customer funds, Wang has requested leniency, citing his cooperation in the case against Sam Bankman-Fried. Wang, who is awaiting his Nov. 20 sentencing, was a key witness in Bankman-Fried’s trial and argued that his relatively limited involvement, alongside his collaboration with authorities, should exempt him from additional jail time. 

Former Alameda Research CEO Caroline Ellison Set to Report to Prison Following Role in FTX Scandal

Caroline Ellison, the former CEO of Alameda Research, is scheduled to begin her two-year prison sentence, a significant development in the long-running saga of the FTX scandal. This marks the latest turn in a complex and high-profile case that has rocked the cryptocurrency industry and led to a series of investigations, trials, and guilty pleas among FTX executives.

According to the Federal Bureau of Prisons (BOP), 

 was not in custody as of the latest updates, though her inmate number and details about her sentence have already been released publicly. Judge Lewis Kaplan, of the United States District Court for the Southern District of New York, issued the two-year prison sentence in September, ordering Ellison to surrender to authorities by Nov. 7 at 2:00 pm ET. Reports indicate she is expected to be held at a minimum-security facility near Boston, likely the Federal Correctional Institution in Danbury, Connecticut, a prison that houses both male and female inmates and is known for handling white-collar crime sentences.

Ellison’s sentencing follows the criminal conviction of former FTX CEO Sam Bankman-Fried and the guilty plea of Ryan Salame, FTX Digital Markets’ former co-CEO. The indictment of these high-profile executives has led to intense media scrutiny and a growing push for accountability within the cryptocurrency industry. Nishad Singh, the former engineering director at FTX, was also sentenced in October but was given time served.

Ellison’s fate was largely sealed following FTX’s rapid collapse in November 2022, a period marked by liquidity crises and the unraveling of the exchange’s internal financial dealings. Prosecutors charged Ellison with a range of serious crimes, including wire fraud, commodities fraud, securities fraud, and money laundering. She entered a guilty plea in 2022 and went on to testify in the 2023 criminal trial of her former colleague and ex-boyfriend, Bankman-Fried. Her testimony was crucial in establishing the criminal intent and operational details that underpinned FTX’s alleged misappropriation of user funds, which ultimately led to the guilty verdict against Bankman-Fried.

As one of the most public figures associated with the FTX scandal, Ellison became the subject of relentless scrutiny. From court appearances to social media, she faced a deluge of criticism, harassment, and even ridicule, as noted in a September sentencing memo from the US government. The memo highlighted the unique level of harassment Ellison endured, both online and in person. She was frequently photographed and questioned outside courtrooms, leading to an atmosphere that necessitated personal escorts for her safety.

In social media circles, Ellison’s image became a focal point for memes and online discussions. Public commentary extended beyond her alleged crimes, with much of the online discourse centered on her personal appearance, relationships, and role in FTX’s collapse. This intense level of scrutiny, exacerbated by her role as a cooperating witness against Bankman-Fried, only heightened her prominence as one of the most infamous figures in the 

FTX’s downfall began in late 2022 when a liquidity crisis, combined with the exposure of risky financial practices, forced the exchange into bankruptcy. Amid the company’s financial disarray, it became clear that billions in user funds had been allegedly mismanaged. Alameda Research, the crypto trading firm led by Ellison, was accused of receiving these funds, which were then channeled into risky investments and loans.

Ellison’s position at Alameda and her close association with Bankman-Fried placed her in the crosshairs of prosecutors early on. The case quickly snowballed as regulators and law enforcement agencies began investigating the interwoven financial practices between FTX and Alameda, leading to a series of arrests and indictments of former executives.

Her cooperation with the US Department of Justice, which included providing critical testimony against Bankman-Fried, likely played a role in her relatively lenient two-year sentence, though it also intensified her status as a public figure associated with one of the largest financial scandals in cryptocurrency history.

The Human Cost of High-Profile White-Collar Crime

While the legal ramifications of the FTX collapse are monumental, the human cost is equally palpable. For Ellison, the consequences of her involvement in FTX’s financial mismanagement extend beyond prison time; she has become an enduring symbol of the cryptocurrency sector’s vulnerabilities and the potential pitfalls of high-risk, high-reward finance.

As she enters prison, Ellison joins the ranks of several high-profile figures whose actions during the boom-and-bust cycles of financial innovation have led to criminal charges. Her story is a sobering reminder of the personal and professional risks associated with the fast-paced world of cryptocurrency, where fortunes and reputations can be made and lost in an instant.

Gary Wang Seeks No Jail Time for Role in FTX Case, Citing Key Testimony Against Sam Bankman-Fried

Meanwhile, Gary Wang, co-founder and former technology chief of cryptocurrency exchange FTX, has petitioned a federal judge for leniency, requesting time served for his involvement in the FTX scandal. In a sentencing memo 

 in Manhattan, Wang emphasized his cooperation as a key government witness in the trial against fellow co-founder Bankman-Fried.

Wang’s testimony was a “cornerstone” of the prosecution’s case against Bankman-Fried, he argued, detailing his unique insights into FTX’s internal workings and code alterations that allowed Alameda Research, FTX’s affiliated hedge fund, to siphon billions of dollars in customer funds. These illicit activities led to a collapse in 2022, revealing what prosecutors estimated as a $10 billion fraud that shook the cryptocurrency industry.

Wang’s cooperation has been central to the government’s successful conviction of Bankman-Fried. Following a plea deal, he provided crucial evidence to prosecutors, the FTX bankruptcy estate, and class-action groups. His role included sharing technical information and knowledge of internal systems that implicated Bankman-Fried and other FTX executives, illuminating the means through which Alameda manipulated customer funds for trading.

At the trial, Wang testified that Bankman-Fried had personally instructed him to alter FTX’s code, enabling Alameda to access and trade customer funds without their consent or knowledge. Wang’s statement during the trial painted a picture of a clandestine operation directed by 

, whose influence over FTX’s code allowed these practices to continue for years, undetected by users or regulators. Wang also claimed he had limited visibility into the depth of these actions, asserting that he only discovered the full extent of the crimes after they were underway, as Bankman-Fried had allegedly deceived him and other key players.

In his Nov. 6 memo, Wang requested that Judge Lewis Kaplan impose a sentence of time served rather than jail time, noting his relatively minimal role compared to other executives. He argued that his involvement was less substantial than that of Ellison and Nishad Singh. Both Ellison and Singh accepted plea deals and testified against Bankman-Fried, with Ellison sentenced to the two years and Singh receiving time served. Wang maintained that sentencing him to jail would create an “unwarranted sentencing disparity” compared to Singh, given their comparable levels of cooperation and culpability.

Wang’s lawyers pointed to his proactive engagement with prosecutors and early agreement to a plea deal as further evidence of his commitment to justice. He was one of the first within Bankman-Fried’s inner circle to step forward, meeting with prosecutors and openly sharing information critical to FTX’s unraveling. According to his defense, this willingness to cooperate early on was instrumental in building the case against Bankman-Fried and distinguishing his conduct from that of other defendants.

A Balancing Act: Personal and Professional Impact

The sentencing memo also focused on the personal repercussions of a potential prison sentence for Wang, who is currently employed as a software engineer. Wang, who recently married and is expecting his first child later this month, argued that a jail sentence would severely impact his ability to support his family financially. He emphasized his desire to be a devoted husband and father, adding that incarceration would not only affect his family but also hinder his ongoing collaboration with government authorities on anti-fraud initiatives.

Wang’s defense team highlighted his recent work with the government, where he has contributed to developing tools to detect financial fraud, both in traditional markets and the cryptocurrency space. This includes a tool specifically designed to identify illicit activities on crypto exchanges, a project he undertook at the request of prosecutors. By allowing him to continue this work, Wang’s lawyers argue, he can play a valuable role in preventing future frauds and aiding FTX victims in their recovery.

As Wang’s sentencing approaches, Judge Kaplan will weigh his request for leniency in the context of a highly publicized scandal that has led to significant legal consequences for several FTX executives. Wang’s arguments have raised questions about accountability within complex financial crimes, particularly concerning the differing levels of responsibility among those involved.

Some legal experts have suggested that Wang’s request for time served, if granted, may signal a shift in judicial approaches to white-collar crime, particularly in cases where the defendant has provided substantial cooperation and demonstrated a lesser role in the primary offenses. 

As Wang’s sentencing nears, Bankman-Fried has appealed his own conviction and 25-year sentence, maintaining his innocence and claiming that FTX always had enough funds to cover customer obligations. He argued that these facts were not adequately presented to the jury, leaving them unaware of the company’s ability to resolve its liquidity issues. Bankman-Fried’s appeal contends that the court’s handling of the trial and the media coverage surrounding it have unfairly influenced his conviction.

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The Shiba Inu (SHIB) ecosystem is witnessing a resurgence in activity and investor interest as its layer-2 scaling solution, Shibarium, operates near full capacity following recent challenges. The upswing comes amid a broader crypto market rally and increased whale activity, signaling renewed confidence in SHIB’s potential. However, Shiba Inu’s marketing lead, Lucie, has cautioned the community to approach these gains with care, reminding investors of the volatility inherent in crypto markets. 

Shiba Inu’s Shibarium Bounces Back to Full Strength, Boosting Investor Confidence and SHIB’s Price

The SHIB ecosystem has reclaimed the spotlight as its layer-2 scaling solution, Shibarium, bounces back to near-full operational capacity. Following a challenging period marked by network issues, Shibarium's resurgence signals a renewed wave of investor confidence in both SHIB and the larger ecosystem. 

In the past week, Shibarium has seen a remarkable uptick in usage, with its transaction count hitting a seven-day high of 4.75 million, up from 4.21 million just a week prior. This significant increase in transaction activity has brought the protocol to new operational heights, with cumulative transactions reaching an impressive 466 million and over 7.7 million blocks generated with an average block time of just five seconds. Such statistics position Shibarium as one of the most heavily utilized layer-2 (L2) blockchain networks.

, this surge in transaction count is indicative of the Shiba Inu ecosystem's expanding footprint. As Shibarium continues to scale, it has the potential to attract new users to the Shiba Inu ecosystem, bolstering the use cases and perceived value of SHIB. The positive sentiment surrounding Shibarium’s recovery has had a direct impact on SHIB’s price as well.

The health of Shibarium is increasingly seen by investors as a crucial metric for evaluating the stability and viability of the Shiba Inu ecosystem. Distinguishing itself from the typical meme coin model, Shiba Inu’s ecosystem is built around tangible use cases, with Shibarium serving as a key driver of this transformation. For investors, the reliability of Shibarium offers more than just transactional benefits; it provides confidence that the ecosystem has the infrastructure to support scalable and sustainable growth.

In the weeks leading up to Shibarium's return to near-full capacity, transaction volumes fluctuated significantly. On Oct. 19, the network logged 324,590 transactions, but just two days later, that number dropped to 128,050, showcasing the volatility that has at times characterized the platform. This fluctuating trend eventually reversed, with daily transaction volumes reaching 1.77 million on Oct. 22, a feat not achieved in nearly a year. By Oct. 25, Shibarium achieved a 52-week high with 4.77 million transactions, reaffirming its appeal to the broader crypto community.

 has allowed for a more organic expansion of the Shiba Inu ecosystem, with new initiatives emerging to enhance the network's utility. Among these, ShibaSwap, a decentralized exchange, and Bone ShibaSwap (BONE), the governance token of Shibarium, have taken center stage. ShibaSwap offers a dedicated platform for SHIB holders to trade, earn rewards, and participate in the broader decentralized finance (DeFi) market, giving the SHIB token a functional purpose beyond speculation.

BONE’s role in the governance of Shibarium further cements its position within the Shiba Inu ecosystem. By providing SHIB users with a say in network decisions, BONE strengthens the community's connection to the ecosystem’s development and future trajectory. As Shibarium continues to establish itself, the demand for SHIB, BONE, and other ecosystem tokens is likely to increase, with each new layer of functionality deepening the value proposition of Shiba Inu.

SHIB Price Rebounds Amid Shibarium's Operational Success

The positive momentum generated by Shibarium's revival is reflected in SHIB's recent price movements. With a renewed sense of stability and functionality within the ecosystem, SHIB has experienced a noticeable price rebound. With more investors viewing Shibarium as a long-term component of the Shiba Inu ecosystem, the perceived value of SHIB has shifted from speculative to increasingly functional.

Analysts suggest that as Shibarium solidifies its role as a layer-2 solution, it could open doors for further adoption across diverse industries, including gaming, NFTs, and DeFi applications. The recent transaction highs reinforce the argument that Shibarium could become a fundamental blockchain layer within the broader Shiba Inu ecosystem, attracting users and developers looking for a scalable, efficient platform.

While Shibarium's performance has boosted optimism, the Shiba Inu team is keenly aware of the need to maintain momentum and ensure the network’s stability. The significant fluctuations in transaction volume earlier in October served as a reminder of the challenges that come with rapid scaling and adoption. However, the current trend suggests that 

 is on a stable upward trajectory, with the potential to bring Shiba Inu closer to being a mature blockchain ecosystem with real-world applications.

Looking forward, Shiba Inu’s roadmap is likely to feature additional projects and enhancements, further integrating SHIB and its ecosystem tokens into everyday use cases. With the steady growth of decentralized applications on ShibaSwap and the increasing governance role of BONE, Shibarium’s user base may continue to grow, supported by an expanding set of features and functionalities.

Shiba Inu (SHIB) Sees Price Surge Amid Crypto Rally, But Marketing Lead Urges Caution and Patience

In related news, the recent surge in SHIB’s value has been accompanied by a flurry of large-scale transactions from prominent crypto "whales" and some promising developments within the SHIB ecosystem. Yet, amidst the excitement, Lucie, Shiba Inu’s marketing lead, issued a measured warning to SHIB holders and potential investors, encouraging responsible and cautious investing.

In a post shared on X, Lucie addressed Shiba Inu’s community members, often called “Shibizens,” advising them to approach cryptocurrency investments with a healthy level of caution. Her message brought attention to a fundamental yet often overlooked principle in the world of digital assets: cryptocurrencies are inherently volatile and high-risk.

“NEVER INVEST MONEY YOUR FINANCIAL SITUATION DEPENDS ON,” Lucie emphasized, reinforcing that individuals should only invest what they can afford to lose. Lucie’s advice came at a crucial time, as the rising SHIB price may tempt some investors to enter the market with hopes of quick gains. However, Lucie’s message serves as a reminder that the euphoria surrounding a price rally can often lead to rash decisions and significant financial losses.

Lucie’s comments have garnered widespread attention, as they highlight an important truth: crypto markets are volatile, and even with thorough research and promising projections, prices can still drop unexpectedly. In her words, “Be an investor, not a gambler.” This succinct statement echoes the fundamentals of responsible investing, advocating for a mindset that values long-term growth and caution over impulsive decision-making.

The cautionary message from Lucie comes amid heightened activity within the SHIB ecosystem. Over the last seven days, an increase in whale transactions has signaled a growing interest in 

 among large investors. Whale activity often suggests that major players see potential in an asset, but it can also lead to sudden and dramatic market fluctuations as whales can quickly buy or sell large quantities.

This renewed interest in SHIB isn’t happening in isolation. The Shiba Inu ecosystem has recently unveiled several projects and innovations aimed at building a more robust framework around SHIB.  The market’s recent upswing has seen SHIB rebound, with many attributing this positive trend to the ecosystem’s ongoing innovations. 

Lucie’s cautionary advice also included a call for patience. She addressed those in the SHIB community who have, at times, questioned the project’s progress and criticized its price performance. According to Lucie, adopting a long-term view is essential for anyone considering investments in Shiba Inu or other cryptocurrencies. 

This message of patience is particularly relevant given the past fluctuations in SHIB’s price. Since its launch, Shiba Inu has experienced extreme highs and lows, mirroring the overall volatility of the cryptocurrency market. 

Lucie’s final message, urging the SHIB community to “be an investor, not a gambler,” serves as a guiding principle for responsible investing in the digital age. As the cryptocurrency landscape matures, more experts and influencers are emphasizing the importance of strategic thinking and caution over impulsive “betting” on price spikes. 

As the Shiba Inu ecosystem grows, SHIB continues to attract attention from retail and institutional investors alike. With its recent price rise, the ongoing whale activity, and new projects under development, Shiba Inu appears well-positioned to retain its spot as one of the top meme coins in the crypto market. However, Lucie’s message serves as a reminder that, despite these advancements, cryptocurrency remains a high-risk investment category.

Looking ahead, the Shiba Inu team is likely to continue focusing on enhancing the SHIB ecosystem through technological innovation and utility-focused projects. The continued development of Shibarium and ShibaSwap points to a broader vision of SHIB as more than just a speculative asset but as part of a functional ecosystem with real-world use cases

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This spike in BTC’s price happened after institutional investors pulled back from U.S. Bitcoin ETFs, which saw net outflows on election day. Trump's promises, including removing SEC Chair Gary Gensler, supporting Bitcoin mining, establishing a Bitcoin reserve, and blocking a U.S. CBDC, could fuel more optimism in the crypto community which may boost BTC’s price even more. However, some industry leaders are still a bit skeptical of his ability to actually fulfill these promises.

Bitcoin Shorters Face Massive Liquidations

n traders betting on an election-driven price decline were hit with 

 of just over $75,000. This rally wiped out around $190 million in Bitcoin short positions within hours, fueled by intense spot market activity. 

Bitcoin’s price action over the past 1 day (Source: 

, a lead analyst at crypto exchange Swftyx, noticed a big shift in trading sentiment, with most order books showing strong buy-side demand. According to Hundal, “the crypto summer is back,” as traders seem increasingly confident in Bitcoin’s 

On Nov. 6, Bitcoin surpassed its previous ATH of $73,679 and soared to a high of $75,000.85 on Coinbase. This resulted in large liquidations. 

 revealed that short positions worth close to $196 million were cleared in just 12 hours. Across the broader crypto market, total liquidations reached $483.16 million in the last 24 hours. Bitcoin shorts alone comprised $221 million of that figure. 

 shorts also faced liquidations, with about $56 million wiped out after the price briefly spiked.

Liquidation heat map over 12 hours (Source: 

However, Hundal believes that Bitcoin could see a pullback as the U.S. trading session unfolds. He also added that a correction could happen 

 outcome. On the other hand, he pointed out that the current rally is 

 rather than derivatives. Spot buying tends to have a more lasting impact on price since it requires buying and holding the actual asset, unlike derivatives that merely speculate on Bitcoin’s value without actually affecting supply.

In the options market, traders seem to anticipate the election-induced volatility to somewhat stabilize. Derive founder Nick Forster shared that expectations for short-term price swings are still above average, and daily fluctuations are estimated around 4-5%. However, as the election results finalize, 

A second Trump administration could boost Bitcoin’s price even more, according to 

, co-founder of ZX Squared Capital. Meanwhile, 10x Research’s 

 is optimistic about a possible rise in BTC’s price to $100,000 by early 2025.

Institutional Investors Pulled Back from Bitcoin ETFs on Election Day

 since its launch after institutional investors pulled back on election day in the United States. On Nov. 5, the iShares Bitcoin Trust experienced a $44.2 million outflow, which made it the fund's first net withdrawal since Oct. 10 when $10.8 million exited the fund. 

, a total of $116.8 million was withdrawn. These outflows were primarily led by Fidelity’s Wise Origin Bitcoin Fund, which posted a $68.2 million outflow. The sole fund to receive an inflow was the Bitwise Bitcoin ETF, adding $19.3 million.

This outflow was also the third consecutive day of withdrawals from U.S. spot Bitcoin ETFs, and happened just one day after the funds saw their 

 that totalled over $541 million. Despite the outflows, spot crypto markets were still able to surge.

, chief investment officer at Apollo Crypto, 

 that traders worldwide currently see Bitcoin as an election-driven trade. He also shared that Bitcoin may have already achieved 80% of this election-driven movement. He did still predict that Bitcoin could reach $100,000 by year-end under a 

 believes that while election results could influence the regulatory approach, particularly 

, the impact on broader investment strategies is usually very overemphasized. In a 

 on Nov. 5, Geraci talked about the importance of a bipartisan, comprehensive crypto framework, which he considers the optimal long-term solution for 

. However, he still acknowledged that the election outcome will likely influence the pace at which crypto ETF developments unfold in the U.S.

Trump’s Election Win Fuels Bitcoin Optimism

 won the U.S. presidential election that was held on Nov. 5. 

 called the victory after his success in key swing states. The New York Times estimates that Trump will secure 306 electoral votes. Trump's opponent, Vice President Kamala Harris, trailed behind in critical states like Pennsylvania, Wisconsin, and Michigan.

During his campaign, Trump made many promises that were aimed specifically at the crypto community. One of these promises that turned the most heads was his 

Gensler was appointed by President Biden, and he led the SEC in numerous 

 against crypto exchanges and blockchain projects. Trump stated that he will fire Gensler “on day one” of his administration. And he intends to replace him with someone more crypto-friendly. While Gensler’s term officially ends in April of 2025, 

Trump also promised to commute the sentence of 

, the creator of the Silk Road marketplace, who is currently serving two life sentences plus 40 years without parole. Trump could either free Ulbricht immediately or reduce his sentence. Some of his supporters also argued that his punishment is excessive, especially considering that he did not engage in violent acts.

Another part of Trump’s crypto agenda includes encouraging 

 in the United States. He even voiced that he has a desire to see "all remaining Bitcoin made in the USA." While the specifics of this initiative are still a bit unclear, some in the crypto community see his pro-mining stance as very 

Trump also shared that he would support a “

,” which would involve law enforcement agencies holding onto seized Bitcoin rather than liquidating it. Fans of this plan believe that retaining Bitcoin could eventually help the U.S. pay down its huge national debt. On the other hand, others argue that a lot of the seized Bitcoin actually belongs to other parties.

 (CBDC) in the United States due to concerns in the crypto industry about government control over digital assets. While some people in the crypto world see CBDCs as a potential improvement over traditional banking, others worry they may infringe on personal privacy.

Despite these pledges, there is still some skepticism in the industry. ShapeShift founder 

 Trump’s pro-Bitcoin manufacturing stance as unrealistic and overly nationalistic. Casa wallet founder 

Jameson Lopp also questioned Trump’s plan

 for a Bitcoin reserve, and pointed out that a big portion of seized Bitcoin actually belongs to Bitfinex and should be returned.

 stirred a lot of optimism among some in the crypto space, there are still a few realists who are more cautious and wary of the feasibility and sincerity of his statements.

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