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Here’s what happened in crypto today

  • October 18, 2023
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  • Category: BitCoin, Blockchain, Cryptocurrency, Investments
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Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

Senator Elizabeth Warren has amped up her campaign against crypto with a letter urging the White House to consider the role of digital assets in terrorism financing. Meanwhile, Reddit is sunsetting its blockchain-based rewards system, “Community Points,” and Sam Bankman-Fried’s defense cross-examined Nishad Singh.

Lawmakers sign letter urging White House’s attention to crypto terrorism financing

Notable crypto cryptic Elizabeth Warren was joined by over 100 legislators in signing a letter to alert the White House about the role of digital assets in financing terrorism.

The letter, which was dated Oct. 17, was addressed to the Treasury Under Secretary for Terrorism and Financial Intelligence Brian Nelson and National Security Adviser Jake Sullivan. The authors cited a recent news article claiming that Palestinian militant groups raised over $130 million in crypto donations between 2021-2023.

“As Congress considers legislative proposals designed to mitigate crypto money laundering and illicit finance risks, we urge you to swiftly and categorically act to meaningfully curtail illicit crypto activity,” the letter said.

The letter was signed by 29 senators, including Warren, and 76 members of the House of Representatives.

Reddit winding down blockchain-backed “Community Points”

Social platform Reddit will shutter its long-running blockchain-based rewards service, “Community Points,” by Nov. 8, citing scalability issues.

In an Oct. 17 post in the r/cryptocurrency subreddit, a Reddit team member said there was no path to scale the service broadly across the platform.

Reddit’s Community Points will be shuttered on Nov. 8. Source: Reddit

The points were Ethereum-based ERC-20 tokens available in Reddit’s in-house crypto wallet service dubbed the “Reddit Vault” and were used to incentivize higher-quality content on the platform, rewarding users for engagement on certain subreddits.

Subreddits had their own tokens, such as the r/cryptocurrency board’s Moons (MOON) token or Bricks (BRICK) for the r/FortNiteBR subreddit. The value of MOON and BRICK plunged following the news, with Reddit users and crypto enthusiasts voicing disappointment and anger at Reddit’s decision.

Pseudonymous trader Byzantine General told his 163,000 followers on X (Twitter) that Reddit had essentially “rugged” their community.

Former FTX exec faces cross-examination from SBF’s defense team

On Oct. 17, Sam Bankman-Fried’s lawyers cross-examined former FTX engineering lead Nishad Singh, who admitted “there was a lot he didn’t remember” during his time at the failed crypto exchange.

Responding to questions from defense attorney Mark Cohen, Singh claimed not to have known about a software bug that exaggerated the liabilities of hedge fund sister company Alameda Research — that is, until he overheard former FTX executives talking about it.

One day earlier, Singh testified that he experienced suicidal thoughts during FTX’s fallout in November 2022.

Tuesday marked the 10th day of Bankman-Fried’s trial. Prosecutors are expected to call additional witnesses to the stand until Oct. 26 or 27, after which time the defense will present its theory of the case.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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