CryptoWatch is bringing back last week's most important updates on the cryptocurrency industry, and one of the most significant news is with Sam Bankman-Fried seeing his bail revoked by the court.
The former FTX CEO was already sentenced to serve his time in jail. There is also this news regarding Bitcoin's current prices and how it affects the industry as a whole, alongside Bybit's new elite wealth management to elevate users' crypto portfolios.
Sam Bankman-Fried Is Going to Jail
Sam Bankman-Fried's initial privileges of serving his time on house arrest while going on with the court proceedings were taken away, with the former CEO and founder of FTX spending time behind bars amid his trials after allegedly violating many rules and regulations imposed against him.
Bankman-Fried was accused of several offenses, including allegations of cheating FTX's clients and lenders. He allegedly masterminded a scam, diverting billions of dollars from client deposits to pay for political campaigns, charity giving, and real estate purchases.
As Bankman-Fried defends himself against allegations and charges in the past months, he has been staying in his parents' home waiting for the proceedings to end, with some Stanford faculty members signed on as guarantors on his bail to ensure he stays at their house.
However, after several cases of taunting and threatening witnesses, Bankman-Fried is no longer given this liberty and will head to jail amid the court battle he is still facing, according to multiple reports.
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Bitcoin Prices Now and its Effects
Bitcoin remains one of the most prolific and renowned cryptocurrencies of the present, with its constant changes, both rallying and dropping, have affected the overall industry.
As seen in the previous changes, Bitcoin significantly changes the track of other coins, and when it rallies, it uplifts the entire crypto industry as well.
However, its frequent fluctuations say a lot for the coin's security in the market, with the entire industry still seen as volatile and subject to a massive drop at any given time.
That being said, Bitcoin remains at the top of all cryptocurrencies in the present and shows no sign of its demise, as many fans and investors still believe in the coin and its capabilities for the future of crypto.
Bybit's Elite Wealth Management
Bybit offers a new elite wealth management product designed to cater to all kinds of investors that provide personalized solutions with attractive returns, all promising a minimized risk.
It is designed to adhere to all crypto portfolios for different types of investors in the market today, with its first step launching the Fund Pool that will bring access to diversified assets managed by industry experts.
The next step in its new service is the Structured Products which will expand all investment horizons for its users looking to grow more of their holdings.
"With tailored options, stable returns, and low-risk strategies, our Wealth Management product offers seamless access to the exponential opportunities in the crypto market," said Ben Zhou, Bybit co-founder and CEO.
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