Last week has seen various developments in the cryptocurrency world, with CryptoWatch now bringing a round-up of the top stories, with Reddit's Community Points now exiting, taking down this rewarding program. However, one of the largest stories from last week still centers on the Sam Bankman-Fried criminal trial, with its former engineer, Nishad Singh, testifying about the secret meeting he had.
(Photo : Tech Times)
There is also the arrival of various individuals in the SBF trial, centering on controversial individuals and top crypto executives in the industry now.
Reddit's Community Points is Now Gone
Reddit introduced Community Points to users years ago, and despite being a rather young feature of the platform, the feature is now bidding farewell said the company's representative.
The platform's director of consumer and product communications, Tim Rathschmidt, said that the feature is no longer up to scale and that its further availability in the platform is no longer sustainable for them.
it has been well-received by the public, especially as it allowed people to reward those with contributions with points. These Community Points are also famous because it is a blockchain-based rewards system that has ties and is interchangeable with Ethereum, the second-top crypto in the world.
By early November, Reddit will no longer allow users to gift and receive Community Points.
FTX's Nishad Singh Testifies
The third week in Sam Bankman-Fried's trial which commenced last week saw another high-ranking individual from Alameda Research and FTX, and it was the former engineering chief of the crypto exchange, Nishad Singh. Here, Singh revealed the many one-on-one meetings he had with SBF where they discussed the company's state, Alameda's loans, and taking customer money.
It was discussed by Singh how SBF advised him not to worry about the missed payments and having no money to repay FTX customers. Bankman-Fried allegedly regarded to Singh that FTX could deliver and could very much cover up for the expenses they missed, and this was despite the worries of the different executives including Caroline Ellison, SBF's ex-girlfriend and Alameda's former CEO.
SBF Trial's Personalities
(Photo : Michael M. Santiago/Getty Images)
The Sam Bankman-Fried trial is now one of the top high-stakes trials of the year, with the case centering on revealing the truth behind FTX's downfall. With the most controversial case now, it is known to have invited top names and individuals in the crypto world, with the YouTuber known as Taco, his pseudonym, wanting to witness this trial.
Legal experts are also present here, with Manhattan federal prosecutor Damian Williams joining in, alongside Robert Mueller III, a known lawyer who probed former POTUS Donald J. Trump.
There is also the former Alameda Research CEO, Caroline Ellison, present here, along with other FTX executives, both former and those still part of the company.
Related Article: CryptoWatch: Caroline Ellison's Testimony against SBF, Crypto In Pro Sports Risk, FTC and Voyager
