FTX founder and former CEO Sam Bankman-Fried has been ordered to remain with his parents after posting $250 million in bail. This and more news can be found in this handy daily digest so you're always up to date with the latest developments in the crypto world.
FTX founder Sam Bankman-Fried released on bail
📍Sam Bankman-Fried was released on $250 million bail. Bankman-Fried will now remain under house arrest while awaiting trial on charges of financial fraud, money laundering, market manipulation and embezzlement that he faces following the collapse of FTX and the loss of more than $3.000 billion he owes to creditors.
The crypto community is stunned by the departure of the former CEO of FTX from the federal court in New York. Bankman-Fried claimed that he had lost his entire fortune with the fall of the exchange and that he only had about $100.000. However, the bail he paid to be released on Thursday was $250 million, Reuters and other media reported.
Separately, Law360 reporter Stewart Bishop reported that the former FTX CEO has been released on a personal recognizance bond, which is secured by Bankman-Fried's parents' home. According to Bishop, if Bankman-Fried skips bail, his parents and confirmands will be responsible for the $250 million bail amount, in addition to liquidating the house.
Bishop made this clarification in response to a tweet from Congressman Brad Sherman in which he spoke about the preferential treatment given to billionaires and on the possibility that Bankman-Fried might travel to a country that does not allow extradition.
Chivo Wallet processed $52 million in commission-free remittances
📍Salvadorans received more than $52 million in remittances through Bitcoin. The cryptocurrency wallet developed by the El Salvador government, Chivo Wallet, helped Salvadorans receive more than $52 million in remittances using Bitcoin in the first quarter of this year.
Through the national crypto wallet, Salvadorans were able to receive money from abroad without commission fees.
El Salvador's cryptocurrency wallet was launched last year as part of Nayib Bukele's government's strategies to promote the use and adoption of Bitcoin, which was recognized as legal tender in the country on September 7, 2021. In addition to 0 commissions, Chivo Wallet also does not charge a monthly rent for maintaining the accounts.
Bitcoin boom in Nigeria grows
📍More than 10% of Nigerians are Bitcoin holders. According to data from Bitcoin Magazine, nearly 22 million people in Nigeria, the most populous country in Africa, own bitcoins.
According to analysts at the cryptocurrency print publication, local adoption of Bitcoin in the country has been growing steadily as the global cryptocurrency allows citizens to receive or send value instantly without having to register or use intermediaries.
Bitcoin Magazine highlighted that while most Bitcoin users view the cryptocurrency as a long-term store of value, especially Western users, in Nigeria and other African countries, Bitcoin is being widely used as a medium of exchange for making digital transactions and payments.
Continue reading: The Metaverse and Web3 will be the main technological trends that we will see in 2023, according to ESET
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
