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Major cryptocurrencies cooled off on Thursday evening after the conclusion of the month-long trial of Sam Bankman-Fried.CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)Bitcoin BTC/USD -2.72%$34,630Ethereum ETH/USD -3.56%$1,790Dogecoin DOGE/USD -3.54%$0.066

What Happened: This week, the price of Bitcoin came really close to reaching the $36,000 mark, but then it suddenly changed direction and corrected to $34,250. After a massive 30% increase in the past month, its no surprise that the price needs to cool off a bit.

After a rigorous five-week trial, a New York jury has found Bankman-Fried, the founder and former chief executive of FTX, guilty of defrauding his customers and lenders. Looking ahead, a tentative sentencing date of March 28, 2024, has been set for Bankman-Fried. The potential consequences are grave, as he could face the possibility of spending decades behind bars. In fact, the theoretical maximum sentence stands at a staggering 115 years.

Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history, U.S. Attorney Damian Williams said outside the courthouse after the guilty verdicts on all seven charges were revealed. This kind of fraud, this kind of corruption is as old as time. We have no patience for it.

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzingas exclusive event Future of Digital Assets. Tickets are flying- get yours!

Top Gainer (24 Hour)CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)Celestia+20.61%$2.74Aave+20.34%$98.28Uniswap+16.49%$4.81

The global crypto market cap currently stands at $1.30 trillion, reflecting an increase of 2.45% in the past 24 hours.

Stocks experienced gains on Thursday as Treasury yields decreased, leading investors to speculate that the Federal Reserve may not raise rates for the rest of 2023. The S&P 500 had a fantastic day, adding 1.89% and closing at 4,317.78. This was its best performance since April and the first time since February that the S&P 500 had two consecutive gains of over 1%. The Nasdaq Composite also had a solid session, climbing 1.78% and settling at 13,294.19. This marked its best performance since July.

We saw a decline in bond yields, particularly the 10-year Treasury yield which dropped by about 12 basis points to 4.668%. This comes after the benchmark yield surpassed 5% last month.

Investor confidence was boosted by the release of data on Thursday morning, revealing easing inflation and a slowdown in the labor market. The Labor Department reported that labor costs unexpectedly decreased in the third quarter, and weekly jobless claims slightly increased to 217,000.

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Analyst Notes: Crypto analyst Michael Van De Poppe has reassured that everything is going smoothly with the price action of Bitcoin. "Altcoins had a slight dip and are bouncing back swiftly."

Everything is still all right on the price action of #Bitcoin.

Altcoins had a slight dip and are bouncing back swiftly. pic.twitter.com/tewjcuJvmC Michal van de Poppe (@CryptoMichNL) November 2, 2023

Pseudonymous crypto analyst TechDev has just revealed an incredible signal that occurs like clockwork every 3-3.5 years. "Every 3 to 3.5 years, this signal says the next several months will be explosive for Bitcoin."

According to TechDev, BTC is on the cusp of a breakout.

Every 3 to 3.5 years, this signal says the next several months will be explosive for #Bitcoin. pic.twitter.com/OQkoCVgbwH TechDev (@TechDev_52) October 28, 2023

Santiment, an on-chain data analytics firm reported Cardano has become the talk of the town on Thursday. Its market cap has grown a whopping 9% in the past 24 hours and 36% over the course of just two weeks. The address activity for ADA, Cardanos cryptocurrency, and whale transactions have reached their highest levels in over three months.

? #Cardano has been the big story Thursday, with its market cap growing +9% in the past 24 hours and now +36% over 2 weeks. As usual, #onchain activity hinted at this #bullish action with $ADA address activity & whale transaction at their highest in 3+ months. pic.twitter.com/IYBBk3ssf4 Santiment (@santimentfeed) November 2, 2023

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Join Benzingas Fintech Deal Day & Awards on Nov. 13 and Future of Digital Assets on Nov. 14 in New York City to stay updated on trends like AI, regulations, SEC actions and institutional adoption in the crypto space. Secure early bird discounted tickets now!

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Crypto CEO accused of laundering $500 million linked to sanctioned Russian banks

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Crypto CEO accused of laundering 0 million linked to sanctioned Russian banks

Signage is seen at the United States Department of Justice headquarters in Washington, D.C., August 29, 2020.

Andrew Kelly | Reuters

Federal prosecutors in Brooklyn have charged the founder of a U.S.-based cryptocurrency payments firm with operating what they allege was a sophisticated international money laundering scheme that moved over half a billion dollars on behalf of sanctioned Russian banks and other entities.

Iurii Gugnin, a 38-year-old Russian national living in Manhattan, was arrested and arraigned Monday and ordered held without bail pending trial.

Gugnin faces a 22-count indictment accusing him of wire and bank fraud, violating U.S. sanctions and export controls, money laundering, and failing to implement legally required anti-money laundering protocols.

“The defendant is charged with turning a cryptocurrency company into a covert pipeline for dirty money, moving over half a billion dollars through the U.S. financial system to aid sanctioned Russian banks and help Russian end-users acquire sensitive U.S. technology,” Assistant Attorney General Eisenberg said in a statement.

Prosecutors said Gugnin used his companies — Evita Investments and Evita Pay — to process about $530 million in payments while concealing the origins and purposes of the funds. Between June 2023 and January 2025, he allegedly funneled the money through U.S. banks and cryptocurrency exchanges, primarily using tether, a widely used, dollar-pegged stablecoin.

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Clients included individuals and businesses linked to sanctioned Russian institutions such as Sberbank, VTB Bank, Sovcombank, Tinkoff, and the state-owned nuclear energy firm Rosatom.

To carry out the scheme, Gugnin allegedly misrepresented the scope of his business, falsified compliance documentation, and lied to banks and digital asset platforms about his ties to Russia. Prosecutors say he masked the source of funds through shell accounts and doctored more than 80 invoices, digitally erasing the identities of Russian counterparties.

Investigators also cite internet searches indicating he knew he was under scrutiny, including queries like “how to know if there is an investigation against you” and “money laundering penalties US.”

The Justice Department said Gugnin maintained direct ties to members of Russia’s intelligence service and officials in Iran — countries that do not extradite to the U.S.

He is also accused of helping the export of sensitive U.S. technology to Russian clients, including an anti-terrorism-controlled server.

Gugnin was profiled last fall in a Wall Street Journal article about high-net-worth renters in Manhattan, where he reportedly paid $19,000 per month for an apartment.

If convicted on bank fraud charges, he faces a statutory maximum sentence of 30 years in prison, but if convicted on all counts, Gugnin could be given a consecutive maximum sentence significantly longer than his lifetime. 

Deputy Treasury Secretary on crypto crime: Need additional tools from Congress to catch bad actors

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Sly Stone, pioneer of early funk music, dies after ‘prolonged’ battle with illness

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Sly Stone, pioneer of early funk music, dies after 'prolonged' battle with illness

Sly Stone, one of the pioneers of funk music, has died aged 82, his family have said.

As front man for his band Sly And The Family Stone, the musician fused soul, rock, psychedelia and gospel to take the sound that defined an era in the 1970s into new territory, second only to James Brown as the early founders of funk.

Several of the band’s seminal tracks became known to a wider audience when they were subsequently sampled by hip hop artists.

“Everyday People” was sampled by Arrested Development, while “Sing A Simple Song” was sampled by Public Enemy, De La Soul and Dr Dre and Snoop Dogg.

Stone’s family has said in a statement he died after a battle with chronic obstructive pulmonary disease (COPD) and other health issues.

A statement issued by his publicist on behalf of Stone’s family said: “It is with profound sadness that we announce the passing of our beloved dad, Sly Stone of Sly And The Family Stone.

“After a prolonged battle with COPD and other underlying health issues, Sly passed away peacefully, surrounded by his three children, his closest friend, and his extended family.

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“While we mourn his absence, we take solace in knowing that his extraordinary musical legacy will continue to resonate and inspire for generations to come.

“Sly was a monumental figure, a groundbreaking innovator, and a true pioneer who redefined the landscape of pop, funk, and rock music. His iconic songs have left an indelible mark on the world, and his influence remains undeniable.

“In a testament to his enduring creative spirit, Sly recently completed the screenplay for his life story, a project we are eager to share with the world in due course, which follows a memoir published in 2024.

“We extend our deepest gratitude for the outpouring of love and prayers during this difficult time. We wish peace and harmony to all who were touched by Sly’s life and his iconic music.

“Thank you from the bottom of our hearts for your unwavering support.”

Stone, born Sylvester Stewart in Texas, and his group were regulars on the US music charts in the late 1960s and 1970s, with hits such as “Dance to the Music,” “I Want to Take You Higher,” “Family Affair,” “If You Want Me to Stay,” and “Hot Fun in the Summertime”.

He played a leading role in introducing funk, an Afrocentric style of music driven by grooves and syncopated rhythms, to a broader audience.

James Brown had forged the elements of funk before Stone founded his band in 1966, but Stone’s brand of funk drew new listeners.

It was celebratory, eclectic, psychedelic and rooted in the counterculture of the late 1960s.

However, Stone later fell on hard times and became addicted to cocaine, never staging a successful comeback.

His music became less joyous in the 1970s, reflecting the polarisation of the country after opposition to the Vietnam War and racial tensions triggered unrest on college campuses and in African-American neighbourhoods in big US cities.

In 1971, Sly and the Family Stone released “There’s a Riot Goin’ On,” which became the band’s only Number 1 album.

Critics said the album’s bleak tone and slurred vocals denoted the increasing hold of cocaine on Stone.

But some called the record a masterpiece, a eulogy to the 1960s.

In the early 1970s, Stone became erratic and missed shows. Some members left the band.

But the singer was still a big enough star in 1974 to attract a crowd of 21,000 for his wedding to actress and model Kathy Silva at Madison Square Garden in New York.

Ms Silva filed for divorce less than a year later.

Sly and the Family Stone’s album releases in the late 1970s and early 1980s flopped, as Stone racked up drug possession arrests.

The band was inducted into the Rock & Roll Hall of Fame in 1993 and Stone was celebrated in an all-star tribute at the Grammy Awards in 2006.

He sauntered on stage with a blond mohawk haircut but bewildered the audience by leaving mid-song.

In 2011, after launching what would become a years-long legal battle to claim royalties he said were stolen, Stone was arrested for cocaine possession.

That year, media reported Stone was living in a recreational vehicle parked on a street in South Los Angeles.

Stone had a son, Sylvester, with Ms Silva.

He had two daughters, Novena Carmel, and Sylvette “Phunne” Stone, whose mother was bandmate Cynthia Robinson.

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BYD launches the Seal 06 EV at just $15,000 as a new price war in China erupts

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BYD launches the Seal 06 EV at just ,000 as a new price war in China erupts

Despite China’s recent warning, BYD is ramping up the pressure on rivals with another ultra-affordable electric vehicle. BYD launched the Seal 06 EV, starting at just over $15,000, as the price war in China appears to be getting out of hand.

Meet the BYD Seal 06 EV

The new Seal 06 EV arrives after the China Automobile Manufacturers Association (CAMA) issued a warning last week, stating an automaker’s recent price cuts are “triggering a new round of price war panic.”

Although the statement didn’t single out BYD, it’s pretty obvious who they are referring to. BYD cut prices (again) on May 23 by up to 34% across 22 of its most popular models. Its cheapest electric car, the Seagull EV, now starts at just 55,800 yuan ($7,800).

BYD is now turning up the heat with another low-cost EV rolling out. The Seal 06 EV officially launched in China, starting at just 109,800 yuan, or about $15,300.

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It’s available in three trims with two BYD Blade LFP battery pack options: 46.08 kWh or 56.64 kWh, providing a CLTC range of 470 km (292 miles) and 545 km (339 miles).

The electric sedan measures 4,720 mm in length, 1,880 mm in width, and 1,495 mm in height, approximately the same size as the Tesla Model 3 (4,720 mm in length, 1,850 mm in width, and 1,443 mm in height).

Like most new BYD vehicles we’ve seen, the new Seal 06 EV is equipped with its God’s Eye ADAS and DiPilot 100 smart cockpit system. However, unlike some of the more premium models, the Seal 06 uses a camera system rather than LiDAR.

The new EV joins BYD’s Seal lineup of vehicles, which includes the hybrid Seal 06 DM-i and the popular electric Seal sedan models.

Inside features a similar setup to BYD’s other new vehicles with a 15.6″ rotating center infotainment and a smaller driver display screen.

Although the Seal 06 EV starts at 109,800 yuan ($15,300), BYD promises “with over 33 hard-core standard features, the entry-level version is high-end.”

It features a few added amenities not typically found in entry-level cars, including heated and ventilated front seats, a panoramic sunroof, ambient lighting, and a surround sound stereo system. It even has a built-in refrigerator that can heat and cool.

Will it compete with Tesla’s Model 3 in the Chinese market? Although it features less range, the Seal 06 EV is half the cost. The base Model 3 RWD starts at 235,500 yuan ($32,800) in China with a CLTC range of 634 km (394 miles). Which one would you buy? Let us know in the comments.

After slashing prices again last month, another low-cost, but well-equipped BYD EV is arriving in China. Will the Seal 06 EV pressure others, like Tesla, to follow suit? We will find out shortly.

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