Senator Elizabeth Warren and over 100 lawmakers have signed a letter urging the White House to address the role of digital assets in financing terrorism. The letter, dated October 17, was sent to Treasury Under Secretary Brian Nelson and National Security Adviser Jake Sullivan. It referenced a news article claiming that Palestinian militant groups had raised over $130 million in crypto donations between 2021 and 2023. The lawmakers called for swift action to curtail illicit crypto activity. The letter was signed by 29 senators, including Warren, and 76 members of the House of Representatives.In other news, social platform Reddit has announced the discontinuation of its blockchain-based rewards system, “Community Points,” due to scalability issues. The service, which will be shut down by November 8, used Ethereum-based ERC-20 tokens to incentivize high-quality content on the platform. Each subreddit had its own tokens, such as Moons and Bricks. The value of these tokens plummeted following the news, leading to disappointment and anger among Reddit users and crypto enthusiasts.Meanwhile, in the ongoing trial of Sam Bankman-Fried, former FTX engineering lead Nishad Singh faced cross-examination from Bankman-Fried’s defense team. Singh admitted to not remembering certain details during his time at the failed crypto exchange and claimed to have learned about a software bug that exaggerated the liabilities of hedge fund sister company Alameda Research from overhearing conversations among former FTX executives. In previous testimony, Singh revealed that he had experienced suicidal thoughts during FTX’s fallout in November 2022. The trial is expected to continue until October 26 or 27, with prosecutors calling additional witnesses before the defense presents its theory of the case.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Middle East |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Nishad Singh, Elizabeth Warren |
| Companies | Treasury Under Secretary for Terrorism and Financial Intelligence, Ethereum, Reddit, FTX, Alameda Research, National Security Adviser |
| Currencies | r/FortNiteBR Bricks, r/CryptoCurrency Moons, Ethereum |
| Securities | None |
