Sam Bankman-Fried Arrested In Bahamas; Paxful Delists Ethereum

Sam Bankman-Fried, founder and former CEO of the now-bankrupt crypto alternate, FTX , has been arrested by Bahamas Police.

“Earlier this night, Bahamian authorities arrested Samuel Bankman-Fried on the request of the US Government, primarily based on a sealed indictment filed by the SDNY. We anticipate to maneuver to unseal the indictment within the morning and can have extra to say at the moment.” mentioned The US Attorney’s workplace of the Southern District of New York in a Tweet.

“As a results of the notification obtained and the fabric offered therewith, it was deemed applicable for the Attorney General to hunt SBF’s arrest and maintain him in custody pursuant to our nation’s Extradition Act,” mentioned Ryan Pinder, Attorney General and Minister of Legal Affairs of Bahamas.

Indian Blockchain Forum Releases Paper on Data Protection Bill For Blockchain Industry

Crypto authorized, a regulatory and coverage resolution for Blockchain expertise and Cryptoverse, has in affiliation with the Indian Blockchain Forum, launched a dialogue paper on the current Data Protection Bill for the Blockchain Industry.

Released on December 12, 2022, the dialogue paper highlighted the challenges of the Blockchain sector. The decentralised nature of Blockchain-based purposes makes it extraordinarily tough to determine a selected ‘individual’ or group of individuals who may be mentioned to find out the ‘objective and technique of the processing of private knowledge.

Notably, this dialogue paper has been compiled by Purshottam Anand, Anshuman Singh, and Sharat Chandra.

The report has additionally highlighted that typically, the particular remedy of information is set by the algorithm itself, and should, subsequently, be outdoors the management of particular individuals.

Also, the definition, in its current kind, envisages a person or a gaggle of people appearing as knowledge fiduciaries, however it’s a moot level whether or not a node taking part within the consensus mechanism of a Blockchain protocol may be mentioned to fall inside its ambit.

The dialogue paper has additionally identified that the present model of the DP Bill fails to adequately tackle the distinctive challenges posed by applied sciences, similar to Blockchains and distributed ledgers. One of the important thing challenges is the decentralised nature of those applied sciences, which signifies that a single individual or group of individuals might not all the time be in charge of the information on the Blockchain.

“This presents an issue for the invoice, which requires the identification of a Data Fiduciary who’s chargeable for the information. Without a transparent Data Fiduciary, it could be tough to implement the provisions of the invoice,” the report mentioned.

Paxful Removes Ethereum

Paxful, a peer-to-peer crypto platform, has introduced the removing of Ethereum from its platform.

Ray Youssef, the corporate’s founder, mentioned “income is good, however integrity trumps all.”

The founder cited safety considerations about Ethereum and the dangers it poses. The comment was made in response to Jeremy Garcia’s criticism of Ethereum as “poorly constructed” and incompatible with the “1st rules” of Bitcoin.

Garcia is the CEO of Satoshi’s Journal, a Bitcoin instructional platform.

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