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Today in crypto, Edward Snowden described Solana as “born in prison” due to its heavy venture capital funding, suggesting that financial backing can impede a blockchain network’s ability to operate independently, Bitcoin broke through the $79,000 price level for the first time, and the FTX bankruptcy estate sued SkyBridge Capital and its founder Anthony Scaramucci.
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Snowden calls for decentralization, criticizes VC influence on Solana
Edward Snowden, the privacy advocate and former National Security Agency (NSA) contractor, addressed decentralization during his appearance at Near’s Redacted conference in Bangkok, Thailand.
Speaking on topics like cryptocurrencies, artificial intelligence and blockchain technology, Snowden also addressed the impact of venture capital (VC) on blockchain projects, using Solana as an example.
He described Solana as “born in prison” due to its heavy VC funding, suggesting that financial backing can impede a blockchain network’s ability to operate independently.
While he acknowledged Solana’s rapid growth, Snowden expressed concerns that too much ownership has been ceded to investors, though he noted Solana could “become something” in the future.
Throughout his talk, Snowden emphasized the importance of decentralization in countering the expansive surveillance capabilities enabled by AI.
He warned of AI-driven surveillance allowing governments and corporations to process large volumes of personal data in real time, potentially paving the way for live data analysis on a massive scale:
“They want to train it on everything, and they want to be able to say, you know, who looks anomalous […] Look at everybody, look at the whole human body, and pick out anybody who is weird.”
Bitcoin breaks $79,000 and “no rash action is needed,” says analyst
Bitcoin’s price has soared through the $79,000 price level for the first time ever in a week where it has reached several new highs since Donald Trump was reelected as United States president.
On Nov. 10, 05:00 UTC, Bitcoin BTC$80,776 reached $79,141 on the cryptocurrency exchange Coinbase. However, traders warned not to make any impulsive moves just yet.
Bitcoin analyst Tuur Demeester wrote in a Nov. 10 X post that “no rash action is needed, HODLing does the work for you.” He further stated:
“$79k Bitcoin, new ATH. Steady folks, this is just the beginning. This is a time for being right and sitting tight.”
Popular crypto analyst Invest Answers told their 227,400 X followers, “We’re taking off,” following Bitcoin breaking through the $79,000 price.
Echoing a similar sentiment, crypto commentator Rain stated, “We are so back” to their 148,000 X followers.
FTX sues SkyBridge and founder Anthony Scaramucci
The FTX bankruptcy estate has filed a lawsuit against SkyBridge Capitaland founder Anthony Scaramucci to recover $67 million in funds plus additional damages from sponsorship and joint investment deals inked by former FTX CEO Sam Bankman-Fried.
According to a Nov. 8 legal filing, attorneys for the now-bankrupt exchange argued that SkyBridge Capital breached the terms of a 2022 investment deal by allegedly selling a portion of the digital assets stipulated in the agreement sometime in 2023.
Lawyers for FTX also indicated the total damages sought by the plaintiffs may exceed $100 million. The lawsuit against SkyBridge is the most recent in a series of legal actions unleashed by FTX in recent weeks. On Nov. 7, 2024, the former exchange filed a lawsuit against Crypto.Com to recover more than $11 million in funds.
To read article in Arabic, please visit the website Crypto Mena
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