From Bitmain freezing staff salary to FTX declaring it faked its insurance fund, here is a 3-minute breakdown of everything important that happened in crypto today.
![What Happened in Crypto Today? [Oct. 10]](https://academy-public.coinmarketcap.com/optimized-uploads/6303de4b601a44d8841ba596e4d6d385.jpg)
- Co-author: Davier M
Hello again crypto comrades, CoinMarketCap is back to momentarily take your mind off the bear-induced blues and endless DeFi hackathon.
As always, a lightning-round recap of the need-to-know crypto news:
- SBF faked FTX’s insurance fund 🤨
- Brazil plans tokenization sandbox 🇧🇷
- Binance to comply with UK rules 🇬🇧
- Bitmain halts employee salary payments 😐
- Robert F. Kennedy, Jr drops Democrats, runs independent 🏛️
Alright, let's unpack all that!
SBF Faked FTX’s Insurance Fund 🤨
Surprise, surprise - FTX's insurance fund was bogus! In court, Gary Wang admitted they just made up a random number for the balance. Really makes you wonder what other phony figures were used (if not all).
A throwback to the good old days when FTX's integrity was as solid as its $100 million insurance fund:
Here are some more details on FTX's creative accounting.
Brazil Plans Tokenization Sandbox 🇧🇷
Brazil is prepping a new regulatory sandbox for tokenizing assets in 2024. Nothing like stifling innovation with bureaucratic red tape! But they swear it's to "foster crypto growth."
Here are some details on the positive impact it may have on crypto.
Binance To Comply With UK Rules 🇬🇧
While the UK FCA added major exchanges like Huobi, KuCoin and Bybit to its warning list, Binance announced steps to comply with UK rules.
Read the full story here!
Bitmain Halts Employee Salary Payments 😐
Bitcoin mining chips manufacturer, Bitmain, froze employee salaries, but I'm sure workers don't mind missing a few paychecks for the greater cause. It's not like they have bills to pay or anything.
Read what reason it gave to justify the freeze and pay cuts.
Robert F. Kennedy, Jr Drops Democrats, Runs Independent 🏛️
Pro-crypto presidential candidate RFK Jr. ditched the Democrats, hoping his boyish Kennedy charm will woo voters as an independent. A bold move or plain stupidity? Read more to find out!
And that's all for now compadres! Hasta mañana - CoinMarketCap will be back with more crypto telenovelas!
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