Sam Bankman-Fried Trial Kicks off With Opening Arguments; Why is AVAX Climbing?

Dueling arguments. Kick off the SPF trial and is the founder of Bankrupt Crypto Hedge Fund three ac under arrest. I'm Jen Senai. You're watching Coindesk Daily. Let's take a look at the markets. Bitcoin briefly broke above $28,000 earlier today, as investors await the US Jobs report for September on Friday avalanche tokens are also getting a boost as deemed sorry. Oh God. Ok. Dueling arguments kick off the SPF trial and is the founder of Bankrupt Crypto Hedge Fund three ac under arrest. I'm Jen Senai. You're watching Coindesk Daily. Let's take a look at the markets. Bitcoin briefly broke above $28,000 earlier as investors await the US Jobs report for September on Friday avalanche tokens are also getting a boost as demand increased after popular accounts on X seem to promote an application built on the Blockchain that's similar to friend that's called Stars Arena. The SPF trial is officially under way with opening arguments kicking off on Wednesday. Prosecutors are alleging that Sam Baman freed, intentionally, quote, lied to the world and quote, resulting in one of the biggest financial frauds in U history. The countered that the FTX founder acted in good faith and the crypto empire failed through no fault of bank and frees coid. Desk reporter Sam Kessler was inside the courtroom and explained what was surprising to him during the legal proceedings regarding witness testimony. The first was a cocoa commodities trader based in London who invested and lost 100 ish $1000 when FX imploded. And the other was a friend, a close friend, self described of Sam Macri who met him at MIT and then worked with him at both Alameda and FX and resigned when he decided that he might have unwittingly according to him, been involved in a criminal scheme heading to Singapore now where police say a 36 year old man was arrested on September 29th at the cha airport. That's in response to a Reuters query on the arrest of Suzu, one of the founders of bankrupt crypto hedge fund, €3 capital, three ac other co-founder Kyle Davies remains at large and his location remains unknown. Both founders are the subject of a committal order sentencing them to four months imprisonment due to failure to comply with a court order. And in the Netherlands Dutch crypto companies score a partial legal win in their fight against $2.3 million in fees imposed by regulators. The judgments issued on Wednesday found that the Dutch Central Bank went beyond legal powers in charging companies to register for anti money laundering purposes. The court said, quote, the way in which DNB assesses registration request is contrary to the scope of the registration obligation for crypto service providers. Adding that it's not possible to lawfully charge supervisory costs for the year 2021 to crypto service providers. Judges said the ruling has no bearing on costs for 2020 a separate legal case is still going on for 2022 fees. That's a wrap for Coindesk daily. Get more updates on Coindesk dot com and we'll see you next time.