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first_img Former FTX Chief Operating Officer criticizes Netflix's new series trailer, stating that he felt uncomfortable after watching it

The complete trailer for Netflix's upcoming FTX-themed series "The Altruists" was released this week, and former FTX Chief Operating Officer Constance Wang criticized the trailer in a post on X, stating that watching it made her "physically want to vomit." She mentioned that she had served as COO since before FTX was named and viewed the company as her child. She was also the last person to leave the Bahamas after Sam Bankman-Fried was extradited and lost all her assets in FTX, thus she has no intention of defending those responsible for all of this.Wang pointed out that the media is eager to tell the story of FTX's collapse due to the team's partying in the Bahamas, but her workplace was completely different. The core team of the company had fewer than 200 people at its peak, while other exchanges of similar size had thousands of employees, many of whom worked 16 to 18 hours a day for over three years with almost no time to sleep. She also questioned the portrayal of Caroline Ellison in the trailer, stating that she had worked with Caroline and had never seen her as aggressive as depicted in the trailer; she described her as quiet and gentle, often lost in her own thoughts. Most of the team only learned about Caroline's relationship with Sam through reports after the bankruptcy."The Altruists" consists of eight episodes and will premiere on Netflix on November 19, featuring Anthony Boyle as Sam Bankman-Fried and Julia Garner as Caroline Ellison. FTX collapsed in November 2022 due to a liquidity crisis, exposing its close financial ties with Alameda Research and issues of customer fund misappropriation. Bankman-Fried was convicted of seven counts of fraud and conspiracy in November 2023 and sentenced to 25 years in prison; Ellison pleaded guilty and cooperated with prosecutors, receiving a two-year prison sentence in September 2024.

XRP Ledger Foundation: Confirmed that no new XRP has been created, critical vulnerability has been fixed

The XRP Ledger Foundation published a post on platform X to clarify the recent security vulnerability incident of the XRP Ledger, stating that the vulnerability could be used to bypass the limit of the total supply of XRP fixed at 100 billion coins, but it was fixed two weeks ago with version 3.4.1. After verification, no new XRP has been created, and the total amount of XRP currently circulating in the ledger is approximately 99.986 billion coins.The foundation stated that the vulnerability requires hundreds of deliberately constructed operations to trigger and that normal payment transactions are unlikely to be involved. In the future, they will strengthen formal verification, AI adversarial testing, security research collaboration, and vulnerability bounty programs with RippleX and the community. Regarding the repair process, the foundation explained that publicly releasing a patch could allow attackers to use AI to accelerate vulnerability analysis. To address this situation, the XRPL community coordinated efforts. Participants including the XRP Ledger Foundation, RippleX, core developers, and validators reached a social consensus to agree on a plan to directly release the repair program.In addition, version 3.4.1 was also adopted as the mandatory version for the network only after going through the normal amendment voting process and receiving over 80% support from validators for two consecutive weeks. Protocol changes still need to be completed through the amendment mechanism. Previously, J. Ayo Akinyele, the engineering lead at RippleX, also posted on platform X expressing high concern about the recently disclosed critical vulnerability issue in the XRP Ledger (XRPL) payment engine, which is a serious security issue that has existed in the codebase for over 10 years and theoretically could lead to XRP being over-created, breaking the fixed supply limit. However, the vulnerability was discovered by the security research organization Veria AI through Ripple's vulnerability bounty program before it could be exploited.

first_img Better Markets criticizes the U.S. CFTC for being unsuitable to regulate retail cryptocurrency trading

According to Cointelegraph, the nonprofit financial reform advocacy organization Better Markets criticized the CFTC's proposed framework for retail crypto trading, arguing that the protections for investors would be weaker than those provided by the SEC. The CFTC publicly solicited comments on the framework for retail crypto trading involving margin, leverage, or financing on Monday.Benjamin Schiffrin, the Director of Securities Policy at Better Markets, stated that unlike the SEC, the CFTC lacks a mandate for investor protection, as its mission is to regulate commodity and derivatives markets that have historically been dominated by large institutions with minimal retail participation. Therefore, the CFTC is the wrong agency to oversee retail customer crypto asset trading.Better Markets also questioned the CFTC's claim regarding Congressional intent to allow it to regulate such trading. Schiffrin pointed out that the statutory authority cited by the CFTC was originally established to address fraud in leveraged precious metals trading and does not indicate Congressional intent for the agency to become the primary regulator of retail crypto.He also criticized the proposed framework for potentially allowing connections between market participants, which had previously led to the collapse of FTX. Schiffrin simultaneously condemned CFTC Chairman Mike Selig's statements about making the U.S. the global crypto capital, stating that he failed to explain why this would be a good thing and noted that crypto still lacks real use cases after 18 years.Nate Geraci, President of NovaDius Wealth Management, countered that the crypto industry is simply seeking clear rules, and if Congress cannot provide them, the CFTC and SEC may have to take on that responsibility.

first_img The UK Chancellor of the Exchequer criticized Nigel Farage's "Bitcoin account."

In a speech on Monday, UK Chancellor of the Exchequer John Healey criticized Reform Party leader Nigel Farage's stance on Bitcoin, calling him "Liz Truss with a Bitcoin account." Healey stated that Farage wants the public to believe he is a representative of the common people, but on economic issues, he is simply "Liz Truss with a Bitcoin account." Liz Truss is the UK's shortest-serving Prime Minister, widely criticized for her 2022 mini-budget driven by debt. Healey also mentioned that his party, the Labour Party, will help the UK lead through fiscal discipline, good jobs, and a strong industry.Farage has long been a political supporter of cryptocurrency, primarily viewing Bitcoin as a matter of personal freedom since 2020, and opposing state control over currency. He has stated that he was denied banking services by the UK private bank Coutts, which led him to take a greater interest in digital assets. Last year, at the Bitcoin 2025 conference in Las Vegas, he claimed that if elected Prime Minister, he would cut crypto capital gains tax and force the Bank of England to establish Bitcoin reserves.Farage has faced criticism this year for accepting donations from cryptocurrency entrepreneurs, including tech entrepreneur and Tether investor Christopher Harborne, as well as Ben Delo, one of the founders of the now-closed crypto exchange BitMEX. The Metropolitan Police have launched an investigation into reports of Reform violating overseas donation rules, with Reform denying any wrongdoing and stating that they will cooperate.
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