Sam Bankman-Fried Arrested In Bahamas; Paxful Delists Ethereum

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

“Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the US Government, based on a sealed indictment filed by the SDNY. We expect to move to unseal the indictment in the morning and will have more to say at that time.” said The US Attorney’s office of the Southern District of New York in a Tweet.

“As a result of the notification received and the material provided therewith, it was deemed appropriate for the Attorney General to seek SBF’s arrest and hold him in custody pursuant to our nation’s Extradition Act,” said Ryan Pinder, Attorney General and Minister of Legal Affairs of Bahamas.

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

Crypto legal, a regulatory and policy solution for Blockchain technology and Cryptoverse, has in association with the Indian Blockchain Forum, released a discussion paper on the recent Data Protection Bill for the Blockchain Industry.

Released on December 12, 2022, the discussion paper highlighted the challenges of the Blockchain sector. The decentralised nature of Blockchain-based applications makes it extremely difficult to identify a specific ‘person’ or group of persons who can be said to determine the ‘purpose and means of the processing of personal data.

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

The report has also highlighted that in most cases, the specific treatment of data is determined by the algorithm itself, and may, therefore, be outside the control of specific persons.

Also, the definition, in its present form, envisages an individual or a group of individuals acting as data fiduciaries, but it is a moot point whether a node participating in the consensus mechanism of a Blockchain protocol can be said to fall within its ambit.

The discussion paper has also pointed out that the current version of the DP Bill fails to adequately address the unique challenges posed by technologies, such as Blockchains and distributed ledgers. One of the key challenges is the decentralised nature of these technologies, which means that a single person or group of persons may not always be in control of the data on the Blockchain.

“This presents a problem for the bill, which requires the identification of a Data Fiduciary who is responsible for the data. Without a clear Data Fiduciary, it may be difficult to enforce the provisions of the bill,” the report said.

Paxful Removes Ethereum

Paxful, a peer-to-peer crypto platform, has announced the removal of Ethereum from its platform.

Ray Youssef, the company’s founder, said “revenue is nice, but integrity trumps all.”

The founder cited security concerns about Ethereum and the risks it poses. The remark was made in reaction to Jeremy Garcia’s criticism of Ethereum as “poorly constructed” and incompatible with the “1st principles” of Bitcoin.

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