Crypto Custodian Prime Trust Loses $8 Million After Terra Collapse

• Prime Trust lost $8M after Terra collapsed, buying $76M ETH in an unrelated wallet loss.
• Binance allegedly maintains ties with blacklisted Russian banks despite Western sanctions: WSJ.
• Federal judge rules art generated purely by AI cannot be copyrighted.

Prime Trust Loses Millions After Terra Collapse

Prime Trust, a failed crypto custodian, recently revealed new details about its past financial shortfalls in a bankruptcy filing submitted to the court on Aug. 24th. The company’s investment in the now-failed stablecoin TerraUSD (USTC) resulted in the loss of $6 million of client funds and $2 million of treasury funds— amounting to a total loss of $8 million. Additionally, the “crypto winter” of summer 2022 caused reduced revenues for Prime Trust, but the company still continued to spend money even as its revenue declined. In October 2022, Prime Trust bought $76 million worth of Ethereum (ETH) from an unrelated wallet.

Binance Allegedly Maintains Ties With Blacklisted Banks Despite Sanctions

According to a report by The Wall Street Journal, leading cryptocurrency exchange Binance is allegedly maintaining ties with blacklisted Russian banks despite facing several Western sanctions for doing so. This news comes amid various allegations that have been levied against the exchange in recent months regarding its involvement with criminal activities and money laundering operations. The report further notes that Binance has close connections with at least three banks which are on Russia’s list of sanctioned entities — Russian Investment Bank (RUB), First Credit Bank (FCB) and Sobinbank — since 2018.

Sam Bankman-Fried Allowed Supervised Internet Access

The founder of derivatives exchange FTX Sam Bankman-Fried was granted permission by a federal judge on August 21st to meet with his lawyers for supervised one-time internet access while he awaits trial for insider trading charges brought against him last year at OpenSea . Judge William Alsup also ordered that any information gathered during these meetings should not be used or reviewed by any other parties involved in the case other than Bankman-Fried’s legal counsel and law enforcement officials if necessary.

Federal Judge Rules AI Art Cannot Be Copyrighted

A federal judge has declared that artwork created solely through artificial intelligence cannot be copyrighted due to current copyright laws being unable to distinguish between human creativity and machine generated content . This ruling comes after artist Joe Harrison filed suit against tech company Obvious who had replicated his artwork “Portrait Of Edmond Belamy” using AI algorithms without his permission or compensation for his work . Despite this ruling , Harrison argued that Obvious had infringed upon his copyright as they had utilized both elements from his original work as well as their own innovative techniques when creating their rendition .

Nate Chastain Sentenced For Trading Violations

On August 21st , Nate Chastain was sentenced three months imprisonment for trading violations committed while working at OpenSea . Chastain pleaded guilty earlier this year after he admitted to having engaged in insider trading on behalf of clients before news related to cryptocurrency projects broke out publicly . In addition , Chastain was also required to pay a fine amounting up to $385000 USD within two weeks time alongwith serving the prison sentence imposed upon him by US District Court Judge Jed Rakoff .