ALBAWABA- This week in Crypto News Recap, Ferrari slams break on crypto sponsor ahead of the 2023 Formula One season, The community honors Bitcoin Genesis Day by sending Bitcoin to the genesis block. Of course, it wouldn't be a crazy week in crypto without some SBF antics. Without any further ado, let’s start our quick round of crypto news.
Ferrari breaks ties with crypto sponsor ahead of 2023 Formula One season
The racing arm of luxury automaker Ferrari, Scuderia Ferrari, has joined the growing number of Formula One teams who have ended their relationships with their cryptocurrency sponsors. Prior to the 2023 season, Ferrari Velas lost a total of $55 million as a result of terminating its multi-year partnership agreements with blockchain startup Chain and chip manufacturer Snapdragon.
With a budget of $30 million annually through 2021, the Ferrari-Vellas partnership aims to boost fan engagement through non-fungible tokens (NFTs) and other joint projects. RacingNews365 asserts that the team violated the provision allowing Velas to produce NFT images.
Sam Bankman-Fried enters an unconditional not-guilty plea in federal court
Sam Bankman-Fried, the former CEO of FTX, has entered a not-guilty plea to all charges related to the demise of the cryptocurrency exchange, including wire and securities fraud. He is charged with eight crimes, and he faces 115 years behind bars if found guilty. Furthermore, Bankman-legal Fried's team has filed a petition with the court, alleging threats against his family, requesting that certain information on the people serving as sureties for his $250 million bond be redacted and kept private.
The community honors Bitcoin Genesis Day by sending Bitcoin to the genesis block
This week, the cryptocurrency community celebrated Bitcoin's 14th birthday by sending BTC to the address holding the rewards from mining the genesis block, the very first block of the cryptocurrency. The pseudonymous Satoshi Nakamoto mined the genesis block on January 3, 2009, which resulted in the creation of the first 50 Bitcoins and opened the door for the growth of an entire industry.
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