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🧵 5) Ellison apologized for her role in the fraud, admitting she should have walked away sooner from FTX and Bankman-Fried's wrongdoing.

🧵 4) Ellison's attorney emphasized her remorse and plea for a second chance, as she expressed regret for her actions while working at FTX.

🧵 3) Judge Lewis Kaplan cited the need to deter potential fraudsters, calling FTX case one of the greatest financial frauds in U.S. history.

🧵 2) Ellison, a key witness in case against FTX founder Sam Bankman-Fried, received a harsher sentence following significant cooperation with prosecutors.

🧵 1) FTX fraudster Caroline Ellison sentenced to 2 years in prison, ordered to forfeit $11 billion for role in massive fraud and conspiracy. #crypto

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🧵 5. While smart contracts eliminate human interference, recent events suggest a need to reevaluate the reliance on code-driven governance in DeFi's evolving landscape.

🧵 4. The limits of the "code is law" philosophy are unveiled as blockchain transaction raises concerns about trust and justice in decentralized finance.

🧵 3. The sale of CryptoPunk for a fraction of its worth exposes a flaw in the system. Can automation alone ensure fair outcomes in complex situations?

🧵 2. The incident challenges the autonomy of smart contracts in governance. Is the "code-driven" ethos truly sustainable in the burgeoning world of DeFi?

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🧵 5. The rise of stablecoins and the appeal of transferring money directly over the Internet aim to reduce costs in the financial industry, illustrating a shift in traditional banking networks.

🧵 4. Stablecoins such as those tracking the US Dollar are increasingly popular due to benefits like access to dollars, better currency conversion rates, and easy cross-border payments.

🧵 3. By 2027, the estimated premium paid to access stablecoins could reach an astonishing $25 billion, showing a clear demand for these digital assets.

🧵 2. Businesses and consumers in 17 countries pay a premium to access stablecoins, averaging nearly 5% more than the standard US dollar price.

🧵 1. The CryptoPunk drama continues: NFT sale raises questions about "code is law" in DeFi. Buyer exploits system to snag $23,500 NFT valued at 10 ETH. #crypto

🧵 1. Revolut is set to introduce its own stablecoin, joining the ranks of PayPal in the thriving stablecoins market worth over $150 billion globally. #crypto

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🧵 5. Ahead of November election, Trump positions himself as a Bitcoin-friendly candidate, receiving support from Silicon Valley tech leaders for his stance on digital assets.