• Cathie Wood’s ARK Invest has added $5 million worth of Coinbase (COIN) shares to its ARK Fintech Innovation Exchange-Traded Fund (ETF).
• Despite the exchange’s share price crashing by 86 percent this year, ARK Invest has significantly increased its COIN holdings.
• 2022 has been tough for the entire cryptoverse, with the bitcoin (BTC) price losing more than 70 percent of its gains.

This year has been a difficult one for the cryptoverse, as the entire market has been bearish. Bitcoin (BTC), the largest and most popular cryptocurrency, has lost more than 70 percent of its gains since reaching a new all-time high of nearly $70k in late 2021. Altcoins and other crypto-focused businesses have not been spared either, with a number of high-profile rug pulls, heists, and frauds making the season one of the worst in the history of Web3.

In the midst of this bear market, Cathie Wood’s ARK Invest has shown its commitment to the space by significantly increasing its holdings in Coinbase (COIN). The firm has added 158,000 shares worth $5 million to its ARK Fintech Innovation Exchange-Traded Fund (ETF), (ARKF), which now comprise 3.39 percent of their portfolio as of Dec. 13. This is a significant increase, despite the exchange’s share price crashing by 86 percent this year.

ARK Invest, a financial technology and investment management company that focuses on disruptive innovation and investment solutions with long-term growth potentials, appears to be accumulating COIN as the share price continues to be under immense bear pressure. Sources close to the matter have reported that ARK Invest has doubled down on COIN, a few weeks after purchasing $3.2 million worth of the stock.

Despite the bear market, Coinbase remains one of the heavily impacted crypto ramp. The exchange has already delisted several tokens, including bitcoin cash (BCH), XRP, and stellar (XLM), citing low trading activity. Nassim Taleb, a Lebanese-American economist and author, has also criticized the exchange for its lack of liquidity and high fees.

Nevertheless, ARK Invest appears to be bullish on Coinbase, and its recent purchase of $5 million worth of the stock will likely be seen as a strong signal of faith in the platform. With its focus on disruptive innovation and long-term growth potentials, ARK Invest may be betting on Coinbase to weather the storm and emerge from the current bear market stronger than ever.

– Judge Michael Kaplan is considering moving 56 million Robinhood shares worth almost $500 million to a neutral account under US jurisdiction pending the outcome of the BlockFi bankruptcy case.
– The shares were purchased by FTX’s former CEO, Sam Bankman-Fried, through his holding company, Emergent FIdelity Technologies ltd, in April 2022.
– Judge Kaplan will give his decision at the next hearing scheduled for January 9, 2023.

The US bankruptcy court is currently considering a request from the crypto lender BlockFi to move the disputed Robinhood shares bought by Sam Bankman-Fried, the former CEO of FTX, to a neutral broker pending the outcome of the Bankruptcy case. The shares, worth almost $500 million, were bought by Emergent FIdelity Technologies ltd, Bankman-Fried’s holding company, in April 2022 and represent a 7.6% stake in Robinhood.

BlockFi has sued Bankman-Fried and believes the shares should be claimed by them as they had been used as collateral for a $600 million loan granted to Alameda Research prior to the collapse of FTX in November.

Adding to the ongoing legal wranglings, fresh evidence has emerged showing Bankman-Fried bought the shares using funds borrowed from Alameda Research. He now faces multiple charges including money laundering and wire fraud.

Judge Michael Kaplan has agreed to review the BlockFi request to move the shares to a neutral account under the jurisdiction of the United States, where they will remain in escrow until the court determines who the shares should go to once the case is settled. The judge will give his decision at the next hearing scheduled for January 9, 2023.

It remains to be seen how the case will end and who will eventually claim the 56 million Robinhood shares.

• Sam Bankman-Fried’s family is reportedly paying around $10,000 per week for armed security to protect their California home and themselves.
• The backlash against SBF, the former CEO of the cryptocurrency exchange firm, FTX, has been harsh.
• Armed security personnel reportedly guard the troubled family’s 3,000 square foot Palo Alto home 24 hours a day.

The family of Sam Bankman-Fried, the former CEO of the cryptocurrency exchange firm FTX, is reportedly spending around $10,000 a week on armed security to protect their California home and themselves amid ongoing threats. The sudden arrest of Bankman-Fried in the Bahamas earlier this month on federal charges related to his company has caused a lot of backlash and resulted in numerous death threats against him and his family.

In an effort to ensure the safety of Bankman-Fried’s family, armed security personnel have been employed to guard the family’s 3,000 square foot Palo Alto home 24 hours a day. The multi-million dollar house has been fenced in, with barriers placed on both ends of the block, and guards at the front gates. Sources report that since Bankman-Fried’s return, his parents have rarely left the house, relying on delivered food and groceries. To further increase security, the family has also added fencing to their property and installed additional cameras for monitoring.

The news of the family’s security arrangements come at a difficult time for Bankman-Fried, who is facing a federal investigation into the activities of his company. His family’s security arrangement is just another example of the magnitude of the situation, and a testament to the harshness of the backlash against him. Despite the dire circumstances, the family is committed to doing whatever it takes to protect their son and their home.