SBF’s Parents Seek Presidential Pardon for Their Son Sam Bankman-Fried

Hodl Topic, February 1st, 2025

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📈 Preview On Today’s News:

1. - SBF’s Parents Seek Presidential Pardon for Their Son Sam Bankman-Fried

2. - Elon Musk’s D.O.G.E Slashes $4B Daily in U.S. Government Spending 

3. - Former Fed Adviser Arrested for Leaking Trade Secrets to China 

Keep reading below for more!

Today’s News:

1)

SBF’s Parents Seek Presidential Pardon for Their Son Sam Bankman-Fried

Joseph Bankman and Barbara Fried, the parents of former FTX CEO Sam Bankman-Fried, are actively seeking a presidential pardon for their son from Donald Trump. The Stanford law professors have engaged with lawyers and Trump administration members to discuss potential clemency. Bankman-Fried, who was convicted of fraud and sentenced to 25 years in March 2023 following FTX’s 2022 collapse, has called his sentence “draconian,” despite most FTX customers recovering their funds. Their plea follows Trump’s past pardon of Silk Road founder Ross Ulbricht, who Trump previously vowed to release if re-elected. Meanwhile, FTX is set to begin repaying customers in early January, and other FTX executives, including Gary Wang and Nishad Singh, avoided prison sentences, while Caroline Ellison received a 24-month term.

• Sam Bankman-Fried’s parents are lobbying Trump for a pardon, citing his 25-year sentence as excessively harsh, despite most FTX customers recovering funds.

• Their efforts follow Trump’s history of crypto-related pardons, including Ross Ulbricht, while other FTX executives received lighter or no prison sentences.

2)

Elon Musk’s D.O.G.E Slashes $4B Daily in U.S. Government Spending 

Elon Musk has announced that his Department of Government Efficiency (D.O.G.E) will cut $4 billion from U.S. government spending daily until September 30 to reduce the federal deficit. The initiative has already terminated $1 billion in contracts related to diversity, equity, inclusion, and accessibility (DEIA) programs, which Musk labeled as wasteful. His plan aims to bring the deficit down from $2 trillion to $1 trillion by fiscal year 2026, arguing that economic growth can offset inflation. Additionally, Musk is pushing for blockchain technology to track all federal spending, a move he believes will enhance transparency and eliminate fraud. Legal challenges are expected as the cuts proceed without congressional approval.

• Musk’s D.O.G.E initiative is eliminating $4 billion in government spending daily, starting with $1 billion in DEIA-related contracts, with the goal of halving the U.S. deficit by 2026.

• To improve transparency, Musk is advocating for blockchain-based tracking of federal expenditures, though legal and political challenges may arise.

3)

Former Fed Adviser Arrested for Leaking Trade Secrets to China 

John Rogers, 63, a former senior adviser at the Federal Reserve, was arrested for allegedly conspiring to steal and share U.S. trade secrets with China. Prosecutors claim Rogers used his position at the Fed’s Division of International Finance from 2010 to 2021 to access confidential economic data, which he later provided to Chinese intelligence agents posing as graduate students. The indictment alleges that Rogers met with his handlers in China under the pretense of teaching, transferring sensitive Federal Reserve and Federal Open Market Committee (FOMC) information. In 2023, he was paid approximately $450,000 for his role as a part-time professor at a Chinese university. He now faces charges of conspiracy to commit economic espionage and making false statements, carrying a maximum penalty of 15 years in prison and a $5 million fine.

• John Rogers allegedly exploited his role at the Federal Reserve to leak sensitive economic data to Chinese intelligence agents posing as students.

• Facing up to 15 years in prison and a $5 million fine, Rogers’ case highlights growing U.S. efforts to combat foreign economic espionage.

4)

MicroStrategy Expands Bitcoin Holdings with $563M Stock Offering 

MicroStrategy is set to raise $563 million through a Perpetual Strike Preferred Stock (STRK) offering to further its aggressive Bitcoin accumulation strategy. The Nasdaq-listed firm will issue 7.3 million STRK shares at $80 each, with the deal expected to close on February 5, 2025. This follows the company's recent $1.1 billion Bitcoin purchase and ongoing capital-raising initiatives, reinforcing its position as the most committed corporate Bitcoin investor. While Bitcoin’s price remains unaffected by the news, MicroStrategy’s stock (MSTR) has responded positively, reflecting strong shareholder confidence in Chairman Michael Saylor’s vision.

• MicroStrategy plans to raise $563 million via a stock offering, continuing its aggressive Bitcoin accumulation strategy.

• Despite Bitcoin’s price staying below the $105,000 mark, MicroStrategy’s stock has climbed, signaling strong investor confidence in its BTC-focused approach.

5)

Coinbase Acquires Spindl to Boost On-Chain Advertising 

Coinbase has acquired Spindl, an on-chain ads and attribution platform, to enhance its blockchain adoption strategy. Announced on January 31, this acquisition aims to tackle the "onchain discovery problem" by helping developers create applications that attract more users to blockchain and web3. Spindl, founded in 2022 by former Facebook ads team member Antonio Garcia-Martinez, will continue operating on Base, ensuring seamless service for existing customers. Additionally, Coinbase CEO Brian Armstrong has proposed a shift from an allow list to a block list approach for token listings, as the platform sees nearly one million new tokens created weekly.

• Coinbase’s acquisition of Spindl is intended to improve on-chain advertising and user adoption within the blockchain ecosystem.

• Coinbase CEO Brian Armstrong is exploring a shift in asset listing strategy to manage the overwhelming surge in new tokens.

6)

UBS Expands Blockchain Integration with Key4 Gold Service 

Swiss banking giant UBS has successfully completed a proof of concept for its Key4 Gold service, leveraging the Ethereum-based ZKsync layer-2 network. This initiative allows Swiss clients to own physical gold with real-time pricing, high liquidity, and secure storage while maintaining user privacy through zero-knowledge proofs. UBS’s move signals a broader trend of traditional banks re-engaging with blockchain technology, following its previous launch of the tokenized money market fund uMint. As other financial institutions, like Deutsche Bank, explore similar blockchain solutions, UBS's adoption of layer-2 technologies highlights the growing synergy between traditional banking and decentralized finance.

• UBS’s Key4 Gold service enables Swiss clients to securely own and trade physical gold using Ethereum’s ZKsync network, offering real-time pricing and privacy through zero-knowledge proofs.

• The initiative reflects a broader shift as traditional banks like UBS and Deutsche Bank increasingly adopt blockchain solutions, signaling growing interest in decentralized finance within the financial sector.

7)

21Shares Seeks SEC Approval for Spot Polkadot ETF Amid Altcoin ETF Surge 

21Shares has filed with the U.S. SEC to launch a spot Polkadot ETF, proposing to list the 21Shares Polkadot Trust on the Cboe BZX exchange with Coinbase as the DOT custodian. This follows the firm's 2021 launch of a similar Polkadot ETP on Switzerland’s SIX exchange. The filing, submitted on January 31, warns of potential risks, including DOT’s price uncertainty and its possible classification as a security under federal law. The application comes amid a wave of new altcoin ETF filings after SEC Chair Gary Gensler's departure, with firms like Grayscale, Osprey Funds, and REX Shares also applying for ETFs covering Dogecoin, XRP, Solana, and others.

• 21Shares filed with the SEC to launch a spot Polkadot ETF, following its 2021 Polkadot ETP in Switzerland, with Coinbase as the proposed custodian.

• The filing highlights risks such as price uncertainty and DOT’s potential security classification, amid a broader surge in altcoin ETF applications post-Gensler.

8)

Trump-Fueled Hype Propels Solana Past Ethereum in Monthly Revenue 

Solana has surpassed Ethereum in monthly revenue for the first time, generating over $116 million compared to Ethereum’s $107 million. This marks a staggering 96% month-over-month revenue increase for Solana, largely driven by the launch of Donald Trump’s $Trump memecoin. The memecoin skyrocketed over 300% post-launch, pushing Solana’s network activity and stablecoin liquidity to new highs. The increased traction helped Solana’s price rally and attracted a surge of new users, positioning it as a dominant force in the current crypto cycle.

• Solana’s monthly revenue surged past Ethereum’s for the first time, reaching $116 million due to growing DeFi activity and Trump’s memecoin launch.

• The $Trump memecoin launch triggered a wave of memecoin trading, boosting Solana’s price and solidifying its position as a major player in the crypto market.

9)

Charles Hoskinson Burns $100M in Tokens to Protect Cardano's Reputation 

Charles Hoskinson, the founder of Cardano, burned 900 billion CHARLES meme tokens, valued at $100 million, to prevent speculation around his name and protect Cardano’s reputation. The tokens were airdropped to him by the anonymous creator of the CHARLES meme coin, who aimed to profit from Hoskinson’s association. In response, Hoskinson created a burn wallet and destroyed the tokens, emphasizing that hype-driven projects do not equate to real value. While some in the crypto community praised his decision, others suggested alternative actions such as donations. Meanwhile, ADA’s price remains in a recovery phase, forming a bullish cup and handle pattern, with analysts predicting potential gains toward $1.30 if key resistance levels are broken.

• Hoskinson burned 900 billion CHARLES meme tokens, rejecting attempts to exploit his name and reinforcing Cardano’s stance against hype-driven speculation.

• Cardano’s ADA token is forming a bullish pattern, with potential price targets of $1.30 if it surpasses key resistance at $1.10.

10)

Factors Driving Cardano's Projected Surge to $7.50 by Mid-2025

Cardano is anticipated to reach $7.50 by mid-2025, driven by historical price patterns, enhanced interoperability with Bitcoin, and proactive regulatory engagement by founder Charles Hoskinson. Analysts highlight that Cardano's current price movements mirror previous cycles, suggesting a significant upward trend. The platform's new cross-chain functionality facilitates seamless asset transfers between Cardano and Bitcoin, broadening its market reach. Additionally, Hoskinson's active involvement in regulatory discussions aims to ensure compliance and foster investor confidence.

• Analysts observe that Cardano's current price movements mirror previous cycles, indicating a potential significant upward trend.

• Founder Charles Hoskinson's active participation in regulatory discussions aims to ensure compliance and foster investor confidence.