Solana rises in Uptober, SBF lost in 2017 millions and XRP wins again from the SEC

Crypto is volatile anew (especially Solana seems to benefit from the start of a new month) now that October has well and truly started, new revelations about Sam Bankman-Fried show that he already lost millions in 2017 and lastly XRP wins another battle against the SEC.

Uptober

Bitcoin and the other major cryptocurrencies have had a fairly volatile start to the month of October (also known as ‘Uptober’ as it is traditionally a good month for crypto). Solana in particular is going higher fast and has gained more than 20% in the past week.

Bitcoin already touched $28,400 on October 2 and seems ready to try the cliff to $30,000 again. At the time of writing, Bitcoin is trading at $27,700.

SBF lost money in 2017 already

On Sam Bankman-Fried’s first day of trial, his new haircut was particularly noticeable, but there were still some other bits and pieces to be heard around the trial as well. In ‘Going Infinite’, Michael Lewis’ new book about SBF that came out yesterday, there are many new details about Alameda, FTX and Sam himself.

For example, Lewis, who followed Sam for almost a year, stated that Alameda actually lost millions from day one in 2017. That doesn’t sound too good on the CEO skills of Sam’s ex Caroline Ellison, who is a witness for the FBI, of course.

💰#SamBankmanFried was losing $500k daily after launching #Alameda in 2017.

Back then, Sam planned to use the raised $170M for #Crypto trading. Most of the trades only brought losses📉

Within one month of using such a strategy, the company could lose more than $15M🤯

— Satoshi Talks (@Satoshi_Talks) October 4, 2023

It was only when Gary Wang arrived that Alameda and FTX started making profits. However, due to the excellent social connections of Sam and his parents (both professors at Stanford University), the investment money continued to flow into the company.

XRP wint alweer

Earlier this summer, Ripple Labs, the company behind the popular digital currency XRP, won most of its lawsuit against the American stock market watchdog SEC. Judge Annalisa Torres ruled that in many cases XRP is not a security, which means that trading in XRP is not covered by the securities law.

BREAKING: Judge denies SEC motion to appeal the Ripple case! $XRP

The SEC just keeps losing!!! pic.twitter.com/KVpaCAJwa1

— Altcoin Daily (@AltcoinDailyio) October 3, 2023

The SEC filed an appeal, but has now also received a negative recommendation for that. Judge Torres said she did not feel an appeal would advance the case towards a different conclusion.