Crypto boss sentenced to over 11,000 years in prison

GM blurtlers — how’s it hanging?

Strap yourselves in, because we’ve got another edition for you that’s choc-full of crypto news that will keep you ahead of the pack.

We’ve got it all mapped out for you so you don’t have to trawl the internet for what’s important.

WHAT’S HAPPENING TODAY?

• More than 11,000 years in prison for former crypto firm founder

• Analyst explains why some altcoins are going 3x in bear market

• Why Apple spent $5 million acquiring upcoming SBF book

Turkish crypto firm founder sentenced to 11,196 years

That’s right — 11,196 years.

It’s an astounding figure, and believe it or not, it’s not unjustified.

Faruk Fatih Ozer, who ran the crypto exchange Thodex until its downfall in 2021 was sentenced today for crimes including fraud.

When the exchange went bust his investors took massive losses. The indictment estimates the losses to be only $13 million but some reports from Turkish media speculate the figure could be as high as $2 billion.

Ozer was extradited from Albania to Turkey earlier in the year after a lengthy investigation and legal process. He was sentenced alongside his two siblings who also received similar-length jail terms — all of them were found guilty of aggravated fraud, leading a criminal organization, and money laundering.

Why some altcoins are booming in the market downturn

Crypto analyst Michaël van de Poppe took to X (formerly Twitter) earlier today and broke down why some altcoins have been seeing massive gains whilst other digital assets are stagnant.

Here’s the TLDR:

Michaël highlights the momentum in small-cap altcoins compared to major cryptocurrencies like Bitcoin. He outlines strategies for trading such altcoins effectively.

Using $PERP as an example, he identifies key trading concepts:

1. Breakout Aggressive Plays: These are opportunities to trade during clear breakout patterns, potentially leading to 10-20% price movements.

2. S/R (Support/Resistance) Flips: Identifying support and resistance levels following a breakout can provide another chance for a 10-20% bounce in price.

3. Breakdown Plays: Trading breakdowns is more challenging when the overall trend is upward. For instance, shorting at $1.12 might seem like a good idea, but it becomes invalid if the price reclaims this level.

According to Michaël, these concepts can be applied to analyze and trade various altcoins in the coming weeks, as some continue to outperform the market despite prevailing uncertainties.

Apple spends $5 million to acquire rights to SBF book

Apple has invested $5 million in acquiring rights to "Going Infinite: The Rise and Fall of a New Tycoon," a book by best-selling author Michael Lewis chronicling the story of Sam Bankman-Fried (SBF), founder of the now-defunct FTX crypto exchange. Lewis spent a year with SBF and witnessed the crypto tycoon’s rise and downfall.

There are currently eight SBF-related projects in development, including a documentary by Nanette Burstein and an Amazon series. SBF's trial, coinciding with the book's October 3 release, promises to shed light on the turbulent crypto world, making it a captivating narrative to watch.

As always, we’ll be monitoring the trial and any events surrounding it so make sure to subscribe to our newsletter if you want to stay in the loop!

Meme of the Day (MOTD)

– blurtl