Check out the biggest breaking crypto market updates for today:
Ripple CFO Kristina Campbell Exits Company
Ripple’s Chief Financial Officer Kristina Campbell has reportedly left the crypto payments platform for a comparable position at the virtual healthcare provider Maven Clinic. Kristina joined the firm in 2021 during the bull market.
A spokesperson for Ripple stated,
“We’re grateful for Kristina’s leadership over the past 2+ years and her contributions to the company as we’ve experienced a strong global momentum, business growth and navigated regulatory headwinds. Ripple remains in strong financial standing and is laser-focused on its continued success in key markets around the world.”
Ripple has been engaged in a battle with the United States Securities and Exchange Commission, with the regulatory agency suing the company. A trial is slated for next year.
The crypto market has been exceedingly volatile thanks in large part to a prolonged bear market, and layoffs have been common. Ripple, meanwhile, has been making inroads in markets outside the U.S., including the Asia Pacific region.
CrypToadz NFT Sells For $1.6 Million In Ethereum Linked To Tornado Cash
According to on-chain data, an NFT buyer paid more than $1.6 million in ETH for CrypToadz #4030 on the OpenSea marketplace. The buyer also paid OpenSea a fee of almost $42,000 worth of ETH on top of the base price.
Notably, the floor price for the CrypToadz collection stands at $835, making the recent purchase way above the typical price for the collection.
This has led CT users to speculate that the purchase was either a fat finger error or an attempt to launder funds withdrawn from Tornado Cash.
Tornado Cash is an automated service that lets users obscure the flow of cryptocurrency to and from wallets by mixing funds from various users into a pool. That breaks the public, on-chain flow of cryptocurrency between wallets, making it more difficult to trace how ETH is being sent around.
Privacy advocates say that Tornado Cash lets them transact cryptocurrency with less fear of surveillance, but authorities have called it and similar tools a way to launder money. The service was banned in the United States following Treasury Department Sanctions in 2022.
Given the user of Tornado Cash to funnel substantial amounts of ETH into the funding wallet, this may indeed be an attempt at wash trading or money laundering by the buyer, using an NFT purchase to further complicate the flow of funds between crypto wallets and assets.
On the other hand, user of Tornado Cash does not necessarily imply illegal actions or intent.
Local Web3 Community Launches ‘Crypto Aid Israel’ To Help Displaced Citizens
A group of crypto firms in Israel, including 42Studio, MarketAcross, Collider Ventures, CryptoJungle, Nilos, Blockchain B7, Efficient Frontier, Ironblocks, The Israel Blockchain Association, Bits of Gold, and Cointelegraph, have reportedly joined together to establish ‘Crypto Aid Israel’ – a global fundraiser to help displaced Israeli citizens in need of humanitarian aid.
Numerous Israeli banks and regulators have already stepped in to assist with the flow of these crypto donations by likely providing a bridge to move those crypto assets to the banks.
The ongoing and unfolding conflict has taken a heavy toll on the local civilian population, with casualties currently estimated in the thousands.
A recent report from Israeli news source Haaretz indicates the attacks on Israeli’s local population have resulted in the deaths of at least 700 Israelis “and nearly 2,400 wounded since Hamas’ surprise invasion on Saturday morning. In Gaza, the Palestinians report 560 dead and over 2,700 wounded.”
According to the CEO of CryptoJungle, Ben Samocha, Crypto Aid Israel’s aim is to provide immediate help for those affected:
“We hope to raise the necessary funds to provide food and shelter for families who lost their homes. We are also hoping to provide hygiene and medical products for the bombarded Israeli civilian populace…”
Crypto Aid Israel is hosting a multisig wallet, overseen by luminaries in the local Web3 community. In order to donate and help their cause, you can visit their website here.
Per a press release, Crypto Aid Israel’s creators are urging those who want to help to be cautious when it comes to verifying that their aid is going to the right wallet:
“It is incredibly important to consider before donating that due to potential phishing scams and cyber attacks, please compare the crypto wallet address to the verified one on the official website, so that funds aren’t sent to addresses that may have been sent to you through other sources.”