CryptoWatch: FTX Founder's Campaign Funding Charges Dropped, Android's CherryBlos Malware, Crypto Trading Bots

CryptoWatch contains the top news of the past week and delivers everything you need to know to catch up on the most significant stories in the industry.

Last week, one of the most surprising developments was Sam Bankman-Fried's ongoing case, with the US Department of Justice dropping the campaign funding charges against him.

A new malware was also recently discovered stealing from crypto wallets. There is also the rise of crypto trading bots to automate your trading strategies and amplify profits.

Sam Bankman-Fried Sees Charges Dropped by the DOJ

Sam Bankman-Fried, the former CEO and co-founder of the once-top crypto trading firm FTX, has escaped at least one set of charges as the Justice Department dropped the campaign funding charges against him.

Based on the information provided in a DOJ petition made late Wednesday to New York federal judge Lewis Kaplan, the decision was made following Bahamian extradition statutes.

The campaign finance accusation was dropped from the trial's agenda due to the filing's admission that the Bahamas "did not intend to extradite the defendant on the campaign contribution count."

Bankman-Fried is set to go to court in October as he was accused of seven offenses, including allegations of cheating FTX's clients and lenders.

Bankman-Fried allegedly masterminded a scam, diverting billions of dollars from client deposits to pay for political campaigns, charity giving, and real estate purchases.

Android's 'CherryBlos' Malware Affects Crypto Wallets

A new malware called "CherryBlos is reportedly infecting Android users. The malware uses a unique technique to steal the user's credentials through optical character recognition. It means that the malware can "see" what characters the user is typing in order to get the passwords, logins, and access.

CherryBlos can also encrypt a hacked wallet that would send funds to a destination account that the threat actor owns, thereby completing transactions securely, even for cryptocurrencies.

Reports claim that this malware was found to have been embedded in at least four Android apps that were reportedly available outside of Google Play. The malware was discovered on certain sites that were promoting money-making scams.

Crypto Trading Bots: Is it The Future?

What if users can deploy bots in their ventures with crypto trading? This question has already got its answer, and yes, it is possible to do so with the latest developments in aiding users with their needs.

With the use of an advanced algorithm centering on artificial intelligence, the bots can trade for the users, and it helps get rid of emotional bias or take the time to think if this is a rational or a worthy decision.

Using bots will ensure users that their trade will push through without any problems, ridding the different human factors that prevent or hinder this, like tiredness, distractedness, or simply forgetting to do so.

Traders using crypto trading bots can capitalize on market opportunities without hindrances, doing it efficiently.