Bitcoin News Today: SBF's Bias Claims Collide with Crypto's $205M Funding Surge as Appeal Looms

The cryptocurrency landscape remains in flux as key players challenge legal verdicts and fintech startups secure funding to reshape cross-border finance. FTX founder Sam Bankman-Fried (SBF) is set to appeal for a new trial against a 25-year prison sentence, while stablecoin payment infrastructure firm Zynk closed a $5 million seed round led by Hivemind Capital. Meanwhile, Bitcoin lending platform Lava announced a $200 million funding round and the launch of a flexible Bitcoin-backed line of credit (BLOC) product.

SBF's defense team, led by appellate lawyer Alexandra Shapiro, is scheduled to present arguments on November 4 before a New York appellate court. The hearing will focus on procedural fairness rather than re-litigating the charges from his 2023 conviction, which included fraud and conspiracy. The defense contends that District Judge Lewis Kaplan, who presided over the original trial, exhibited bias by allegedly pressuring jurors to reach a quick verdict and ridiculing SBF's testimony. They argue that Kaplan's actions undermined the presumption of innocence and request a retrial with a new judge.

SBF's legal team also claims that the media, prosecutors, and the trial judge collectively "presumed guilty" before the trial, citing a lack of due process. The appeal seeks to overturn the conviction and the $11 billion restitution order. Meanwhile, SBF's parents have quietly explored a potential pardon from Donald Trump, though no formal request has been made.

Zynk secured $5 million in a seed round led by Hivemind Capital, with participation from Coinbase Ventures and others. The funds will be used to expand transaction corridor coverage, enhance compliance systems, and forge partnerships with global payment providers. Zynk's platform enables instant settlements using stablecoins and traditional currencies, eliminating the need for pre-funded accounts.

Co-founder and CEO Prashanth Swaminathan emphasized the company's mission to "break the moat" of pre-funded liquidity, which he described as a bottleneck in cross-border payments. Zynk currently supports USD, EUR, AED, INR, MXN, and PHP, and has seen 70% month-on-month growth since its April launch.

Bitcoin lending platform Lava announced a $200 million funding round and the launch of its BLOC product, offering users flexible loans against Bitcoin collateral. The facility allows borrowers to access USD liquidity without monthly payments or fixed terms, with interest rates starting at 5% for the first year. Notable investors include Anthony Pompliano and Eric Jackson, who praised Lava's "best-in-class" offering.

Lava's BLOC also features a "liquidation protection" mechanism that automatically adds Bitcoin to collateral accounts during price volatility. The platform's closed-source self-custody wallet enables loans up to 50% of a user's Bitcoin value and operates with minimal personal information requirements, positioning it between DeFi and traditional crypto finance.