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Home»BLOCKCHAIN NEWS»FTX founder sentenced to 25 years in prison, SEC recovers $2 billion from Ripple, $70,000 from Bitcoin
BLOCKCHAIN NEWS

FTX founder sentenced to 25 years in prison, SEC recovers $2 billion from Ripple, $70,000 from Bitcoin

By Crypto FlexsMarch 31, 20244 Mins Read
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FTX founder sentenced to 25 years in prison, SEC recovers  billion from Ripple, ,000 from Bitcoin
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The past week has seen significant legal developments across the cryptocurrency sector, including the sentencing of Sam Bankman-Fried, regulators’ demand for $2 billion from Ripple, and indictments against KuCoin.

At the same time, Bitcoin (BTC) recovered $70,000 as the spot BTC ETF recorded inflows.

FTX founder sentenced to 25 years in prison

  • FTX founder Sam Bankman-Fried was sentenced to 25 years in prison.
  • Shortly before the sentencing, the US Department of Justice (DoJ) submitted a document containing 52 statements from victims of the FTX collapse to highlight the damage caused by the company’s former CEO.

US SEC demands $2 billion from Ripple

  • The U.S. SEC filed an opening brief for the relief discovery phase of the SEC v. Ripple lawsuit. The court previously declared that Ripple did not violate securities laws in its SEC sales, excluding past sales to institutions.
  • The summary judgment moved the case to the relief phase, and the SEC said this week it wants a judge to impose a $2 billion fine on Ripple, which sold nearly $800 million to the agency.
  • Ripple plans to submit a response report next month as requested by the SEC. Company executives, including CLO Stuart Alderoty and CEO Brad Garlinghouse, applauded the SEC’s demands. See below.

Gensler’s SEC repeatedly acted outside the law. The justices did not fail to admonish the agency for “gross abuse of powers delegated by Congress” (the DEBT Box case) and for acting without “full fidelity to the law” (the Ripple case). ). Also, let’s not forget… https://t.co/vay6WDBfJc

— Brad Garlinghouse (@bgarlinghouse) March 25, 2024

KuCoin is being investigated by Coinbase

  • The U.S. Department of Justice worked with the CFTC to indict KuCoin on March 26, alleging that the exchange facilitated money laundering transactions.
  • According to the allegations, which were extended to KuCoin’s two co-founders, KuCoin knowingly allowed U.S. citizens to utilize the exchange for transactions without sufficient AML and KYC requirements.
  • Shortly after the allegations were made, customers began withdrawing $350 million worth of Ethereum (ETH) and stablecoins in the 24 hours leading up to March 27.
  • KuCoin guaranteed its customers the security of their assets. According to a report from March 28, KuCoin has implemented realignments within the organization, giving greater priority to its US compliance team following the DoJ charges.
  • CFTC Commissioner Caroline Pharm has publicly criticized her agency over the allegations against KuCoin, suggesting possible overreach by the commodities and futures regulator.
  • The SEC v. Coinbase lawsuit made headlines this week when the court decided on Coinbase’s motion to dismiss the SEC’s charges.
  • The judge approved the application for a wallet and staking project, but rejected the application for providing a cryptocurrency exchange. In this decision, the court granted both parties permission to present their respective arguments in the lawsuit.

Binance Management and Nigerian Authorities

  • The battle between Binance executives Nadeem Anjarwalla and Tigran Gambaryan, Nigeria continues. In particular, Anjarwalla, Binance’s head of Africa, was reported to have escaped from Nigeria on March 22.
  • Two Binance executives detained by Nigeria subsequently sued Nigerian authorities in a local court, claiming their rights had been violated. They demanded release from detention, return of passports, and a public apology.
  • Binance is also facing regulatory issues in Southeast Asia. The Philippine SEC has received approval from the National Telecommunications Commission of the Philippines to block local access to the Binance website.

Bitcoin recovered $70,000 from spot BTC ETF inflows.

  • Cryptocurrency markets have witnessed a resurgence of bullish sentiment after a sustained period of weakness last week. Inflows recorded by spot Bitcoin ​ETFs have contributed to this bullish sentiment.
  • On March 25, these investments saw net inflows of $15 million, breaking a five-day losing streak from the previous week. This inflow trend continued into the next day, with the product recording inflows worth $418 million on March 26.
  • On March 27, the spot BTC ETF recorded its third consecutive day of inflows this week, recording positive capital flows of $214.5 million. Interestingly, the ARK 21Shares Bitcoin ETF was the biggest contributor to this figure, recording inflows of $200 million, a record high. Bitcoin sentiment gradually moved into bullish territory as the digital asset eventually rose above $70,000 and rose 5.4% to $70,500 on March 26.

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