Yellow Capital Blog/Weekly Crypto Digest/Weekly Crypto Digest for March 25-31, 2024

Weekly Crypto Digest for March 25-31, 2024

Monday, April 01, 2024

In the latest issue of Weekly Crypto Digest, read more about how the SEC sued Ripple for $2 billion, the US accused KuCoin of laundering $9 billion, SBF got 25 years in jail, and more news.

The SEC will sue Ripple Labs for $2 billion

The SEC will sue Ripple Labs for $2 billion.
Ripple Labs's head of legal department, Stuart Alderoty, said the SEC intends to collect a $2 billion fine from the company. According to him, the Commission has already prepared documents containing the essence of the claim. The documents are part of a multi-year dispute between the SEC and the company.
Ripple CEO Brad Garlinghouse said the agency "repeatedly acted outside the law." He also reproached the Commission chairman, Gary Gensler, for "insufficient attention to the case of Sam Bankman-Fried."
In July 2023, Ripple Labs won a partial victory in a multi-year lawsuit against the SEC. The court concluded that the sale of the XRP token through exchanges is not an offer of securities.

The US has accused the KuCoin bitcoin exchange of laundering $9 billion

The US Federal Prosecutor's Office accused the cryptocurrency exchange KuCoin of laundering $9 billion.
According to the authorities, the platform's founders, Chun (Michael) Han and Ke (Eric) Tang, did not implement KYC/AML procedures from 2017 to 2023, although they served more than 30 million clients. Subsequently, identification and verification are only applied to existing users.
Thus, the exchange was "used to launder proceeds from suspicious and criminal activities, including sanctions violations, darknet markets, and ransomware."
​The CFTC filed a separate lawsuit against KuCoin. She also accused the platform of failing to comply with KYC and not being registered as a futures broker, swap execution platform, or authorized derivatives market.

Sam Bankman-Fried was sentenced to 25 years in prison

Sam Bankman-Fried was sentenced to 25 years in prison

The former head of FTX, Sam Bankman-Fried, was sentenced to 25 years in prison, according to the decision of the Southern District of New York court. Ego was also ordered to pay a fine of $11 billion.
​Earlier, prosecutor Damian Williams insisted on a term of 40 to 50 years for SBF. He noted that Bankman-Fried refuses to admit guilt in the organization, which is "probably the largest fraud in the last decade."

Nilam Resources announced plans to buy 24,800 BTC

Investment holding Nilam Resources intends to purchase 24,800 BTC ($1.75 billion). Telecommunication services provider Xyberdata Ltd from Mauritius will partner in implementing the initiative.
To purchase Bitcoin, Nilam Resources signed a letter of intent to acquire 100% of the shares of the particular purpose company MindWave, which will contain the coins. These assets will be collateral for attracting capital for investments in high-yield projects.
Nilam Resources will pay through the issue of an unspecified number of Class C preferred shares at a discount.
​The securities grant the holders the right to convert "upon listing on NASDAQ or another national stock exchange or other specified liquidity events."

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The court decided to freeze Craig Wright's assets for $7.5 million

British judge James Mellor has ordered a £6 million freeze on the assets of programmer and self-proclaimed Bitcoin creator Craig Wright to prevent him from taking them abroad or avoiding legal costs. He lost the case against the organization Crypto Open Patent Alliance (COPA) and must pay the costs associated with the court case. According to the court's decision, the costs of COPA amount to approximately £6.7 million.
Having lost the case, Wright notified the Registration Chamber of Great Britain that his holding company RCJBR shares were transferred to DeMorgan.
​The resolution states that the self-proclaimed Satoshi Nakamoto has a history of defaulting on payment obligations. In this regard, COPA has "a significant right to award a significant amount of costs."

Also, in our blog, you can read what is Bitcoin ETN​ and how blockchain helps improve supply chains.

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