[ad_1]
To get a roundup of TechCrunch’s biggest and most important crypto stories delivered to your inbox every Thursday at 12pm PDT, subscribe here.
welcome to Chain reaction And happy new year! As we start 2023, it will be interesting to see if the crypto industry lives up to its motto, “New Year, New Me.” Or if history repeats itself. Hopefully the former. Anyway, let’s get into it.
The New York Attorney General on Thursday filed a lawsuit against Alex Mashinsky, co-founder and former CEO of crypto lending platform Celsius, which filed for Chapter 11 bankruptcy in July 2022. .
The Attorney General alleges that Mashinski defrauded hundreds of thousands of investors for hundreds of thousands of dollars worth of cryptocurrency. The announcement follows a bankruptcy judge’s ruling Wednesday that Celsius has users’ favorable cryptocurrency accounts thanks to its fine print.
Separately, FTX founder and former CEO Sam Bankman-Fried pleaded not guilty to all eight counts indicted in the US on Tuesday.
Prior to the announcement, he was expected to plead not guilty, so this wasn’t a huge shock to most people, but the decision could result in a lengthy legal battle. , could face up to 115 years in prison if convicted on all charges. His trial date is set for him on October 2, 2023, so stay tuned.
In other big news, Coinbase has sold $100 million after New York financial regulators found the crypto exchange was violating anti-money laundering laws by not conducting adequate background checks. reached a settlement.
See below for details.
web3 week
Coinbase Reaches $100 Million Settlement In Failed Background Check
As previously mentioned, New York financial regulators have found popular cryptocurrency exchange Coinbase in violation of anti-money laundering laws by failing to conduct proper background checks. . Coinbase says the New York State Department of Financial Services will require him to pay a $50 million fine and spend $50 million on improving its compliance program.
Bankruptcy Judge Rules Celsius Network Owns User’s Favorable Crypto Accounts
The ruling gave Celsius ownership of $4.2 billion in cryptocurrency that users deposited into a high-interest earning program, according to a 45-page document filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York. Celsius has approximately 600,000 accounts in its acquisition program, with a total account value of approximately $4.2 billion as of July 10, 2022. About $23 million of that value was made up of stablecoins. But the judge decided that all of it now belonged to the estate, aka Celsius.
SBF’s anticipated plea of innocence was ‘play smart’ (TC+)
Former FTX CEO Sam Bankman-Fried’s acquittal to federal fraud charges was largely expected, with some legal experts suggesting a tactical It was compatible. Bankman-Fried pleaded not guilty. “Because he had an absolute right to do so,” Anthony Sabino, a law professor at The Peter J. Tobin College of Business at St. John’s University, told TechCrunch. “And it was a smart play.”
Solana Price Soars As Newly Launched Dog Coin BONK Gains Community Hype
Last week, Solana (SOL) fell to its lowest level since February 2021. However, its price has increased slightly this week, with some 56 believed to be due to his members of the Solana community showing interest in Bonk, a new meme token that airdropped about 50% of. Trillion token supply to users last week. According to data from CoinGecko, the Shiba Inu-themed cryptocurrency has risen about 43.7% in the past 24 hours.
Investors say web3 and the hype are on track for 2023 and have high valuations. (TC+)
Some see 2023 as just the beginning of an adventurous winter and general economic downturn, while others see things returning to normal and some stabilization by midyear. But who says? We asked more than 35 investors to find out how they think and what they plan for the year ahead.
latest pod
Chain Reaction’s first season ended in December, but next week we’ll bring you new content for Season 2. looking forward to!
apply Chain reaction upon apple podcast, Spotify Or check out the latest episodes on your favorite pod platform. If you like it, please leave us a review!
follow the money
- MSafe completes $5 million round to develop multi-signature wallet solution
- Assure Wallet Raises $1.4M in Pre-Series A Round
- On-chain platform Ondefy raises $1 million to scale DeFi adoption
- Web3-focused online education infrastructure DeSchool closes seed round, reaches $15 million valuation
- Digital wallet Centbee raises $1 million to support bitcoin remittances
This list is compiled with information from Messari and TechCrunch’s own reports.
[ad_2]
Source link
