The U.S. Securities and Exchange Commission has accused lending firm Genesis Global Capital and cryptocurrency exchange Gemini of selling unregistered securities through Gemini’s “Get Paid” program.
The Commodity Futures Trading Commission began the means of obtaining a default judgment against Ooki DAO after the decentralized autonomous organization missed the deadline to answer the lawsuit. He also filed a lawsuit against digital artist Avraham Eisenberg and charged him with two counts of market manipulation related to using the Mango Markets decentralized financial platform.
In South Korea, tax agents raided the headquarters of cryptocurrency exchange Bithumb in Seoul in search of evidence of possible tax evasion. The development got here after former Bitchumb chairman Lee Jung-Hoon was acquitted of $70 million in fraud charges. In the capital of Bulgaria, Sofia, the police raided the offices of the loan company Nexo. Their goal was a large-scale money laundering program and violation of Russia’s international sanctions.
While the FTX saga continues to make headlines, the last week brought a slew of latest problems for crypto firms within the US, Europe and Asia.
Voyager and Binance. The take care of the US gave the green light
There’s still room for excellent news. Bankrupt cryptocurrency lender Voyager Digital has finally received preliminary court approval for its proposal to sell its assets to Binance.US for $1.02 billion. The approval comes as a part of a national security probe into Binance.US that Voyager is in search of to expedite. The Voyager Official Committee of Unsecured Creditors – the body representing Voyager’s unsecured creditors – supported the deal because it stands, noting that the deal would bring creditors more recovery than if Voyager liquidated its holdings itself.
New York sued by environmental group after approving cryptocurrency mining facility
In September 2022, the New York City Public Service Commission authorized the conversion of the Fortistar North power plant right into a cryptocurrency mining site. Now it faces trial, with the Clean Air Coalition of Western New York and the Sierra Club alleging that the Fortistar plant only operated during times of high electricity demand, comparable to extreme weather. However, as a crypto mining facility, the location would operate 24/7, generating as much as 3,000% more greenhouse gas emissions.
Everything you should find out about last week’s FTX
While the FTX investigation continues, former cryptocurrency exchange engineering chief Nishad Singh has followed former FTX and Alameda Research executives Gary Wang and Caroline Ellison to reportedly meet with federal prosecutors to make a deal.
Former FTX US CEO Brett Harrison attacked Sam Bankman-Fried for manipulating and threatening colleagues who proposed solutions to reorganize the management structure of FTX US. Despite initially recalling Bankman-Fried as “a sensitive and intellectually curious person,” Harrison said he saw “utter insecurity and tenacity” in Bankman-Fried within the face of conflict, especially when Harrison suggested to FTX US that they arrange separate divisions for his or her management, development and legal teams.
Meanwhile, FTX has been approved to sell a few of its assets to help efforts to pay back creditors. Judge John Dorsey approved the sale of 4 key FTX units, including derivatives platform LedgerX, equity trading platform Embed and its regional affiliates, FTX Japan and FTX Europe.