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US regulators weigh penalising bankrupt crypto lender Voyager's ex-CEO Stephen Ehrlich: report
Economic Times
·
1y ago
Medial
According to Bloomberg, investigators at the US Commodity Futures Trading Commission (CFTC) have concluded that Stephen Ehrlich, the co-founder of Voyager Digital, broke derivatives regulations before the crypto lender filed for bankruptcy. The CFTC allegedly found that Ehrlich misled customers about the safety of their assets. Voyager filed for bankruptcy in July 2021 amidst a cryptocurrency market downturn. The CFTC is currently voting on whether to take enforcement action against Ehrlich.
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The other crypto bosses in US authorities' crosshairs
Economic Times
·
1y ago
Medial
Several crypto industry moguls who are currently under investigation by US authorities. Sam Bankman-Fried, the founder of FTX crypto exchange, was recently found guilty of defrauding customers. Binance and its CEO, Changpeng Zhao, are facing lawsuits by the SEC and the CFTC for alleged deception and operating an illegal exchange. Do Kwon, co-founder of Terraform Labs, is charged with fraud and was arrested for forging documents. Celsius Network's founder, Alex Mashinsky, has pleaded not guilty to fraud charges. Barry Silbert of Digital Currency Group and Stephen Ehrlich of Voyager Digital are also facing legal action. Finally, Chinese entrepreneur Justin Sun and his companies, including Tron Foundation, were charged with fraud by the SEC.
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Supreme Court declines Byju’s plea to block formation of creditors’ committee | Mint
Livemint
·
11m ago
Medial
The Supreme Court has denied Byju's plea to prevent the resolution professional of the bankrupt edtech company from forming a committee of creditors. The court has agreed to hear the case in detail on 22 August. Byju's had earlier revived the insolvency case against them, following an appeal by US-based lender Glas Trust Inc, claiming that Byju's owed them over ₹8,000 crore. The court has directed the Board of Control for Cricket in India (BCCI) to deposit a settlement amount of ₹158 crore from Byju's in a separate escrow account until the resolution of an appeal by the US lender.
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Crypto lender Genesis to return $3 billion to customers in bankruptcy wind-down
Economic Times
·
1y ago
Medial
Crypto lender Genesis Global has gained court approval to return approximately $3 billion in cash and cryptocurrency to its customers through a bankruptcy liquidation process. This decision leaves Digital Currency Group (DCG), Genesis' owner, with no recovery from the bankruptcy. The approval overruled an objection raised by DCG, which argued that the customers and creditors should be paid based on crypto asset values in January 2023. However, the judge ruled that Genesis must first pay other creditors, including financial regulators with $32 billion in claims, before providing any recovery to DCG.
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Genesis gets court approval to sell $1.6 billion in crypto trust shares
Economic Times
·
1y ago
Medial
Genesis, the bankrupt crypto lender, has received permission from a U.S. court to sell around $1.6 billion worth of Grayscale cryptocurrency trust shares. This move is part of Genesis' effort to repay its creditors. The court approved the sale of shares in Grayscale Bitcoin Trust, Grayscale Ethereum Trust, and Grayscale Ethereum Classic Trust. Genesis aims to monetize its shares to repay customers and avoid monthly fees on its trust agreements. The decision overruled an objection from Digital Currency Group (DCG), Genesis' parent company. The court will further consider approving Genesis' bankruptcy plan on February 26.
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CZ has left Binance, SBF Is in jail. Crypto is about to get boring
Wired
·
1y ago
Medial
In a significant development, Binance, the world's largest crypto exchange, and its founder Changpeng Zhao (CZ) have pleaded guilty to criminal charges in the US. According to the indictment, Zhao prioritized growth and profits over compliance, leading to clashes with regulators. The agreement reached with the US Department of Justice requires Binance to pay a $4.3 billion penalty, operate under tighter supervision, and replace Zhao as CEO. The appointment of Richard Teng, a former regulator, as the new CEO signals a shift towards cooperation with regulators in the crypto industry. This outcome is seen as a positive step in cleaning up the industry's image.
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Former FTX CEO Sam Bankman-Fried's bail revoked ahead of trial
Startup News FYI
·
1y ago
Medial
Sam Bankman-Fried, the ex-CEO of bankrupt crypto exchange FTX, had his bail revoked by US District Court Judge Lewis Kaplan on Friday. The decision was prompted by allegations that Bankman-Fried leaked the diary of Caroline Ellison, former CEO of FTX's investment-arm Alameda Research, to the New York Times. Kaplan made the announcement during a federal court session in Manhattan.
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FTX Founder Sam Bankman-Fried Has Been Found Guilty of Fraud
Wired
·
1y ago
Medial
Sam Bankman-Fried, the founder of bankrupt crypto exchange FTX, has been found guilty of fraud by a jury in New York. He was convicted on all seven counts, including overseeing a multi-billion-dollar fraud whereby money from FTX customers was used for high-risk trades, debt repayments, personal loans, and political donations. The US Department of Justice views this conviction as a significant victory and a message to the crypto industry that fraud will not be tolerated. Bankman-Fried awaits sentencing and will face a second trial on additional charges in 2024.
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Donald Trump’s New Crypto Bible Is Everything the Industry Ever Wanted
Wired
·
8d ago
Medial
The White House under President Donald Trump has released a 160-page report outlining recommendations for establishing the US as a "crypto capital." The report suggests regulatory frameworks, legislative actions, and embraces decentralized finance to support crypto businesses. It highlights a departure from the Biden administration's approach, criticized for regulatory overreach. Critics argue the report favors industry insiders, while supporters see it as aligning government policy with innovative financial technologies.
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FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison
Wired
·
1y ago
Medial
Sam Bankman-Fried, founder of bankrupt crypto exchange FTX, has been sentenced to 25 years in prison by a US federal judge in the Southern District of New York. Bankman-Fried was found guilty of seven counts of fraud and conspiracy in connection with the collapse of FTX. The exchange ran out of funds in November 2022, and it was discovered that Bankman-Fried had orchestrated an elaborate fraud scheme, diverting billions of dollars of user funds for personal use. The US government described it as "one of the largest financial frauds in history." Bankman-Fried's sentence marks a significant downfall from his previous success as a self-made billionaire and philanthropist in the crypto industry.
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Binance sets up Polish entity for residents of Belgium after regulatory action
Economic Times
·
1y ago
Medial
Binance, the largest cryptocurrency exchange, has established a Polish entity to serve Belgian clients after Belgium's regulator ordered it to cease offering virtual currency services in the country. Binance aims to comply with regulatory obligations and continue providing services to Belgian users. The exchange has faced increased scrutiny from regulators globally and has been sued by US regulators for alleged deception. Additionally, Mastercard ended crypto card partnerships with Binance in several countries.
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